Nifty Bank -; Financial Services drive market bulls; Bajaj twins, Axis Bank lead gains

30 Mar 2022 , 12:05 PM

Nifty Bank and Financial Services led the bullish markets on Wednesday. IDFC First Bank, Axis Bank, Bandhan Bank were the top gainers while ICICI Bank and RBL Bank also were in the fast lane.

Bajaj twins — Bajaj Finserv and Bajaj Finance led the gains among the financial services stocks, emerging also in top five overall gainers. Union Bank, Maharashtra Bank, Indian Overseas Bank and Indian Bank led the charts among PSU Bank stocks. City Union Bank was also in the fast lane among private banks.

The benchmark indices rose for a third day on the trot to their highest since mid-February, led by auto makers and banking and financial stocks. Progress in peace talks between Russia and Ukraine improved investor appetite for riskier assets.

Sensex gained 600 points, Nifty tops 17,50. At around 12.05 pm, BSE Sensex was trading at 58,608.38 up 664.73 points or 1.15% and Nifty 50 at 17,498.40 up 173.10 points or 1%. Nifty Bank was trading at 36,313.80 up 466.40 points or 1.30% and Private Bank at 18,372.70 up 273.65 points or 1.51%. Nifty Financial Services rose 1.54% at Rs17,095.65 per piece. Nifty PSU Bank was trading at 2,739.50 up 25.30 points or 0.93%.

IDFC First Bank rose nearly 3% at Rs39.00 per piece while Axis Bank and Bandhan Bank rose 2.78% at Rs758.30 per piece and 2.69% at Rs303.15 per piece respectively. RBL Bank (up 1.9%), ICICI Bank (up 1.8%), Kotak Bank (up 1.25%) and IndusInd Bank (up 1.15%) also outperformed.

Bajaj Finserv climbed 3.2% among the fianncial stocks to lead gains at Rs17,029.75 per piece. Bajaj Finance was 2.7% higher at Rs7,230.00 per piece. ICICI Prudential (up 2.42%) and HDFC Life (up 2.37%) also made substantial gains. 

Indian Overseas Bank and Union Bank soared over 2% while Indian Bank and Maharashtra Bank were 1.8% each higher. City Union Bank gained 2.6%.