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Financial stocks surge led by Indiabulls Housing Finance, M&M Financial

Indiabulls Housing Finance surged 11.5%, M&M Fin, Indiabulls Ventures and Bajaj Finance and HDFC were also trading in the positive zone.

Shares of banking and financial stocks rose in Friday’s trade with gains witnessed in stocks of RBL Bank, IDFC First Bank, Indiabulls Housing and M&M Finance.

Financial services stocks were trading higher in afternoon trade. Indiabulls Housing Finance surged 11.5%, M&M Fin, Indiabulls Ventures and Bajaj Finance and HDFC were also trading in the positive zone.

The Nifty Bank index is up ~1.5% in today’s trade led by RBL Bank, which is also among the top gainers on the Nifty Bank index, followed by IDFC First Bank, Axis Bank, HDFC Bank and ICICI Bank, which were up in the range of 2-4% respectively.

Meanwhile, the Nifty PSU Bank index was trading higher at 2,619.65 with most of its components trading in the positive zone except Punjab National Bank.

Oriental Bank surged 4%, while Indian Bank, Central Bank, Syndicate Bank and J&K Bank were also trading higher on the NSE.

The Sensex rose 461 points to 37,788 and the Nifty50 index rose 144 points to 11,176. The market breadth was positive as 1,245 shares advanced, 448 shares declined, and 395 shares remained unchanged.

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