Bank Nifty hits new 52-week high after announcement on Big Banks; RBL Bank, PNB, HDFC Bank, SBI shine

In the early deals, Bank Nifty touched a new 52-week high of 38,355.20 before correcting.

Sep 27, 2021 11:09 IST India Infoline News Service

Bull Market
Banking stocks broadly were on a stellar buying tone during Monday's trading session after the Finance Minister made the announcement on Big Banks. PSU Banks outperformed both private lenders and the broader Bank Nifty. In the early deals, Bank Nifty touched a new 52-week high of 38,355.20 before correcting.

At around 11.46 am, Bank Nifty was trading at 38,110.75 higher by 280.45 points or 0.74%. On the index, 10 scrips advanced while 2 scrips declined.

RBL Bank was the top gainer surging by nearly 2% followed by PNB climbing 1.6%. Index heavyweight HDFC Bank skyrocketed 1.5%, while Bandhan Bank and largest lender SBI advanced more than 1% each.

Federal Bank and Kotak Bank zoomed 0.7% and 0.6% respectively. ICICI Bank was slightly up. Axis Bank and IndusInd Bank traded on a flat note but in green.

On the contrary, AU Small Finance Bank and IDFC First Bank plunged marginally.

Nifty PSU Bank surged by 1.11% and traded at 2,383.75. While Nifty Private Bank advanced 0.6% at 19,961.55.

Finance Minister Nirmala Sitharaman had said that India needs four or five more banks like SBI. She said that we need to scale up banking to meet the changing requirements in light of the shifting recent realities of the economy and industry.

“The way in which the economy is shifting to a different plane altogether, the way in which industry is adapting, so many new challenges keep arising. To address these challenges, we need not just more, but bigger banks," Sitharaman added. 

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