Banking stocks surged today with Bank Nifty jumping above 44,150 towards the end of the session. The market sentiment improved after HDFC chairman Deepak Parekh said that the merger of the corporation with HDFC Bank will be effective July 1. HDFC stock delisting will be effective from July 13, Vice-Chairman and CEO Keki Mistry said. HDFC and HDFC Bank stocks jumped 2%. Nifty Private Bank, Nifty PSU Bank and Nifty Financial Services soared over 1%. All the banking stocks were trading in green except PSB and Indian Bank.
State Bank of India, Federal Bank, Axis Bank, HDFC Bank, ICICI Bank and Punjab National Bank were the top gainers on the Nifty Bank index. The jump was also seen in benchmark indices with NSE Nifty 50 and BSE Sensex surging over half a percent. The NSE Nifty 50 rose 126.20 points or 0.68% to 18,817.40 and BSE Sensex jumped 446.03 points or 0.71% to 63,416.03.