Bank Nifty staged a sharp recovery from its intraday low on Friday, erasing a fall of as much as 1.4 percent to trade flat in the afternoon, along with a broader market rebound as crude oil prices retreated from early highs. The banking index was nearly unchanged at 56,471 around 2 pm, having recovered roughly 770 points from the day’s low.
The Sensex and Nifty 50 also pared a large part of their earlier losses, recovering more than 500 points and 150 points, respectively, from their intraday lows. At 1:57 pm, the Sensex was still down 220 points, or 0.3 percent, at 74,682, while the Nifty was 94 points, or 0.4 percent, lower at 23,384.
Among banking stocks, HDFC Bank rose nearly 1 percent to Rs 700.45 after touching an intraday high of Rs 701.70. Yes Bank jumped 6.2 percent to Rs 23.69, while PNB gained 0.4 percent to Rs 117.35. Kotak Mahindra Bank was up 0.35 percent at Rs 418 and Axis Bank traded marginally higher at Rs 1,247.
The gains helped offset weakness in several other lenders. IndusInd Bank fell 1.9 percent to Rs 974.50, while SBI declined 1.4 percent to Rs 995.50. Canara Bank and Federal Bank were down 0.9 percent and 0.8 percent, respectively, while IDFC First Bank, Union Bank of India and Bank of Baroda also traded lower.
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