Sharp recoveries in Banknifty, powered by ICICI bank & SBI, enabled the Indian benchmark indexes Nifty50 and BSE Sensex to withstand the current volatility.
The stellar performance of the second largest private sector lender in India, ICICI bank helped Banknifty to hit a fresh all-time high today. Banknifty’s previous all-time high was 41840.15 which was broken on 11 November 2022 and the new high was 42345.50.
India’s largest public sector bank SBI was the second top gainer in Banknifty today which made a high of 602.1 and up by 1.4%. Banknifty’s current record high is 42450.05, while the closing price for today was 42372.70.
Over the past two days, the Indian stock market experienced some volatility as well as profit-booking in most of the trending sectors. During the first period of today’s trading hours, the nifty spot reached a low below 18300.
Since this morning, sellers have commanded the majority of the counters. Clear profit booking, especially in the broader market, led to a slight shift in the market’s sentiment toward caution.
Despite the key index Banknifty remaining steady since the morning, the majority of high beta counters never demonstrated any type of resilience. Thanks to the ICICI bank, which took the lead from the front to stop any market selling shock. Banknifty overtook IT and metal as the dominant sector throughout the day.
Since the morning, Dalal Street has seen fantastic buying activity in ICIC Bank. The opening price of ICICI Bank was 900.55, and during the day it made a high of 913.65. ICICI Bank’s closing price was 911.7, which is up by 1.87% from its previous closing price.
The top-performing industries today were banking, finance, oil and gas, and automobiles, which all had gains of 0.5% to 0.7%. Given that the Dow Jones Industrial Average is currently up about 0.8%, market analysts are now predicting widespread buying activity tomorrow.
Additionally, the dramatic uptick of today’s session’s closing half-hour turned the majority of intraday-beaten-down counters ultimately positive for tomorrow. So now investors are eagerly waiting for a new record high in NIFTY also after Banknifty.
