Bank Nifty rallies 180 pts on broad-based buying; Bandhan Bank, Axis Bank, PNB lift performance

SBI waives off home loan processing fees till August 31.

Aug 02, 2021 11:08 IST India Infoline News Service

Bull Market
Benchmark Indices witnessed a broad-based buying on the first day of this week's trading session. Bank Nifty stocks tracked other counters and further led the bull run by rising over 180 points with majority stocks trading in the green. Heavyweights Kotak Bank and AU Bank stretched winning streek to lift the index. 

All the sectoral indices witness buying sentiments with realty index up 2%. BSE Midcap and smallcap indices up over 0.5% each.

Corporate earnings coupled with July monthly performance has led Indian markets on aa bull wagon in the starting of this month. This has offset concerns arising from rapid spread of Delta variant covid cases all over the world. However, the variant remains a threat and could weigh on markets sentimentts in later of this month.

According to the reports, from today onwards RBI changes salary payments, ATM withdrawal rules.

At around 11:25 AM, Bank Nifty was trading at 34,767.25 up 182.90 points or 0.53%. The index has touched an intraday high and low of 34,838.85 and 34,707.10 respectively.

Bandhan Bank was major gainer on Monday rose over 4% at Rs303.50 per piece. Bandhan Bank reported 32.1% decline in its net profit at Rs373.1cr as compared to net profit of Rs549.8cr in the June quarter of 2020.

Axis Bank was around 1.7% higher at Rs721.45 per piece. 

PNB and IndusInd Bank surged 1.5% and 1.3% respectively to support the sector.

Stocks like Kotak, RBL, SBI, Federal, ICICI Bank traded around 0.5% higher while AU Bank and HDFC Bank were trading flat. SBI waives off home loan processing fees till August 31. SBI said it is the bank's limited period 'Monsoon Dhamaka Offer', through which a home loan customer can gain substantially

However, IDFC First Bank plunged over 2.5% at Rs50.65 per piece to emerge as the only laggard in the sector.

Nifty PSU Bank was trading at 2,466.85 up by 1.04% while Nifty Private Bank was trading at 18,090.15 up 142 points or 0.79%. 

HDFC, Punjab National Bank, RBL Bank, will release their quarterly earnings on August 2.

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