Nifty 50 shed 257 points to 22,889, the second‑largest slide in a week, as investors reacted to a string of weak earnings from private‑bank leaders—Axis Bank, HDFC Bank and Infosys—according to BSE data.
The index of private banks fell 1%, while the PSU‑bank index rose 2%, with Union Bank of India leaping 6% and Punjab National Bank up 5% after their September‑quarter earnings beat expectations.
Federal Bank recovered 8% from intraday lows following management hints at potential acquisitions, but Yes Bank continued its decline, falling 4% to a 20% month‑to‑date loss.
Other notable moves included Jana Small Finance Bank sliding 13% after the bank denied talks with Federal Bank, Urban Company closing 10% lower amid competitive pressures, and PC Jeweller rallying 11% to a 37% monthly gain.
The market’s advance‑decline ratio hit 1:4, underscoring a broad sell‑side bias and indicating that declining stocks far outnumbered gainers.
Traders now watch the next round of earnings, as several private banks are slated to report in the coming weeks; market analysts expect a muted rebound unless the sector shows sustained earnings improvement.