Bank Nifty Jumps As IndusInd Bank, Axis Bank, ICICI Bank Rally

The Bank Nifty saw sharp gains in trade today led by a solid rally in some banking stocks like Axis Bank, IndusInd Bank and ICICI Bank.

While the Indian indices were up 1.4 per cent, the Bank Nifty jumped nearly 3 per cent in trade. Axis Bank was up a huge 9 per cent, while IndusInd Bank rallied 8.5 per cent. State Bank of India which reported a good set of quarterly was trading with gains in excess of 3 per cent.

It is likely that banks would continue to see a swift rebound in their stock prices in the coming days, with the opening-up of the lockdown.

Most analysts expect to see a poor set of quarterly numbers for the period ending June 30, 2020, but, are more optimistic on a swift rebound in the second half of 2020-21.