Amid Upbeat Mkt, Nifty Bank Becomes Biggest Sectoral Gainer; Nifty50 Up 1.62%

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Amid Upbeat Mkt, Nifty Bank Becomes Biggest Sectoral Gainer; Nifty50 Up 1.62%

By Malvika Gurung

Investing.com -- Amid an upbeat market, with the Indian equity benchmark indices Nifty50 and BSE Sensex currently trading 1.54% and 1.59% higher, the sectoral index Nifty Bank has emerged as the biggest sectoral gainer.

At 2:30 pm, Nifty Bank was trading 2.59% higher, followed by Nifty Private Bank and Nifty Financial Services . All the sectoral indices in the Nifty basket were trading in green except Nifty Pharma , which was down 0.38%.

Gains across Nifty Bank were led by Federal Bank (NS: FED ), RBL Bank Ltd (NS: RATB ), AU Small Finance Bank Ltd (NS: AUFI ), ICICI Bank (NS: ICBK ) and IDFC (NS: IDFC ) First Bank, rising between 4.8% to 3.1%.

Of the 12 scrips in the Nifty Bank index, 11 were trading in the green, while Bandhan Bank Ltd (NS: BANH ) was trading in red, slipping 1.01%.

According to market experts, January has traditionally been a good month for public sector banks, as the Nifty PSU Bank index is currently trading 2.25% higher, with all 13 scrips listed on the index trading with gains.

The said index is led by Punjab & Sind Bank (NS: PUNA ), Canara Bank (NS: CNBK ) and SBI (NS: SBI ), up 3.11% to 2.5%.

The lead researcher at 5paisa.com states that the Nifty Bank index is all set to complete its 5 wave decline and hence is in the last leg of the corrective phase. He adds that it is a good opportunity for investors to look for buying opportunities for the coming year.

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