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D-Street Buzz: Banks, financials rally as economy comes out of lockdown; PNB, Bajaj Finance jump 4-5%

June 03
12:04 2020

The Indian stock market witnessed some handsome gains for the sixth straight session with Nifty crossing the 10,000 mark for the first time since March 2020, as the economy gradually comes out of the coronavirus lockdowns and risk appetite picks up in global markets.

Sensex is up 379.92 points or 1.12% at 34205.45, and the Nifty up 119.90 points or 1.20% at 10,099.

Banks rallied the most with the PSU Bank index surging almost 5 percent led by Punjab National Bank and Union Bank of India which jumped over 5 percent each followed by Bank of Baroda, Canara Bank, Central Bank of India and Indian Bank.

The other gainers included Bandhan Bank, RBL Bank, ICICI Bank, HDFC Bank, Axis Bank and IDFC First Bank which added 2-5 percent.

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State Bank of India, Punjab National Bank and Bank of Baroda were some of the most active stocks on NSE in terms of volumes with 4,69,23,681 shares being traded in SBI, 3,30,57,261 shares in PNB and 2,69,54,598 shares being traded in Bank of Baroda.

Nifty Financial Services gained over 2 percent led by Bajaj Holdings and Shriram Transport Finance which jumped 6-7 percent followed by Bajaj Finserv, Bajaj Finance, Indiabulls Housing Finance and M&M Financial Services among others.

“Considering overall chart structure, we may see further bounce in Bank Nifty towards 21,300 and then 22,000 mark, while supports are inching higher to 20,000 and 19,600 levels,” said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Technical analyst Ashwani Gujral of ashwanigujral.com has a buy on Axis Bank with a stop loss of Rs 405, target at Rs 430 while Sudarshan Sukhani of s2analytics.com has a buy with stop loss of Rs 400, target at Rs 430.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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