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Though there is underperformance from Bank Nifty, but looking at the overall structure and the way largecap banking stocks are placed, we believe that Bank Nifty will also catch up from this underperformance and we may see another round of rally in Bank Nifty also.
The gains in bond prices affected the stock markets as well as shares of PSU banks gained on anticipation that their treasury income would rise as bond yields moderate
The Nifty surged 1.97% to a record high of 22126.80, briefly surpassing its previous record of 22124.15 on 16 January, before closing up 0.72% at 21853.80
On February 1, 2023, the BSE500 index fell 0.62 per cent, the BSE Midcap index 0.96 per cent, and the BSE Smallcap index 1.10 per cent.
The Indian market is expected to remain volatile on the Interim Budget Day.The S&P BSE Sensex rose more than 600 points while the Nifty50 reclaimed 21,700 levels, a day ahead of the Interim Budget.