Why Bank Nifty has been rising for the last two sessions — explained
Stock market today: Ahead of RBI policy meeting minutes release and US Fed Chairman Jerome Powell's speech at much awaited Jackson Home meeting, which is beginning today, banking and financial stocks are in uptrend for the last two sessions. Bank Nifty index has rallied to the tune of over 950 points in last two day. Barring ?HDFC Bank shares, all Bank Nifty stocks are in green zone.
Shares of IndusInd Bank, AU Small Finance Bank, ICICI Bank, Axis Bank and Bandhan Bank are among the top gainers during Thursday deals. According to market experts, stock market is reacting to the possible outcome from RBI policy meeting minutes release and US Fed Chairman Jerome Powell's speech at Jackson Hole meeting. Powell is expected to deliver his speech on 26th August 2023 though the Jackson Hole Symposium is going to kickstart on 24th August 2023 i.e.
today. They said that Jerome Powell is expected to maintain US Fed rate pause and may announce rate hike by end of 2023 as Fit credit rating has just downgraded the US credit rating. Stock market experts advised positional investors to look at PSU stocks like State Bank of India (SBI), Canara Bank, Bank of Baroda and Punjab National Bank (PNB).
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