Nifty Bank hits new record high as market surges sharply; ICICI Bank top gainer
Federal Bank shares also surged by 4.35%, hitting an all-time high of ₹155.2 apiece, while Punjab National Bank recorded a new 52-week high of ₹84.6 apiece.
In today's trading session, the Nifty Bank index reached a significant milestone by hitting a new all-time high of 46,484.45 points after 19 weeks. The previous record was set on July 21 at 46,369 points. The index concluded today's trade with a substantial rally, gaining 1,617 points or 3.61%, closing at 46,431.
This impressive surge was fueled by a robust performance in the shares of key players such as ICICI Bank, SBI, and HDFC Bank. Overall, all 12 constituents of the index finished the trade in positive territory, posting gains between 1.3% and 4.2%, with ICICI Bank emerging as the top gainer.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, commented on the momentum, stating, “The Bank Nifty bulls made a strong comeback, surpassing the all-time high levels and dispelling the bearish sentiment. The momentum is anticipated to persist, with robust support identified at the 46000–45800 zone, serving as a cushion for the bulls. The ongoing momentum rally has the potential to propel the index higher towards the levels of 47000 and 48000.”
The Indian stocks began today's trade strongly after the decisive victory of the ruling party, BJP, in three out of five state elections.
In today's trading session, Axis Bank shares reached another record high of ₹1,129 apiece, maintaining a bullish trend since November 20, with a cumulative gain of 13% to date. Federal Bank shares also surged by 4.35%, hitting an all-time high of ₹155.2 apiece, while Punjab National Bank recorded a new 52-week high of ₹84.6 apiece.
However, some heavyweights such as HDFC Bank, SBI, and Kotak Mahindra Bank have underperformed this year, experiencing declines of 1.15%, 3.10%, and 0.48%, respectively. In contrast, the Nifty Bank has delivered an 8.01% return, lagging behind the Nifty 50 benchmark index, which posted a remarkable 14.26% return during the same period.
Commencing today's trade with a significant gap-up at 20,601 points, the Nifty 50 further strengthened in the final trading hour, reaching a new peak of 20,702 points. The index finally settled at 20,686, reflecting a gain of 418.90 points, or 2.07%.
Over the last 13 trading sessions alone, the index saw an impressive surge of 1,242.45 points, or 6.39%. The S&P BSE Sensex also touched a new record high of 68,918.12 points in today's trading session, surpassing its previous best of 67,927.
Today's record rally has pushed the market capitalisation of the NSE-listed companies to $4.09 trillion mark. In the last trading session (Friday), the market capitalisation of the National Stock Exchange crossed the $4 trillion mark for the first time.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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