HDFC Bank, ICICI Bank to IndusInd Bank — 4 Nifty Bank stocks give breakout today. Do you own any of them?
Breakout stocks: Amid Bank nifty index rising for the four straight sessions, four banking stocks listed in the index have given breakouts either on a closing basis or daily. According to stock market experts, those four breakout stocks listed in the Bank Nifty index are HDFC Bank, Kotak Mahindra Bank, ICICI Bank, and IndusInd Bank. They said that the market has taken an interest rate cut cue from the RBI monetary policy as the RBI Monetary Policy Committee is waiting for the US Fed to initiate a rate cut.
They said that in the wake of interest rate cuts, banks will have more money for business leading to better quarterly numbers. They also said that RBI may reduce the repo rate by at least 100 bps by the end of FY25. Speaking on the trigger for a huge surge in the Nifty Bank index, Sandeep Pandey, Founder of Basav Capital said, "On Friday, after the RBI monetary policy outcome became public, we witnessed sharp upside movement in the Bank Nifty index.
Some of the index's heavy weights including HDFC Bank shares moved upside, which was enough to move the entire index northward. The reason for this rise in Bank Nifty despite nifty 50 and Sensex trading flat was RBI's monetary policy outcome. Even though the central bank of India left the repo rate unchanged at 6.50 percent, it has dropped enough hint that it is following the US Federal Reserve to initiate interest rate cut." Former Deputy Vice President of HDFC Bank, Sandeep Pandey went on to add that the Indian economy is better placed against the majority of the developed economies.
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