Nifty Bank on verge of hitting record high on Monday. Will bank stocks keep beating Nifty?
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India’s banking bulls are charging and they might just break the tape on Monday. Even as Nifty is still down around 9% from its peak, Nifty Bank index at 54,290, just a breath away from its 52-week high of 54,467. Fueling the fire is a cocktail of favourable monetary cues, a drop in deposit rates from major banks, and improving investor appetite ahead of heavyweight earnings. HDFC Bank and ICICI Bank—two of the sector's biggest bellwethers—not only crossed their respective all-time highs on Thursday but are also poised to influence the next leg of the rally. “Among the key sectors, the continued strength in the banking index has been crucial,” said Ajit Mishra, SVP of Research at Religare Broking. “It is now on the verge of hitting a new record high. The earnings of HDFC Bank and ICICI Bank are expected to provide important cues for the next market move.” According to Mishra, the Bank Nifty is eyeing the 55,000–57,000 zone on the upsi...