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Bank Nifty Surges 6%, IndusInd Jumps 17%

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Banking stocks were once again in the limelight, after last week's carnage, with the Bank Nifty surging 6 per cent in trade. The Bank Nifty was up more than 1100 points in trade, with IndusInd Bank gaining 17 per cent, while Axis Bank surged 10 per cent and ICICI Bank gained 7 per cent.

Here are some of the gainers from the banking space:

Scrip Last traded price Per cent gain
IndusInd Bank Rs 372 19%
ICICI Bank Rs 307.70 7.77%
Bandhan Bank Rs 190.30 5.55%
Axis Bank Rs 360.95 10.91%

Most of the other smaller banks too like DCB Bank Federal Bank etc., were seeing good buying support in trade.

Meanwhile, the Nifty and the Sensex surged in trade, playing catch-up with global markets, which had rallied on Monday. Indian markets which were closed on Monday, hence reacted today with the Sensex surging 1325 points, while the Nifty gained 375 points in trade.

Bank Nifty Surges 6%, IndusInd Jumps 17%
 

US stocks surged on Monday, with each of the major indexes rallying at least 7%, after a fall in the daily death toll in New York, the country's biggest coronavirus hot spot. Most of the global markets rallied on reports that major countries were seeing fewer deaths and infections.

Meanwhile, markets are expected to remain increasingly volatile and investors should tread with caution. Some analysts believe that every opportunity in the markets, should be used to sell. However, they are advising against going short in the market.

India continues to see an increasing level of coronavirus infections with the level now reaching 4,222. Investors also remain worried that if the lockdown is extended to beyond April 14, it might lead to further stress for the industry. Many analysts are also hoping that there would be more stimulus measures that are unveiled by the government in the coming days. Global cues would remain important in the next few weeks.

Read more about: banking nifty indusind bank
Story first published: Tuesday, April 7, 2020, 10:17 [IST]
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