Bank Nifty: Monday has proved to be a very bad day for the stock market so far. The stock market has shocked investors for the second consecutive trading session. Nifty has fallen by about 619 points and Sensex is trading 2080 points down. During this period, Bank Nifty has suffered a loss of more than 1250 points. Along with public sector banks, private banks are also in bad shape.
Bad condition of shares of government banks
The shares of government banks are in a bad shape in the market. Bank of India (BoI), Punjab and Sindh Bank (PSB), Punjab National Bank (PNB), Union Bank of India (UBI), Bank of Baroda (BoB) and State Bank of India (SBI) have joined the list of top losers. SBI’s share has gone down by about 4.4 percent, PNB’s by 4.7 percent, Canara Bank’s by 4.6 percent and Bank of Baroda’s by 1.7 percent.
Shares of private sector banks are falling
Apart from this, private sector banks are also performing poorly. HDFC Bank is down 2.5 percent, ICICI Bank 1.92 percent, Yes Bank 7.35 percent and IDFC First Bank is down almost 3 percent. According to experts, this decline has come due to the signals of the global market. Fear of recession in America, the ongoing war between Israel and Hamas and the ongoing trade war between America and China have added fuel to the fire. Along with the global market, Dalal Street has also come down drastically.
Investors should work on buy on dip strategy
Stock market experts have advised to work on buy on dip strategy for SBI, BOB, Canara and Union Bank. People are paying more attention to profit booking due to global crises. But, government banks are considered among quality stocks. In such a situation, there is full hope of a rise in them again in the future.
Disclaimer: The information provided here is for information purposes only. It is important to note here that investing in the market is subject to market risks. Always seek expert advice before investing as an investor. ABPLive.com never advises anyone to invest money here.
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