Bank Nifty gains momentum amid volatile markets; Bandhan Bank, AU Bank drive the performance

15 Mar 2022 , 10:31 AM

Nifty Banking index gained momentum after a flattish opening led by volatile markets tone on Tuesday. The Index traded in the green tracking overall markets as investors cheered the sharp decline in FPI selling to a mere Rs176 crore yesterday.

Also, the performance comes after RBI imposes penalties of more than Rs12 lakh on eight co-operative banks across states. Meanwhile, February month’s CPI inflation rises to 6.07% from 6.01% in January month following disruptions in global supplies and economy caused by Russia-Ukraine war. 

At around 10:35 AM, Bank Nifty was trading at 35,450.10 up by 137.5 points or 0.4%. Currently, 10 scrips advanced on the index while 2 scrips declined.

In the early deals, Bank Nifty had crossed over the 35,500-mark as its intraday high is 35,575.55 and intraday low is at 35,235.20.

Bandhan Bank extended gains and continued to stay at the forefront of the bullish basket. The stock rallies over 7.5%

AU Bank jumped 3.8%, while ICICI Bank soared 0.9%. IndusInd Bank also climbed 0.8% while Axis Bank and IDFC First Bank was marginally up.

RBL Bank, Federal Bank, PNB and State Bank of India traded flat but in the green zone.

On the contrary, Kotak Bank was the top laggard tumbling over 1.2% followed by HDFC Bank traded flat but in the red.