Nifty Crosses 12600 Points; Led By Rally In Financials And Banking Stocks

As markets trade at record high, with Nifty above 12600 levels and Sensex surpassing 43000 points, the clear sectoral winner in today's trade has been the Banking space with gains of as much as 3.5%. At the time of writing this piece, Nifty Bank was up 3.44 percent.

And the top banks contributing to major gains on the index include HDFC Bank which gained over 3%, ICICI Bank up 5% , SBI up 5.6%, Kotak Mahindra and Axis Bank up between 2-4 percent.

Nifty Crosses 12600 Points; Led By Rally In Financials And Banking Stocks

Other banks that led the rally include IndusInd Bank which jumped over 5 percent again.

Meanwhile financials also lead the rally with stocks including Bajaj Finance gaining more than 9% to day's high of Rs. 4235 shares apiece on the NSE.

Banking sector has been cheering the latest CARE Ratings report which suggested that Gross NPA during the quarter ended September as against expectations of an increase in NPA have reported a decline on a sequential basis to 7.7% from 8.2 % in June. Also, the ratio of NPAs to total loans has shown an improvement during the period under review.

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