The Nifty Bank index surged 1.50% on January 20, driven by strong performances from Kotak Mahindra Bank and HDFC Bank, among others. The index climbed to 49,270.55, gaining 729.95 points during the session.
Key Gainers:
- Kotak Mahindra Bank: The stock rose by 9.43%, contributing 364.51 points to the index. Its current market price stands at ₹1,924.55.
- HDFC Bank: Gained 1.27%, with a contribution of 146.33 points. The stock traded at ₹1,657.55.
- SBI: Increased by 1.77%, adding 144.02 points to the index.
Other Significant Performers:
- Bank of Baroda: Advanced by 1.82%, trading at ₹232.15.
- Canara Bank: Gained 2.09%, with a last traded price of ₹99.93.
Lagging Stocks:
- Axis Bank: Fell by 1.05%, dragging the index down with a negative contribution of 31.41 points.
- IndusInd Bank: Declined by 0.20%, impacting the index minimally.
Market Overview:
The overall rally in banking stocks reflects investor optimism, likely influenced by favorable macroeconomic data and robust Q3 financial results reported by key banking players. Public sector banks, including SBI and Bank of Baroda, showcased strong upward momentum, further bolstering the index.
As of today, the Nifty Bank index continues to outperform broader market indices, maintaining a positive trajectory for 2025.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
