The Banking shares listed on the market rallied in bright green. This as Nifty Bank ended the day's trade on 29 April, Monday with a mammoth 2.54 per cent increase in its numbers, taking it to 49,424.05, gaining a total of 1,223.00 points.
Banking Shares Soar
Amongst the banking shares, major banks including AU Bank, ICICI Bank, IndusInd Bank SBI Bank and Axis Bank made significant gains. Here AU bank was the top gainer, as its surged 7.54 per cent. ICICI bank, one of the largest private banks in the country, gained 4.58 per cent. IndusInd Bank gained 2.98 per cent. The state-owned SBI spiked 2.96 per cent. In addition, Axis Bank gained 2.60 per cent.
Amongst the banks, Bandhan Bank and IDFC First were the laggards, as they lost 0.20 and 3.30 per cent respectively.
These developments are in tandem with the rest of the marquee indices, as the markets ended the day in green. Sensex ended the day with a boost of 941.12 points or a mammoth 1.28 per cent, to scale back to 74,671.28. Meanwhile, Nifty also ended the day in green at 22,643.40 points, making again of 223.45 or 1.00 per cent.
Green Tinge At Dalal Street
This 'Green day' is largely attributed by many to the earning results that have trickled in. Many positive earnings results have in turn given investors confidence to go bullish in the equity markets. This also impact the banking sector, as corporation would be willing to spend, and in addition banks would be willing to lend, given the ability of these companies to produce desired results.
In addition, relative tranquility in supply chain and assuaged status of a potential conflict may have also contributed to the numbers in the election season, that we are in.
In addition Asian markets including China's CSI 300, which gained 1.11 per cent, Hong Kong's Hang Seng, which gained 0.54 per cent and Korea's KOSPI, which gained 1.17 per cent, ended the day in green.
