Banking stocks were trading higher on Tuesday, primarily led by gains in ICICI Bank, HDFC Bank and SBI. On Tuesday, S&P BSE Bankex gained 751 points or 2.19% intraday to 35,201, the second trading day after the presentation of the union budget.
S&P BSE Bankex index constitutes of 10 top banks of India including SBI, ICICI, HDFC, Kotak Mahindra Bank, Yes Bank among five other constituents. Earlier on the Budget Day (1 Feb 2020), Bankex had fallen 1,124 points and closed at 34,161. Since then, it has recovered almost more than half the losses today.
On Bankex, ICICI Bank took the lead rising 3.47%, followed by HDFC Bank that gained 3.08% and SBI which was up 2.43%. Other constituents were Axis Bank and Kotak Bank that gained over 1%, and Indusind Bank, RBL Bank, Federal Bank that gained in the range of 0.1% to 1%. Contrary to this, City Union Bank and Yes Bank fell by 0.74% and 3.61% respectively.
Bankex index on BSE recorded its all-time high of 37,193 on 30 December 2019. Currently, it trades almost 2,000 points away from recording its next historical high.
On NSE, Nifty Bank index was trading 2.20 per cent up at 30,608, followed by Nifty private bank that traded 1.985 higher at 16,933 and PSU bank that was up 1.25% at 2,249 in today's trade.
Top gainers of Nifty bank included ICICI Bank, HDFC Bank and IDFC First Bank that were up 3% each, followed by State Bank of India and RBL Bank trading 2% higher. YES Bank was the only stock that traded in the negative today.
On NSE, Kotak Bank and ICICI Bank shares hit their respective 52-week highs today, while Bank of Baroda and PNB were trading close to their 52-week lows.