Nifty Bank index steady; PSU Bank stocks surge 2.5% amid bearish markets

PNB, Kotak Bank, and Federal Bank rallied to drive the overall banking sector while heavyweights IndusInd Bank, Axis Bank, and HDFC Bank were under pressure.

Oct 21, 2021 12:10 IST India Infoline News Service

Stock market report with bull and bear
The Nifty PSU Bank stocks soared 2.5% on Thursday amid bearish markets while Nifty Bank and Private Bank stocks also traded higher. PSU Bank stocks were in the fast lane despite volatile markets for the second consecutive day.

Punjab National Bank, Kotak Bank and Federal Bank rallied to drive the overall banking sector while heavyweights IndusInd Bank, Axis Bank, and HDFC Bank were under pressure. Union Bank of India, Jammu and Kashmir Bank and Bank of Maharashtra also made significant gains.

Investors worry about the rise in bad loans this fiscal remain. The sector is also in focus amid September 2021 quarter-ending earnings seasons.

Domestic equity markets opened in the green on the weekly F&O expiry session. However they offset gap up start to turn bearish. At around 12.05 pm, BSE Sensex was trading at 60,808.01 down 451.95 points or 0.74% and Nifty50 at 18,143.00 down 123.60 points or 0.68%.

Nifty Bank was trading at 39,574.80 up 56.60 points or 0.14% hitting a high of 39,768.00 and low of 39,442.15 during intraday trade on Thursday. Nifty PSU Bank was trading at 2,828.75 up 67.60 points or 2.45% and Private Bank at 20,521.40 up 34.15 points or 0.17%.

PNB gianed 3.6% at Rs44.65 per piece. Kotak Bank soared nearly 3.5% at Rs2,084.90 per piece. Federal Bank was also over 3% higher at Rs96.90 per piece.

PSU sector was bullish with Union Bank surging 6.6% at Rs50.85 per piece. Jammu and Kashmir Bank also advanced nearly 6% at Rs39.90 per piece while Bank of Maharashtra was also bullish ahead of quarterly earnings. It was trading at Rs22.10 per piece, up 5.5%.

Bank of India, PNB, UCO Bank, Indian Overseas Bank, Bank of Baroda, Indian Bank, Central Bank also surged over 3%. Canara Bank and Punjab & Sind Bank were also around 2.5% higher.

State Bank of India was marginally higher after hitting new high of Rs507.50 per piece on Wednesday.

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