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
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.