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Bank stocks were back in the reckoning, apparently putting behind the disappointment over RBI Governor D. Subbarao not tinkering with the CRR while announcing the monetary policy a few days ago.
Among the Bank Nifty stocks, the rally was largely confined to frontline bank counters like ICICI Bank, Axis Bank and SBI with the other constituents in the index seeing only a marginal increase.
ICICI Bank shot up by Rs 20.55 to Rs 1,163.20, Axis Bank advanced by Rs 18.65 to Rs 1,478.40 and SBI gained Rs 17 to Rs 2,243.10.
IndusInd Bank and Canara Bank also witnessed some activity, moving up by Rs 7.80 to Rs 482.30, and by Rs 5.30 to Rs 396.90, respectively.
With all the 12 stocks moving to positive territory, the Bank Nifty gained 121.25 points. But the gains made by Bank of India, Kotak Mahindra Bank, PNB and HDFC Bank were only modest.
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