Bank Nifty hits record 35,000, up over 13% since Budget Day; BoB, PNB, Kotak Bank lead
Federal Bank, Bank of Baroda, which jumped 4 percent each, are pushing the index higher along with PNB, Kotak Mahindra Bank, IDFC First Bank, Bandhan Bank and State Bank of India. February 04, 2021 / 01:15 PM IST
The Bank Nifty hit the 35,000-mark for the first time in the afternoon after adding half a percent on February 4 in a flat market. The index has surged over 13 percent since February 1, when Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2021-22.
At 1246 hours, the index was trading with half a percent gains at 34941.90 level.
Nifty Bank rallies over 10% post Budget: Here are 5 reasons why the index is rising
Motilal Oswal picks ICICI Bank, SBI, Axis Bank, and AU Finance as top picks while ICICIdirect is positive on Axis and SBI post Budget 2021. February 02, 2021 / 01:28 PM IST
The S&P BSE Sensex rallied 5 percent on Budget Day to post its best performance in percentage terms in the last 22 years while Nifty Bank hit a record high. Privatisation of two public sector banks, PSU recapitalisation, construction of bad bank, a growth-oriented Budget are some of the factors fuelling the rally in the banking space.
The Nifty Bank has rallied by about 10 percent post Budget and majority of gains were seen in strong retail banks such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank, SBI, and IndusInd Bank.