Markets News

Bank Nifty jumps over 17% hitting a new record – Read more

The Reserve Bank of India will declare its monetary policy today. Many economists expect it to vote in the favor of a pause.

However, the Bank Nifty have already made a jump by 3 percent on the back of hyped-up rally in the PSU banks.

The index has jumped by 17 percent after the announcement of setting up “Bad Bank” by the Finance Minister on February 1.

The government has come up with the Bad Bank announcement to correct the non-performing asset crisis of the public sector banks.

However, apart from PSU banks, the private sector banks have also progressed in the rally.

The PSU banks are advancing on the back of the surge in SBI stock price. The scrip has recently jumped up in the stock market after the Union Budget announcement.

Many banks are in the list of top gainers now. The list  includes IndusInd Bank, RBL Bank, Axis Bank, Bandhan Bank and HDFC Bank.

Many traders can continue to hold some stock and wait to buy if any correction happens.

Experts are suggesting to hold IndusInd Bank. The prices are expected to reach at Rs 1180 in the short run.

However, not only SBI but also, Indian Bank, HDFC Bank and the ICICI bank have touched new 52-week high on NSE.


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