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Bank Nifty hits record high

The Bank Nifty conquered the 25K mark during the morning hours on Monday. Bank Nifty was trading at 25,008.75 level, up by 197.45 points or 0.80% as at 1135 hours.

Kotak Mahindra Bank was trading at Rs 1,029.80 per share, up by Rs 17.10 or 1.69%. It also hit its record high of Rs 1,031.70 on Monday.

On Monday, State Bank of India announced that it has kept the interest rate at 4% for saving deposits above Rs 1 crore, and has revised it for savings deposits below 1 crore at 3.5%. SBI was trading up by 3.09% at Rs 299.40 per share.

Among others, ICICI Bank was trading at Rs 300.40 per share, up by Rs 4.25 or 1.44%, Federal Bank was trading at Rs 115.10, up by Rs 1.35 or 1.19%, Bank of Baroda was at Rs 162.75, up by Rs 1.20 or 0.74%, Axis Bank of India was at Rs 516.65 per share, up by Rs 1.55 per share or 0.33% as at 1135 hours on Monday, on the NSE.

There were 8 advances and 4 declines in the Nifty Bank index. Meanwhile, the Nifty was trading at 10,044.05 level, up by 30 points or 0.30%.