Nifty Bank crossed the 51,500 mark today, driven by strong gains in key banking stocks like ICICI Bank, SBI, and Bank of Baroda. The index surged by 1.34% with a 680.35-point increase, reaching ₹51,467.80 as of 10:27 am. This comes as the broader market, including Sensex and Nifty, opened higher after five consecutive sessions of decline.
The banking sector was the key driver of today’s market performance, with ICICI Bank leading the charge, contributing a substantial 337.97 points to the index following its robust Q2 FY25 results. SBI and Bank of Baroda also added significant contributions, with 212.70 and 64.75 points respectively.
However, not all banking stocks contributed to the rally. IDFC First Bank and Axis Bank weighed slightly on the index, with contributions of -16.52 and -11.99 points respectively.
Nifty Bank is a critical index that tracks the performance of the 12 most actively traded banking stocks on the NSE, offering insights into the overall health of India’s banking sector.
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