SBI shares rise nearly 5% as PSBs, financial stocks lead market rally

Financial and banking stocks emerged as top gainers in the domestic stock market on Monday as state-run SBI shares rose nearly five percent.

Both market benchmarks, BSE Sensex and NSE Nifty were trading higher by almost 3 percent after the government significantly eased lockdown rules in India. Strong performance in Asian markets also cheered up domestic market investors.

However, it was Public Sector Banks (PSBs) which contributed a large share of today’s gains during the trading session.

State Bank of India (SBI) was among the top gainers today and rose nearly 5 percent during the afternoon trading session.

SBI shares were trading 4.43 percent higher at Rs 168.45 each on the NSE at around 2:10 pm.

Just last week, SBI had announced that it would automatically extend the moratorium by another three months for all eligible borrowers without waiting for their request.

Among other stocks that contributed to Monday’s market rally are Bajaj Finance, Bajaj Finserv, Titan, Mahindra & Mahindra, HFC, and Tata Steel.

At around 2:30 pm, BSE Sensex was trading higher by almost 1,000 points at 33,421.07 while Nifty was inching closer to 9,900 points.