Bank Nifty rallies over 300 pts; Except IndusInd Bank, all stocks rally; AU Bank, Axis Bank, SBI drive the index

4 Jan 2022 , 10:40 AM

Banking stocks witnessed healthy gains on Tuesday trading session. Heavyweights AU Small Finance Bank, Axis Bank, SBI Bank led to drive the index on both benchmarks Sensex and Nifty.  A broad-based buying was recorded on the index with exception of IndusInd Bank.

The performance also comes after the report of India’s exports crossed $300 billion in the first 9 months of 2021-22 which is the first time ever it has occurred. However, India’s manufacturing Purchasing Managers’ Index (PMI) fell from November’s high to 55.5 in December and that can be challenging for the market players to bet cautiously and wisely.

At around 10:40 PM, Bank Nifty was trading at 36,729.05 up 307.15 points or 0.84%. The index has touched an intraday high and low of 36,734.25 and 36,374.40 respectively.

Nifty Financial Services at 17,881.15 up 120.10 points or 0.68%. Nifty PSU Bank was 2,608.65 up 0.93% and Nifty Private Bank at 18,660.20 up 0.69%.

Meanwhile, Indian Benchmarks indices was on a bullish note today. BSE Sensex was trading at 59,482.84 up 299.62 points or 0.51% and Nifty 50 at 17,694.15 up 68.45 points or 0.39%

On the trading window, AU Bank was the top gainer soaring over 2.5% followed by Axis Bank surging 1.5% at Rs706.70 per piece. 

Banking majors SBI, Bandhan Bank, ICICI Bank and Federal Bank led the rally session by surging over 1% each. PNB and Kotak Bank jumped nearly 1% each while IDFC First Bank, RBL Bank and HDFC Bank were marginally higher to support the upside trend.

Further, HDFC (Housing Development Finance Corporation) assigns loan aggregating to Rs7,468cr in Q3 FY22 to HDFC Bank. Also, HDFC Bank’s advances aggregated to approximately Rs12,600 billion as of December 31, 2021.

However on the downside, IndusInd Bank was the only laggard but with marginal loss.