Bank Nifty clocks new lifetime high with all stocks bullish; IndusInd, PNB gain 7-8%, SBI, ICICI, Kotak add to winnings

All stocks listed on Bank Nifty were on a bull run. The index has touched a new lifetime high of 37,653.05.

Sep 16, 2021 02:09 IST India Infoline News Service

Banking stocks were in the fast lane and major bulls of stock exchanges taking both benchmark Sensex and Nifty 50 to new historic highs on Thursday on optimism over a recovery in credit demand.

All stocks listed on Bank Nifty were on a bull run. The index has touched a new lifetime high of 37,653.05. So far today, the index has jumped by a little over 800 points.

At around 2.38 pm, Bank Nifty was trading at 37,620.45 up 768.20 points or 2.08%.

PNB and IndusInd Bank were top bulls of the index skyrocketing by nearly 8% and over 7% respectively. IDFC First Bank and SBI followed by surging 5% and 4%.

RBI Bank and Bandhan Bank climbed more than 2% each. Federal Bank and ICICI Bank zoomed 1.9% and 1.8%.

Kotak Bank, Axis Bank and AU Small Finance Bank advanced more than 1% each. Index heavyweight HDFC Bank soared 0.8%.

Dr Michael Debabrata Patra, Deputy Governor, Reserve Bank of India today at the Financial Markets Summit of the Confederation of Indian Industry, said that the RBI will remain in surplus mode and the liquidity management framework will continue in absorption mode.

The deputy governor further said that "it is our hope that credit demand will recover and banks will get back to their core function of financial intermediation as soon as they can. This is the natural and RBI-preferred manner in which surpluses in the LAF can be reduced."

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