Sensex, Nifty posts biggest monthly drop on global cues, weaker bank stocks

Sensex's 11 week winning streak ends; Axis Bank, SBI and ICICI Bank shed over than 3.4 per cent each

Domestic markets posted their biggest single-day fall in a month on Friday amid a slide in global equities and selloff in banking shares. Most global stocks dropped as investors pruned their bullish bets as rising covid-19 cases sparked concerns over corporate earnings and economic revival. The dollar strengthened and yields rose due on inflation expectations.

The benchmark Sensex finished at 48,878.5, down 746 points, or 1.5 per cent—ending its 11-week gaining streak. The Nifty closed at 14,372, down 218 points, or 1.5 per cent—most since December 21.

The Bank Nifty index plummeted 3.2 per cent after Bandhan Bank’s jump in provisions and