Nifty Bank skyrockets 4%; HDFC Bank spike 9%
DSIJ Intelligence / 17 Feb 2017
Indian equity markets started the day on a strong note primarily led by Nifty Bank, which opened to touch a new high by increasing close to 4 per cent. Surprisingly, HDFC Bank surged more than 9 per cent in early trade to hit its new 52-week high of Rs 1,454.
Indian equity markets started the day on a strong note primarily led by Nifty Bank, which opened to touch a new high by increasing close to 4 per cent. Surprisingly, HDFC Bank surged more than 9 per cent in early trade to hit its new 52-week high of Rs 1,454.
Nifty Bank and HDFC Bank came down from their peak, as they were trading with gains of close to 2.40 and 6.8 per cent, respectively. Gains in Nifty Bank was led by HDFC Bank which has a substantial weightage in the Banking index therefore, leading to a sharp rally in the early hour of trade.
At the time of filing this report, reason for sharp rise in HDFC Bank was not known. However, if market rumours are to be believed, institutional buying and selling would have taken place.
Other banking stocks too saw limited buying, like Canara Bank, Federal Bank and IndusInd Bank rose 2.46, 1.76 & 1.7 per cent, respectively.
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