The Indian bank stock index hits a record high, highlighting its safe-haven attributes amid the wave of tariffs
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The Indian banking stock index reached a historic high, rising 1.9% on Monday, due to its relatively low sensitivity to tariff fluctuations. Since the U.S. announced tariffs on April 2, the index has accumulated a gain of over 7%, outperforming the Nifty 50 index. Analysts point out that the fundamentals of the Indian banking sector are robust, with HDFC and ICICI Bank's earnings reports exceeding expectations, driving stock prices to new highs. Brokerages have raised their earnings forecasts and target prices for HDFC and ICICI, and the market is optimistic about the outlook for banking stocks
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