HDFC Bank jumped over 5 percent followed by State Bank of India, Axis Bank, RBL Bank and Federal Bank which added 4 percent each.
Indian stock market continues its bull run after investors gave a thumbs up to Budget 2021.
Bank Nifty jumped 4 percent after surging over 8 percent on Budget day. The index hit new record high of 34,652.50 at 09:42 hours.
The rally comes after the Finance Minister announced setting up of an Asset Reconstruction Company. She further introduced a plan to recapitalise public sector banks. The government has also announced the intention to privatise two state-run lenders.
Among the banking names, HDFC Bank jumped over 5 percent followed by State Bank of India, Axis Bank, RBL Bank and Federal Bank which added 4 percent each.
Nifty PSU Bank gained 3 percent with J&K Bank rising 4 percent followed by Union Bank of India, Canara Bank and Bank of Baroda.
Share price of PNB added over 2 percent and was the most active banking stock on NSE in terms of volumes. This was followed by YES Bank (3,21,96,047), Bank of Baroda (1,69,70,890) and IDFC First Bank (1,33,40,760).
The stocks that hit new 52-week high on NSE included HDFC Bank, followed by ICICI Bank,
“Bank Nifty has been bucking the trend since last couple of sessions, while the broader market was correcting brutally. This outperformance has now turned into a leadership and hence, staying beyond 33,000, unfolds fresh leg of the rally for the banking index. Above this, next levels to watch would be 34,500 – 35,000,” said Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking.
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