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Market Now: Axis, YES, ICICI Bank lift Nifty Private Bank index

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Authors: JordanNEW DELHI: Select private bank stocks Axis Bank (up 1.91 per cent), Federal Bank (1.55 per cent), YES Bank (1.10 per cent), ICICI Bank (0.87 per cent) and South Indian Bank (0.39 per cent) propped up the sectoral index.

The Nifty Private Bank index was trading 0.40 per cent up at 14,715 around 11:10 am (IST) on Monday.

However, IDFC Bank was down 1.19 per cent, RBL Bank 1.06 per cent, HDFC Bank 0.18 per cent, IndusInd Bank 0.18 per cent and Kotak Mahindra Bank 0.10 per cent.

Stock benchmarks were trading up on fresh buying by domestic institutional investors amid a rising rupee. Trading in Asia was positive as weaker-than-expected US wage growth helped calm investor fears about rising interest rates and inflation. Metal, bank, FMCG and auto stocks had a great run.

However, pharma and a few IT stocks suffered losses, limiting gains for the market.

The NSE Nifty index was up 39 points at 10,657 while the BSE Sensex jumped 123 points at 35,039. Out of the 50 stocks on the Nifty index, 29 looked up while 21 fell.




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Category: Stock Market


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