Kotak Mahindra Bank Ltd., IDFC First Bank Ltd., and AU Small Finance Bank Ltd. share prices were top three gainers as the NSE Nifty Bank index hit 57,000 level for the first time. The index extended its record rally to second day.
The Nifty Bank has been rising as sentiment for these stocks turned positive after the Reserve Bank of India delivered a sharp rate reduction and cut the reserve requirement ratio.
A cut in cash reserve ratio is positive for the sector as it reduces the net interest margin pressure , UBS Global Research said. The brokerage prefers HDFC Bank Ltd., Axis Bank Ltd. as its top picks.
The NSE Nifty Bank rose 0.83% to a record high of 57,049.5. The index was trading 0.48% higher at 56,864.6 as of 9:34 a.m., as compared to 0.36% advance in the NSE Nifty 50 index.
Kotak Mahindra Bank, IDFC First Bank AU Small Finance Bank, and Axis Bank were top gainers in the Nifty Bank index. ICICI Bank emerged the top loser in the index.
The market-cap of bank stocks advanced Rs 26,436.93 crore to Rs 46.62 lakh crore as of 9:38 a.m.
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