Nifty Bank nears record high - A look at the rally leaders and how the 2026 picture has changed

Résumé détaillé

As a result of this recent rally, shares of HDFC Bank have managed to trim their losses down to 17% for the year so far, while shares of SBI and Axis Bank have turned positive on a year-to-date basis. Bank of Baroda has managed to trim its losses down to 9% as well.

The Nifty Bank index is now within touching distance of its record high of 61,764, having gained another 1,000-odd points during Wednesday's trading session on November 11. The index crossed the mark of 60,000 for the first time after February 27, which was a day before the start of the Iran war.

As a result of this 8,000-point move seen since the lows of October 28, the Nifty Bank index has turned positive on a year-to-date basis. The index turned positive for 2026 on Monday itself.

The rally in the Nifty Bank has been led by the two largecap heavyweight stocks - HDFC Bank and ICICI Bank.

Shares of HDFC Bank have rallied nearly 20% from the lows of October 28, and India's largest private lender has added ₹2 lakh crore to its market cap, taking it to ₹12.57 lakh crore from ₹10.57 lakh crore in October 28.

ICICI Bank's shares, which are at a record high, have gained 17% over the last 10-12 trading sessions, taking its market capitalization to ₹11.57 lakh crore from ₹9.89 lakh crore on October 28. The gap between HDFC Bank and ICICI Bank remains at ₹1 lakh crore, even as ICICI Bank has been an outperformer compared to its larger peer this year.

Other large lenders like Axis Bank and Kotak Mahindra Bank have also seen their respective stock price gain 9% each during this stretch, with Kotak Mahindra Bank also scaling a record high, taking its market capitalization closer to the ₹5 lakh crore mark.

PSU Banks are not to be left far behind in this rally. India's largest lender, State Bank of India (SBI) has gained 11.5% during the October 28 - November 11 stretch, adding ₹1 lakh crore to its market cap, which is back near the ₹10 lakh crore mark. '

Bank of Baroda shares have gained 16% during this period, while those of Yes Bank and Punjab National Bank have gained 12% each. Canara Bank and Union Bank shares are up 10% and 9% respectively.

As a result of this recent rally, shares of HDFC Bank have managed to trim their losses down to 17% for the year so far, while shares of SBI…

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