Nifty Bank -; Financial Services stocks rally to push markets; Federal Bank leads the gains; PSU Bank stocks struggle

21 Feb 2022 , 12:55 PM

Nifty Banking and Financial Services stocks bucked the broader selling pressure on Monday as the indexes rallied over 1% to push the overall markets in the green zone.

Federal Bank led the gains, while IndusInd Bank, ICICI Bank, and HDFC Bank also were in the fast lane. Muthoot Finance rose to the top among financial stocks while Shriram Transport Finance, SBI Life, and ICICI Prudential were under pressure.

PSU Bank stocks were under pressure as Indian Bank and Bank of Baroda dragged the most.

The main indices pared losses in mid-morning trade. The Nifty traded above the 17,200 mark as ongoing Russia-Ukraine conflict, rising crude oil prices and relentless selling by foreign portfolio investors (FPIs) continued to put pressure on domestic shares. Most Asian markets declined on Monday, as investors continued to watch the situation surrounding Ukraine.

At around 12.55 pm, BSE Sensex was trading at 57,944.47 up 111.5 points or 0.19% and Nifty50 at 17,291.60 up 15.30 points or 0.09%. Nifty Bank was trading at 37,913.00 up 313.85 points or 0.83% and Private Bank stocks at 19,191.85 up 189.75 points or 1%. Financial Services stocks also rose 0.5% at 17,612.75. PSU bank stocks were under pressure at 2,814.65 down 10.85 points or 0.38%.

Federal Bank rose 3.6% at Rs101.45 per piece. ICICI Bank was also 1.5% higher at Rs760.30 per piece. IndusInd Bank also rose nearly 1% at Rs964.30 per piece. IDFC First Bank (up 0.94%), Kotak Bank (up 0.79%), HDFC Bank (up 0.74%) and Axis Bank (up 0.7%) were also bullish. PNB and SBI traded in the red.

Muthoot Finance rose nearly 1% at Rs1,336.45 per piece on the NSE. Equitas Small Finance Bank rose ~6%to Rs56.50 per share on the BSE after the company said it has raised Rs 550 crore in the qualified institutional placement of equities.

Shriram Transport Finance slipped 1.6% to drag the most while SBI Life and ICICI Prudential were also lower around 1.2% each. 

Indian Bank was nearly 2% down while J&K Bank, Bank of Baroda, Indian Overseas Bank and Union Bank were also over 1% lower.