Bank stocks plunge into deep red

The top losers on the BSE are banking stocks, almost all are from the private sector banks. Yes Bank continues to get butchered and it is down almost 8% at Rs.240.75 and Axis Bank hit a new 52-week low at Rs.883.25. IndusInd Bank is down almost 6% and even a solid bank like HDFC Bank is down over 5% at Rs.577.10 and HDFC hit a new low today at Rs.694.35.

There are various negatives dogging the markets, with prime concern being a rating downgrade following the passing of the Food Security Bill which the country can ill-afford at this juncture. Rupee is down to 65.50 levels and crude oil is also threatening to rise due to the brewing Middle East crisis. FIIs are on a selling spree and there is a major concern about how the Indian economy will pan out in the coming months.