I think probably traders are thinking that the Bank Nifty maybe an underperformer which is still not so true because I would say banks have led this rally on the way up and it is just a bit of consolidation, time-based correction or some may call it a distribution as well.
Will RBI announce steep rate hikes? Nomura sees up to 50 bps increase by Dec, dismisses 125 bps hike fears
Nomura expects the RBI to pursue a limited tightening cycle, with a possible 50 bps rate hike by December, as food and energy pressures rise