Bank Nifty gains 1% as HDFC Bank surges 1.70% and ICICI Bank rises 1.35%

The Bank Nifty index advanced 0.96%, trading at 51,247.80 as of 9:40 AM, adding 488.60 points to its value. The rally was driven by strong performances from major banking stocks, with HDFC Bank and ICICI Bank leading the gains.

HDFC Bank surged 1.70% to ₹1,801.70, while ICICI Bank climbed 1.35% to ₹993.80. Other notable gainers include State Bank of India (SBI), which rose 0.59% to ₹816.80, Bank of India, up 0.15% at ₹103.18, and Canara Bank, gaining 0.05% to trade at ₹99.66.

However, the rally was not uniform across public sector banks. Bank of Baroda slipped 0.02% to ₹240.55, while Punjab National Bank (PNB) declined 0.13% to ₹100.64. Union Bank of India was down 0.18% at ₹116.57, and Indian Overseas Bank (IOB) dipped 0.27% to ₹52.26.

Smaller public sector banks also witnessed declines, with Central Bank of India falling 1.11% to ₹54.46, Bank of Maharashtra down 0.62% at ₹54.40, and Punjab & Sind Bank dropping 0.51% to ₹48.48.

The overall sentiment in the banking sector remains positive, as gains in private banks outpaced losses in public sector banks.

Disclaimer: This story is for informational purposes only and does not constitute financial or investment advice. Please consult your financial advisor before making any investment decisions.

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