Bank Nifty gains 260 points

While the Infosys effect did a world of good for the IT stocks, the CNX Bank Nifty also soared with the index gaining about 260 points in the afternoon trade on the NSE today.

However, the sharp gain in Bank Nifty was mainly due to the rise in the price of five bank shares though all 12 bank stocks in the Bank Nifty were trading in the green.

ICICI Bank topped the gainers’ list as the stock rallied to Rs 994.50, a gain of Rs 46.45 or 4.9 per cent.

Bank of Baroda was up by 4.59 per cent or Rs 24.60 at Rs 561.10, PNB was up by Rs 15.70 at Rs 489.75, SBI gained Rs 35.05 to trade at Rs 1,668 and Axis Bank rose Rs 15.55 to trade at Rs 1,081.80.

Union Bank of India, Canara Bank, IndusInd Bank and HDFC Bank were among the bank stocks to move up. Bank of India edged up by 25 paise to trade at Rs 186.30.