The markets started on a positive note led by positive global cues after US President Joe Biden declared a bipartisan deal on infrastructure spending. However, they fell soon before rally in banking stocks help them to trade in the green. The performance also comes after the derivatives contract expiry of June.
At around 3.00 PM, BSE Sensex was trading at 52,928.62 up 229.62 points or 0.44% and Nifty50 at 15,858.20 up 67.75 points or 0.43%.
Nifty Bank was trading at 35,389.05 up 562.05 points or 1.61%, touching a high of 35,491.95 and low of 34,915.85 during intraday trade on Friday. Axis Bank gained over 3.3% and SBI advanced 2.75%.
ICICI Bank was up 2.35% while HDFC gained over 0.72% to contribute significantly in the market rally.
Nifty PSU Bank advanced 2.7% to outperform at 2,508.10. Indian Overseas Bank (up nearly 7%) and Central Bank (up 6.5%) led the gains while Bank of Baroda and Canara Bank also advanced over 3% to lift the performance.
Nifty Private Bank was trading at 18,599.80 up 264.05 points or 1.44%. IDFC First Bank and RBL Bank were the top gainers along with Axis Bank and ICICI Bank in the Private Bank sector.