HDFC Bank shares dropped 3% on April 1 when the stock price reached ₹1,771 during a banking sector-wide decline. The Bank Nifty index dropped approximately 800 points while ICICI Bank together with Kotak Mahindra Bank and Axis Bank experienced negative market movement.
The Bank Nifty index showed a 770-point decline at 1:20 PM as it reached 50,794 while major financial stocks faced selling pressure. ICICI Bank dropped 2% to ₹1,321 while Kotak Mahindra Bank and Axis Bank experienced declines of 1.3% and 2% respectively.
The broader market also witnessed a steep decline as Sensex fell 1,394 points (1.8%) to 76,019.99 and Nifty dropped 361 points (1.54%) to 23,157.60. However, IndusInd Bank went against the trend and rose by 4% to ₹677 per share.
Market analysts attribute the fall to caution following US President Donald Trump’s remarks on reciprocal tariffs. Bank Nifty’s 200-day Simple Moving Average (SMA) at 51,000 is a key support level according to technical experts. The index could recover to 52,200-52,500 if it sustains above this level but a breakdown would drive it to 50,400-50,500.
