Bank Nifty Hits New High; SBI, HDFC Bank Top Gainers

Banking stocks led the rally, with auto, realty, oil & gas, and realty companies also contributing significantly to the winning streak. In terms of sectoral indexes, the Bankex index soared over 495 points on the BSE.

The Sensex touched a fresh lifetime high of 60,412.32 in the early trades. The Nifty 50, on the other hand, has reached an intraday high of 17,943.50, which is close to the 52-week high of 17,947.65.

After Finance Minister Nirmala Sitharaman spoke against major banks, PSU bank stocks are in the spotlight. "We need to scale up banking to suit the changing requirements in view of the shifting recent realities of the economy and industry," she added, adding that India needs four or five more banks like SBI.

The Auto index increased by about 300 points, while the Oil & Gas index increased by more than 140 points. The BSE Realty index increased by more than 2%.

The top Sensex bulls were Maruti Suzuki, which rose 2.4 percent, and HDFC Bank, which rose 1.9 percent. Bajaj Auto, SBI, and Axis Bank all increased by more than 1%.

M&M, ICICI Bank, IndusInd Bank, Bajaj Finserv, HDFC, Kotak Bank, Asian Paint, and Ultratech Cement all saw their stock prices rise by 0.5-1 percent.

Because of the ideal sector and stock rotation, the market is rising to new heights. In addition, it has outperformed worldwide benchmark indices. The index's overall direction remains optimistic, and traders should purchase on dips.