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The Nifty Bank index fell over 370 points on Monday as PNB, Axis Bank, and SBI dropped up to 2%, with PSU banks leading the selloff. Analysts say the index is in near-term consolidation, with the next directional move depending on a breakout or breakdown from key technical levels.
Nifty Bank fell nearly 900 points as SBI's weak quarterly earnings triggered a broad banking sector selloff, with IndusInd Bank and Yes Bank also dropping up to 4%. Analysts expect consolidation ahead, with the next move hinging on results from other major lenders.
State Bank of India reported a 6% year-on-year rise in Q4 standalone net profit to Rs 19,684 crore, beating analyst estimates, and declared a dividend of Rs 17.35 per share. The result came despite a fall in operating profit, with improved asset quality cushioning the headline numbers.
The Supreme Court has ruled that an SBI-led bank consortium qualifies as financial creditors in the Reliance Infratel insolvency case, overturning orders from both the NCLT and NCLAT that had stripped them of that status. Financial creditors hold voting rights on the Committee of Creditors, giving them direct control over resolution plan approvals.
Tag
The Nifty Bank index fell over 370 points on Monday as PNB, Axis Bank, and SBI dropped up to 2%, with PSU banks leading the selloff. Analysts say the index is in near-term consolidation, with the next directional move depending on a breakout or breakdown from key technical levels.
16d ago · 3 min · Markets
Nifty Bank fell nearly 900 points as SBI's weak quarterly earnings triggered a broad banking sector selloff, with IndusInd Bank and Yes Bank also dropping up to 4%. Analysts expect consolidation ahead, with the next move hinging on results from other major lenders.
1mo ago · 2 min · Markets
State Bank of India reported a 6% year-on-year rise in Q4 standalone net profit to Rs 19,684 crore, beating analyst estimates, and declared a dividend of Rs 17.35 per share. The result came despite a fall in operating profit, with improved asset quality cushioning the headline numbers.
1mo ago · 2 min · Markets
The Supreme Court has ruled that an SBI-led bank consortium qualifies as financial creditors in the Reliance Infratel insolvency case, overturning orders from both the NCLT and NCLAT that had stripped them of that status. Financial creditors hold voting rights on the Committee of Creditors, giving them direct control over resolution plan approvals.
2mo ago · 2 min · Policy & Government
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