Bank Nifty rose 2.72% in morning trade on 11 November, reaching a day high of 61,394.30 as PSU banks led a broad rally.

The index stood at 61,302.20 at 11:53 am, up 1,560.95 points from its previous close of 59,741.25. Thirteen of its 14 stocks traded higher.

Public sector lenders powered the PSU bank stocks rally. Bank of Baroda gained 5.84% to Rs 275.20, Punjab National Bank rose 4.69% to Rs 138.37 and State Bank of India climbed 3.05% to Rs 1,073.80.

Federal Bank, a private lender, jumped 5.03% to Rs 361.40. HDFC Bank and Axis Bank added the most points to the index, followed by Federal Bank, SBI and Bank of Baroda.

Axis Bank shares rose 3.52% to Rs 1,356.90, while HDFC Bank gained 1.93% to Rs 813.55.

ICICI Bank was the odd one out. The ICICI Bank share price slipped 0.04% to Rs 1,588.40, even though the stock carries the second-highest weight in the index.

Easing crude oil prices and renewed foreign buying lifted the wider market too.

Foreign investors turned net buyers this month after selling through much of October. The Nifty 50 traded at 25,381.40, up 1.34%, at 11:52 am.

The Nifty PSU Bank index gained 3.19% in early trade, making it the best performing sector index.

The Nifty 50 had already gained 10.27% between the 28 October close and 6 November, as per the same report.

Bank Nifty today opened at 60,524.70 and dipped to 60,376.10 before climbing to its day high of 61,394.30.

The Bank Nifty rally extends a strong run, with the index up 9.64% in a week and 10.94% in a month.

Its 52-week high is 61,764.85, which also marks the Bank Nifty all-time high, so the index sits less than 1% below a record.

Banking stocks are in focus as a result. Year to date, the index is up 2.66%, and over one year it has gained 5.44%.

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