IDFC First Bank reported a broadly in-line set of numbers with strong business growth and better cost income though higher credit costs. NIM was down 13bps QoQ to 6.22%, mostly on higher growth in investment and rise in LCR (to 118% vs. 114% QoQ).
Bank Nifty has breached the 48,800 level and is trading higher, with expectations of reaching 49,225. Autos, metals, and PSU banks are leading gains, with
The broad-based rally at least at this point of time looks difficult, unless and until it is supported by growth or it is supported by
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