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Bank Nifty today witnessed a sharp spike but the increase was powered by the upturn witnessed by just three stocks rather than any broad-based rally in the price of its constituents.
In fact, while six Bank Nifty stocks registered single-digit increase, one stock was even down, albeit marginally.
The big three gainers were ICICI Ban k, which jumped by Rs 32.45 at Rs 1,085.45, Axis Bank that gained Rs 32.60 at Rs 1,146 and SBI which was trading at Rs 2342.55, an increase of Rs 45.65.
Bank of Baroda which gained Rs 13.45 at Rs 793.85 and HDFC Ba nk which was up by Rs 10.50 at Rs 629.95 made it to the list of prominent gainers.
However, Union Bank, Punjab National Bank, IndusInd Bank, YES Bank, BoI and Kotak Mahindra Bank saw only single-digit gains or even less (less than Re 1). The lone loser was Canara Bank that was down by 30 paise at Rs 435.85.
The overall Bank Nifty surged by about 220 points giving the impression as if the entire banking sector was on fire. But the bank index had gained so much because of the weightage the major gainers enjoy in it.
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