ICICI Bank, Axis Bank, HDFC Bank pushes Bank Nifty higher

The Nifty Bank index was trading higher by 1.16% at 29,903.

Apr 26, 2019 08:04 IST India Infoline News Service

Bank Nifty
Equity benchmark market has gained momentum and trading near day’s high in the afternoon session as the rally was led by Bank Nifty, metal, pharma and financial services sectors.

The Nifty Bank index was trading higher by 1.16% at 29,903. Axis Bank surged 3%, followed by ICICI Bank, SBI, and Bank of Baroda which rose over 2%, respectively.

PNB, Kotak Mahindra Bank, and IndusInd Bank were up 1% each.

On the flip side, shares of IDFC First Bank and Federal Bank are trading in the negative zone.

Shares of Yes Bank were trading flat ahead of its January-March 2019 quarterly earnings today.

Shares of Axis Bank gained over 2% after the bank’s earnings for Q4FY19 came in-line with investors’ expectation. NNPA for the quarter came at 2.06% against 2.36% qoq, which has decreased by 30bps.

The Sensex gained 289 points at 39,021 levels, while the Nifty was up 92 points to trade at 11,733. Tata Steel, BPCL, and GAIL were top gainers on Nifty50 while Tata Motors, Grasim, and M&M fell the most on the index.

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