Nifty Bank & Financial Services stocks trade in red; Axis Bank, HDFC Bank drag; PSU Bank stocks edge higher

State Bank of India, AU Bank, Maharashtra Bank, UCO Bank, and Bandhan Bank surged 1% higher to outperform.

January 17, 2022 12:05 IST | India Infoline News Service
IT Stocks Up
Nifty Banking and Financial Services were under pressure on Monday amid volatile trade. Axis Bank dragged the most while HDFC Bank was also 1% lower post Q3 earnings. State Bank of India, AU Bank, and Bandhan Bank surged 1% higher to outperform in the banking index.

ICICI Prudential, ICICI Lombard, and Cholamandlam Investment and Finance Company were also over 1% higher. PSU Bank stocks led by Maharashtra Bank were trading higher.

Benchmark indices opened on a muted note on Monday, however, it recovered and trading higher. Asian markets were largely mixed on Monday after North Korea’s fresh missile launch and Chinese GDP data released earlier in the day. Back home, all eyes were on earnings season.

At around 12.05 pm, BSE Sensex was trading at 61,355.01 up 131.98 points or 0.22% and Nifty50 at 18,307.15 up 51.40 points or 0.28%. Nifty Bank was trading at 38,272.20 down 98.20 points or 0.26% and Private Bank at 9,385.25 down 65.40 points or 0.34%. PSU Bank was trading nearly 0.5% higher at 12,796.55 and Financial Services at 18,537.20 down 28.90 points or 0.16%. 

Axis Bank dragged 1.32% at Rs712.15 per piece. HDFC Bank was nearly 1% lower at Rs1,530.60 per piece. 

HDFC Bank reported 8.85% yoy growth in total consolidated revenues in the Dec-21 quarter at Rs43,365cr. Revenues of HDFC Bank were up 4.65% on a sequential basis. In terms of top line revenues,

Bandhan Bank rose 1.2% to hold the sector while SBI and AU Bank were 1.09% and 1.06% higher respectively to lift the performance. ICICI Prudential surged 3.5% while ICICI Lombard was 2.1% higher. Cholamandalam was nearly 2.5% higher. 

Maharashtra Bank lifted PSU sector by surging 1.6% while UCO Bank gained 1.14%. 

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