Nifty PSU Bank index rose 3% and metal index added 1%. Coal India, Bajaj Finance, SBI, Axis Bank and UltraTech Cement were among major gainers on the Nifty.
Index price feed for NSE indices across brokers has frozen due to an unknown reason. Retail traders who frequent the price feed took to Twitter register the technical error. “There is an issue with live ticks for NSE indices (Nifty 50, Nifty Bank and others) across brokers. We are in touch with NSE to have this fixed,” Brokerage firm Zerodha said in a tweet.
An NSE spokesman said there was “no problem” from the exchange’s end regarding options prices. “There are some problems with Bank Nifty options. Premiums are not updating. We indicated this to the exchange,” said a trader with a domestic brokerage.
The NSE bank index rose by as much as 4.3% to a lifetime high of 19,410.40 after the central bank cut interest rates on Thursday by 25 basis points to 7.75% in a surprise move.
The Nifty 50 index has been stuck at 14,820, up 113 points from the previous day’s close and Nifty Bank remained at 35,626.60, up 1.45 per cent since 10:15 am. However, the prices of Nifty and Nifty Bank Futures are updating normally. The live price quotes of all the 11 sector gauges compiled by the NSE are also not updating due to the technical glitch at the National Stock Exchange. The Indian equity benchmarks edged higher on Wednesday, led by gains in HDFC Bank, Reliance Industries, Bajaj Finance, Axis Bank, Larsen & Toubro, ICICI Bank and State Bank of India.
OVERVIEW OF NIFTY BANK
|Previous Close: 35,116.95|
|Day High: 35,641.05|
|Day Low: 35,060.65|
|52 Week High: 37,708.75|
|52 Week Low: 16,116.25|
NIFTY BANK TECHNICAL ANALYSIS
|Technical Indicators||Very Bullish|
|Moving Averages Crossovers||Bullish|
Apart from the technical analysis, Nifty Banks have the same rating of being bullish or very bullish also, a few have bearish ratings.
You may see that stocks are driving the Sensex and the Nifty up or down and by how many points. Contribution towards the movement in the index by the respective companies is the reason for it.
Stocks pulling Indices up are:
- HDFC Bank – contribution to index 192.52
- SBI- contribution to index 116.66
- Axis Bank- contribution to index 73.39
- Induslnd Bank- contribution to index 57.23
- ICICI Bank- contribution to index 21.16
- Nifty Bank is trading at 35626.60 INR.
- Shares of Federal Bank Ltd. rise as Nifty gains
On the technical charts, the 200-day moving average of the stock stood at Rs 58.69.
- CSB Bank strengthens senior leadership, aims for 30% growth
While continuing to bank on gold loans as a primary growth driver, the bank is set to target opportunities in the SME, two-wheeler and secured loan segments.
- RBI may raise rates only in FY23: BofA Securities
“We expect the RBI MPC to remain on hold in FY’22, with oil prices rising, and hike rates by 100bps in FY’23,” said Indranil Sengupta, chief India economist, BofA Securities.
- Paytm Payments Bank helps 2.6 lakh FASTag users get back wrongly deducted toll charges
Paytm Payments Bank MD and CEO Satish Gupta said in a statement, “It has been our endeavour to empower our users with seamless and hassle-free travel on road. In this quest, we support our users in every possible way, including fast redressal of any grievance they face with toll plazas.”
- Punjab & Sind Bank to allot shares worth Rs 5,500 crore to govt in lieu of capital infusion
An extraordinary general meeting of the shareholders of the bank is scheduled on March 25, 2021, for preferential issue of equity shares to the government up to Rs 5,500 crore, the bank said in a regulatory filing.
- Federal Bank aims ‘mid-teen’ growth in credit for FY22
Its Managing Director and Chief Executive Officer Shyam Srinivasan said the increase in virus infections in states like Maharashtra needs to be watched but exuded confidence that it will not affect the overall economic activity, terming it a “minor blip”.
- Market Movers: What sparked a rally in PSU refiners; 42 stocks give sell signal
The breadth of the market favoured bulls as advancing stocks on the National Stock Exchange outnumbered declining ones.
- Metals shine, banks remain under pressure as Sensex ends flat
Elevated bond yields and resurgence in Covid cases have dented sentiments in Mumbai and halted the rally in the share market.
- SBI, Kotak Bank & IRCTC send out sell signal, select smallcap stocks look set to rally, suggests MACD
The list included HBL Power Systems, Snowman Logistics, Zuari Agro Chemicals, Newgen Software Tech, Muthoot Finance and Dishman Carbogen. These stocks gained up to 14 per cent intraday so far.
- Bandhan Bank Ltd. shares gain 0.08% as Sensex rises
On the technical charts, the RSI of the stock stood at 40.46.