Nifty Financial Services hits fresh high; HDFC, Bajaj Finserv drive the bullish index

Muthoot Finance and Shriram Transport Finance surged over 4% to outperform.

Oct 22, 2021 11:10 IST India Infoline News Service

Bull Market
Nifty Financials Services hit fresh life time high of 19,508.80 on Friday to further drive the bullish markets. Muthoot Finance, Bajaj FinservHDFC and Shriram Transport Finance led the race.

Domestic equity markets opened with gains in the morning bell, as investors recouped some of the losses that were witnessed earlier this week. BSE Sensex regained the 61,000 mark while NSE Nifty 50 was above 18,200. Bank Nifty was above 40,200, setting fresh record highs.

At around 11.450 am, BSE Sensex was trading at 61,086.19 up 162.69 points or 0.27% and Nifty50 at 18,197.25 up 19.15 points or 0.11%.

Nifty Bank was trading at 40,423.70 after hitting a fresh high of Rs40,587.35 on the NSE.

Nifty Financial Services was trading at 19,435.55 up 246.70 points or 1.29%. 
Non-banking financial company Muthoot Finance reportyedly partnered with ME lender and fintech Rupifi to power 15 million small and medium-sized enterprises with access to instant credit in the next few years. 

The companies started this partnership earlier this year and are now looking to scale this across different industry verticals in the country. Muthoot finance surged 4.3% at Rs1,597.40 per piece before hitting a day's high of Rs1605 per piece.

Bajaj Finserv was 2.66% higher at Rs19,074.25 per piece. The company said that the asset management company under the name of Bajaj Finserv Asset Management has been incorporated on 18 October 2021 as a wholly-owned subsidiary of the company. The objective is to pursue mutual fund business.

HDFC was also 2.34% higher at Rs2,910.55 per piece. HDFC Asset Management Company has launched a new fund offer (NFO) HDFC NIFTY Next 50 Index Fund for investors looking for returns that are commensurate with the performance of Nifty Next 50 index.

Shriram Transport Finance also surged over 4% at Rs1,551.00 per piece to outperform. 

Kotak Bank (over 1.6%), Axis Bank (over 1.5%) and Bajaj Fianance (over 1.2%) were also bullish on Friday. 

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