Bank Nifty hits record high, crosses 49,300; ICICI Bank, Axis Bank, IndusInd Bank shares lead rally

  • Nifty Bank index surged more than 2.4%, or over 1,100 points, to touch a new life-time high of 49,399.30 on April 29, crossing earlier level of 49,057.

Ankit Gohel
Published29 Apr 2024, 02:18 PM IST
ICICI Bank shares were the top gainer on the Bank Nifty, surging over 4% to a record high
ICICI Bank shares were the top gainer on the Bank Nifty, surging over 4% to a record high

Bank Nifty hit a record high on Monday lifted by a sharp rally in financial stocks such as ICICI Bank, Axis Bank, SBI, IndusInd Bank among others after strong Q4 results.

The Nifty Bank index surged more than 2.4%, or over 1,100 points, to touch a new life-time high of 49,399.30 on April 29, crossing earlier level of 49,057.

The Nifty Private Bank and Nifty PSU Bank indices also rallied 2% each.

Barring Bandhan Bank and IDFC First Bank shares, all other constituents of Bank Nifty were trading in the green.

Meanwhile, bulls made a strong comeback in the Indian stock market on Monday with both the frontline indices also witnessing strong upward momentum. 

The Sensex jumped 838.61 points, or 1.14%, to 74,568.77, while the Nifty 50 was trading 194.10 points, or 0.87%, higher at 22,614.05.

Broader indices, Nifty Midcap 100 and Nifty Smallcap 100 indices also hit their 52-week highs.

Also Read: HDFC Bank vs ICICI Bank vs Axis Bank: Which stock to buy after Q4 results?

ICICI Bank shares were the top gainer on the Bank Nifty, surging over 4% to a record high with its market capitalization surpassing 8 lakh crore for the first time. ICICI Bank share price rallied as much as 4.81% to 1,160.50 apiece on the BSE.

The rally in ICICI Bank share price was led by a strong performance by the lender in the quarter ended March 2024.

ICICI Bank Q4 results reflected resilience with a 17.4% YoY rise in its Q4FY24 standalone net profit to 10,707.5 crore. The second-largest private sector lender in India reported a 8% YoY growth in net interest income (NII) to 19,092.8 crore.

Read here: ICICI Bank Q4 Results: Net profit rises 17% to 10,707 crore, NII up 8% YoY; dividend declared

Axis Bank share price also witnessed huge buying interest on Monday led by better - than - expected Q4 results 2024. 

Axis Bank posted a net profit of 7,130 crore in Q4FY24, compared to a loss of 5,728.4 crore in the corresponding period last year. The private sector lender’s NII rose 11.5% YoY to 13,089 crore. Its net interest margin (NIM) for Q4FY24 stood at 4.06%, growing 5 bps QoQ.

Read here: Axis Bank share price hits lifetime high after Q4 results 2024. More steam left?

Axis Bank share price gained over 3% to hit a high of 1,164.10 apiece on the BSE with its market cap rising above 3.5 lakh crore.

On the technical front, the Bank Nifty index surpassed hurdle at 48,600 level, and analysts believe a decisive breakthrough above this level paves the way for new all-time highs in the index which could trigger a move towards 50,000.

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News in Numbers

Numbers that help you understand news better
₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:29 Apr 2024, 02:18 PM IST
HomeMarketsStock MarketsBank Nifty hits record high, crosses 49,300; ICICI Bank, Axis Bank, IndusInd Bank shares lead rally

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