Nifty Bank closes at record high—Key factors driving the rally
Nifty Bank climbed 0.89% to close at 56,783.6 on Monday, easily beating the Nifty50's 0.35% gain.
The jump came thanks to impressive Q1 results from major banks, even as global trade worries kept overall market vibes cautious.
Banking stocks lead the charge
Banking stocks are a big deal in India's markets—when they rise, it often lifts everything else too.
ICICI Bank and HDFC Bank led the charge with gains of 2.76% and 1.96%, helped by their solid earnings and HDFC's bonus share announcement, which got investors excited.
Index likely to remain volatile in near term
The index is mostly made up of private banks (about 80%), and their strong quarterly numbers drove today's rally—even though some smaller banks like AU Small Finance and IndusInd had a rough day.
Technically, things look upbeat for now but experts say volatility isn't going away soon; support sits at 56,000 with resistance near 57,000 as global uncertainty keeps everyone on their toes.