Bank Nifty hits three-month low; dips nearly 9% in March

Banking shares remained under pressure with the Bank Nifty hitting a three-month low in trade today.

At 1353 hours, Bank Nifty was down 1.7% or 309 points at 18,001 compared with 1.3% decline in the CNX Nifty. The banking index hit an intra-day low of 17,981, its lowest level since December 2014.

Thus far in March, the Bank Nifty dipped nearly 9% or 1,690 points from 19,691 on February 28, 2015 against 5.3% fall in the benchmark index.

ICICI Bank, HDFC Bank, Federal Bank, Oriental Bank of Commerce, Axis Bank and Punjab National Bank were down 2% each, while State Bank of India, Bank of Baroda, Kotak Mahindra Bank and Bank of India down 1% each on the NSE.

Of the 41 listed banks, the market price of 17 banks touched six-month low. The list includes Bank of Baroda, Oriental Bank of Commerce, Corporation Bank, United Bank of India, Indian Overseas Bank, Vijaya Bank and South Indian Bank.

Bank of India, Dena Bank, Dhanlaxmi Bank, Jammu and Kashmir Bank and Uco Bank have hit their respective 52-week lows today