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Wednesday, 29 March 2017

Bank Nifty at record high - Latest Stock Market Update

As the stock market awaits Kotak Mahindra Bank's announcement today, speculations over a possible big buyout have sent some stocks including Axis Bank, Mahindra and Mahindra Financial Services and Shriram Transport Finance high up. On Tuesday, the stock of these companies shot up by 3 to 5 percent in intraday trades amid expectations of a big buyout or merger announcement in the press conference which billionaire Uday Kotak, Promoter, Vice Chairman and Managing Director of Kotak Mahindra Bank will be holding at 3.30 pm today.

Currently, BSE Sensex is 104 points up at 29514 while NSE Nifty50 is 28 points up at 9129. Banking stocks are in focus with the Nifty Bank index hitting a record high level. Bank Nifty is live on 21383 with 158 points up.

The rally on the index was helped by surge in State Bank of India, ICICI Bank and Axis Bank. Meanwhile, the Nifty PSU bank has gained the most in this week. In Bullion Market, Gold has lost 163 points at 28685 and Silver is down by 277 points at 42,111. Crude Oil is 9 points up at 3176