The NIFTY Bank index plummeted on Monday, March 9, as all constituents, including HDFC Bank and ICICI Bank, were trading in red amid Middle East conflict and crude oil surpassing $100 a barrel.
The index fell was 2,356 points, or 4.08%, to 55,426.95 at 9:53 am.
The decline was led by a freefall in heavyweights like HDFC Bank, ICICI Bank, State Bank of India, Axis Bank and Kotak Mahindra Bank, among others.
Shares of Union Bank of India were down 5.97%, while SBI fell 5.49%. HDFC Bank shares slid 3.15% to ₹830 apiece, with a market capitalisation of ₹12,77,630.08 crore.
Stocks of Yes Bank, ICICI Bank, Axis Bank and IndusInd Bank have descended 3.43%, 3.53%, 3.88% and 3.84%, respectively.
Meanwhile, benchmark indices NIFTY50 and SENSEX collapsed nearly 3% on Monday as rising crude oil prices and a bearish trend in global equities weighed heavily on investors' sentiment. The continuous foreign fund outflows also made investors jittery.
SENSEX slid 2206 points to 76,712, while NIFTY fell 2.71% to 23,788.
Markets Today | SENSEX crashes over 2,000 pts, NIFTY50 slips below 23,800 amid the oil price spike, US-Iran war; OMCs crack over 8%
Apart from Coal India and Reliance, all NIFTY constituents were trading in the red. InterGlobe Aviation, SBI, Shriram Finance, Asian Paints, Maruti Suzuki, L&T, Jio Financial Services, Tata Steel, Tata Motors PV, JSW Steel, Axis Bank, UltraTech Cement, ICICI Bank, Eternal and Mahindra & Mahindra were among the major laggards.
Brent crude, the global oil benchmark, was quotinghigher by a staggering 25.68% at $116.5 per barrel in futures trade as the war between US-Israel and Iran intensified.
On Friday, foreign institutional investors (FIIs) offloaded equities valued at ₹6,030.38 crore, according to exchange data. Domestic institutional investors (DIIs) purchased stocks worth ₹6,971.51 crore in the previous trade.