Shares of major state-run and private sector bankers such as State Bank of India, Punjab National Bank, ICICI Bank, Yes Bank, IndusInd Bank rallied over 1% each on Monday while, at the same time, stocks of HDFC Bank and Kotak Mahindra Bank slipped in red.
Shares of major state-run and private sector bankers such as State Bank of India, Punjab National Bank, ICICI Bank, Yes Bank, IndusInd Bank rallied over 1% each on Monday while, at the same time, stocks of HDFC Bank and Kotak Mahindra Bank slipped in red. Shares of SBI, ICICI Bank, Yes Bank and IndusInd Bank also topped the BSE Sensex index with ICICI Bank driving the index in the upward direction despite a slump in shares of major IT companies such as TCS, Infosys and Wipro. The stock of ICICI Bank emerged as the leader in terms of turnover across all the scrips on the National Stock Exchange.
Shares of ICICI Bank rose 1.3% to a day’s high of Rs 279.4 on BSE on Monday while the stock of India’s largest lender by assets State Bank of India surged 1.75% to a day’s peak of Rs 23.8.7 leading the benchmark Sensex. An almost equal surge was seen in the scrips of Yes Bank and IndusInd Bank. The stock of Yes Bank and IndusInd Bank gained more than 1.1% in the morning deals while, on the other hand, shares of India’s largest lender by market capitalisation HDFC Bank traded marginally lower at Rs 1,836.3 followed by the stock of Kotak Mahindra Bank which fell 0.64% to Rs 1,032.35 on BSE.
Among the sectoral indices of NSE, Nifty PSU Bank index was seen leading the gains as most PSU bankers inched up in the late morning deals. Apart from SBI, shares of Punjab National Bank and Bank of Baroda advanced over 1% steering the benchmark Nifty PSU Bank index to add as much as 1.15%. Up until 10:10 am, more than Rs 1,850 crore worth of shares of ICICI Bank exchanged hands on NSE.
Meanwhile today, Indian equities traded flat following a rout in the Asian equity markets as the trade war between the United States and China intensified. BSE Sensex lost 60.1 points or 0.18% to open at 32,536.44 and NSE Nifty shed 8.9 points or 0.09% to begin the day at 9,989.15 on Monday. Going ahead, the Indian stock market will be steered by the trends on the ongoing trade war between the United States and China and the early derivatives contracts expiry in a holiday-shortened week. India’s stock markets will remain closed on Thursday and Friday for Mahavir Jayanti and Good Friday.