After a three day rally, Bank Nifty fell by 0.18%. It was among the worst performing indices.

Yes Bank (+1.26%), IndusInd Bank (+1.24%), Kotak Bank (+0.71%), HDFC Bank (+0.42%) and RBL Bank (+0.25%) were the top contributors.

HDFC’s gain could be attributed to the government approving the bank’s proposal to raise Rs24,000cr via the FDI route. Meanwhile, Yes Bank has announced its intention of buying stake in India ICC and India INX.

On the other hand, ICICI Bank (-2.01%), State Bank of India (-1.79%), Axis Bank (-1.32%), Bank of Baroda (-1.10%) and Federal Bank (-0.98%) were the top losers.

ICICI’s stocks diving could be attributed its decision to offload 2% stake in its insurance arm ICICI Prudential Life Insurance.

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