Bank Nifty vrooms by over 1,000 points

R. Yegya Narayanan Coimbatore | Updated on March 12, 2018 Published on May 16, 2014

Bank stocks were virtually on fire with the NSE Bank Nifty zooming by over 1,000 points riding the positive momentum generated by the resounding performance of the BJP-led NDA in the Lok Sabha polls.

The euphoria witnessed by the banking stocks, particularly PSU banking stocks, could be gauged by the fact that 10 of the 12 bank stocks forming the Bank Nifty touched new 52-week highs with many of them holding on to their gains.

Three of the stocks to record the biggest gains - gains that were in triple digits - were ICICI Bank, Axis Bank and SBI.

SBI jumped by Rs 155.80 to Rs 2,435.05. The stock had touched a new yearly high of Rs 2,507 before easing. ICICI Bank gained Rs 120 to Rs 1,515.10 and this stock too hit a new yearly high of Rs 1,593.20. Axis Bank rose Rs 121.25 to Rs 1,785.30 and the stock had reached a new 52-week high of Rs 1,849.05.

The other bank stocks that hit new yearly highs were Kotak Mahindra Bank, PNB, HDFC Bank, Yes Bank, IndusInd Bank, Federal Bank and Bank of Baroda.

Kotak Mahindra Bank was up by Rs 76.40 to Rs 946.30 (52-week high of Rs 950.40), PNB gained Rs 72.15 to trade at Rs 927.35 (52-week high of Rs 969.95), HDFC Bank was trading at Rs 842.85, a gain of Rs 55.50 (52-week high of Rs 854), Yes Bank was up by Rs 36.75 to Rs 560.50 (52 week high- Rs 599), IndusInd Bank was up by Rs 43.05 to Rs 577.40 (52-week high of Rs 587) and BoB was up by Rs 50.95 to Rs 972.15 (yearly high Rs 1,010). Federal Bank touched a new high of Rs 112.45 before easing to Rs 108.70, a gain of Rs 6.35

The other Bank Nifty stocks also were significant gainers. Canara Bank jumped by Rs 47.10 to Rs 380.85, BoI was trading at Rs 277.75, a gain of Rs 13.90.

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Published on May 16, 2014
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