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Bank Nifty tops 931 pts on broad-based buying; Heavyweights SBI, IndusInd, ICICI Bank, HDFC Bank lift the index – Indiainfoline

A broad-based buying was recorded in the banking stocks on Monday further lifting overall benchmarks. Easing in India’s inflation and the resurgence of active Covid cases lifted investors sentiments. Also, the arrival of monsoon in the southwest of India further plays a role in swaying markets rally.

At around 12.30 pm, Bank Nifty is trading at 33,101 up by 931.45 points or 2.90%. The index has touched an intraday high of 33,143.10.

SBI was the top gainer soaring by nearly 5% followed by Federal Bank and IndusInd Bank surging more than 4% each.

ICICI Bank and RBL Bank also jumped over 3% each. Axis Bank and HDFC Bank climbed around 2.6% each. PNB zoomed by 2.3%.

IDFC First Bank was higher by 2%, while Kotak Bank and Bandham Bank edged up by 1.4% and 0.6% respectively.

AU Small Finance Bank was the only underperformer plunging 1.4%.

In the last 24 hours, India registered 2,81,386 new cases. The daily new COVID cases being registered in India are now less than 3 Lakhs after 26 days.

3,78,741 recoveries were registered in the last 24 hours. Also, there is a decline in the Weekly positivity rate is also observed which stands at 18.17%.

The cumulative number of COVID-19 vaccine doses administered in the country has reached nearly 18.30 Cr today under Phase-3 of the nationwide Vaccination Drive.