Bank stocks are on a roll with the CNX Bank Nifty up by about 230 points just as the Finance Minister Arun Jaitley began his budget presentation this morning.
The turnaround in the fortunes of the banking counters, mainly PSU banks, has come as a relief since the bank stocks had come under stick in the last one month, though over a one-year period, thy had made splendid gains as the markets rode the Modi wave.
Bank of Baroda (BoB) was up by ₹ 6.60 at ₹ 187.60.
In the past one month, the stock had shed about 16 per cent though in a one-year period, it had gained about 70.19 per cent.
Canara Bank was trading higher by ₹10.35 at ₹ 418.40 and this stock too has shed about 12.12 per cent in the last one month. PNB was trading at ₹169.70, up by ₹3.55 and its loss over a one-month period was about 18 per cent.
The biggest bank of the country SBI was up by ₹4.80 at ₹304.70 and its one-month loss has been close to 9 per cent.
ICICI Bank has gained ₹6.25 to trade at ₹341.50 and this bank has been a significant loser among the private sector banking majors in the last one month, down by about 11 per cent.
Shares of the private sector banks - Axis Bank, YES Bank, HDFC Bank and Kotak Mahindra Bank , were all up by about ₹5-₹7 each.
The CNX Bank Nifty had gained 229.95 points and all 12 stocks making the bank nifty index were trading in the green.