Stock Market blows wild wind for banks to trigger frenzied buying

Spread the love

Banking stocks power Nifty to scale record level

By S Jha

New Delhi, June 25: In a span of five days, the private banks went for another joy ride. The Bank Nifty went trending on Tuesday amid frenzied short covering by traders.

The big daddies of the financial markets once more made moves on Tuesday. Earlier, the had taken notable strides on June 20.

The banking behemoth HDFC Bank led the bulls’ charge on the street. Ever since breaking out of ₹1600 level, the HDFC Bank scrip is not looking back.

Also Read: NEET leaks call for lock stock and barrel sinking of culture of normalising frauds

Reversing all the losses post-merger of HDFC, the HDFC Bank moved into the top gear from the time the bell rank on the street. It broke out also of the level of ₹1700 on Tuesday.

Within the Bank Nifty index, Axis Bank is known as a high beta stock. When it moves, it leaps. The Axis Bank once more asserted that it actually rules the Bank Nifty.

With both HDFC Bank and Axis Bank trending, the ICICI Bank also joined the party on the street. The State Bank of India too sought to partake in the banking revelry.

Also Read: Health of Atishi deteriorates, admitted to LNJP Hospital

The full-strength show of the banking pack gave an over 1000-point jump to the Bank Nifty. The index is now trading at an all-time high of 52500.

Taking inspiration from Bank Nifty, 50-stock index, Nifty, also jumped into the ring to partake in the massive gains. Besides banking scrips, select blue chips powered the Nifty to scale all-time high to go soaring in the second half of the session.

Nifty gained strength from Larsen and Toubro, Tech Mahindra, Hero Moto Corp, and others. With significant weightage in all the indices, the banking stocks were the show stoppers of the day.

Also Read: BJP backs JP Nadda amid stressed relations with RSS

Amar Raja Batteries has also been trending for the last few sessions. Earlier, this stock invited ridicules of investors for hardly making any move.

But Andhra Pradesh-based battery maker has been trending, and it gained almost 20 per cent on Tuesday. The N Chandra Babu Naidu family-owned Heritage Foods also posted gains on Tuesday.

But there is no looking back for shipyard firms. They have already added more than ₹one lakh crore in market capitalisation this month.

Also Read: Congress brainstorms strategy for Jharkhand Assembly elections

The Kolkata-headquartered Garden Reach Shipyard rocked the street with 11 per cent gains on Tuesday. During the session, it had sharply risen by 17 per cent.

Its peers, Cochin Shipyard and Mazagaon Dockyard Shipyard, were also strong during the day.

Indices are in confirmed uptrends, claim the market participants. Nifty is trending strongly above 23650 level as per chartists.

Join WhatsApp channel of The Raisina Hills