Bank Nifty Extends Losses, Slips Nearly 500 Points as ICICI Bank, HDFC Bank Weigh on Index | Stock Market Today

The phrase Bank Nifty extends losses summed up Friday’s market mood perfectly.

Through the day, the banking index stayed under pressure. By the afternoon session, the weakness deepened. Heavyweight private banks pulled the index lower, and broader market sentiment offered little support.

If you were tracking intraday charts, you could see it clearly. Selling was steady. Recoveries were shallow. And by 1:30 pm, the damage was visible.

Market Performance: Bank Nifty Extends Losses Amid Broad Selling

As of around 1:30 pm:

• Bank Nifty was down 0.8%, trading at 60,717
• The index had slipped nearly 500 points in afternoon trade
• Sensex was down over 600 points
• Nifty 50 declined 0.8%

The weakness was not isolated. Broader markets also saw selling pressure. But the story of the day remained the same — Bank Nifty extends losses as heavyweight banking stocks struggled to hold ground.

From the opening bell, the index stayed in negative territory. There were no meaningful recoveries. Every minor uptick saw supply coming in.

Main News: Private Bank Stocks Drag Bank Nifty Lower

The drag came largely from private-sector banking heavyweights.

Here’s where the pressure built up:

• ICICI Bank fell 1.6% – the biggest contributor to the decline
• HDFC Bank dropped 1.1%
• Axis Bank slipped 0.7%
• Kotak Mahindra Bank traded over 1.3% lower

These banks carry significant weight in the Bank Nifty index. So when they fall together, the index reacts sharply.

There was no panic-like selling. But it was consistent and broad-based across key counters. That consistency kept the banking index under pressure through the session.

PSU Banks Also Trade Lower

It wasn’t just private lenders.

Public sector banks also traded in the red, though losses were relatively contained compared to private peers.

Among them:

• State Bank of India
• Bank of Baroda
• Punjab National Bank
• Canara Bank

These PSU lenders slipped during the session. But their downside was measured.

The broader picture? Participation within banking stocks was largely negative.

Limited Gains in Select Banking Stocks

Despite the broader weakness, a few pockets of strength did emerge.

• Union Bank of India rose 1.6%, supported by healthy volumes
• IDFC First Bank gained about 1%
• Federal Bank traded marginally higher

However, these gains were not enough to offset the selling in larger private banks.

When market breadth fails to support index heavyweights, the headline index tends to feel heavier. That’s what unfolded as Bank Nifty extends losses deeper into the afternoon session.

India VIX Signals Rising Caution

Volatility also picked up.

• India VIX climbed nearly 4%

A rising VIX reflects increasing caution. It doesn’t always signal panic. But it does indicate that traders are preparing for near-term uncertainty.

With selling pressure visible across sectors, volatility ticked higher as markets digested the weakness.

Broader Sentiment: Banking Index Mirrors Market Pressure

The broader equity indices added to the cautious tone:

• Sensex down more than 600 points
• Nifty lower by 0.8%
• Bank Nifty at 60,717, down 0.8%

The Bank Nifty index stayed in the red from the opening. As the session progressed, declines in heavyweight banking stocks amplified the losses.

The phrase Bank Nifty extends losses wasn’t just a headline—it described the flow of the day.

Selling intensified in large-cap private banks. PSU banks slipped modestly. Select mid-tier lenders tried to hold ground, but the pressure from heavyweights dominated the narrative.

Company-Level Snapshot (Key Movers)

Here’s a clear breakdown of the major contributors:

Top Drags

• ICICI Bank: -1.6%
• HDFC Bank: -1.1%
• Kotak Mahindra Bank: Over -1.3%
• Axis Bank: -0.7%

Limited Gainers

• Union Bank of India: +1.6%
• IDFC First Bank: +1%
• Federal Bank: Marginal gains

The index movement was clearly driven by weightage impact rather than isolated stock moves.

Why Bank Nifty Extended Losses Today?

From a market sentiment perspective, three things stood out:

1. Sustained selling in heavyweight private banks
2. Negative market breadth within the banking pack
3. Rise in volatility indicator (India VIX up 4%)

Even though losses were not extremely sharp in percentage terms (0.8%), the near 500-point decline grabbed attention.

In high-weighted sectoral indices like Bank Nifty, coordinated weakness in just 3–4 major stocks can tilt the entire structure.

Summary: Bank Nifty Extends Losses as Heavyweights Stay Under Pressure

To sum it up:

• Bank Nifty declined 0.8% to 60,717
• The index slipped nearly 500 points in afternoon trade
• Private bank heavyweights led the decline
• PSU banks traded lower, but with controlled losses
• India VIX jumped 4%, reflecting rising caution
• Limited stock-specific gains could not offset the broader pressure

The market tone remained cautious through the session. Heavyweight private banks dictated direction. Volatility inched higher. Broader indices also saw declines.

And by afternoon trade, one trend was clear — Bank Nifty extends losses as selling pressure persists across key banking stocks.

For investors tracking the banking index today, the session was less about sharp panic and more about steady, controlled weakness.

That’s how the day unfolded.

Source: Moneycontrol