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D-Street Buzz: Bank Nifty underperforms dragged by Kotak Bank, HDFC Bank; PNB, Bandhan Bank shed 2%

Bank Nifty was down 2 percent dragged by Kotak Mahindra Bank which was down over 3 percent followed by Punjab National Bank, HDFC Bank, ICICI Bank, Bandhan Bank and Federal Bank.

December 02, 2020 / 02:45 PM IST

The Indian stock market continues trading in the red despite UK approving Pfizer COVID-19 vaccine. Sensex is down 366.16 points or 0.82 percent at 44289.28, and the Nifty shed 88.90 points or 0.68 percent at 13020.10.

Among the sectors, Bank Nifty was down 2 percent dragged by Kotak Mahindra Bank which was down over 3 percent followed by Punjab National Bank, HDFC Bank, ICICI Bank, Bandhan Bank and Federal Bank.

Share price of Yes bank was down over a percent and was the most active stock on NSE in terms of volumes with 26,63,06,076 shares being traded. This was followed by PNB (6,43,90,663), Bank of Baroda (5,21,22,891) and State Bank of India (4,38,76,329) shares.

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Nilesh Ramesh Jain, Senior Technical and Derivatives Analyst - Equity Research at Anand Rathi Shares and Stock Brokers is of the view that now, a decisive move beyond 30,200 levels for Bank Nifty will provide further momentum towards 30,600-30,800 levels. Overall, we can expect Bank Nifty to oscillate in a broader range of 28,850-30,800, he added.

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Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Dec 2, 2020 02:45 pm

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