Bank Nifty surges ~3%; IDFC Bank, Axis Bank up ~5.5%

Equity markets have gained momentum and are trading near the day's high. Nifty Bank climbed 692 points to trade at 25,220. The stock market gained in Wednesday’s session after RBI announced that it would inject Rs12,000cr into the system through the purchase of government bonds on Thursday to meet the festive season demand for funds. All 12 stocks on the sectoral indices surged with maximum gains in IDFC Bank, RBL Bank, and ICICI Bank, which rose between 4-5%. Heavyweight stocks such as HDFC Bank, Kotak Bank, SBI, ICICI, IndusInd Bank and Bank of Baroda rose between 2-3%.

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