The NIFTY BANK's move in points by bank, public sector against private, and how banks are trading against the market and against rates.
The Bank Nifty lost 484.4 points (−0.79%). HDFC Bank took away the most, 158.9 points on a −1.0% move, while Punjab National Bank pulled the other way by 7.5 points. Breadth was mixed: 13 of the 14 stocks moved with the index, and the five biggest contributors made up 76% of the points moved.
Each bank's points are its weight at the start of the day × its move × the index level, scaled to add up to the index's actual move. Weights are estimated from free-float market value, with the index's caps: no bank above 33%, the top three together at most 62%.
The three largest banks hold 62% of the index, so the Bank Nifty is, in practice, mostly a read on them.
| Over | Bank Nifty | NIFTY 50 | Banks ahead by |
|---|---|---|---|
| 1 month | +10.01% | +10.66% | −0.65% |
| 3 months | +5.44% | +2.90% | +2.54% |
| 1 year | +5.46% | −1.37% | +6.83% |
Bond prices rise when interest rates fall. Banks hold large bond portfolios and price their loans off rates, so their shares often move with bond prices.
Here bond prices are NSE's 10-year benchmark G-Sec index. A correlation near +1 means the two rise and fall together; near 0, no steady link.
When the banks' correlation with bonds is well above the Nifty's, rate expectations are doing more of the work in bank shares than in the market as a whole.
| Session | Bank Nifty | Points | Carried most by | Dragged most by | Stocks up | Average stock | Move |
|---|---|---|---|---|---|---|---|
| Fri 13 Nov | −0.79% | −484.4 | Punjab National Bank +7.5 | HDFC Bank −158.9 | 1/14 | −0.89% | Mixed |
| Thu 12 Nov | +1.19% | +726.1 | ICICI Bank +214.1 | — | 14/14 | +1.42% | Mixed |
| Wed 11 Nov | +1.76% | +1,051.2 | HDFC Bank +143.2 | ICICI Bank −188.1 | 13/14 | +2.44% | Mixed |
| Mon 9 Nov | +1.11% | +655.3 | ICICI Bank +214.6 | Axis Bank −71.5 | 9/14 | +1.46% | Mixed |
| Fri 6 Nov | +2.27% | +1,312.4 | ICICI Bank +562.2 | AU Small Finance Bank −7.7 | 10/14 | +1.47% | Mixed |
| Thu 5 Nov | +3.33% | +1,860.1 | ICICI Bank +760.4 | — | 14/14 | +3.25% | Mixed |
| Wed 4 Nov | +0.67% | +373.6 | HDFC Bank +261.1 | Kotak Mahindra Bank −97.7 | 11/14 | +0.92% | Mixed |
| Tue 3 Nov | +0.98% | +537.9 | HDFC Bank +270.0 | State Bank of India −66.1 | 5/14 | +0.05% | Narrow |
| Mon 2 Nov | +0.58% | +315.3 | State Bank of India +157.8 | ICICI Bank −118.0 | 9/14 | +0.95% | Mixed |
| Fri 30 Oct | −0.41% | −222.7 | HDFC Bank +170.7 | State Bank of India −64.8 | 3/14 | −1.03% | Mixed |
| Thu 29 Oct | +1.18% | +642.3 | Kotak Mahindra Bank +304.0 | HDFC Bank −43.2 | 11/14 | +1.33% | Mixed |
| Wed 28 Oct | +0.54% | +292.5 | HDFC Bank +91.2 | ICICI Bank −102.9 | 7/14 | +0.54% | Narrow |
| Tue 27 Oct | −0.72% | −391.8 | Kotak Mahindra Bank +19.3 | ICICI Bank −141.4 | 6/14 | −0.39% | Narrow |
| Mon 26 Oct | +0.15% | +79.4 | Kotak Mahindra Bank +73.2 | HDFC Bank −43.6 | 11/14 | +0.02% | Flat |
| Fri 23 Oct | −1.16% | −638.4 | Axis Bank +27.8 | Kotak Mahindra Bank −92.8 | 1/14 | −1.71% | Mixed |
| Thu 22 Oct | −0.09% | −51.2 | ICICI Bank +187.1 | HDFC Bank −289.7 | 7/14 | −0.07% | Flat |
| Wed 21 Oct | −0.92% | −511.2 | ICICI Bank +55.7 | Axis Bank −166.1 | 3/14 | −1.01% | Mixed |
| Mon 19 Oct | −0.64% | −355.9 | State Bank of India +38.2 | HDFC Bank −158.9 | 6/14 | +0.22% | Narrow |
| Fri 16 Oct | +0.06% | +33.5 | ICICI Bank +85.7 | Yes Bank −34.4 | 8/14 | −0.17% | Flat |
| Thu 15 Oct | +0.89% | +494.5 | ICICI Bank +300.2 | Yes Bank −86.0 | 9/14 | −0.68% | Narrow |
Sentiment and money-flow readings from exchange and depository data, scored by published rules. Source: NSE, NSDL; analysis by FinMinutes. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.