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Banking stocks extended gains on June 27, pushing the Nifty Bank index to a new all-time high level
Bank Nifty
Bank Nifty At Record High: Banking stocks extended gains on June 27, pushing the Nifty Bank index to a new all-time high level. The bank index has crossed the 57,300-mark for the first time.
The index scaled a lifetime high of 57,340.75 in morning trade. The index has now extended gains for the fourth consecutive day.
Among the top gainers, Punjab National Bank (PNB) and Bank of Baroda led the PSU pack with gains of over 2 per cent each, supported by strong volume action. State Bank of India (SBI) also edged higher, extending its recent uptrend. In the private banking space, ICICI Bank and HDFC Bank continued to support the rally with modest gains of around 0.5–1 per cent. Axis Bank remained firm, trading close to its 52-week high, while Kotak Mahindra Bank and IndusInd Bank showed marginal upside. On the flip side, Federal Bank and IDFC First Bank remained subdued, trading flat to slightly lower. Overall, the breadth within the Bank Nifty remained positive, with PSU banks outperforming their private counterparts.
What Are Analysts Saying?
Analysts, however, expect the bullish rally to continue, with Bank Nifty hitting fresh highs. “Overall, I expect Bank Nifty to cross 58,000 over the next 2-3 weeks. If it holds above 56,250, looks for an upside target of 57,050 today. I am expecting momentum in both Nifty and Bank Nifty post this expiry,” said Chandan Taparia, Senior Vice President, Head – Derivatives & Technical Research, Motilal Oswal.
Ajay Bagga, an independent analyst, meanwhile, held India’s macroeconomic indicators as key to the index’s growth. “Given the manifold actions by RBI, which have cut rates, injected ample liquidity into the money markets, have been pragmatic in undertaking macro prudential easing, and have been providing regulatory relief, banks are poised to benefit in the next few quarters. India’s robust macro, tailwinds from a good monsoon, income tax relief injecting some purchasing power in the pockets of the middle class, and falling inflation all have created a good backdrop for credit growth,” he said.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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