Banking Sector Stocks Jump with SBI and PNB leading the pack

Banking Sector Stocks Jump with SBI and PNB leading the pack

Indian markets opened strong on Monday and NSE Nifty scaled 9,900 levels after many weeks of trading low due to COVID-19 panic in the markets. Indian markets registered fourth straight day of gains as majority of states have announced relaxation in lockdowns announced during third week of March. Economic activity is crawling back to normal and markets have factored in majority of issues that Indian economy could face due to lockdowns. The next major trigger for the markets will be quarterly results and the action could be stock specific. Banking stocks have been gaining ground during the last few trading sessions.

PSU Banks registered gains during today’s trading session with SBI leading the pack with 5.9 percent gain during the trading session. IDBI Bank jumped by 19.85 percent while Bank of Baroda, Canara Bank, PNB, Union Bank and IOB registered over 4 percent gains. UCO Bank, Bank of India, Central Bank were also strong during today’s trade.

Among private sector banks, HDFC Bank and Axis Bank were major gainers. ICICI Bank, Kotak Mahindra Bank and IndusInd Bank also registered strong gains. RBL Bank and Bandhan Bank also closed positive after strong buying at lower levels.

Bajaj Finance and Bajaj Finserv were among majors gainers in today’s trade in the financial sector stocks. NSE Nifty closed 245 points higher at 9,826 while BSE Sensex closed 880 points higher at 33,303.