Nifty Financial Services gains ~1% led by Indiabulls Housing Finance, HDFC, Axis Bank

Shares of Indiabulls Housing Finance and HDFC, which gained 2% each, were leading the index gain.

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

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The Nifty Financial Services gained ~1% in Thursday’s afternoon session amid heavy buying in Indiabulls Housing Finance, HDFC, Axis Bank, Shriram Transport Finance Company, and SBI.

Shares of Indiabulls Housing Finance and HDFC, which gained 2% each, were leading the gain in the index. Shares of Axis Bank, Shriram Transport Finance Company, HDFC Bank, and SBI also contributed to the gain, rising 1% each.


Notably, the rally in Financial Services stocks has been witnessed after the Reserve Bank of India’s announcement about Committee on the Development of Housing Finance Securitisation Market.

"In view of the benefits brought in by the standardisation of asset securitisation practices as also their role in enabling superior management of credit and liquidity risks as alluded to before, the Reserve Bank has decided to constitute a Committee that will assess the state of housing finance securitisation markets in India," the central bank said in its Statement on Developmental and Regulatory Policies released on Thursday.

However, rally in the index was capped by Bajaj Holdings & Investment and Indiabulls Ventures, which declined 3% each. Shares of ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, and Bajaj Finserv also declined 1% each.

Meanwhile, equity benchmark indices were trading on a negative note on Thursday with the Sensex declining 73 points to trade at 38,807 levels. The Nifty also fell 22 points at 11,622 levels.

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