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Last Updated : Mar 13, 2019 11:12 AM IST | Source: Moneycontrol.com

HDFC Bank, IndusInd Bank, Axis Bank rise as Bank Nifty hits all-time high

The rise was aided by heavyweights like HDFC Bank which added 1.33 percent, Kotak Mahindra Bank, up 0.14 percent, IndusInd Bank which gained 1.3 percent and Axis Bank, up 0.18 percent.

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Bank Nifty index has hit an all-time high on March 13 morning after trading in a narrow range for the last two months. The rise was aided by heavyweights like HDFC Bank that added 1.33 percent, Kotak Mahindra Bank, up 0.14 percent, IndusInd Bank that gained 1.3 percent and Axis Bank, up 0.18 percent.

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Nifty Bank index gained 2.9 percent so far this year. As credit demand and asset quality improve, banks are expected to lead the rally for the broader markets.

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The index was trading marginally in the green, up 0.26 percent at 28,528. It hit a high of 28,488 in on March 12 by rising as much as 1.9 percent led by ICICI Bank that jumped 3 percent hitting new 52-week high.

"Now it has to continue to hold above 28,150 zones to extend its momentum towards life-time high of 28,750-28,800 while on the downside major support exists at 28,000 then 27,750," Chandan Taparia of Motilal Oswal Financial Services said.

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First Published on Mar 13, 2019 11:12 am
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