NIFTY Bank gains 220 points led by PSU and small finance stocks on November 2
The NIFTY Bank index rose 220 points, or 0.40%, to 54,906 at 12:41 pm on Monday, November 2, led by PSU banks including Bank of Baroda, State Bank of India and Canara Bank. The surge was driven by gains in AU Small Finance Bank, Yes Bank, Bank of Baroda, IDFC First Bank, SBI, Canara Bank, Punjab National Bank, Union Bank and Kotak Mahindra Bank. Union Bank of India shares rose 0.10% to 186.19 per unit, with market capitalisation at 142,130.10 crore rupees.
AU Small Finance Bank stock was trading 3.3% higher, while Yes Bank gained 2.9%. Similarly, shares of Bank of Baroda and Canara Bank saw an uptick of 2.91% and 1.4%, respectively. State Bank of India, up 1.70%, will declare its latest set of data for the September quarter of the financial year 2026-27 on Tuesday, November 3. Meanwhile, shares of HDFC Bank, IndusInd Bank, Axis Bank, Federal Bank and ICICI Bank were down.
The NIFTY Bank has gained 0.65% in a week and 0.36% in a month. Year-to-date, the index has declined 8.48%. Last week, state-owned Bank of Baroda reported a 31% increase in September quarter consolidated net profit at 6,737.28 crore rupees, helped by its stake sale in the largest equity bourse, NSE. On a standalone basis, the lender posted its highest-ever quarterly profit after tax of 6,532 crore rupees, reflecting a growth of 35.8% year-on-year.
The core net interest income (NII) went up by 9% to 13,026 crore rupees on the back of 18.3% growth in advances and a 0.22% compression in net interest margin (NIM) to 2.74%. Canara Bank had posted an 8.4% rise in Q2 FY27 net profit to 5,175 crore rupees from 4,774 crore rupees. The Bengaluru-based lender's NII or the difference earned on loans and expended on deposits climbed 20% to 11,004.75 crore rupees from 9,141 crore rupees.
Union Bank of India shares ascended 0.10% to 186.19 per unit. Its market capitalisation stands at 142,130.10 crore rupees. The NIFTY Bank index was trading in the positive territory on Monday, November 2, led by PSU banks, including Bank of Baroda, State Bank of India and Canara Bank.