Bank Nifty hits new record high amid positive Q3 business updates; Yes Bank, ICICI lead gains

Bank Nifty reached a record high of 60,152.35, driven by positive Q3 business updates, with Yes Bank leading gains. The index rose 0.73%, while the Nifty PSU Bank and Private Bank indices also hit lifetime highs. Thirteen of the fourteen Bank Nifty constituents were up, with Axis Bank as the only decliner. Analysts predict further gains if the index maintains above 60,000, with crucial support at 59,200–59,100. Strong loan growth and improved asset quality are boosting confidence in the banking sector, according to Kotak Institutional Equities and RBI reports.