A stellar buying was witnessed in banking stocks during Wednesday's trading bell with public sector banks (PSBs) logging a sharp rally. All stocks listed on Nifty Bank were trading in the green.
At around 1.31 pm, Nifty Bank was trading at 36,300.45 higher by 880.75 points or 2.49%. The index was performing near the day's high of 36,305.55.
On the index,
PNB stock was the top gainer soaring by 5.4% followed by RBL Bank surging 4.4%. Stocks like IDFC First Bank and Axis Bank zoomed by nearly 4% each.
More than 3% upside each was recorded in
SBI, Bandhan Bank and Bank of Baroda.
Heavyweight private lenders namely Kotak Bank and
ICICI Bank gained nearly 3%. Federal Bank jumped by 2.4%, while IndusInd Bank and HDFC Bank climbed by 1.5% and 0.90% respectively.
Nifty PSU Bank was trading at 2,457.70 up by 3.3% and Nifty Private Bank was performing at 19,360.65 higher by 2.4%.
Earlier this week, the Reserve Bank of India (RBI) has released the scheduled banks' statement of position as of fortnight February 12, 2021. As per the data, bank credit rose to Rs107.03 lakh cr compared to Rs100.42 lakh cr recorded in the same period of the previous year.
Meanwhile, bank deposits stood at Rs147.81 lakh cr in the latest fortnight against Rs132.26 lakh cr a year ago corresponding period.