The Nifty Bank achieves a fresh all-time high amidst a significant market upswing, with ICICI Bank leading as the top gainer.

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The Nifty Bank achieves a fresh all-time high amidst a significant market upswing, with ICICI Bank leading as the top gainer.



During the trading session, the Nifty Bank index achieved a noteworthy milestone, reaching a new all-time high at 46,484.45 points after a span of 19 weeks. This surpasses the previous record set on July 21 at 46,369 points. The session concluded with a substantial rally, witnessing a gain of 1,617 points or 3.61%, closing at 46,431. The impressive surge was propelled by strong performances in key players such as ICICI Bank, SBI, and HDFC Bank. All 12 constituents of the index closed in positive territory, with gains ranging from 1.3% to 4.2%, and ICICI Bank emerged as the top gainer. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, commented on the momentum, stating, "The Bank Nifty bulls made a strong comeback, surpassing all-time high levels and dispelling bearish sentiment. The momentum is expected to persist, with robust support identified at the 46000–45800 zone, serving as a cushion for the bulls. The ongoing rally has the potential to propel the index higher towards levels of 47000 and 48000."

Indian stocks started the day on a strong note following the decisive victory of the ruling party, BJP, in three out of five state elections. In today's session, Axis Bank shares reached another record high of ₹1,129 apiece, maintaining a bullish trend since November 20, with a cumulative gain of 13% to date. Federal Bank shares surged by 4.35%, reaching an all-time high of ₹155.2 apiece, while Punjab National Bank recorded a new 52-week high of ₹84.6 apiece. However, heavyweights such as HDFC Bank, SBI, and Kotak Mahindra Bank underperformed this year, experiencing declines of 1.15%, 3.10%, and 0.48%, respectively. In contrast, the Nifty Bank delivered an 8.01% return, trailing behind the Nifty 50 benchmark index, which posted a remarkable 14.26% return during the same period.

Starting today's trade with a significant gap-up at 20,601 points, the Nifty 50 further strengthened in the final trading hour, reaching a new peak of 20,702 points. The index settled at 20,686, reflecting a gain of 418.90 points, or 2.07%. Over the last 13 trading sessions alone, the index saw an impressive surge of 1,242.45 points, or 6.39%. The S&P BSE Sensex also touched a new record high of 68,918.12 points in today's session, surpassing its previous best of 67,927. Today's record rally has pushed the market capitalization of NSE-listed companies to the $4.09 trillion mark. In the last trading session (Friday), the market capitalization of the National Stock Exchange crossed the $4 trillion mark for the first time.

Disclaimer: The views and recommendations in this article are those of individual analysts and do not represent the views of Gyaanleikh. Investors are advised to consult certified experts before making any investment decisions.

Nifty Bank all-time high
ICICI Bank top gainer
Trading session milestone
Nifty Bank index record surge
Market rally analysis
State elections impact on stocks
Axis Bank record high
Federal Bank and Punjab National Bank performance
Underperforming heavyweights: HDFC Bank, SBI, Kotak Mahindra Bank
Nifty 50 vs. Nifty Bank returns
Nifty 50 peak and closing figures

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