Nifty Bank surges 1% to drive bullish markets; IndusInd Bank, Federal Bank, HDFC Bank in the fast lane

9 Feb 2022 , 11:50 AM

Nifty Bank and Financial Services rallied to drive the bullish markets on Wednesday as the index rose 1% after bearish outings on the first two days of the week.

PSU Bank stocks were under pressure for the second straight day after bullish outing on Monday.

IndusInd Bank, Federal Bank, and HDFC Bank led the gains. Cholamandalam Investment and Finance and Bajaj Finserv also surged in the financial sector. SBI Life and HDFC Life were under pressure.

Bank of Baroda broke the winning streak to emerge as the biggest laggard in the PSU Bank sector.

Overnight Bank stocks rose in the US market after treasury yield hit its highest level since November 2019 on mounting expectations the U.S. Federal Reserve will start tightening monetary policy.

Indian equity benchmarks Sensex and Nifty50 were bullish amid gains across global markets. Gains across most sectors pushed the headline indices higher. Investors awaited the outcome of the RBI’s policy review due this week and more of corporate earnings for cues.

At around 11.50 am, BSE Sensex was trading at 58,255.81 up 447.23 points or 0.77% and Nifty50 at 17,406.40 up 139.65 points or 0.81%. Nifty Bank was trading at 38,403.40 up 374.95 points or 0.99% and Private Bank at 19,392.10 up 232.45 points or 1.21%. Nifty Financial Services was at 17,750.70 up 118.15 points or 0.67%. PSU Bank shed 21.35 points or 0.70% at 3,023.50.

IndusInd Bank and Federal Bank rose nearly 3% at Rs965 per piece and Rs101.90 peice respectively. HDFC Bank was 1.55% higher at Rs1,484.45 per piece. AU Bank was also 1.2% higher. 

Cholamandalam Investment and Finance rose 2.6% at Rs674.50 per piece. Bajaj Finserv was 1.66% higher at Rs16,255.00 per piece. SBI Life (down 0.7%) and HDFC Life (down 0.5%) were under pressure.

Bank of Boroda was 2.1% lower at Rs115.45 per piece while Canara Bank was also 1% lower.