Nifty Bank advances 1%; Kotak Bank, HDFC Bank, ICICI Bank lift the performance

City Union Bank continues gaining spree while Bandhan Bank tanks nearly 4%.

Oct 11, 2021 11:10 IST India Infoline News Service

Bull run Faster
The Nifty Bank Index rose over 1% amid bullish markets on Monday. Kotak Mahindra Bank led the gains. HDFC Bank and ICICI Bank rallied after a dull day on the previous trading session when Banking stocks were muted despite the RBI Policy announcement of keeping the repo-rate unchanged at 4%. Bandhan Bank tanked 4% after emerging among the top gainers towards the end of last week.

In the PSU Bank sector, Indian Bank and Union Bank were also bullish. UCO Bank sank 3% and Punjab & Sind Bank was also under pressure. City Union Bank extended gains in the Private Bank sector.

Domestic equity market benchmarks BSE Sensex and Nifty turned positive on Monday with the BSE Sensex crossed 60,400 levels, while Nifty 50 hit the crucial 18,000 level.

At around 11.55 am, BSE Sensex was trading at 60,322.40 up 263.34 points or 0.44%and Nifty50 at 18,002.70 up 107.50 points or 0.6%. Nifty Bank was trading at 38,161.80 up 386.55 points or 1.02% after hitting a high of 38,269.75 and low of 37,744.65 during an intraday trade.
Nifty Private Bank was trading at 19,950.95 up 186.65 points or 0.94% and Nifty PSU Bank was trading at 2,562.35 up 12.35 points or 0.48%.

Kotak Bank led the gains at Rs1,993.95 per piece, up 3% on Monday. The Bank last week became the first scheduled private sector bank to receive approval from the government for collection of direct and indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network.

HDFC Bank was the next best gainer at Rs1,622.90 per piece, up 1.26%. ICICI Bank also advanced 1.18% at Rs711.70 per piece. 
Bandhan Bank topped the laggards at Rs332.20 per piece, down nearly 4%.

Indian Bank led the charts in the PSU Bank sector at Rs
145.60 per piece, up 2.9%. Union Bankw as also 1.33% higher at Rs38.05 per piece.
UCO Bank sank 3.38% at Rs14.30 per piece to emerge the laggard. PSB shed nearly 1%.

City Union Bank continued winning momentum in the Private Bank sector by surging 1.67% at Rs167.90 per piece. 

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