IDFC First Bank, ICICI Bank, SBI, and Bandhan Bank were among the top gainers while selling was seen in PNB, IndusInd Bank, HDFC Bank, and Bank of Baroda. The bank index is facing some pressure around 48,000 but experts suggest that the trend is still on the upside. Hence, traders can use dips to go long.
The government-promoted National Asset Reconstruction Company (NARCL) has raised ₹670 crore equity from existing shareholders and is in the process of raising ₹3,200 crore debt to support its plan to acquire ₹1 lakh crore of stressed assets. However, the bond issuance has faced challenges due to pricing differences between existing shareholders and the NARCL board. The ARC aims to raise funds through a five-year bond and fund-based limits but is negotiating the coupon rate with shareholders.