SBI, IndusInd, AU Small Fin Bank, others drag down Nifty Bank 1.7% intraday; factors driving today’s losses

Investors were focused on reacting to weaker-than-expected March quarter results of India’s largest state-run institutional lender, which further weighed down the subdued sentiment in the market for stocks, including banking, on Monday.

NSE data showed that the Nifty Bank index dropped 1.7% its intraday low of 54,365.60 points during Monday’s trading session, compared to 55,310.55 points at the previous market close.

Factors impacting Nifty Bank today

Overall, the Indian stock market on Monday, May 11, was witnessing pressure from the higher crude oil prices, a weaker Indian rupee rate, and the rising tensions between the United States and Iran after President Donald Trump rejected the Gulf nation’s response to a peace deal proposal.

In line with the weak sentiment from the global cues, India’s largest PSU bank, SBI’s Q4 results failed to boost the sentiment in the market, falling through the cracks of expectations, dragging down the banking index.

NSE data showed that SBI holds 9.93% weightage in the Nifty Bank index, ranking the fourth largest constituent after HDFC Bank, ICICI Bank and Axis Bank as of April 30 data.

The downtrend of Nifty Bank’s performance on Monday’s market also comes amid foreign investors selling stakes in Indian stocks.

As foreign investors sell their stake in emerging markets like India, additional pressure falls on the key domestic sectors, including banking, which further weighs down the stocks on the market.

NSE data showed that the foreign investors sold ₹4,110.60 crore worth of assets from the Indian capital markets in a single day last week on Friday, continuing their selling streak across the stock exchanges.

Even though FIIs were sellers on Friday’s market, the domestic investors kept their buying support, purchasing ₹6,748.13 crore worth of assets on the same day.

In terms of domestic cues, Prime Minister Narendra Modi’s appeal to the nation to reduce fuel consumption due to higher energy prices has also had a ripple effect in high-growth sectors like banking, further dulling the sentiment of the investors.

Investors now eye any positive relief from West Asia, or the government, which is likely to provide support to the highly volatile markets across the equity, commodity and currency segments.

As of 1:30 pm, the Nifty Bank index recovered some of its losses, trading 0.93% lower at 54,798.15 points on Monday, compared to 55,310.55 points at the previous market close, according to NSE data.

Top losers today

SBI shares hit a three-month low during Monday’s trading hours, and the stock has lost 8.4% over the last one month period. The shares of the company have lost 8.5% over the last five trading sessions, as per the exchange data.

Shares of IndusInd Bank have gained 3.47% so far in 2026, and over 10% in the past one-month period. The company's shares were up 0.79% over the last five market sessions.

AU Small Finance Bank shares have risen nearly 3% in 2026, and over 4.8% in the past one month period. The lender’s stock has gained 1.4% over the past one week period.

Shares of IDFC First Bank have lost 18% so far in 2026, but the company’s stock is up 5.2% over the past one month. The shares were flat in the past one week period.

Shares of Punjab National Bank have lost 14% so far in 2026. The company’s shares have dropped 5% over the past one month, and 2.6% in the last five days.

Top gainers today

Shares of Bank of Baroda have lost 11% so far in 2026, and 3% in the past one month. The company’s shares have been trading flat over the last five years. The shares were trading higher with major support from the March quarter results amid a overall weak market.

Shares of ICICI Bank have lost 4.8% so far in 2026, and 3.7% in the last one month period. The shares were flat during the afternoon trading session.

Shares of Axis Bank were flat so far in 2026, but were down 5.5% over the past one month.