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Why banking stocks are on fire during extended trading hours today

Buoyed by the gains in banks, Sensex and Nifty rallied over 1,000 points and 250 points, respectively

twitter-logoBusinessToday.In | February 24, 2021 | Updated 17:11 IST
Why banking stocks are on fire during extended trading hours today
Top Sensex gainers were Axis Bank, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance and SBI shares which rose up to 5%.

Banking stocks zoomed during the extended trading hours today after Finance Minister Nirmala Sitharaman announced that the government has lifted the embargo on grant of government businesses to private banks.

Bank Nifty rose 1,451 points to 36,567 against previous close of 35,116 in afternoon trade. Similarly, BSE bankex climbed 1,601 points to 41,097 against previous close of 39,496. Buoyed by the gains in banks, Sensex and Nifty rallied over 1,000 points and 250 points, respectively.

Top Sensex gainers were Axis Bank, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance and SBI shares which rose up to 5%.

Govt lifts embargo on grant of govt businesses to private banks

Taking to Twitter, FM Sitharaman further stated that all banks can now be equal partners in development of the Indian economy.   

"Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience," the finance minister tweeted.

Trading hours on NSE, BSE extended till 5 pm today

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