Bank Nifty Falls Nearly 500 Points Amid Private Bank Declines and Rising Volatility

The Bank Nifty index declined by about 0.8 percent, falling nearly 500 points to 60,717 in Friday afternoon trade amid broader market weakness. Private sector banks, led by ICICI Bank (down 1.6%), HDFC Bank (down 1.1%), Axis Bank, and Kotak Mahindra Bank, were the main contributors to the losses. Public sector banks also traded lower but with smaller declines. Volatility increased, with India VIX rising nearly 4 points, indicating heightened market caution. Some banks like Union Bank of India and IDFC First Bank saw gains, but these were insufficient to offset overall losses.