Market Now: Axis Bank, Kotak Mahindra Bank keep Nifty Private Bank index under pressure

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NEW DELHI: Owing to a subdued show by Axis Bank (down 0.83 per cent), Kotak Mahindra Bank (down 0.66 per cent) and HDFC Bank (down 0.02 per cent), the Nifty Private Bank index was trading nearly flat during the early trade on Tuesday.

The index was trading marginally up by 0.09 per cent at 14,419 around 10:20 am (IST).

Shares of South Indian Bank (up 1.59 per cent), ICICI Bank (up 1.30 per cent), IDFC Bank (up 0.71 per cent), RBL Bank (up 0.44 per cent), YES Bank (up 0.42 per cent) and Federal Bank (up 0.20 per cent) were in the green in the index.

On the other hand, majority of PSU peers were trading with gains during the early trade on Tuesday. Bank of India (up 1.90 per cent), State Bank of India (up 1.33 per cent) and Punjab National Bank (up 1.01 per cent) were among the top gainers.
Equity benchmarks extended their winning streak for the ninth session on Tuesday, with Sensex climbing nearly 100 points in the opening trade today, after the forecast of a normal monsoon for the year.

The NSE Nifty50 index was up 16 points at 10,544, while the BSE Sensex was up 79 points at 34,385.

Among the 50 stocks in the Nifty index, 26 were trading in the green, while 24 were in the red.

Power Grid, Hindalco, Tata Steel, ICICI Bank and Mahindra & Mahindra were among the top gainers in the Nifty index.

However, Cipla, Infosys, Bharti Infratel, Wipro and Sun Pharma were among the top losers in the Nifty pack of stocks.

Source: Economic Times