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The Economic Times

Debaroti Adhikary

Nifty Bank drops 370 points as PNB, Axis Bank, SBI, and other stocks fall up to 2%. What lies ahead?

Nifty Bank Axis Bank PNB Bank Nifty

Banking stocks came under pressure on Monday, dragging the Nifty Bank index down over 370 points, or nearly 0.7%. The index underperformed the benchmark Nifty 50, which posted only marginal losses. Analysts highlighted key technical levels that traders should watch in the near term.

The Nifty Bank index fell to 53,869, as seen at 12.30 pm. Union Bank of India, Punjab National Bank (PNB) and Canara Bank shares dropped around 2% each to lead losses. Bank of Baroda, Kotak Mahindra Bank, Axis Bank, ICICI Bank and State Bank of India (SBI) fell around 1% each.

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