Asian market has been giving mixed reactions ahead of the Federal Reserve’s meeting. In the case of India, the market is trading in red. At 11.30 am, Sensex was down by 1.53 per cent or 753.16 points, at 50,050.07 points. Nifty was trading at 14,813.67 points, down by 1.40 per cent or 216 points . The pressure was mainly seen among the financial sector, especially banks.
Earlier in the day, Sensex shed around 800 points. Likewise, Nifty was down by around 220 points.
At 11.42 am, BSE Bankex was trading at 38,937.60 points. It touched a low of 38,836.69 points, few hours into trading.
State-run State Bank of India was trading at Rs 371 per share, which was down by 2.68 at 11.43 am.
Few hours into the trading, shares of banks like Federal Bank, Bandhan Bank, Axis Bank, RBL Bank were down by 4 per cent. However, at 11.42 am, share of Federal Bank continued with that decline of 4.16 per cent and was trading at 81.70 per piece. Meanwhile, Axis bank share was down by 4.06 per cent or 30.45 points and was trading at Rs 719.85 per piece.
At 11.54 am, Bandhan Bank stock was down by 4.14 per cent, traded at Rs 334.35 per piece and RBL share traded at Rs 233.10 per piece, down by 4.07 per cent.
Other banking stocks that were dragging the market include ICICI Bank, HDFC Bank, Kotak Mahindra Bank among others.