Bank Nifty tops 650 pts amid RBI monetary policy meet; ICICI Bank hits record high; Kotak Bank, Axis Bank add to winnings

RBL Bank reports Rs459cr loss as Covid-19 second wave takes a dig on asset quality.

Aug 04, 2021 11:08 IST India Infoline News Service

Businessman-icon-with-bull-market-signBenchmark equity indices opened at fresh record highs on Wednesday led by financial and metals stocks, as quarter earnings momentum boosted investor's sentiment. Bank Nifty stocks tracked other counters and further led the bull run by rising over 650 points with majority stocks trading in the green. Heavyweights SBI and ICICI Bank led the charge by hitting 52-week high today's trade.

On the sectoral front, except FMCG, all other sectoral indices are trading in the green with bank and metal indices gaining 1% each. 

Furthermore, investors focus has also shifted on RBI who will begin their three-day monetary policy meet from today onward for deciding key rates. The final print of the monetary policy will be presented on August 06.

At around 11:25 AM, Bank Nifty was trading at 35,868.70 up 661.25 points or 1.88%. The index has touched an intraday high and low of 35,987.55 and 35,313 respectively.

ICICI Bank was the top gainer on Wednesday hitting 52-week high at Rs710 per piece, surges over 2.5% while Kotak Bank and AU Small Bank also advanced over 2% to lift the performance. 

Axis Bank was around 1.75% higher at Rs751.55 per piece followed by IndusInd Bank gaining over 1.5% at Rs1,038 per piece.

Bandhan Bank and HDFC Bank led the charge by rising 1.48% and 1.42% respectively while Punjab National Bank and SBI also trading the green. SBI hit 52-week on Wednesday at Rs448.65 per piece on the sector. SBI stocks are in focus ahead of their Q1 earnings.

On the downside, seems like RBL Bank, IDFC First Bank and Federal Bank are under pressure despite bullish markets.

RBL Bank was the top laggard post quarter result, tumbling over 1% at Rs184.65. The Bank reports Rs459cr loss as Covid-19 second wave takes a dig on asset quality.

Federal Bank and IDFC First Bank was also trading marginally lower.

Nifty PSU Bank was trading at 2,492.60 up 2.50 points or 0.10%. Indian Overseas Bank and J&K Bank gained nearly 2% while Central Bank and Indian Bank also advanced nearly 1%.

Nifty Private Bank was trading at 18,625.80 up 335.25 points or 1.83%.

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