Bank Nifty Gains After Recent Correction; Axis Bank Top Gainer

Ahead of the poll results with BJP expected to emerge as key winner in some of the states, Sensex has spurted by 1400 points, while Bank Nifty has gained by another 1500 points, which has been under huge pressure amid the recent sell-off.

For the near term, BJP coming into power will help the markets to gain but in the long term geopolitical factors shall weigh.

Talking specifically on the Nifty Bank its constituents Axis Bank was last up by over 6%, while IndusInd Bank and SBI also gained up to 5%.Likewise, other stocks from the pack including Bandhan Bank, Federal Bank, ICICI Bank, RBL Bank, Kotak Bank, AU Bank, HDFC Bank, IDFC First Bank and PNB.

Should one buy bank stocks now?

As per experts due to the recent correction now the valuation of some of the banking counters have turned attractive. Further for beaten down names such as HDFC Bank brokerages like Motilal Oswal are giving out positive forecast and have signalled a 'Buy'.