Bank Nifty jumps 5 per cent; is it time for banking & financial stocks to shine?

Today seemed to be a great day for those who have invested in the banking and financial stocks. Although during the early trading session on Monday, the domestic markets seemed to remain subdued; however, in the second half, the banking and financial stocks soared high.

Bank Nifty surged by 4.71 per cent and with this, it set for the biggest one-day gain in 5 months.

The shares of Housing Development Finance Corporation (HDFC) rose by around 7 per cent after the company posted better-than-expected financial results for Q2FY21. It reported a net profit of Rs 2,870.12 crore compared to Rs 3,961.53 crore gained in Q2FY20.

ICICI Bank gained by 5.82 per cent after the bank announced strong Q2FY21 results and a six-fold jump in the net profit for Q2FY21.

For more, click here:

https://www.dsij.in/DSIJArticleDetail/ArtMID/10163/ArticleID/15577/ICICI-Bank-jumps-more-than-6-per-cent-on-positive-Q2FY21-results

Until a few weeks ago, investors were appreciating the huge gains of pharma and IT stocks. Now, some of them are wondering whether the time has come for banking and financial stocks to recover and shine after a fearsome sharp decline witnessed in March 2020?!

According to some analysts, banking and financial stock maybe the new ‘IT and Pharma’ in terms of performance. However, it can only be in a case, where the banks are well-cushioned against cash and liquidity troubles.

Following is a list of some of the banking & financial stocks that skyrocketed on Monday: