Bank Nifty hit its lowest level in 2 months

Banking futures were among the worst hit in the derivatives space on Friday as sustained profit booking and short sales saw the sectoral benchmark falling below the crucial 200-day moving average.

The Bank Nifty fell for the 4th day in a row and hit its lowest level since June 26th after a global sell-off in equities accelerated in Asia on Friday morning. All 22 banking futures lost ground in trade. The CNX PSU Bank index dropped for the 3rd day.

Among Futures, Yes Bank was down 4.4 percent;
Oriental Bank shed 4.4 percent as well.
Bank of India fell 4.3 percent;
Bank of Baroda lost 2.4 percent;
State Bank of India was down 3.5 percent;
ICICI Bank lost 2.6 percent;
and IndusInd gell 3.1 percent;

Open Interest rose between 5.4 percent and 9.5 percent for banking futures.

(Image credits: Indiatimes)