Even as State Bank of India drags, these 4 private lenders are pulling Bank Nifty up

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Updated: September 19, 2017 3:28:39 PM

The equity benchmark index of National Stock Exchange for banking stocks -- Nifty Bank -- made an intraday high of 25,103.45 points on Tuesday, was just 95 points away from the all-time high of 25,198.8 points.

India’s largest lender State Bank of India shed 1.46% to the day’s low of Rs 266.45 and is resisting the Nifty Bank to breach the lifetime high. (Image: Wikimedia Commons)

The equity benchmark index of National Stock Exchange for banking stocks — Nifty Bank — made an intraday high of 25,103.45 points on Tuesday, was just 95 points away from the all-time high of 25,198.8 points. India’s largest lender State Bank of India shed 1.46% to the day’s low of Rs 266.45 and is resisting the index to breach the lifetime high. Another two major state-run banks Punjab National Bank (down 0.55%) and Bank of Baroda (down 0.31%) are also disfavouring the up move.

While on the other hand four private sector banks namely ICICI Bank, Kotak Mahindra Bank, Yes Bank, and IndusInd Bank are trying to pull up the index. Shares of ICICI Bank and IndusInd Bank were trading 0.63% and 0.07% higher while Kotak Mahindra Bank and Yes Bank advanced as 2.8% to Rs 1,045.4 and 0.69% to Rs 1,872 to hit their respective all-time highs. The most valuable bank of India — HDFC Bank — also made a new all-time high, rose 0.4% to Rs 1,868 but was trading lower, down 0.56% at Rs 1,850.1 on NSE.

Meanwhile, The benchmark Nifty 50 extended yesterday’s gain and made an all new lifetime high of 10,178.95 points today as market participants await the outcome of US Federal Reserve meeting starting from today. NSE Nifty advanced 22.5 points to open at a record high of 10,175.6 points while BSE Sensex gained 98.68 points to open at 32,522.44 points.

Tata Motors stock was the biggest gainer on the key indices, NSE and BSE, surged 5.62% to the day’s high of Rs 427.7 on news reports that Tata Sons bought 1.7% stake in the automaker through multiple block deals executed on both BSE and NSE. Today about 4.44 crore shares of Tata Motors were exchanged in a series of block deals for an amount aggregating to Rs 1,871.79 crore on both BSE and NSE.

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