Nifty PSU Bank Outperforms, Nifty Bank Rallies 532 Pts

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Nifty PSU Bank Outperforms, Nifty Bank Rallies 532 Pts
Credit: © Reuters.

By Malvika Gurung -- The domestic market witnessed buying across most sectors except on Tuesday, led majorly by banking and metals.

The sectoral index Nifty PSU Bank led the rally on the Nifty umbrella, jumping sharply by 2.7% to hit the session’s high at 3,814.9 points on Tuesday, with all the constituent stocks trading in the green, with Punjab Sind Bank and Bank of Baroda (NS: BOB ) leading the pack.

Key sectoral index Nifty Bank surged 1.4% or 531.85 points in Tuesday’s intraday trade, hitting the session’s high at 41,403.25 points, with most constituent stocks trading higher.

Eight stocks on the 12-scrip sectoral index traded in the green led by a 6% jump in Kotak National Bank, while the state-owned lender Bank of Baroda followed, with shares zooming 5% on Tuesday.

BoB’s stock jumped as the public sector lender’s total business surpassed the record Rs 21 trillion milestone in the March 2023 quarter.

Read Also: BoB Surges As Business Surpasses Rs 21 Trillion Milestone in Q4

Meanwhile, the private banking major Kotak Mahindra Bank (NS: KTKM ) turned out to be the best performer on multiple indices including Nifty Bank, Nifty 50 , Sensex , Nifty Private Bank and Nifty Financial Services on Tuesday.

Read Also: Here’s What Drove Kotak Mahindra Bank’s Shares to Jump 6%

Further, Bank NIFTY Futures rallied 1.31% or 513 points to 41,517.65 levels.

Benchmark indices Nifty50 surged 0.57% to 17,724.9 points and Sensex added 313.64 points or 0.52% while writing.

The market fear barometer India VIX fell 3% to 11.9 levels.

Read Also: Banks Lead Gains on Indian Market, IT Stocks Lag Ahead of Q4 Earnings

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    will nifty cross 17800 tomorrow?
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