Nifty Bank above 41,400: Three top index contributors hit fresh 52-week high; ICICI Bank gains nearly 12%

Nifty Bank has been on record-breaking spree as it created yet another high on the first day of the week. Nifty Bank soared to record high opening of 40,961.25, only to beat it an hour later to scale 41,000 for the first time ever.  Nifty Bank was trading almost 1100 points or 2.72% up to 41,421.45 at 11.55 AM.  

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The shares aiding the index were ICICI Bank, Axis Bank, Federal Bank, RBL Bank and State Bank of India with 0.30% to 10 % gains. Federal Bank was the top laggard with 3.5% loss on Monday.  

ICICI Bank top contributor

ICICI Bank was the top contributors for Nifty Bank on Monday as the banking shares traded on 52-week high clocked fresh 52-week high on Monday. The shares saw spurt in the price after global brokerages raised target price on ICICI Bank post stellar Q2 numbers. ICICI stocks touched 52-week high value of Rs 848.95 around 10.40. The share was gained Rs 89.85 or 11.84% on the Monday's intraday trade.  

Also Read: Global brokerages raise target price on ICICI Bank post Q2 results; sees up to 40% upside

Next in the line to push the banking index to a new high was Axis Bank, which also clocked fresh 52-week high of Rs 852. Axis Bank shares were trading up Rs 30,90 or +3.78% to 847.80 +30.90.  

Federal Bank was also trading marginally up at Rs 106.10, a gain of Rs 2.05, on the BSE around 10.45 am.  

Earlier, global brokerage firms such as CLSA, Goldman Sachs, Morgan Stanley, HSBC, and Credit Suisse maintained their rating but raised their respective 12-month target price on ICICI Bank post Q2 results. The most aggressive target price was put out by CLSA, which maintained a buy rating on ICICI Bank post Q2 results but raised its 12-month target price to Rs 1100 from Rs 1000 earlier that translates into an upside of 44 per cent from Rs 759 recorded on October 22. 

Meanwhile, equity benchmarks were trading flat; Nifty with negative bias and Sensex with positive bias around the same time