Shares of State Bank of India and ICICI Bank Ltd. continued their winning run, propelling the Nifty Bank Index to a fresh high.
The index, constituted by 12 of the biggest listed Indian banks, gained 1% to 41,840.1 points in early trade on Thursday. This is the sixth consecutive day of its rally.
Not just SBI and ICICI Bank, other constituents such as Bank of Baroda and Federal Bank have also extended their winning streaks. They are trading either near their 52-week highs or record highs.
Another index heavyweight, HDFC Bank Ltd., however, lagged. Over the last 52 weeks, the lender's stock has remained flat, offering 0.73% returns to investors. That compares with a 13.1% and 3% rise in the Nifty Bank Index and Nifty 50, respectively, over the same period.
HDFC Ltd., too, has lost 12.7% over the last 52 weeks.
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