Nifty Bank hits new record high as market surges sharply; ICICI Bank top gainer
Also Read: Stock Market Today: Nifty 50, Sensex clock robust gains; investors richer by about ₹6 lakh crore in a day Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, commented on the momentum, stating, “The Bank Nifty bulls made a strong comeback, surpassing the all-time high levels and dispelling the bearish sentiment. The momentum is anticipated to persist, with robust support identified at the 46000–45800 zone, serving as a cushion for the bulls.
The ongoing momentum rally has the potential to propel the index higher towards the levels of 47000 and 48000." The Indian stocks began today's trade strongly after the decisive victory of the ruling party, BJP, in three out of five state elections. Also Read: Gautam Adani's wealth rises by $5.6 billion amid market rally In today's trading session, Axis Bank shares reached another record high of ₹1,129 apiece, maintaining a bullish trend since November 20, with a cumulative gain of 13% to date.
Federal Bank shares also surged by 4.35%, hitting an all-time high of ₹155.2 apiece, while Punjab National Bank recorded a new 52-week high of ₹84.6 apiece. However, some heavyweights such as HDFC Bank, SBI, and Kotak Mahindra Bank have underperformed this year, experiencing declines of 1.15%, 3.10%, and 0.48%, respectively.
In contrast, the Nifty Bank has delivered an 8.01% return, lagging behind the Nifty 50 benchmark index, which posted a remarkable 14.26% return during the same period. Also Read: Can Nifty 50 hit 25,000 by General Elections 2024? Experts weigh in Commencing today's trade with a significant gap-up at 20,601 points, the Nifty 50 further strengthened in the final trading hour, reaching a new peak of 20,702 points.
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