Nifty Bank at 40,000: Top contributors Axis Bank, HDFC Bank hit 52-week highs; lose early gains to trade flat

Bank Nifty topped 40,000 for the first time ever on Tuesday. The rally was led by Axis Bank and HDFC Bank in the early morning trade. The two shares, along with other banking stocks—State Bank of India, Bandhan Bank, Punjab National Bank — propelled the banking index to its all-time high of 40,011.15.  

Axis Bank and HDFC banks were two shares that contributed the most in this rally this morning, however, both of these stocks declined after good start. In Nifty Bank run up to 40,000-mark, Axis Bank and HDFC Bank clocked their life time highs on the Bombay Stock Exchange.    

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Axis Bank touched a fresh high of Rs 827.00 and HDFC hit 52-week high of Rs 1725.30 in the morning trade on the National Stock Exchange, while the two shares touched high of Rs 827.05 and Rs 1724.30 on the Bombay Stock Exchange.    

However, losing early gains on NSE, Axis Bank was marginally down by Rs 2.60 or 0.32% at Rs 810.70, while HDFC Bank shares traded on Rs 1,683.50, above Rs 13.20 or 0.79% at around 11am on Tuesday.  

Meanwhile, Nifty Bank was also trading flat from its life-time high created this morning at 39,686.50, up 1.70. Other major Bank Nifty shares that aided the rally were also trading lower or flat after early gains.  

State Bank of India (SBIN) shares were trading at Rs 495.50, down Rs 2.45 (-0.49%), Bandhan Bank at Rs 324.60 -7.35 (-2.21%), while Punjab National Bank at Rs 45.15, down 0.85 (1.85%).  

Earlier at market open, equity benchmarks S&P BSE Sensex and Nifty 50 scripted history too as the indices hit 62,000-mark and 18,600, respectively. Both equity benchmarks Nifty 50 and Sensex opened at record highs of 18,602.35 and 62,156.48 respectively.