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Bank Nifty gains nearly 545 pts; Except Kotak Bank, all stocks rally; IndusInd, Axis Bank, SBI drive the index

The index has touched an intraday high and low of 36,364.70 and 35,805 respectively.

December 01, 2021 2:40 IST | India Infoline News Service
Banking stocks were in a super rally on Wednesday lifting the broader markets outlook. Bank Nifty surged to as much as nearly 36,400-mark. A broad-based bull run was witnessed. However, except for Kotak Bank, all other stocks listed on Bank Nifty were on a gaining spree. Heavyweights like IndusInd Bank, Axis Bank and SBI were major contributors to the upside.

At around 2.30 pm, Bank Nifty was trading at 36,238.75 up by 543.45 points or 1.52%. The index has touched an intraday high and low of 36,364.70 and 35,805 respectively.

On the index, 11 scrips advanced while only 1 scrip declined.

IndusInd was the top gainer soaring by more than 5% followed by RBL Bank and Axis Bank surging more than 4% and 3.5%.

SBI gained by over 2.6%, while IDFC First Bank zoomed 2%. ICICI Bank climbed 1.8%, Federal Bank jumped 1.7%. AU Small Finance Bank recorded more than 1% upside.

PNB advanced 0.9%, while Bandhan Bank and HDFC Bank were marginally up.

Kotak Bank traded lower by nearly 1% and was the only bear.

RBI released the data on sectoral deployment of bank credit collected from select 33 scheduled commercial banks, accounting for about 90% of the total non-food credit deployed by all scheduled commercial banks, for October 2021.

On a year-on-year (y-o-y) basis, non-food bank credit growth accelerated to 6.9% in October 2021 as compared to 5.2% in October 2020. Personal loans continued to grow at a robust rate of 11.7% in October 2021 vis-a-vis 8.7% in October 2020 primarily due to ‘housing’, ‘vehicle loans’ and ‘loans against gold jewellery’.

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