Bank Nifty surges over 5% in two days

Banking shares are trading higher for second straight day with Bank Nifty, the bank index, rallied over 5% in past two trading sessions.

At 12:15 PM, the Bank Nifty was up 2.4% or 386 points at 16,737 compared to 1.9% rise in the CNX Nifty. On Tuesday, the banking index rallied 3.6%, recorded its biggest single-day gain since May 16, 2014.

Axis Bank, Yes Bank, IndusInd Bank, Canara Bank, Union Bank of India and Punjab National Bank were up more than 3% each, while Bank of India, Kotak Mahindra Bank, Federal Bank, Bank of Baroda, State Bank of India, ICICI Bank and HDFC Bank up 2%-3% on the NSE.

Prime Minister Narendra Modi on Tuesday asked India Inc to increase risk-taking appetite and step up investments even as industry leaders pressed for interest rate cut and more policy action to improve ease of doing business.

Meanwhile, Moody's Investors Service said India's current account deficit is likely to remain low supported by declining oil prices and the direction of economic recovery would remain positive despite a slow recovery in industrial output.

Bank	07/09/2015	08/09/2015	LTP*	% chg#	% chg$
Yes Bank	650.70	696.85	722.10	3.62	10.97
Axis Bank	449.85	473.90	493.80	4.20	9.77
Union Bank (I)	153.45	159.45	167.25	4.89	8.99
Punjab Natl.Bank	127.90	132.85	137.60	3.58	7.58
Bank of India	127.25	133.50	136.90	2.55	7.58
Bank of Baroda	169.80	177.70	181.70	2.25	7.01
ICICI Bank	249.10	260.80	266.55	2.20	7.01
Canara Bank	252.60	260.70	268.00	2.80	6.10
IndusInd Bank	820.20	840.35	869.25	3.44	5.98
Oriental Bank	122.15	126.85	129.40	2.01	5.94
Kotak Mah. Bank	600.65	620.40	635.90	2.50	5.87
St Bk of India	221.10	228.35	233.80	2.39	5.74
IDBI Bank	53.95	55.50	56.85	2.43	5.38
HDFC Bank	984.45	1004.05	1018.75	1.46	3.48
Andhra Bank	60.15	61.25	62.05	1.31	3.16
*LTP - Last traded price on NSE at 12:29 PM
# % change over previous day; $ % change over September 7, 2015