Indian banking stocks staged a recovery on Thursday as investors stepped in to accumulate quality names at lower levels, helping the sector break its three-session losing streak.
The Nifty Bank index, which had slipped nearly 1.5% over the previous three sessions, closed 0.4% higher, signalling renewed optimism in the banking space.
Top Performers of the Day:
- Kotak Mahindra Bank surged over 2% to тВ╣2,173.30 on the NSE, leading the gains.
- HDFC Bank rose 1.02%
- Canara Bank gained 0.85%
- PNB, SBI and IndusInd Bank added up to 0.5%
According to Sudeep Shah, Head тАУ Technical and Derivatives Research at SBI Securities, the Bank Nifty has been consolidating around its 20-day EMA for the past three sessions, indicating a possible base-building pattern.
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