Private banks outperformed the Nifty, with HDFC Bank, Axis Bank, RBL Bank, ICICI Bank, IndusInd Bank, and Kotak Bank all making large gains.
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After opening at a record high on Wednesday, the Indian benchmark indices traded flat. The Nifty 50 finished at 23,408, down 36 points, despite reaching a new high of 23,664.00. In contrast, the Sensex closed in green at 77,331, up 54 points. The Bank Nifty gained nearly 1,400 points, setting a new all-time high.
Private banks outperformed the Nifty, with HDFC Bank, Axis Bank, RBL Bank, ICICI Bank, IndusInd Bank, and Kotak Bank all making large gains. Notably, the Nifty Bank index rose to 51,900 for the first time, led by Axis Bank, HDFC Bank, ICICI Bank, and IndusInd Bank. Bank stocks gained approximately Rs 81 crore in market capitalisation during the day, reported ANI.
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According to the report, banking and market expert Ajay Bagga stated, "Volatile day, with banks shining and some IT counters rising in an otherwise flat to lower day. The broader indices were also lower. High-flying sectors like defence saw profit taking and fell sharply from lofty levels that were being decried by experienced investors as a source of worry."
He continued, "Overall a flat day with selling coming in at every rise. Markets likely taking money off the table while fresh inflows are being directed into large private sector banks given their relative underperformance over the last few months."
Axis Bank's stock climbed after reports that it expanded its stake in Max Life from 19.02 per cent to 19.99 per cent, the ANI report stated.
The news agency report further stated that sectoral indices such as FMCG, Media, Metal, Pharma, and Realty stayed in the red, extending their losses from the previous trading day. In contrast, public and private banks, as well as financial and information technology equities, did strongly.
Major IT companies, such as Wipro and HCL Tech, reported growth. Adani Ports also traded in the green.
Meanwhile, according to a PTI report, the BSE benchmark Sensex rose 308.37 points, or 0.40 per cent, to settle at 77,301.14 on Tuesday. The Nifty rose by 92.30 points, or 0.39 per cent, to a record closing high of 23,557.90.
The rupee was volatile, trading between 83.35 and 83.50, with strength at the open at 83.35, the ANI report stated.
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