Axis Bank shares slumped more than 3.5% in morning trade on Monday, as investors reacted to the private sector lender's fourth-quarter earnings report.
By 10:52 IST, the stock was trading at ₹1,317.80 on the National Stock Exchange (NSE), down ₹48.10 or 3.52% from its previous close of ₹1,365.90.
Market Activity
The stock saw a weak opening at ₹1,325.00, which also remained its intraday high. Selling pressure intensified shortly after the opening bell, pushing the price to a low of ₹1,299.90 before a slight recovery to the current levels. The price action represents a gap down from Friday's closing, with the stock trading under the 'EQ' (Equity) series. Market data showed heavy volume in both the cash and derivatives segments as the banking major became a primary drag on the Nifty Bank index.
Technical Indicators
- Previous Close: ₹1,365.90
- Open: ₹1,325.00
- Intraday Low: ₹1,299.90
- Percentage Change: -3.52%
The decline in Axis Bank comes amid a mixed session for Indian benchmarks. While the broader market attempted to hold steady, the banking sector faced headwinds following the weekend earnings cycle. Axis Bank’s performance on Monday morning underperformed its large-cap peers in the private banking space.
Traders are monitoring the ₹1,300 psychological support level closely. A sustained breach below this mark could trigger further technical selling.
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