Nifty Bank surges over 500 pts; Bandhan Bank, RBL Bank lead the gains

Axis Bank and Federal Bank gained nearly 2%. Bajaj twins also surged over 2% in financials ector.

Aug 30, 2021 01:08 IST India Infoline News Service

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The Nifty Bank stocks were in the fast lane amid broader bull markets on Monday by suring over 500 points. The Nifty Bank witnessed a rebound after the mid-month decline and closed the last week higher by more than 1.5% on August 27.

Meanwhile, the domestic market continues its winning streak after opening at a record high today, the BSE Sensex has jumped over 500 points or 1% to trade above 56,700, while Nifty is gaining by over 175 points or 1% is trading above 16850 levels during intraday trade.

At around 1.15 pm, BSE Sensex was trading at 56,700.40 up 575.68 points or 1.03% and Nifty50 at 16,884.10 up 178.90 points or 1.07%.

On the global front, the US markets on Friday ended at a record high on Friday as Federal Reserve sounds 'dovish' on rates and expects tapering of bond-buying by year-end in a staggered manner.

Nifty Bank Index was trading at 36,113.65 up 485.85 points or 1.36%, after touching a high of 36,134.30 and low of 35,721.90 during intraday trade.

Bandhan Bank up 3.26% at Rs285.10 per piece and RBL Bank up 2.58% at Rs166.95 per piece led the gains. Axis Bank and Federal Bank gained nearly 2% at Rs767.15 per piece and Rs79.45 per piece respectively. IndusInd Bank, State Bank of India and IDFC First Bank advanced over 1.5%. Kotak Bank, HDFC Bank, and ICICI Bank jumped over 1%.

Among the Financial Services, Bajaj twins such as Bajaj Finance (up 2.45%) and Bajaj Finserv (up 2.02%), surged over 2%. Cholamandalam Investment was 3.74% higher at Rs544.45 per piece and Power Finance Corporation surged 3.21% at Rs130.35 per piece.

Indian Bank rose nearly 3% at Rs127.05 per piece while J&K Bank, Canara Bank and Bank of Baroda were around 2% higher to lead the gains in the PSU Bank sector.

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