Banks Stocks Stand Tall As Markets Snap 5-Day Winning Streak

On Wednesday, Nifty 50 closed 0.15% lower at 23,521.60 as the markets snapped a 5-day gaining streak. Despite this Nifty made another all-time high of 23,664 in the session. HDFC Bank was the top gainer in the session while Titan fell the most.

Rupak De, senior technical analyst, LKP Securities said, “Nifty witnessed another lackluster day; in fact, the index remained very range-bound, staying broadly within 23450 and 23650. Sentiment continues to favor short-term bullish trades as the index sustained above the 55 exponential moving average (EMA) on the hourly chart. The short-term trend remains strong, and any dips towards the 55-hour EMA, which is currently pegged at 23340, might get bought into. On the higher end, in the short term, the index might move towards 23800 and beyond.”

Nagaraj Shetti, senior technical research analyst at HDFC Securities said, “After showing up move with range bound action in the last few sessions, Nifty slipped into weakness amidst volatility on Wednesday and closed the day lower by 41 points. After opening with a positive note, the market slipped into an intraday weakness in the early part of the session. Sharp upside recovery has emerged from the lows of 23412 levels in the mid part and Nifty registered a new high at 23664. However, the market has failed to sustain the new highs and gave up some of its intraday gains to close lower towards the later part.”

HDFC Bank led the charge, experiencing a substantial 3.11% increase in its stock price, closing at ₹1657.85 up from ₹1607.80.

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Top 5 Gainers

Axis Bank followed closely with a 2.92% rise, ending the day at ₹1226.65, compared to the previous session’s close of ₹1191.90.

Other banks such as ICICI Bank, Kotak Mahindra Bank, and IndusInd Bank also showcased positive trends with respective increases of 1.92%, 1.59%, and 1.35%.

Conversely, some stocks within the index faced downturns, with Titan Company marking the largest decline, its stock price falling by 3.53% to ₹3462.35 from ₹3589.00.

Top Losers

Larsen & Toubro, Maruti Suzuki, Bharti Airtel, and Hindalco also recorded declines ranging from 2.41% to 2.69%, reflecting the broader market volatility.

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