Bank Shares Rebound Amid Broad-Based Rally, PSU Bank Index Gains Up to 2%.

Bank Shares Rise Amid Broader Market Advance

In Wednesday's trade, bank shares saw a significant surge, with the benchmark indices advancing. The Nifty Bank index rebounded from its previous session's decline, rising up to 1.5 percent. Of the 14 constituents, 13 traded in the green, with ICICI Bank being the only laggard.

The top gainer on the index was IDFC First Bank, which rose 3.15 percent. Yes Bank and IndusInd Bank also advanced, with gains of 2.38 percent and 2.15 percent, respectively. Among the heavyweights, HDFC Bank, State Bank of India, Canara Bank, and Punjab National Bank traded higher, with gains of 1–2 percent.

The Nifty PSU Bank index also saw a significant rise, increasing up to 2 percent. The private bank index followed suit, increasing by 1.4 percent.

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According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the 55,900–56,000 zone is likely to act as a key resistance. A sustained move above 56,000 may extend the pullback towards 56,500 and 57,200 in the short term. On the downside, the 55,100–55,000 range is expected to provide crucial support.

Meanwhile, the Sensex saw a substantial increase, climbing 1,396.93 points or 1.82 percent to 78,244.50 in early trade. The Nifty also gained significantly, advancing 424.25 points or 1.78 percent to 24,266.90. This movement is attributed to the strength in global markets, following a decline in crude oil prices below the USD 100 per barrel mark.