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Bank Nifty sheds over 450 pts amid major corporate results; AU Small, HDFC Bank, ICICI Bank weigh down – Indiainfoline

Banking stocks are in focus with major lenders announcing their financial performance for the quarter ending March 2021 (Q4FY21) period. However, the sector on Friday emerged among the top bears and dragging benchmarks Sensex and Nifty. Corporate earnings season and Covid-19 second wave play a key role in markets sentiments.

At around 12.27 pm, Bank Nifty was trading at 33,256.50 down by 458 points or 1.36%. The index has touched an intraday high and low of 33,455.25 and 32,959.40 respectively.

AU Small Finance Bank was the top underperformer tumbling nearly 9% after the Q4 result announcement. The bank reported a higher profit at Rs168.97cr in Q4FY21 against Rs122.32cr in Q4FY20, net interest income rose to Rs655.83cr from Rs554.94cr a year ago same period.

Further, on Bank Nifty, heavyweights HDFC Bank and ICICI Bank dragged the index by plunging 3.6% and 1.8% respectively. RBL Bank slipped by 0.8%.

Kotak Bank and Bandhan Bank dived marginally.

Kotak Bank is scheduled to announce its Q4 result on May 03.

On the positive front, Federal Bank took lead soaring by 6.5% followed by PNB surging by 1.3%. IDFC First Bank and Axis Bank jumped by 0.9% and 0.7% respectively.

IndusInd Bank gained by 0.5% ahead of its Q4 result today. SBI was marginally up.

The consistent rise in Covid cases also hindered investors appetite for stocks. In the last 24 hours, India witnessed 3,86,693 new infections and 3,502 Covid deaths. Such would be the ninth consecutive day where India held more than 3 lakh new cases daily.