Indian equity benchmarks extended their losses in a holiday-truncated week, with the BSE Sensex falling 2.15% and the NSE Nifty 50 declining 2.36%. The Sensex shed 1,605.44 points, while the Nifty 50 lost 546.15 points over the four trading sessions.
The selloff, triggered by surging crude oil prices amid the West Asia crisis, wiped out nearly ₹21 lakh crore in investor wealth as benchmark indices declined for four consecutive sessions.
Banking stocks also came under pressure, with the Nifty Bank index falling 2.79% over the week to close at 54,287.35. The index opened at 55,827.45, but persistent selling prevented it from sustaining its recent recovery. It slipped below the 55,000 mark and ended the week down 1,556.65 points, forming a strong bearish weekly candle and snapping its two-week winning streak.
The decline in banking stocks has been uneven. Over the past week, Yes Bank was the worst performer among the 14 Nifty Bank constituents, tumbling 10.84%, followed by IDFC First Bank, which fell 7.6%, and Axis Bank, down 5.58%. In contrast, PNB, Federal Bank and Union Bank of India posted gains, while ICICI Bank edged up marginally.
Over the past month, Yes Bank plunged 32.19%, followed by IDFC First Bank, down 17.51%, and IndusInd Bank, which declined 13.66%. Federal Bank and ICICI Bank gained 4.35% and 4.32%, respectively, while Kotak Mahindra Bank rose 3.31%.