On Friday morning, the Nifty Bank index experienced a significant drop of nearly 440 points, settling at 55,611. This decline was largely driven by falling shares of major banks, including HDFC Bank, which fell nearly 2% to ₹783.25 per share, and Axis Bank, which dropped over 1.5%. The broader Nifty 50 index also fell by 0.4% to 24,236. The ongoing political instability in West Asia has kept oil prices above $100, contributing to sustained selling by foreign institutional investors (FIIs) and putting pressure on the Indian rupee. HDFC Bank's recent decline is notable, with shares down over 4% in the past month and 21% since the beginning of 2026, following the exit of Chairman Atanu Chakraborty. Other banks like Federal Bank and Union Bank also saw declines of over 1%. In contrast, Yes Bank and AU Small Finance Bank saw minor gains. Analysts are closely monitoring technical levels for the Nifty Bank index, with support levels identified at 55,720 and 55,400. If the index fails to break above 56,475, it may continue to consolidate within the range of 55,000 to 56,475.