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Banking stocks shine in Sensex, Nifty recovery; Bandhan Bank, RBL Bank, HDFC Bank top gainers

Aseem Thapliyal     October 16, 2020

Banking stocks helped Sensex and Nifty resume their bull run after a one-session pause today. Ending the week on a positive note, Sensex closed 254 points higher at 39,982 and Nifty gained 82 points to 11,762.

However, on a weekly basis, Sensex lost 526.51 points or 1.29 per cent and Nifty declined 151.75 points or 1.27 per cent.

Indices managed to erase some losses incurred in Thursday's trading session.

On October 15, indices fell heavily after 10 days of consecutive gains. Sensex closed 1,066 points lower at 39,728 and Nifty lost 290 points to 11,680.

The rebound in benchmark indices was led by banking stocks with Bank Nifty ending 460 points or 2% higher at Rs 23,533. On Bank Nifty, 10 out of 12 components ended in green. Top gainers on the index were Bandhan Bank, RBL Bank and HDFC Bank and IDFC First Bank rising up to 3%.

Bank of Baroda and PNB share fell up to 1% on the index.

However, bank Nifty index  is still down 26.83% since the beginning of this year.

Similarly, BSE bankex ended 511 points or 1.95% higher at 26,680. All 10 BSE bankex stocks ended in green.

Top gainers on the index were Bandhan Bank, RBL Bank, HDFC Bank, Kotak Bank, and Axis Bank rising up to 3%. However, the BSE bankex index  is still down 27% since the beginning of this year. On December 31, the index closed at 36,671.

Other contributors of today's rally were metal stocks and consumer durables stocks.  BSE metal index closed 3.70% or 292 points higher at 8,205 against previous close of 7912.

Consumer durables index too closed 279 points higher at 24,312.

Of 19 sectoral indices, only BSE energy index closed in the red.  The energy index fell 51 points to 6199.

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