Bank Nifty tops 305 pts as SBI, PNB led the pack; IndusInd, Kotak, Axis Bank contribute to gains as well

The Bank Nifty has climbed to an intraday high of 35,163.10.

Jun 10, 2021 03:06 IST India Infoline News Service

Banking stocks witnessed healthy gains on Thursday reversing their previous trading sessions bearish stance. Heavyweights except for HDFC Bank led to drive the index on both benchmarks Sensex and Nifty. The Bank Nifty has climbed to an intraday high of 35,163.10.nThe markets are set to react towards major inflation and monetary policies from world leaders. Further, consistent reduction in Coronavirus cases in India has lifted the mood with business activities coming back on track.

At around 3.03 PM, the Bank Nifty was trading at 306.90 points or 0.9%.

PNB was the top gainer surging 4.6%, while SBI climbed 2.5%. Federal Bank and RBL Bank jumped by 2.1% each.

IndusInd Bank zoomed 1.9%, while Axis Bank and IDFC First Bank advanced more than 1% each.

Bandhan Bank, ICICI Bank and Kotak Bank gained between 0.6-1%.

AU Small Finance Bank became the top underperformer down 0.5%. HDFC Bank traded on a flat note.

Niti Aayog has recommended two banks namely the Central Bank of India and Indian Overseas Bank (IOB) suitable for the privatisation plan. It is being known that the Centre may sell stakes in these two state-owned banks as part of its privatisation plan that was announced in Union Budget 2021. 

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