Banking stocks were seeing huge buying support in trade, with the Bank Nifty jumping 4 per cent in trade.
A large part of the gains were seen on account of heavyweights like HDFC Bank, Axis Bank and ICICI Bank gaining ground.
Shares in HDFC Bank jumped more than 4 per cent, while ICICI Bank was more than 5 per cent in trade. Axis Bank too was trading with gains of more than 4 per cent.
However, among the slightly smaller sized banks, Bandhan Bank was having a very good day, with the stock up near 7 per cent. The bank posted a pretty good set of results, despite worries over rising NPAs and slowing growth.
The bank posted a 29 per cent quarter-on-quarter (QoQ) decline fall in net profit at Rs 517.28 crore for the quarter ended March 31 due to over two-fold rise in provision and contingencies.
Meanwhile, markets are eagerly awaiting the details of the stimulus package that was announced by the Prime Minister.