BSE SENSEX declined 300 points, tracking weak momentum led by losses in rate sensitive stocks slipped below key support level 20000 the 50 share index Nifty near 5920.
Banking stocks slipped badly on both stock exchanges, all major banks shares traded negative. The NSE Bank Index Bank Nifty and BSE Bankex index dropped 400 points.
Union Bank down 8% while YES Bank, Bank of India, Bank of Baroda, PNB slipped up to 6% the SBIN stock dropped near 5%.
Accoeding to investors after increased repo rate most of the banks increased interest rate on loan this may lead to affect banking shares in market due to volatility.