Nifty Bank -; Financial Services surge to lift markets; HDFC twins, Kotak Bank, RBL Bank and Axis Bank top gainers

17 Mar 2022 , 12:36 PM

Nifty Banking stocks surged over 2% while Financial Services stocks jumped 3% to lift the markets on Thursday. Kotak Bank, RBL Bank, HDFC Bank and Axis Bank, out performed while State Bank of India, ICICI Bank and IndusInd Bank also were in the fast lane.

HDFC led the gains among financial stocks while Piramal Enterprises, ICICI Prudential, SBI Life were also bullish.

Punjab & Sind Bank and Indian Bank were the top gainers among PSU Bank stocks.

Sensex reclaimed 58k, while Nifty 50 stretched its gain to over 17,300 on Thursday.

The performance came after US Federal Reserve raised interest rates on Wednesday for the first time since the 2020 outbreak of Covid pandemic. Globally, US markets ended higher tracking gains in technology stocks amid the Fed’s rate hike and Asian markets were also trading higher.

At around 12.36 pm, BSE Sensex was trading at 58,001.56 up 1184.91 points or 2.09% and Nifty 50 at 17,319.50 up 344.15 points or 2.03%. Nifty Bank was trading at 36,533.65 up 785.40 points or 2.20% and Financial Services at 17,155.00 up 479.50 points or 2.88%. Nifty PSU Bank stocks gained 1.3% was while Private Bank stocks were over 2.2% higher. 

Kotak Bank led the charts by gaining 3.4% at Rs1,819.75 per piece. HDFC Bank was 2.8% higher at Rs1,488.30 per piece. RBL Bnak jumped 2.7% at Rs136.85 per piece. Axis Bank advanced 2.4% at Rs741.40 per piece.

HDFC was 5.5% higher at Rs2,418.00 per piece while ICICIPru rose 3.6% at Rs485.50 per piece. Piramal Enterprises was also 3.6% higher at Rs2,239.40 per piece. 

PSB gained 3.5% while Indian Bank was 32.% higher among the PSU Bank stocks.