Banking indices shine! S&P BSE Bankex, Nifty PSU Bank top performers this week
The stock market benchmarks Nifty50 and S&P BSE Sensex ended lower despite starting off on a good note amid positive indications from the SGX Nifty.
The Indian domestic equity markets witnessed negative closing on four out of five trading sessions amid volatility this week. The stock market benchmarks Nifty50 and S&P BSE Sensex ended lower despite starting off on a good note amid positive indications from the SGX Nifty. In the early morning trade on Friday, major share market indices gained as the Nifty and the Sensex added half a per cent each, while the Bank Nifty zoomed to a record high of 40,587.35, breaching 40,500-mark for the first time.
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The last 5 trading sessions were dominated by the banking and financial shares as even the metal, pharma and IT shares were seen struggling this entire week.
The Nifty 50 slipped 63 points or 0.35% at 18,114, while the S&P BSE Sensex shed 101 points to end Friday's session at 60,821. The Bank Nifty remained outperformer, closing nearly 300 points higher at 40, 323 on Friday.
Meanwhile, the week which witnessed bears taking control of the Dalal Street for a majority of the trading sessions saw the Nifty 50 losing 1.2% or 224 points and the 30-share Sensex dragging the index by 0.8% or 484 points for the week ended October 22.
As the highlight of the week remained the banking and financial shares, which pushed the Nifty Bank to record high on the last trading day of the week, the banking indices featured among top gainers this week on both the NSE and the BSE.
The S&P BSE Bankex gained most on the BSE, while on the NSE, the Nifty PSU Bank surged maximum. The banking index on the BSE surged by 3% or 1346 points this week to 46,105. the Nifty PSU Bank got stronger by nearly 4% as the PSU bank index on the NSE added 3.9% to 107 points to end at 2823.
The Nifty Bank was the next NSE gainer with a 2.5% or 983 points gain for the week ended October 22. The banking index closed the week at 40,323. The Nifty Private Bank closely followed the Nifty Bank with 2.4% gains or 495 points.
Similarly, on the Bombay Stock Exchange, the S&P BSE Private Bank Index and the S&P BSE Finance stood top gainers with 2.1% and 1.4% advances. While the former added 323 points to 15,517, the latter accumulated 126 points to 8980.
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