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State Bank of India (SBI) and Bank of India were among public sector bank stocks that witnessed strong buying on Monday, pushing the Nifty PSU Bank index higher.

Shares of SBI emerged as the top gainer on the index, rising nearly 8 percent to touch a fresh 52-week high of Rs 1,150 apiece. The rally followed better-than-expected December quarter results announced by the lender, after which several brokerages raised their target prices on the stock.

The company reported an all-time high profit of Rs 21,028 crore in December quarter FY26 on a standalone basis. On a consolidated basis, the state-owned lender reported a 13.06 per cent increase in profit at Rs 21,317 crore, as per a regulatory filing.

The bank’s net interest income grew 9 percent year-on-year to Rs 45,190 crore during the quarter under review, compared with Rs 41,445 crore in the corresponding period last year.

Other PSU bank stocks also gained on the back of the positive sentiment. Indian Bank and Bank of India rose 3.78 percent and 2.71 percent, respectively.

The Nifty PSU Bank index ended 3.34 percent higher, with all its 12 constituents closing in the green. The Nifty Bank index also settled nearly 1 percent higher.

The Bank Nifty also witnessed a gap-up opening and convincingly surpassed its previous record high of 60,437, outperforming the benchmark Nifty 50. The banking index surged 549 points (0.91 percent) to 60,669 and formed a bearish candle on the daily charts near the upper Bollinger Bands. This marked the second bullish gap created by the index in the current month after February 3, while sustaining above the falling support trendline.

All key moving averages trended upward, with a bullish bias in momentum indicators. The RSI maintained a bullish crossover and held above the 60 zone, while the MACD trended higher with further strength in the histogram.

According to Vatsal Bhuva, Technical Analyst at LKP Securities, the overall bullish chart structure remains intact, with the base gradually shifting higher, suggesting accumulation at elevated levels.

&quot;A buy-on-dips strategy can be adopted as long as the index sustains above the crucial 60,000 mark. On the levels front, immediate support is placed near 60,000, while resistance is seen around the 60,900 zone,&quot; he said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

SBI, Bank of India among other PSU bank shares rise up to 8% amid strong buying; PSU Bank index gain up to 3%

Zydus Lifesciences Q3 net profit rose 2 percent YoY to Rs 1,042 crore, Revenue jumped over 30 percent YoY to Rs 6,864.5 crore in Q3 FY26, Shares surged 5 percent intraday, closing 4 percent higher at Rs 922

* Zydus Lifesciences Q3 net profit rose 2 percent YoY to Rs 1,042 crore
* Revenue jumped over 30 percent YoY to Rs 6,864.5 crore in Q3 FY26
* Shares surged 5 percent intraday, closing 4 percent higher at Rs 922

Zydus Lifesciences shares rose after Q3 FY26 results showed a 2% YoY net profit increase to Rs 1,042 crore, revenue up 30% to Rs 6,864.5 crore, and EBITDA up 30.9%. The stock hit a one-month high, closing 4% higher at Rs 922 apiece.

shorts/business/zydus-life-shares-jump-up-to-5-after-q3-revenue-rises-30-to-rs-6-865-crore

* Zydus Lifesciences Q3 net profit rose 2 percent YoY to Rs 1,042 crore
* Revenue jumped over 30 percent YoY to Rs 6,864.5 crore in Q3 FY26
* Shares surged 5 percent intraday, closing 4 percent higher at Rs 922

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/pharmaceuticalsdrugs/zyduslifesciences/CHC">Zydus Lifesciences</a> jumped around 5 percent on February 9 after the company released its results for the October-December quarter of the financial year 2026.

The shares of the company rose to an intraday high of Rs 933.35 apiece, the highest level seen by the stock in over a month. The pharma stock later pared some gains to close at Rs 922 apiece (around 4 percent up).
<h3><strong>Zydus Life Q3 Results:</strong></h3>
Zydus Lifesciences today reported a consolidated net profit of Rs 1,042 crore for the third quarter of FY26, marking a nearly 2 percent year-on-year (YoY) rise from the Rs 1,023.5 crore net profit reported in the corresponding quarter of the previous financial year.

This however includes a one-time exceptional cost of Rs 84.9 crore arising out of the implementation of the new labour codes, which became effective last year.

The pharma major’s revenue from operations meanwhile rose more than 30 percent YoY to Rs 6,864.5 crore in Q3 FY26 from Rs 5,269.1 crore in Q3 FY25.

Zydus Life reported a 30.9 percent YoY rise in EBITDA to Rs 1,816.4 crore during the quarter under review, while EBITDA margin improved slightly to 26.5 percent in Q3 FY26 from 26.3 percent in Q3 FY25.

“Our robust performance in 3QFY26 across key businesses reinforces the strength and scalability of our base business. Our disciplined M&amp;A and business development strategy is translating into tangible results, laying a strong foundation for sustained value creation. Anchored in patient centricity, supported by unwavering compliance and an agile supply chain, we continue to deliver quality products globally. We remain focused on consistent execution and driving long-term shareholder value,” said Sharvil Patel, Managing Director at Zydus Lifesciences Limited.
<h3><strong>Zydus Life share price:</strong></h3>
Zydus Lifesciences shares have gained more than 2 percent in the past five days, and over 3 percent in the past one month. The stock has however fallen 3.5 percent in the past six months, and over 4 percent in the past one year.

The stock currently has a P/E ratio of around 18, and a market capitalization of Rs 92,775 crore.

Follow <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-indicates-a-gap-up-start-us-asian-markets-gain-liveblog-13817633.html">all updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

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Zydus Life shares jump up to 5% after Q3 revenue rises 30% to Rs 6,865 crore

The shares of Zydus Lifesciences jumped around 5 percent on February 9 after the company released its results for the October-December quarter of the financial year 2026.

The shares of the company rose to an intraday high of Rs 933.35 apiece, the highest level seen by the stock in over a month. The pharma stock later pared some gains to close at Rs 922 apiece (around 4 percent up).
Zydus Life Q3 Results:
Zydus Lifesciences today reported a consolidated net profit of Rs 1,042 crore for the third quarter of FY26, marking a nearly 2 percent year-on-year (YoY) rise from the Rs 1,023.5 crore net profit reported in the corresponding quarter of the previous financial year.

This however includes a one-time exceptional cost of Rs 84.9 crore arising out of the implementation of the new labour codes, which became effective last year.

The pharma major’s revenue from operations meanwhile rose more than 30 percent YoY to Rs 6,864.5 crore in Q3 FY26 from Rs 5,269.1 crore in Q3 FY25.

Zydus Life reported a 30.9 percent YoY rise in EBITDA to Rs 1,816.4 crore during the quarter under review, while EBITDA margin improved slightly to 26.5 percent in Q3 FY26 from 26.3 percent in Q3 FY25.

“Our robust performance in 3QFY26 across key businesses reinforces the strength and scalability of our base business. Our disciplined M&amp;amp;A and business development strategy is translating into tangible results, laying a strong foundation for sustained value creation. Anchored in patient centricity, supported by unwavering compliance and an agile supply chain, we continue to deliver quality products globally. We remain focused on consistent execution and driving long-term shareholder value,” said Sharvil Patel, Managing Director at Zydus Lifesciences Limited.
Zydus Life share price:
Zydus Lifesciences shares have gained more than 2 percent in the past five days, and over 3 percent in the past one month. The stock has however fallen 3.5 percent in the past six months, and over 4 percent in the past one year.

The stock currently has a P/E ratio of around 18, and a market capitalization of Rs 92,775 crore.

Follow all updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Gems and jewellery stocks surged after US agreed to cut tariffs to zero, Goldiam International and Kalyan Jewellers shares jumped over 16 percent each, US-India interim trade deal boosts export sectors like textiles and jewellery

* Gems and jewellery stocks surged after US agreed to cut tariffs to zero
* Goldiam International and Kalyan Jewellers shares jumped over 16 percent each
* US-India interim trade deal boosts export sectors like textiles and jewellery

Gems and jewellery stocks surged after India and the US announced a trade deal framework slashing US tariffs on Indian exports to zero. Companies like Goldiam, Kalyan Jewellers, and Titan saw significant gains, boosting investor sentiment and export prospects.

shorts/business/goldiam-other-stocks-rally-up-to-17-as-trade-framework-says-us-to-remove-reciprocal-tariff-on-gems-diamond-exports

* Gems and jewellery stocks surged after US agreed to cut tariffs to zero
* Goldiam International and Kalyan Jewellers shares jumped over 16 percent each
* US-India interim trade deal boosts export sectors like textiles and jewellery

The shares of gems and jewellery stocks rallied in trade on February 9 after India and US announced a framework for their much-awaited interim trade deal agreement, which confirmed that the US reciprocal tariffs on Indian exports of gems and diamonds will be slashed to zero.

<a href="https://www.moneycontrol.com/india/stockpricequote/diamond-cuttingjewelleryprecious-metals/goldiaminternational/GI10">Goldiam International</a> shares rallied more than 17 percent to trade at Rs 428.75 apiece on Monday, while <a href="https://www.moneycontrol.com/india/stockpricequote/diamondjewellery/kalyanjewellersindia/KJI01">Kalyan Jewellers India</a> shares jumped more than 16 percent to Rs 442.95 apiece, also driven by its strong Q3 results.

<a href="https://www.moneycontrol.com/india/stockpricequote/diamond-cuttingjewelleryprecious-metals/rajeshexports/RE07">Rajesh Exports</a> jumped 5 percent to hit the upper circuit, while Tribhovandas Bhimji Zaveri shares rallied over 7 percent. <a href="https://www.moneycontrol.com/india/stockpricequote/miscellaneous/titancompany/TI01">Titan Company</a> shares jumped 3 percent to near its record high level, while <a href="https://www.moneycontrol.com/india/stockpricequote/diamondjewellery/sencogold/SG14">Senco Gold</a> shares gained more than 8 percent. Thangamayil Jewellery shares rallied over 9 percent.
<h3><strong>India-US trade deal framework:</strong></h3>
India and US on February 6 released a <a href="https://www.moneycontrol.com/news/business/us-to-lift-reciprocal-tariffs-on-indian-gems-diamonds-subject-to-interim-agreement-13816594.html">framework for an interim agreement</a> regarding reciprocal and mutually beneficial trade (Interim Agreement). "Today's framework reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiations, launched by President Donald J. Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains," the countries said in a joint statement.

India and US said that their interim agreement will represent a "historic milestone" in their partnership, which would demonstrate a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes.

According to the framework, US agreed to remove its reciprocal tariffs on generic pharmaceuticals, gems and diamonds, and aircraft parts, subject to the successful conclusion of the Interim Agreement.

Several of these companies have strong exposure to US markets, deriving a major portion of their revenue from exports to the country. The sharp reduction in the tariffs boosted investor sentiment for these stocks.

Earlier this month, the stock had rallied significantly, rising up to 20 percent after US President Donald Trump took to X to announce the conclusion of the trade deal. "Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25 percent to 18 percent," Trump wrote in a post on Truth Social after a telephonic conversation with Prime Minister Narendra Modi.

Trump described Modi as “one of my greatest friends” and a “powerful and respected leader of his country,” adding that the two leaders discussed trade, global security and efforts to end the Russia Ukraine war.

"Labour-intensive sectors such as textiles, gems &amp; jewellery and garments are likely to benefit the most," said Angel One. "Textiles, gems and jewellery, leather goods, handicrafts, toys, auto components which are not only export sensitive but also are large employers and labour intensive. For each of these sectors this along with the EU deal is a double positive as it opens up avenues to expand exports afresh with a zeal," said Anitha Rangan, Chief Economist RBL Bank.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-indicates-a-gap-up-start-us-asian-markets-gain-liveblog-13817633.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Goldiam, other stocks rally up to 17% as trade framework says US to remove reciprocal tariff on gems, diamond exports

The shares of gems and jewellery stocks rallied in trade on February 9 after India and US announced a framework for their much-awaited interim trade deal agreement, which confirmed that the US reciprocal tariffs on Indian exports of gems and diamonds will be slashed to zero.

Goldiam International shares rallied more than 17 percent to trade at Rs 428.75 apiece on Monday, while Kalyan Jewellers India shares jumped more than 16 percent to Rs 442.95 apiece, also driven by its strong Q3 results.

Rajesh Exports jumped 5 percent to hit the upper circuit, while Tribhovandas Bhimji Zaveri shares rallied over 7 percent. Titan Company shares jumped 3 percent to near its record high level, while Senco Gold shares gained more than 8 percent. Thangamayil Jewellery shares rallied over 9 percent.
India-US trade deal framework:
India and US on February 6 released a framework for an interim agreement regarding reciprocal and mutually beneficial trade (Interim Agreement). &quot;Today's framework reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiations, launched by President Donald J. Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains,&quot; the countries said in a joint statement.

India and US said that their interim agreement will represent a &quot;historic milestone&quot; in their partnership, which would demonstrate a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes.

According to the framework, US agreed to remove its reciprocal tariffs on generic pharmaceuticals, gems and diamonds, and aircraft parts, subject to the successful conclusion of the Interim Agreement.

Several of these companies have strong exposure to US markets, deriving a major portion of their revenue from exports to the country. The sharp reduction in the tariffs boosted investor sentiment for these stocks.

Earlier this month, the stock had rallied significantly, rising up to 20 percent after US President Donald Trump took to X to announce the conclusion of the trade deal. &quot;Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25 percent to 18 percent,&quot; Trump wrote in a post on Truth Social after a telephonic conversation with Prime Minister Narendra Modi.

Trump described Modi as “one of my greatest friends” and a “powerful and respected leader of his country,” adding that the two leaders discussed trade, global security and efforts to end the Russia Ukraine war.

&quot;Labour-intensive sectors such as textiles, gems &amp;amp; jewellery and garments are likely to benefit the most,&quot; said Angel One. &quot;Textiles, gems and jewellery, leather goods, handicrafts, toys, auto components which are not only export sensitive but also are large employers and labour intensive. For each of these sectors this along with the EU deal is a double positive as it opens up avenues to expand exports afresh with a zeal,&quot; said Anitha Rangan, Chief Economist RBL Bank.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Aerospace-linked stocks rose after India-US interim trade framework announcement., US to cut tariffs on Indian goods to 18 percent, boosting aerospace cooperation., Framework ends tariff dispute and focuses on energy, aircraft, and defence tech.

* Aerospace-linked stocks rose after India-US interim trade framework announcement.
* US to cut tariffs on Indian goods to 18 percent, boosting aerospace cooperation.
* Framework ends tariff dispute and focuses on energy, aircraft, and defence tech.

Shares of Indian aerospace firms rose up to 9% after India and the US announced an interim trade framework easing tariffs and boosting cooperation. The US will cut tariffs on Indian goods, benefiting aerospace supply chains and ending a ten-month tariff dispute.

shorts/business/hal-azad-engineering-among-others-gain-up-to-5-on-us-india-trade-framework

* Aerospace-linked stocks rose after India-US interim trade framework announcement.
* US to cut tariffs on Indian goods to 18 percent, boosting aerospace cooperation.
* Framework ends tariff dispute and focuses on energy, aircraft, and defence tech.

Shares of aerospace-linked firms rose by up to 9 percent on Monday after India and the US announced an interim trade framework aimed at easing tariff barriers and boosting bilateral cooperation.

<a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/hindustanaeronautics/HAL">Hindustan Aeronautics Ltd</a> (HAL) shares rose over 1 percent to Rs 4,125.20 per share on the NSE, while Azad Engineering climbed more than 5 percent to Rs 1,569.60.

<a href="https://www.moneycontrol.com/india/stockpricequote/pumps/dynamatictechnologies/DT05">Dynamatic Technologies</a> gained over 9 percent to Rs 9,335, while Aequs advanced nearly 3 percent to Rs 144.39 on the NSE.

The buying interest followed the announcement of an interim trade framework between India and the US, which is expected to benefit US aerospace original equipment manufacturers and their Indian supply chain partners.

According to ICICI Direct Research, the interim trade framework is a positive development for the Indian aerospace industry and could improve cost competitiveness across the supply chain.

Under the framework, the US will reduce reciprocal tariffs on Indian goods to 18 percent from 25 percent. Washington has already withdrawn the additional 25 percent punitive tariff imposed earlier on India over its purchase of Russian crude.

The broader markets also responded positively after the two countries announced the framework on Friday, which focuses on lowering tariffs, strengthening energy ties and deepening economic cooperation.

Devarsh Vakil, Head of Prime Research at HDFC Securities, said India and the US have reached an interim trade agreement ending a ten-month tariff dispute, with the US agreeing to reduce tariffs on Indian goods. He added that India has safeguarded sensitive agricultural sectors while committing to purchase goods from the US over the next five years, with a focus on energy, aircraft and defence technology.

(With Inputs from Reuters)

<em><strong>Disclaimer:</strong> The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.</em>

A financial journalist with over 10 years of experience, specialising in tracking stock market movements and fundamental developments that impact investors and the broader economy. A keen observer of global financial markets, I regularly engage with leading market voices to write stories. At Moneycontrol, I focus on decoding market trends, policy shifts and economic changes, driven by a constant passion to learn, analyse, and share knowledge with my readers.

HAL, Azad Engineering among others gain up to 5% on US–India trade framework

Shares of aerospace-linked firms rose by up to 9 percent on Monday after India and the US announced an interim trade framework aimed at easing tariff barriers and boosting bilateral cooperation.

Hindustan Aeronautics Ltd (HAL) shares rose over 1 percent to Rs 4,125.20 per share on the NSE, while Azad Engineering climbed more than 5 percent to Rs 1,569.60.

Dynamatic Technologies gained over 9 percent to Rs 9,335, while Aequs advanced nearly 3 percent to Rs 144.39 on the NSE.

The buying interest followed the announcement of an interim trade framework between India and the US, which is expected to benefit US aerospace original equipment manufacturers and their Indian supply chain partners.

According to ICICI Direct Research, the interim trade framework is a positive development for the Indian aerospace industry and could improve cost competitiveness across the supply chain.

Under the framework, the US will reduce reciprocal tariffs on Indian goods to 18 percent from 25 percent. Washington has already withdrawn the additional 25 percent punitive tariff imposed earlier on India over its purchase of Russian crude.

The broader markets also responded positively after the two countries announced the framework on Friday, which focuses on lowering tariffs, strengthening energy ties and deepening economic cooperation.

Devarsh Vakil, Head of Prime Research at HDFC Securities, said India and the US have reached an interim trade agreement ending a ten-month tariff dispute, with the US agreeing to reduce tariffs on Indian goods. He added that India has safeguarded sensitive agricultural sectors while committing to purchase goods from the US over the next five years, with a focus on energy, aircraft and defence technology.

(With Inputs from Reuters)

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Nifty Bank index up 1%, SBI jumps 7% to 52-week high, SBI posted record quarterly profit and 9% YoY growth in net interest income., Key support for Bank Nifty is 59,800; resistance at 60,500 and 61,000 levels

* Nifty Bank index up 1%, SBI jumps 7% to 52-week high
* SBI posted record quarterly profit and 9% YoY growth in net interest income.
* Key support for Bank Nifty is 59,800; resistance at 60,500 and 61,000 levels

Nifty Bank index rose over 1% led by SBI, which hit a 52-week high after strong Q3 results. Analysts highlight 59,800 as key support and 60,500 as resistance. Other banks saw mixed gains, while some traded in the red amid ongoing market volatility.

shorts/business/bank-nifty-nears-61-000-as-sbi-shares-rally-7-after-strong-q3-results-check-key-levels

* Nifty Bank index up 1%, SBI jumps 7% to 52-week high
* SBI posted record quarterly profit and 9% YoY growth in net interest income.
* Key support for Bank Nifty is 59,800; resistance at 60,500 and 61,000 levels

The <a href="https://www.moneycontrol.com/indian-indices/NIFTY-BANK-23.html">Nifty Bank</a> index rose more than 1 percent on February 9, with the shares of heavyweight SBI leading gains. Analysts have highlighted key levels to watch out for the banking index.

The Nifty Bank index rose 756 points to 60,876.20 on Monday, extending gains for the second consecutive session.
<h3><strong>Why are SBI shares rallying today?</strong></h3>
State Bank of India (SBI) shares were the top gainers on the index, rallying 7 percent to hit a fresh 52-week high of Rs 1,143.70 apiece. This came after the public lender’s Q3 results surpassed expectations. Several brokerages raised their target prices for the stock.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/statebankindia/SBI">SBI</a> on February 7 reported a 24.49 percent year-on-year (YoY) rise in net profit after minority interest at Rs 21,028.15 crore for the October-December quarter of the ongoing financial year 2026. This is the highest-ever quarterly net profit reported by the banking behemoth.

The <a href="https://www.moneycontrol.com/news/business/markets/sbi-shares-jump-7-to-record-high-after-lender-posts-highest-ever-quarterly-profit-in-q3-brokerages-raise-target-prices-13818276.html">public lender’s net interest income (NII)</a> meanwhile grew 9 percent YoY to Rs 45,190 crore during the quarter under review from Rs 41,445 crore in the year-ago period, reflecting steady growth in core lending income.

SBI shares were among the top gainers on benchmark indices Sensex and Nifty, as well the <a href="https://www.moneycontrol.com/indian-indices/nifty-psu-bank-43.html">Nifty PSU Bank</a> index which itself was up more than 3 percent.
<h3><strong>Other bank stocks:</strong></h3>
<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/indusindbank/IIB">IndusInd Bank</a> shares meanwhile gained 2.5 percent, as seen at 2.30 pm, while <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/kotakmahindrabank/KMB">Kotak Mahindra Bank</a>, Yes Bank, Union Bank of India and AU Small Finance Bank shares gained more than 1 percent each.

Bank of Baroda and <a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/punjabnationalbank/PNB05">Punjab National Bank</a> (PNB) shares gained around 1 percent each, while Canara Bank and <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/axisbank/AB16">Axis Bank</a> shares were trading in the green with marginal gains. Bucking the trend, Federal Bank, IDFC First Bank, <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/hdfcbank/HDF01">HDFC Bank</a> and <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/icicibank/ICI02">ICICI Bank</a> shares were trading in the red with marginal losses.
<h3><strong>Key levels to watch out for:</strong></h3>
Bank Nifty ended the previous week on a strong note despite heightened volatility driven by major macro events, including the Union Budget 2026, US–India trade developments, and the RBI’s MPC meeting.

Technically, the index displayed strength by sustaining above the key psychological resistance of 60,000, indicating improving market confidence and structural support formation, said Aakash Shah, Technical Research Analyst at Choice Broking. He however added that a failure to hold above 59,800 could trigger a corrective move toward the 59,600–59,400 zone, with the risk of further downside extension if selling pressure intensifies.

“On the upside, immediate resistance is placed at 60,500, followed by 61,000 and 61,400. The weekly RSI at 55.99 suggests moderate bullish momentum with scope for further upside without overbought conditions. Nevertheless, Bank Nifty continues to trade below its 20-day, 50-day, and 200-day EMAs, indicating overhead supply and a broader trend that has not yet turned decisively bullish,” he said.

A sustained close above 60,500 would reaffirm bullish momentum, while failure to hold this level may invite short-term weakness, the analyst explained. He advised that traders should remain constructive yet disciplined, closely monitoring 59,800 as key support and 60,500 as critical resistance for directional cues.

According to Shrikant Chouhan, Head Equity Research at Kotak Securities, the 50 and 20-day SMAs at 59,500 would be key support zones for Bank Nifty. Above these levels, the index could retest 60,500 and 61,000-61,300. On the flip side, below 59,500, sentiment could change.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-indicates-a-gap-up-start-us-asian-markets-gain-liveblog-13817633.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Bank Nifty nears 61,000 as SBI shares rally 7% after strong Q3 results: Check key levels

The Nifty Bank index rose more than 1 percent on February 9, with the shares of heavyweight SBI leading gains. Analysts have highlighted key levels to watch out for the banking index.

The Nifty Bank index rose 756 points to 60,876.20 on Monday, extending gains for the second consecutive session.
Why are SBI shares rallying today?
State Bank of India (SBI) shares were the top gainers on the index, rallying 7 percent to hit a fresh 52-week high of Rs 1,143.70 apiece. This came after the public lender’s Q3 results surpassed expectations. Several brokerages raised their target prices for the stock.

SBI on February 7 reported a 24.49 percent year-on-year (YoY) rise in net profit after minority interest at Rs 21,028.15 crore for the October-December quarter of the ongoing financial year 2026. This is the highest-ever quarterly net profit reported by the banking behemoth.

The public lender’s net interest income (NII) meanwhile grew 9 percent YoY to Rs 45,190 crore during the quarter under review from Rs 41,445 crore in the year-ago period, reflecting steady growth in core lending income.

SBI shares were among the top gainers on benchmark indices Sensex and Nifty, as well the Nifty PSU Bank index which itself was up more than 3 percent.
Other bank stocks:
IndusInd Bank shares meanwhile gained 2.5 percent, as seen at 2.30 pm, while Kotak Mahindra Bank, Yes Bank, Union Bank of India and AU Small Finance Bank shares gained more than 1 percent each.

Bank of Baroda and Punjab National Bank (PNB) shares gained around 1 percent each, while Canara Bank and Axis Bank shares were trading in the green with marginal gains. Bucking the trend, Federal Bank, IDFC First Bank, HDFC Bank and ICICI Bank shares were trading in the red with marginal losses.
Key levels to watch out for:
Bank Nifty ended the previous week on a strong note despite heightened volatility driven by major macro events, including the Union Budget 2026, US–India trade developments, and the RBI’s MPC meeting.

Technically, the index displayed strength by sustaining above the key psychological resistance of 60,000, indicating improving market confidence and structural support formation, said Aakash Shah, Technical Research Analyst at Choice Broking. He however added that a failure to hold above 59,800 could trigger a corrective move toward the 59,600–59,400 zone, with the risk of further downside extension if selling pressure intensifies.

“On the upside, immediate resistance is placed at 60,500, followed by 61,000 and 61,400. The weekly RSI at 55.99 suggests moderate bullish momentum with scope for further upside without overbought conditions. Nevertheless, Bank Nifty continues to trade below its 20-day, 50-day, and 200-day EMAs, indicating overhead supply and a broader trend that has not yet turned decisively bullish,” he said.

A sustained close above 60,500 would reaffirm bullish momentum, while failure to hold this level may invite short-term weakness, the analyst explained. He advised that traders should remain constructive yet disciplined, closely monitoring 59,800 as key support and 60,500 as critical resistance for directional cues.

According to Shrikant Chouhan, Head Equity Research at Kotak Securities, the 50 and 20-day SMAs at 59,500 would be key support zones for Bank Nifty. Above these levels, the index could retest 60,500 and 61,000-61,300. On the flip side, below 59,500, sentiment could change.

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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