Calm Stock Market on February Expiry Day Buzzes with Financials
Walter Ferrara, Consul General of Italy rang the bell at NSE on Thursday (Image credit X.com)
Volatility Subsides While Financials Gain on Rate Cut Buzz
By S Jha
New Delhi, February 27: The stock market on Thursday stayed calm amid an eventless February expiry day. Nifty almost closed flat while Sensex posted miniscule gains. Bank Nifty tumbled in last one hour to erase day’s gains.
The February series ended on sour note on Thursday. The unabated stock market correction in the pulled down stocks with few exceptions. Major indices are holding their support levels amid selloff by the foreign institutional investors (FIIs).
The financial stocks buzzed during the day. The market is sensing interest rate relief from the monthly policy meeting of the Reserve Bank of India (RBI) next week. A broad-based rally in the banking and the financial stocks was seen during the day.
Shares of Shriram Transport Finance led a strong rally in the financial stocks. The shares of Shriram Transport Finance gained over five per cent.
The scrip closed the day on a strong note. Shares of Shriram Transport Finance also finally closed above ₹600 level on Thursday. The scrip had long been consolidating before breaking out from the narrow trading zone.
Shares of Bajaj twins gained the spotlight on Thursday. Both the Bajaj financials are trading at their 56-week high.
Shares of Bajaj Finance gave a close above ₹8700 on Thursday. The bullish run amid broader stock market rout in the Bajaj twins has been the hallmark on the street.
Shares of Bajaj Finserve also stayed bullish through the day. The gains in the shares of Bajaj twins invited focus of traders on Thursday. However, there was no relief rally in the shares of Bajaj Housing Finance.
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Shares of HDFC bank also gained on Thursday. The scrip had been on a losing spree in the last few days. Shares of IndusInd Bank and Axis Bank also stayed firm.
Shares of CreditAccess Grameen buzzed through the day with gains of over 11 per cent. In the last three months, shares of CreditAccess Grameen made double bottoms.
From the low of ₹813.90 on December 20 last year, shares of CreditAccess Grameen again plunged to ₹853.50 three days ago. The scrip is now trading at ₹944.
Shares of AU Small Finance Bank also gained over six per cent on Thursday. Shares of Cholamandalam Investment and Home First were also in strong demands on Thursday. Shares of Ujjivan Small Finance also gained.
(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)
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