Banking Stocks Plunge: Axis, ICICI, HDFC Drag Nifty, Bank Nifty Down 1%

• Bank Nifty index fell 1% to 56,383, with Nifty 50 and Sensex also declining significantly.
• Axis Bank, HDFC Bank, and ICICI Bank were major laggards, falling over 1% each and weighing on the Nifty 50.
• Selling pressure was broad-based across private and public sector banks, though AU Small Finance Bank and IDFC First Bank saw modest gains.
• Analysts suggest the banking index is in a consolidation phase after Tuesday’s rebound, with key support at 56,600-56,700.
• Global geopolitical tensions in the Middle East and oil supply risks are influencing market sentiment and inflation expectations.