Markets closing lower; Bank shares are not active

Markets saw a turbulent trading day, with frantic selling across the board seen throughout the day.

Bank Nifty cut the Nifty 3 by 0.3% and both indices fell ~ 1.3% / 1%. Bank heavyweights topped the list as shares of ICICI Bank, Axis Bank, Kotak Bank, and SBI were unaware of long positions.

The Nifty Midcap 100 index closed lower than 0.4%.

The market width ended in favor of improvements as the forecast/decline ratio ended at 2: 3x. The Nifty saw a long day unfolding.

Prior to the options (expiring July 29, 2021), as the Nifty was low, call option strikes were seen across the board. The India Vix index rose 4% to 13.4.

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