Banking and financials tanked due to heavy selling pressure costing Nifty and Sensex.Nifty and Sensex closed down 2%.While pharmaceutical giants Sun Pharma and Lupin outperformed to close the day with massive gain.
Indian banking and financial sectors continued there poor run in recent months.Bank Nifty closed 5 % down , with all its composite stock ended day in red.RBL bank was the worst hit.It lost 15 % of its market value in today’s trade.RBL bank market cap is now just 5,64,4.01 crores . Other major losers were Axis Bank, IndusInd bank,ICICI bank and Bandhan Bank .These banks saw 6-8 percent price correction in today’s trade. PSU major SBI and private lender RBL hit a new 52 weeks low today.
Financials were also badly hurt today and the financial services index lost 4% today. Shriram Transport Finance company and Cholamandalam Investment and Finance company lost more than 10%.Leading housing finance company and market leader HDFC hit a new 52 weeks low .
Pharmaceutical sectors saw heavy buying interest today and ended the day with 4.7% gain.Lupin gained nearly 15 % while Sun Pharma and Cipla saw 8-9% price increase.Only Piramal Enterprises and Aurobindo Pharma from pharma index stock ended down.
Sensex closed down 674 points at 27,590.95. Sun Pharma ,ITC and ONGC supported the Sensex as they rose between 6-9 %. Private lenders Axis ,ICICI and IndusInd were major losers in Sensex and saw 8-9% price cuts.