Banking stocks rallied on Monday led by public sector lenders as government bond yields dipped. The move improved sentiment across the sector.
The Bank Nifty and Nifty PSU Bank index posted significant gains and outperformed the broader Nifty. Public sector banks including Union Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank led the advance.
Traders have shifted to bullish positions on Indian banks following measures by the Reserve Bank of India to allow foreign currency borrowing. Bank Nifty rose 4.25 percent last week, outperforming the broader Nifty index.
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Indian stock markets rose more than 1 percent on Monday as the Nifty index crossed back above 24,000. The gains followed positive global signals including hopes for a US-Iran deal and lower oil prices.
Indian IT stocks surged on Monday, outperforming the broader market. The Nifty IT index reached its highest level since April 23.
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The Nifty index achieved a strong breakout above the 23,500 level, leading technical analysts to become more optimistic about further advances.