HDFC Bank & Axis Bank Shares Up By 2%: Private Banking Stocks Bloom In Green After Jefferies Rating

It appears that today's trading session is full of positive happenings for the Indian markets. This, as the country's marquee indices, BSE Sensex and NSE Nifty, crossed a life-high in the early hours of the trading session on Wednesday, July 3.

The BSE Sensex, the oldest index in Asia, even crossed the venerated 80,000 mark for the first time in its history. The NSE Nifty also crossed a new life-high mark, crossing the previous high of 24,292.

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HDFC Bank, the largest bank in the country, in terms of market capitalisation led the pack of private lenders with a massive 3.10 per cent or Rs 53.70 | File Photo

HDFC, Axis Bank Lead The Surge

The early surge in the middle of the trading week is currently being piloted by major banking shares listed on the market. Particularly, it is the private lenders who are leaving a mark on Dalal Street in the early hours of the day.

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After 10:00 IST, major banking stocks, including HDFC and ICICI, were rallying in green. In fact, HDFC Bank, the largest bank in the country, in terms of market capitalisation led the pack of private lenders with a massive 3.10 per cent or Rs 53.70, taking the cumulative value of each individual share to Rs 1,784.30. 

HDFC was followed by another private bank, namely Axis Bank, with a 1.84 per cent or Rs 23.10, taking the overall value to Rs 1,276.50 per share. One of the biggest banks in the country, ICICI bank also gained 1.23 per cent or Rs 14.70, taking the value of Rs 1,205.30 per share.

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Kotak Bank, which was recently drawn into a controversy surrounding the Hindenburg-Adani fiasco, also did reasonably well with a 1.09 per cent or Rs 19.30 gain, taking the value to Rs 1,788.90 per share. | File/ Representative image

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Kotak Bank, which was recently drawn into a controversy surrounding the Hindenburg-Adani fiasco, also did reasonably well with a 1.09 per cent or Rs 19.30 gain, taking the value to Rs 1,788.90 per share.

This, understandably, has also taken Nifty Bank ahead as well. Nifty Bank has jumped 1.68 per cent or 874.30 points, soaring to 53,042.40.

It was just last week, that the American rating investment bank and financial services entity Jefferies came out with a positive, i.e., 'Buy' call for many lenders, including Kotak and HDFC.

At 10:22 IST, BSE Sensex climbed to 79,910.86, gaining 0.59 per cent or 469.41 points. Mena