HDFC Bank, ICICI Bank, Axis Bank, Yes Bank hit new high

At 1435 hours, Bank Nifty surged 325 points or 1.6% at 20,398 as compared to 0.46% rise in CNX Nifty.

Banking shares mainly private sector such as ICICI Bank, Axis Bank, HDFC Bank, Yes Bank and Indusind Bank have touched their respective record high on the National Stock Exchange (NSE) during intra-day deal.

At 1435 hours, Bank Nifty, the banking share index, was surged 325 points or 1.6% at 20,398 as compared to 0.46% rise in CNX Nifty. The banking index touched a new high of 20,400 mark during intra-day trade.

Since January 15, Bank Nifty has outperformed the market by surging 10% after the Reserve Bank of India (RBI) Governor Raghuram Rajan unexpectedly cut the benchmark repurchase rate by 25 basis points to 7.75% from 8%. The benchmark index gained 7.5% during the same period.

Among the individual stocks, ICICI Bank and Axis Bank were up 3% each at Rs 383 and Rs 584 respectively. HDFC Bank up 2% at Rs 1,062, while Indusind Bank and Yes Bank up 1% each at Rs 867 and Rs 882 respectively on NSE.