Bank Nifty in the green as SBI, PNB and BoB recover

Aided by the recovery in key bank stocks like SBI, BoB and PNB, the CNX Bank Nifty was trading in the green with 9 of the 12 Bank Nifty stocks trading in the positive territory after nearly 100 minutes into trading this morning but not before witnessing a steep value erosion.

For SBI, it was a major recovery as the stock came close to breaching its 52-week low before pulling back.

The

BoB s tock was up by ₹12.45 at ₹543.45 but it had hit a low of ₹520.45 before recovering.

SBI came close to its 52-week low of ₹1,452.70 when it fell to ₹1,466.80 in today’s morning trade. But the stock pulled back strongly to move up to ₹1,514.90, a gain of ₹26.55.

PNB was another major gainer up by ₹8.40 to trade at ₹558. This stock also recovered strongly after falling to a low of ₹535.

The losers were HDFC Bank down by 80 paise at ₹625.70, ICICI Bank that was down by ₹1.60 at ₹961.90 and Axis Bank that shed ₹3.90 to trade at ₹1,120.

The Bank Nifty , which touched a low of 9944 points, has recovered to 10,128.85 points, a gain of 26.75 points.