Bank stocks that were deeply in the red in the morning trade have recovered from their early losses with seven of the Bank Nifty constituents trading in the green in the afternoon.
The extent of recovery could be judged from the fact that the Bank Nifty, that was at one time down by about 200 points, had wiped out the losses to move into the green in the afternoon trade.
Bank of India, PNB, BoB, SBI and HDFC Bank shares were trading in the green.
BoI shares were trading at Rs 225.55, up by Rs 5.65, after touching a low of Rs 211.55 and PNB shares have pulled back from a low of Rs 508.90 to trade at Rs 530.80, a gain of Rs 8.55.
Bank of Baroda shares were up by Rs 5.95 to trade at Rs 607.50, SBI shares gained Rs 3.50 to trade at Rs 1,747.80 after falling to Rs 1,711 and HDFC Bank gained Rs 7.30 to trade at Rs 659.80. This stock fell to a low of Rs 616.70 before pulling back.
But the other five shares in the CNX Bank Nifty are in the red, though they had recouped much of their losses.
ICICI Bank, which dipped to Rs 1,025.30, has bounced back to Rs 1,051.80, down by Rs 1.90, Axis Bank was trading at Rs 1,103.45 after slipping to a low of Rs 1,077.15, down by Rs 15.75, IndusInd Bank was trading at Rs 419.70 after recovering from Rs 408.30 and Yes Bank, which fell to Rs 334.25, has recovered to trade at Rs 344.20.
Bank Nifty was at 10,924.45 points, a gain of 11.30 points. The bank index had touched a high of 10,940.50 points before ceding some of its gains. At one time, the index had touched a low of 10,674.50 points before making a 250 + points recovery.
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