Banking stocks index Bank Nifty soared to a new record high, reaching 44,508.40 points, up nearly 1% or around 400 points. This index surpassed its previous peak of 44,498.60 points set on May 30, 2023. The surge reflects the ongoing momentum and positive sentiment surrounding the banking sector and general market sentiment as Nifty 50 also crossed the 19,000 mark in trade today.
Bank Nifty constituents’ performance
Nifty Bank constituents IndusInd Bank, IDFC First Bank, HDFC Bank, Axis Bank, SBI, ICICI Bank and AU Small Finance Bank are leading the gains, with IndusInd Bank soaring over 2%. While the index touched a new all-time high today, Bandhan Bank, Punjab National Bank, Bank of Baroda were dragging the index, with Bandhan Bank lower by 2%.
“Bank Nifty faces resistance around 44500, struggling to close above this level on multiple occasions. However, it finds support at 43800, which presents a pivotal level to monitor. Currently, the sentiment in the market has shifted favorably towards the bulls, indicating an optimistic outlook. For long-term investors, this presents an opportune moment to construct their portfolios with high-quality stocks. By carefully selecting such stocks, investors can position themselves to capitalize on the prevailing positive market sentiment and potentially achieve fruitful returns in the future,” said Ameya Ranadive CMT CFTe, Equity Research Analyst at Choice Broking.