Friday's trading session turned positive for banking stocks with investors upbeat in both PSU Banks and Private Banks stocks. Overall, markets sentiments were bullish which further lifted the sector. The loan moratorium verdict was the major focus this week in the sector.
At around 2.49 pm, Nifty Bank was trading at 33,361.25 higher by 354.80 points or 1.07%.
HDFC Bank was the top gainer soaring nearly 2% followed by IDFC First Bank with a similar upside.
ICICI Bank and PNB were also in the fast lane surging by 1.4% and 1.3% respectively.
Nearly 1% gain each was recorded in SBI, Axis Bank, Kotak Bank and Bank of Baroda.
Federal Bank and IndusInd Bank recorded a marginal upside.
However, Bandhan Bank was the top underperformer tumbling by nearly 1%.
Nifty PSU Bank was trading at 2,117.85, while Nifty Private Bank was performing at 17,866.30. Both these indexes have climbed nearly 1% each.
Earlier this week, the Supreme Court said that compound interest, interest on interest or penal interest should not be charged on EMIs due during the loan moratorium period starting from March 1 to August 31 last year.
Also, the court has vacated its interim order which banned banks from declaring accounts during the moratorium period, as NPAs. Moreover, the apex court has also refused to extend the petitioners plea for extending the moratorium period.