In today’s trading session, the Nifty Bank index achieved a significant milestone by hitting a new all-time high of 46,484.45 points after 19 weeks. The previous record was set on July 21 at 46,369 points. The index ended today’s trade with a big rally, gaining 1,617 points or 3.61%, closing at 46,431.
This impressive growth was fueled by robust performance in the stocks of major players such as ICICI Bank, SBI and HDFC Bank. Overall, all 12 components of the index ended the trade in positive territory, posting gains between 1.3% and 4.2%, with ICICI Bank emerging as the top gainer.
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Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, commented on the momentum, stating, “The Bank Nifty bulls have made a strong comeback, surpassing the all-time high levels and dispelling the bearish sentiment. The momentum is expected 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 move the index higher to the 47000 and 48000 levels.”
Indian stocks started today’s trade strongly after the decisive victory of the ruling party, BJP, in three out of five state elections.
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In today’s trading session, Axis Bank stock hit another record high ₹1,129 per, maintaining a bullish trend since November 20, with a cumulative gain of 13% year to date. Federal Bank shares also rose 4.35%, hitting an all-time high of ₹155.2 per, while Punjab National Bank recorded a new 52-week high of ₹84.6 per
However, some heavyweights like 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 delivered 8.01% returns, lagging behind the Nifty 50 benchmark index, which posted a remarkable 14.26% return during the same period.
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Starting today’s trade with a significant gap at 20,601 points, the Nifty 50 rallied in the final trading hour, touching a new peak of 20,702 points. The index finally settled at 20,686, reflecting a gain of 418.90 points, or 2.07%.
During the last 13 trading sessions alone, the index saw an impressive increase of 1,242.45 points, or 6.39%. The S&P BSE Sensex also touched a new record high of 68,918.12 points in today’s trading session, surpassing its previous best of 67,927.
Today’s record rally pushed the market capitalization of the NSE-listed companies to $4.09 billion. In the last trading session (Friday), the market capitalization of the National Stock Exchange crossed the $4 trillion mark for the first time.
Disclaimer: The opinions and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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Updated: 04 Dec 2023, 17:06 IST