The Nifty rose as much as 1.2 percent on Monday to a record high, surpassing its previous all-time high hit just last week, as lenders including ICICI Bank extended a recent rally on the back of strong foreign investor flows.
The NSE’s bank sub-index has surged around 14 percent so far this month, outperforming the nearly 5 percent gain in the Nifty.
Analysts have cited heavy buying by foreign investors into a sector that last year under-performed the broader index, while expectations the Reserve Bank of India would keep interest rates on hold at its policy review on April 1 are also aiding the gains.
The Nifty rose to an all time high of 6,575.80 points, and was up 1.2 percent at 9:48 a.m., surpassing its previous all-time high hit on March 18.
The BSE Sensex also hit a record high at 22,046.58.
ICICI Bank gained 2.8 percent, while HDFC Bank rose 1.8 percent.-Reuters