Bank Nifty Hits Record High: Kotak Mahindra, Federal, Axis, Bandhan, PNB, AU Small Finance Among Top Gainers

 

On Monday, stocks in the banking sector continued to climb after investors reacted positively to the Reserve Bank of India’s announcement on June 6. Early in the day, the Bank Nifty broke its previous record, hitting a new high of 57,049 because of surging bank shares. For the first time, the index broke past 57,000. The index reached a new high again, after finishing higher than 56,695 points the day before.

Since the RBI revealed a 50-bps rate cut last Friday, the Bank Nifty index has increased by 2.3%, which is approximately 1,289 points. In addition, reducing the Cash Reserve Ratio (CRR) by 100 bps made banks less constrained with cash, which boosted their optimism about more lending at lower rates.

Top Gainers Today: Bank Stocks

As part of this trend, the BSE Bankex grew by almost 1% on Monday, ending the day at 64,176 after rising 621 points. On the top list for the Bankex was Kotak Mahindra Bank, which rose by 3.06%, together with Federal Bank at 2.44%, Canara Bank at 2.19%, Axis Bank at 2.03%, and IndusInd Bank with a gain of 1.55%.

Kotak Mahindra Share Price: Right now, shares of Kotak Mahindra Bank Ltd (KOTAKBANK) are trading at Rs 2,136.80, which is 3.06% higher than the previous price.

Federal Bank Share Price: Currently, Federal Bank Ltd (FEDERALBNK) stands at Rs 212.86 with a rise of 2.44%.

AU Small Bank Share Price: Right now, the stock price of AU Small Finance Bank Ltd has risen by 2.19%, at Rs 765.95.

Axis Bank Share Price: Currently, AXISBANK is at Rs 1,220.20, and it has increased by 2.14%.

PNB Share Price: Punjab National Bank’s (PNB) share is trading at Rs 112.34, which is a rise of 1.96% today.

Bandhan Bank Share Price: On June 9th at 2:02 PM, Bandhan Bank Ltd (NSE: BANDHANBNK) is worth Rs 185.79, with a solid rise of Rs 12.24 and 7.05% over the previous day’s close. A sudden increase in the number of prices shows more people want to buy the stock and are confident about it.

Top Losers Today: Bank Nifty Share Price

Some bank stocks increased, but during the session, both ICICI Bank and HDFC Bank showed a decline in their prices. At 2.13 pm on June 9, the stock of ICICI Bank stands at Rs 1,439.50, declining 1.38% because some investors are recording profits or there is less demand for the shares. While the HDFC Bank stock is currently worth Rs 1978.40, it is down marginally by 0.02% on today’s usual trading day.

The repo rate is vital in figuring out the costs of borrowing money for commercial banks. CRR stands for the minimum-cash-to-deposits requirement for a bank as determined by the RBI, and the money is kept as liquid funds without being given interest. A lower CRR allows banks to keep more money, which can then be lent out and improves how easily money flows in the market.

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