Banking stocks were under pressure on February 1 with the Budget remaining silent on public sector banks. The trend, however, reversed today, as the banking index outperformed other sectors
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Indian equity markets carried the Budget Day gains to February 2, with the Sensex up 502.40 points, or 0.85 percent, at 59,364.97, and the Nifty adding 145.90 points, or 0.83 percent, at 17,722.70 at 10.58 am.
The Bank Nifty added 1.5 percent led by gains in IndusInd Bank, which jumped over 3 percent, followed by AU Small Finance Bank, Kotak Mahindra Bank, Axis Bank, HDFC Bank and Punjab National Bank that gained a percent each.
Chandan Taparia, Vice President, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said that the Bank Nifty has to hold above 38,250 for an up move towards 38,850 and 39,250. Support can be seen at 38,000 and 37,750 levels, he said.
Banking stocks were under pressure on February 1 after Finance Minister Nirmala Sitharaman didn’t earmark any specific amount for public sector banks (PSBs) for the financial year 2022-2023. The Budget also didn’t offer a roadmap for the privatisation of PSBs.
The trend, however, reversed on February 2, with the banking index outperforming all other sectors.
The Nifty Financial Services also added over a percent led by Bajaj Finance and Bajaj Finserv, which jumped 3 percent and 5 percent each followed by HDFC AMC, M&M Financials, HDFC Life and Muthoot Finance.
As banking stocks edged higher, names like Canara Bank, up 3 percent, and AU Small Finance Bank, up 2 percent, hit a 52-week high on BSE.
According to research and broking firm ICICI Securities, the Bank Nifty witnessed a volatile day on February 1 but managed to close above 38,500.
According to options data, 38,000 Call strike witnessed unwinding, while 38,000 Put strike witnessed aggressive OI addition. Hence, any dip around 38,000 should be used to create long positions, it said.
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