The Bank Nifty index reached a record high on Wednesday, alongside the frontline indices, Sensex and Nifty 50, as the Indian stock market continued its bull run for the fourth consecutive session.
The Sensex surged 280 points to achieve a record high of 77,581.46, while the Nifty 50 gained 73 points, reaching its lifetime high of 23,630.85. Bank Nifty outperformed the benchmarks, jumping more than 770 points, or over 1%, to a new record high of 51,215.50, surpassing the previous high of 51,133.20.
Banking heavyweights such as IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, and HDFC Bank led the gains among Bank Nifty constituents, with these stocks rallying between 1-2%. All other banking stocks in the index were also trading in the green.
Bank Nifty has gradually strengthened, and analysts believe that a decisive break above 51,000 could further enhance the bias towards targets of 52,400 and 53,500 levels in the coming days, with support around the 49,600 zone.
Disclaimer: Investors are advised to consult certified experts before making any investment decisions.
