Nifty Bank -; Financial Services drive bullish markets; RBL Bank, Axis Bank, HDFC Bank, ICICI Bank in fast lane

3 Jan 2022 , 12:15 PM

Nifty Banking and Financial index gained momentum from last day of 2021, into the new year. The Index was bullish to consolidate the gains of overall markets on the first trading day of 2022.

RBL Bank, AU Bank, IDFC First Bank and Axis Bank led the gains while heavyweights HDFC Bank, ICICI Bank, and SBI were also in the fast lane.

Financial companies Cholamandlam Investment and Finance Company and Muthoot Finance were also bullish. Bajaj Twins Bajaj Finserv and Bajaj Finance further pushed the gains.

IndusInd Bank and Bandhan Bank were under pressure.

Sensex and Nifty rose on Monday, led by banks, auto, and IT stocks. US equity futures rose, while Asian stocks were mixed in thin trade as investors mulled Omicron’s impact on global economic recovery

At around 12.15 pm, BSE Sensex was trading at 58,861.31 up 607.49 points or 1.04% and Nifty50 at 17,526.65 up 172.60 points or 0.99%.

Nifty Bank was trading at 36,016.55 up 534.85 points or 1.51% and Financial Services at 17,580.25 up 249.40 points or 1.44%. Nifty PSU Bank was 2,559.25 up 28.85 points or 1.14% and Nifty Private Bank at 18,285.95 up 244.10 points or 1.35%.

RBL Bank rose 3.3% at Rs131.35 per piece on Monday. RBL Bank recorded 10% yoy rise in total deposits as on December 31, 2021. RBL Banks total deposits rose 9.61% to Rs 73,637 crore as on December 31, 2021 as against Rs67,184cr as on December 31, 2020.

AU Bank surged 2.64% at rs1,063.85 per piece, IDFC First Bank was 2.28% higher at Rs49.45 per piece. Axis Bank lifted the performance at Rs692.70 per piece, up 2.1%.

HDFC Bank and ICICI Bank gained over 1.8% each while SBIN was around 1.4% higher. 

Cholamandlam Investment and Finance Company and Muthoot Finance were 2.33% and 2.23% higher respectively. Bajaj Finserv rose 2.13% while Bajaj Finance was 1.32% higher. 

UCO Bank and PNB were also in the fast lane. 

Bandhan Bank dragged the most 0.85% and IndusInd Bank was 0.2% lower.