Event of the week was the all-time new high reached by the Bank Nifty. A couple of months ago, the Bank Nifty was trailing the Nifty by a goodly margin but has made great strides to pip the Nifty to the tape of hitting new highs. That is a remarkable comeback by the financial sector and here the effort was shared in good measure by private and public sector banks as well as financial stocks.
Bank Nifty Crashed
BSE Sensex Crashed 1500 points from day’s high, while the Nifty 50 breaches 11,000 Dragged by Finance Stocks
BSE Sensex crash as much as 1,495 points to 35,993.64 from day’s high of 37,489.24. DHFL stocks slumped over 50%. The Indian rupee has also trimmed its early gains to trade around the 72 mark.
BSE Sensex and NSE’s Nifty 50 erased all morning gains and plunged over 2% dragged by finance stocks after reports of DHFL defaulting on commerce papers.