The Bank Nifty scaled a new all-time high on Thursday, touching 58,609.2 in morning trade and rising 0.57 percent from the previous close, powered by solid buying in heavyweight private lenders. The index was last seen at 58,594.4, up 0.55 percent at about 11:00 am.
The Bank Nifty index has now gained 16.8 percent over the past year, outperforming NSE Nifty 50, which has risen 10.2 percent during the same period.
IndusInd Bank shares led the rally in banking stocks with a 2.98 percent jump to Rs 890.15. It was followed by ICICI Bank, which gained 2 percent to Rs 1,386.1. Axis Bank stock rose 0.73 percent to Rs 1,230.5, while State Bank of India edged up 0.55 percent to Rs 962.4. Among other constituents, Canara Bank and Punjab National Bank were marginally higher.
Analysts at Prabhudas Lilladher said Bank Nifty would need a decisive breach above the 58,500 hurdle to trigger a fresh leg of upside in the coming days. They highlighted crucial support near the 50-day exponential moving average at 56,800, adding that the index is expected to trade in a broad daily range of 57,800-58,800.
The broader market mood was also firm. The BSE Sensex was up 248.6 points or 0.3 percent at 84,715.1, while the Nifty 50 advanced 74 points to 25,949.8. Market breadth stayed positive, with 2,070 stocks advancing against 1,458 declining.
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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