Bank Nifty cracks 320 points

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Bank Nifty has shown weakness for whole trading session of Tuesday. The index is trading lower by 320 points or 1.34% at around 23227 level. Canara Bank and Punjab National Bank were the top losers in Bank Nifty trading lower by more than 4%.

Bank Nifty rollover data of June series as of June 23 stood at 15.98% as against 15.46% in previous month. This rollover data does not give any medium term directional signals for Bank Nifty.

The bank stocks fall comes after RBI’s latest development regarding 12 bad accounts identified for Insolvency and Bankruptcy Code. Recently, the Reserve Bank of India said that banks have to make 100% provision, if the court orders liquidation of assets and has asked banks to make 50% provision on joint loan the moment it’s refereed to NCLT. Reports also added that RBI’s new diktat could see banks face Rs 50,000 crore blow.

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