Banks shares witness steep volatility

The Nifty Bank index was up 0.72% at 24,142.90, reversing early sharp losses on bargain hunting.

The index slumped 10.93% to hit the day's low at 21,351.70 in opening deals today. From that point, it spurted 15.14% to hit the day's high of 24,585.20 in mid-morning trade.

The bank index was still down 25.97% from its 52-week high of 32,613.10 hit on 30 December 2019.

Among the public sector banks, Syndicate Bank (down 9.15%), Central Bank of India (down 8.7%), Canara Bank (down 8.63%), Indian Bank (down 7.45%), United Bank of India (down 6.99%), Corporation Bank (down 5.56%), Punjab & Sind Bank (down 4.92%), Punjab National Bank (down 4.88%), IDBI Bank (down 4.69%), Andhra Bank (down 4.37%), Union Bank of India (down 3.27%), State Bank of India (down 2.23%), Bank of India (down 0.89%) and UCO Bank (down 0.55%) declined.

Bank of Baroda (up 5.21%), Allahabad Bank (up 3.69%) and Bank of Maharashtra (up 0.22%) advanced.

Among the private sector banks, IndusInd Bank (down 9.88%), RBL Bank (down 7.49%), City Union Bank (down 3.92%), Federal Bank (down 3.88%), HDFC Bank (down 1.5%) and Axis Bank (down 0.53%) edged lower.

ICICI Bank (up 1.11%) and Yes Bank (up 0.6%) edged higher.

Trading was earlier halted after the Nifty dropped by 10% to hit the lower circuit. The market sharply recovered during the second pre-open session of the day. The market resumed at 10:05 IST for pre-opening session. Normal trading restarted from 10:20 IST.

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