The market witnessed a strange phenomenon of CNX Nifty and Bank Nifty moving in a contra direction.
While the Nifty shed about 34 points to close at 5,326, the Bank Nifty gained about 72 points to close at 9,989 powered by the positive results by some of the banks.
The feel good factor rubbed on some of the banking stocks that had come out with poor numbers like the Union Bank of India, which also witnessed the stock price rally. However, ICICI Bank, whose Q2 results were good, surprisingly edged down.
The biggest gainer was Bank of Baroda that shot up by Rs 35.45 or 4.79 per cent to close at Rs 775. PNB was another major gainer, closing at Rs 978.15, up by Rs 15.75.
Bank of India, up Rs 7.75 to close at Rs 333.25 and HDFC Bank, up Rs 7.35 at Rs 490 were the other prominent gainers. Union Bank of India closed at Rs 225.75, a gain of Rs 3.65
However, ICICI Bank closed at Rs 931, losing Rs 2.35, after reaching an intra-day high of Rs 953.65. SBI also declined to Rs 1,907, a loss of Rs 2.80.