Few days ago there was heavy buying in high beta banking stocks while biggies were not participating in rally. Today biggies pulled the index up while high beta stocks were trashed. As you refer the new rebalance in bank nifty you will see the highest beneficiary,Axis fell the most and the loser in the rebalancing gained the most. And that`s how new players get trapped by thinking since index funds will have to sell biggies and buy high beta stocks. They can make positions. The news on which you are now making your position, market is already out of that trade if you refer to my observations in first two para. That`s why never play on news.