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News18
8 hours ago
- Business
- News18
Bank Nifty Hits Record High Of 57,076; HDFC Bank, Axis Bank Lead The Rally
Last Updated: Bank stocks saw strong buying interest on June 26, propelling the Nifty Bank index to a fresh all-time high Bank Nifty Hits Record High: Bank stocks saw strong buying interest on June 26, propelling the Nifty Bank index to a fresh all-time high of 57,076.95, driven largely by private sector lenders. Heavyweights HDFC Bank and Axis Bank were among the top performers in the banking pack. Shares of Axis Bank jumped over 1.5 per cent to trade at Rs 1,231.60, while HDFC Bank soared to a new record of Rs 2,008 per share. The rally in these two majors also lifted the benchmark Sensex and Nifty indices significantly. HDFC Bank extended its gains for the third consecutive session, buoyed by strong investor interest in its subsidiary HDB Financial Services' upcoming Rs 12,500 crore IPO. Additionally, the bank has set June 27 as the record date to determine shareholder eligibility for its declared dividend, further fuelling buying interest. Broader Sector Performance Other private lenders, including AU Small Finance Bank and ICICI Bank, were trading nearly 1 per cent higher. IndusInd Bank and Kotak Mahindra Bank also saw marginal gains. On the flip side, public sector banks such as State Bank of India (SBI), Federal Bank, Bank of Baroda, Canara Bank, PNB, and IDFC First Bank traded with minor losses. Can Bank Nifty Hit 58,000? What's Fueling the Rally? Ajay Bagga, Independent Analyst, attributed the rally to a combination of strong macroeconomic factors. 'With the RBI cutting rates, injecting liquidity, and adopting macro-prudential easing, banks are well positioned for growth in the coming quarters. Falling inflation, income tax relief, and a favourable monsoon have created a positive backdrop for credit growth." Bhavik Joshi, Business Head at INVasset PMS, cited liquidity-driven macro reforms as a major catalyst. 'The RBI has taken bold steps, including 100 basis points in repo rate cuts this year and a 100 bps CRR reduction. Its recent $10 billion USD/INR swap further injected long-term liquidity into the system. Bank Nifty's performance reflects this macro transformation." Sunny Agrawal of SBI Securities highlighted that HDFC Bank and ICICI Bank together account for nearly 50 per cent of Bank Nifty's weight. 'Today's rally in HDFC Bank to lifetime highs significantly lifted the index. ICICI Bank is also trading close to its record levels. While NIMs may see some pressure in Q1 FY26, improved credit growth and favourable rate conditions should drive strong exits in Q4 FY26." Meanwhile, the Nifty Financial Services Index surged nearly 1 per cent, hitting a record 27,144. Top gainers included ICICI Prudential Life Insurance, Jio Financial Services, Shriram Finance, and Bajaj Finance, each rising over 2 per cent. First Published: June 26, 2025, 14:57 IST
Zawya
08-04-2025
- Business
- Zawya
Muscat Stock Exchange posts third consecutive monthly decline
Muscat – The benchmark index of the Muscat Stock Exchange (MSX) recorded its third consecutive monthly decline, falling by 1.6% in March following a 2.4% drop in February. In terms of sectoral performance, all three main sectors on the Muscat Stock Exchange posted declines last month. The Industrial Index led the losses with a 4.9% fall, followed by the Services Index, which dropped by 2.0%. The Financial Index saw a marginal dip of 0.6%, according to an analysis by Kamco Investment. Double-digit share price drops in constituent companies such as Oman Cement (-18.9%) and SMN Power Holding (-17.7%) contributed significantly to the Industrial Index's overall decline during the month. On the positive side, Muscat Insurance Company topped the monthly performance chart with an impressive gain of 60.3%, followed by Voltamp Energy and Al Anwar Investment, which gained 13.5% and 10.3%, respectively. Muscat Insurance returned to profitability in the 2024 financial year, reporting net profits of RO0.4mn, compared to a net loss of RO0.5mn in 2023. On the decliners' side, Financial Corporation recorded the largest fall, dropping by 31.9%, followed by Oman Cement and SMN Power Holding, which declined by 18.9% and 17.7%, respectively. Financial Corporation posted a net loss of RO0.4mn in 2024, compared to a net profit of RO0.7mn in 2023. Trading activity remains weak Trading activity on the Muscat bourse saw a sharp decline in March. The total volume of shares traded dropped by 42.3% to 652.8mn shares, down from 1.1bn in February. Similarly, the total value of shares traded fell by 45.2% to RO119mn, compared to RO217mn in the previous month. OQ Exploration & Production topped the monthly value traded chart at RO18.7mn, followed by Bank Muscat and Sohar International Bank, with trades worth RO11.1mn and RO10.5mn, respectively. In terms of trading volume, Sohar International Bank led with 114.3mn shares traded, followed by OQ Base Industries and OQ Gas Networks, with volumes of 73.1mn and 69.3mn shares, respectively. Stock markets around the world came under pressure for a second straight month in March, as investor sentiment was dampened by uncertainty surrounding US trade policies and forecasts of a slowdown in the US economy. A series of announcements by the US government regarding the imposition of tariffs on imports, along with retaliatory measures from its trading partners, shook investor confidence in near-term global economic growth. As a result, investors turned to safer asset classes such as gold – which reached a record high during the month – and government bonds. The MSCI GCC Index posted a marginal decline of 0.4% during March, despite broad-based losses across all seven regional exchanges. Within the GCC, Dubai registered the steepest fall of 4.2%, marking the exchange's first monthly decline in ten months. Abu Dhabi and Qatar both declined by 2.0%, while the other GCC markets saw smaller drops. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
06-04-2025
- Business
- Muscat Daily
Muscat Stock Exchange posts third consecutive monthly decline
Muscat – The benchmark index of the Muscat Stock Exchange (MSX) recorded its third consecutive monthly decline, falling by 1.6% in March following a 2.4% drop in February. In terms of sectoral performance, all three main sectors on the Muscat Stock Exchange posted declines last month. The Industrial Index led the losses with a 4.9% fall, followed by the Services Index, which dropped by 2.0%. The Financial Index saw a marginal dip of 0.6%, according to an analysis by Kamco Investment. Double-digit share price drops in constituent companies such as Oman Cement (-18.9%) and SMN Power Holding (-17.7%) contributed significantly to the Industrial Index's overall decline during the month. On the positive side, Muscat Insurance Company topped the monthly performance chart with an impressive gain of 60.3%, followed by Voltamp Energy and Al Anwar Investment, which gained 13.5% and 10.3%, respectively. Muscat Insurance returned to profitability in the 2024 financial year, reporting net profits of RO0.4mn, compared to a net loss of RO0.5mn in 2023. On the decliners' side, Financial Corporation recorded the largest fall, dropping by 31.9%, followed by Oman Cement and SMN Power Holding, which declined by 18.9% and 17.7%, respectively. Financial Corporation posted a net loss of RO0.4mn in 2024, compared to a net profit of RO0.7mn in 2023. Trading activity remains weak Trading activity on the Muscat bourse saw a sharp decline in March. The total volume of shares traded dropped by 42.3% to 652.8mn shares, down from 1.1bn in February. Similarly, the total value of shares traded fell by 45.2% to RO119mn, compared to RO217mn in the previous month. OQ Exploration & Production topped the monthly value traded chart at RO18.7mn, followed by Bank Muscat and Sohar International Bank, with trades worth RO11.1mn and RO10.5mn, respectively. In terms of trading volume, Sohar International Bank led with 114.3mn shares traded, followed by OQ Base Industries and OQ Gas Networks, with volumes of 73.1mn and 69.3mn shares, respectively. Stock markets around the world came under pressure for a second straight month in March, as investor sentiment was dampened by uncertainty surrounding US trade policies and forecasts of a slowdown in the US economy. A series of announcements by the US government regarding the imposition of tariffs on imports, along with retaliatory measures from its trading partners, shook investor confidence in near-term global economic growth. As a result, investors turned to safer asset classes such as gold – which reached a record high during the month – and government bonds. The MSCI GCC Index posted a marginal decline of 0.4% during March, despite broad-based losses across all seven regional exchanges. Within the GCC, Dubai registered the steepest fall of 4.2%, marking the exchange's first monthly decline in ten months. Abu Dhabi and Qatar both declined by 2.0%, while the other GCC markets saw smaller drops.
Zawya
04-03-2025
- Business
- Zawya
Oman: MSX continues bearish trend as main index declines by 2.4% in February
Muscat – The benchmark index of the Muscat Stock Exchange (MSX) has continued its downward trajectory in 2025, declining by 2.4% in February to close the month at 4,435.9 points. This followed a 0.7% drop in January, reflecting a continued bearish trend. Throughout February, the MSX30 Index traded within a narrow, declining range, primarily due to a lack of significant market catalysts, according to a research report released by Kamco Investment. Sectoral performance on the MSX was mixed, with two out of the three sector indices on the exchange recording losses during the month, while the third reported a gain. The Financial Index fell by 1.1%, closing the month at 7,739.7 points. This decline was largely driven by losses in shares of major companies within the sector, including National Bank of Oman (-4.8%) and Sohar International Bank (-3.6%). The Services Index also declined during the month, falling by 3.5% to close at 1,632.9 points. In contrast, the Industrial Index posted a notable monthly gain of 7.8%, closing in February 2025 at 5,832.22 points. In terms of company performance, Al Jazeera Steel Products topped the gainers list with a share price gain of 25.4%, followed by Oman Cement and Construction Materials Industries, which recorded monthly share price gains of 24.0% and 20.6%, respectively. On the decliners' side, Oman Cables Industry led the chart with a share price fall of 11.6%, followed by Ooredoo Oman and Muscat Gases, which saw share price drops of 10.3% and 10.0%, respectively. Trading activity rises Trading activity on the MSX saw strong gains in February. The total volume of shares traded on the exchange increased by 166.4%, rising to 1.1bn shares in February compared to 424.8mn shares in January. Similarly, the total value traded on the exchange increased by 204.5%, reaching RO217mn against RO71.3mn in January. OQ Exploration & Production topped the monthly value traded chart with trades amounting to RO13.8mn, followed by OQ Base Industries and Bank Muscat, with total values traded of RO5.2mn and RO4.2mn, respectively. In terms of monthly volume traded, Ahlibank topped the list with 828mn shares, followed by OQ Base Industries and OQ Exploration & Production with volumes of 51.3mn shares and 43.6mn shares, respectively. GCC markets According to Kamco Investment's report, after witnessing healthy gains at the start of the month, the GCC MSCI Index closed February with a marginal decline, led by a fall in large-cap stocks. The decline occurred despite positive performance recorded by three out of the seven exchanges in the region. 'The decline reflected a fall in key global markets, including the US, driven by factors such as an economic slowdown, the geopolitical standoff between Russia and Ukraine, elevated valuations, and the uncertainty surrounding trade wars. Crude oil also had an uneventful month, declining by 4.7% due to increasing supply,' the report said. The GCC monthly performance chart showed a marginal decline of 0.4% for the MSCI GCC Index. At the exchange level, Bahrain was the best-performing market during the month with a gain of 4.3%, closely followed by Kuwait with a gain of 4.1%. Dubai also registered growth of 2.6%. On the other hand, Saudi Arabia was the biggest declining market in the region, falling by 2.4%, in line with the decline in Oman. Qatar and Abu Dhabi followed with declines of 2.1% and 0.2%, respectively. In terms of year-to-date performance, the GCC remained in the green with a gain of 2.6%, reflecting gains at the start of the year. Kuwait was the best-performing market. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
