Banking stocks were among the worst hit as the Indian stock market came under heavy selling pressure this week, with the Nifty Bank index plunging nearly 1,800 points in just two days and slipping below the crucial 54,000 mark for the first time since early June.
The Nifty Bank index fell more than 1% to 53,786 on Tuesday, emerging as one of the biggest losers amid the broader selloff on Dalal Street. The decline came as investor concerns over possible steep rate hikes by the Reserve Bank of India (RBI) intensified, while rising bond yields further weighed on market sentiment.
