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Closing Bell: Market Rebounds To End With Gains For 5th Straight Day; Sensex & Nifty Soar Led By Banks -
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Overall Market Sentiment Subdued; Nifty PSU Bank Bucks The Trend
The much awaited US Federal Reserve's FOMC meeting has concluded and the US Fed Chair iterated that there is a risk that inflation shall not reverse/decline to pre-Covid levels any time soon and hence to combat it persistently rate hike shall be brought about in March itself this year.
Consequently markets in India have trembled with Nifty sinking to day's low of 16,866.75.
Among Nifty sectoral indices, all indices barring the Nifty PSU Bank, Nifty private bank, Nifty Auto and Nifty Media ended in the green, with Nifty PSB being the outlier gaining by a sharp 5 percent over the previous day. All of the 13 stocks that constitute the index ended in the green with Union Bank logging the maximum gains of 8.91%, followed by Canara Bank, Indian Bank, Bank of India, PSB, J&K Bank and BOB all ending with gains upwards of 5%. SBI in fact is trading close to its 52-week price of Rs. 542.3. Considering the stock's last traded price of Rs. 528.90, the gap has come down to just 2.5%
Also, post the massive gains in the PSBs, 3 of the PSBs namely Canara Bank, Bank of Baroda and BOB trade close to their 52-week high.
In fact experts have recommended the stock of SBI as a top pick for budget 2022 as special thrust is expected to be given to the banking sector to gear up the economy facing a mixed environment.
