It has been another day of gains for the banking stocks with Nifty Bank at the time of writing this report up a huge 2.86% at 25607.10, while hitting day's high of 25626. Stocks from the pack contributing positively to the index include HDFC Bank, ICICI Bank, SBI, Axis Bank, Kotak Mahindra Bank among others. All of these banking names are up in the range of 1-5%.
Also, HDFC has been up for the second straight day after the housing finance major posted better results in comparison to street estimates on November 2, 2020. Traction in financial heavyweight Bajaj Finance also pushed the benchmark indices higher.
On the rally in banking stocks, BSE Sensex reclaimed 40000 mark and was last quoting over 1 percent higher at 40222 while Nifty surged by 1.3% to 11821 points.
In view of the Q2 results of private sector banks, foreign research firm Credit Suisse is of the view that these entities will recover from Covid woes faster than expected.