The Nifty Bank index is trading over 290 points lower, below the 42,900 mark as headline indices fall nearly a percent, each. Barring SBI and Bank of Baroda, which are up 0.54% and 0.03%, respectively, all other index stocks are trading in the red. Bandhan Bank and ICICI Bank are the top index losers, down 1.51% and 1.45% respectively.

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The index has fallen close to 600 points from day's high. The Nifty Bank index is now down nearly 7% from its 52-week high. The index ended over a percent in the red on Monday, below the 43,500-mark.

The shares of ICICI Bank are contributing over 150 points towards the Nifty Bank downside.

Markets globally are under pressure amid uncertainties amid the ongoing Israel-Hamas conflict. The Nifty 50 gave up all the gains, and declined nearly 200 points, while the Sensex lost as many as 600 points.

Today is also the day of monthly derivates and monthly F&O expiry. India VIX index, also known as the volatility index, is trading nearly 6% higher.

Also Read: Bears attack Dalal Street; Sensex slips 600 points, Nifty drops below 19,100

In an interaction with CNBC-TV18, Laurence Balanco, Technical Analyst at CLSA, said on Monday, October 23, that banking stocks may drag the market even lower. Overall, banks have had a good year in terms of earnings. ICICI Bank, Kotak Mahindra Bank and HDFC Bank beat some market estimates on the earnings. However, there have been some reasons for concern recently. Interest rates are rising, and so is the competition for low-cost deposits.

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First Published:Oct 25, 2023 1:21 PM IST