Banking stocks shine: SBI jumps over 10 per cent, Axis Bank gains 7 per cent, Bank of Maharashtra in red
On Monday, the financial & banking stocks turned out to be the major market movers as Sensex climbed 2,314.84 points while Nifty rose by around 5 per cent.
The government is said to have taken progressive steps for the financial sector. Previously, with the COVID-19 pandemic, stressed businesses and increasing bad debts of the banks had raised concerns for the financial sector, which certainly was in much need of a boost by the government.
S&P BSE Bankex index was up by 8.33 per cent while BSE Finance index rose by 7.49 per cent. In the index, IndusInd Bank was the biggest gainer, followed by ICICI Bank, RBL Bank & SBI.
Bank Nifty rose to a record high, witnessing its biggest-ever one-day gain. The index surged by 8.26 per cent.
PSU Banks gained on the announcement of divestment of two PSU Banks in FY22. Nifty PSU Bank index was up by around 8 per cent intraday on Monday.
In Nifty PSU Bank index, SBI was the biggest gainer while Bank of Maharashtra was the biggest loser, declining by 1.34 per cent.