Nifty Bank index climbs 2%; Federal Bank, IndusInd Bank, BoB see outperformance

The Nifty Bank index was driven by buying in all banking stocks listed on the index.

Oct 21, 2020 12:10 IST India Infoline News Service

Banking stocks were among top picks on Wednesday's trading session. With loan moratorium, implementation of interest waiver scheme and corporate results will continue to keep focus in the banking sector.

At around 12.07 PM, Nifty Bank was trading at 24,764.05 surging by 452.25 points or 1.86%. The index has soared to the day's high of 24,819.

On the index, the gainers' list was led by Federal Bank at Rs58.55 per piece up 2.99%, followed by IndusInd Bank at Rs643.10 per piece higher by 2.85%, Bank of Baroda at Rs43 per piece above 2.75% and ICICI Bank at Rs425.65 per piece up 2.67%.

Stocks like RBL Bank, Kotak Bank, Axis Bank and Bandhan Bank surged by 2% each.

Meanwhile, IDFC First Bank, SBI, HDFC Bank and PNB recorded a 1% each gain.

Nifty Private Bank was trading at 13,719.85 up 258.30 points or 1.92%, while Nifty PSU Bank advanced by 20.25 points or 1.55% performing at 1,324.85. 

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