Bank Nifty gains 10% in March: Here's what is driving the rally in banking stocks

Banking and financial services stocks have been key drivers of the current rally that has led benchmark indices to fresh six-month highs. The up move has been fuelled by hopes of Modi's return at the Centre and renewed FII inflow.

Bank Nifty has rallied 10 percent in March so far and financial services index has climbed around 8 percent in comparison to Nifty's over 5 percent gain.

Index constituents Punjab National Bank, Bank Of Baroda, IndusInd Bank, IDFC First Bank, ICICI Bank, RBL Bank and SBI have rallied 10-20 percent during the current month.

Meanwhile, Kotak Mahindra Bank, Federal Bank, HDFC Bank, Yes Bank and Axis Bank have gained 5-9 percent.

Source:https://www.moneycontrol.com/news/business/markets/bank-nifty-gains-10-in-march-heres-what-is-driving-the-rally-in-banking-stocks-3649921.html

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