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.