Nifty Bank -; Financial Services drive market bulls; HDFC twins top performers

4 Apr 2022 , 12:35 PM

Domestic benchmark indices were upbeat from Monday morning after banking majors HDFC and HDFC Bank announced a merger deal. Sensex breached 60K and Nifty crossed 18k after HDFC and HDFC Bank led the gains while HDFC Life and HDFC AMC were also in the fast lane.

At around 12.36 PM, BSE Sensex was trading at 60,217.87 up 941.18 points or 1.59% and Nifty 50 at 17,926.80 up 256.35 points or 1.45%. Nifty Bank was trading at 38,276.10 up 1,127.60 points or 3.04% and Private Bank at 19,355.65 up 524.60 points or 2.79%.

Nifty Financial Services was trading at 18,077.85 up 610.70 points or 3.50% and PSU Bank at 2,861.90 up 27.40 points or 0.97%.

HDFC Bank neared 52-week high of Rs1,725 at Rs1.722 apiece on Monday. It was trading at Rs1,631.40 up Rs125.40 or 8.33%. HDFC was trading at Rs2,635.00 up Rs182.70 or 7.45%. HDFC Life also gained 3.36% at Rs568.85apiece while HDFC AMC rose ~3% at Rs2,343 apiece. 

The Board of HDFC Bank at its meeting held on April 4, 2022 has approved a composite scheme of amalgamation for the amalgamation of: (i) HDFC Investments and HDFC Holdings, into and with Housing Development Finance Corporation (HDFC); and (ii) HDFC into HDFC Bank, and their respective shareholders and creditors.
 
IDFC First Bank also advanced over 5%. Maharastra Bank, Bank of India rose also over 2% in the PSU Bank sector while Central Bank and Union Bank also neared 2% higher. RBL Bank and Kotak Bank were also bullish.