13 Apr , 2026 By : Debdeep Gupta
Banking and financial shares declined on Monday, dragging the Bank Nifty index down over 2 percent, as elevated crude oil prices raised concerns over inflation and the possibility of tighter monetary policy.
PSU banks led the losses, falling up to 4 percent.
The Nifty Bank index underperformed the benchmarks, dropping about 2.8 percent intraday. It fell 1,556.55 points to hit a low of 54,356.20, making it among the worst-performing sectoral indices during the session.
The Nifty PSU Bank index declined 2.24 percent, while the Nifty Private Bank index fell 1.37 percent.
Among individual stocks, State Bank of India was the top laggard on the Bank Nifty index, declining up to 2.5 percent.
HDFC Bank and IndusInd Bank also fell up to 2.47 percent and 1.85 percent, respectively.
In the PSU banking space, Union Bank of India, Bank of India, Bank of Maharashtra and Punjab National Bank declined up to 4 percent.
In the private banking pack, HDFC Bank, Axis Bank and Kotak Mahindra Bank were among the major laggards, falling up to 2.5 percent.
Commenting on the outlook, Ajit Mishra, SVP, Research at Religare Broking, said the banking index had earlier participated in the upmove, gaining around 8.5 percent, supported by both private and PSU banks.
He said the index may retest its long-term moving average (200 DEMA) near 56,700, followed by a move towards 57,800.
On the downside, the short-term moving average (20 DEMA) is expected to act as the first support at 54,300, followed by a support level near 53,000, he added.
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