Bank Nifty index surged over 1% to trade above 59,500 on November 9 with PSU banks leading the gains.
At 2:50 pm on November 9, Bank Nifty was trading 1.2% higher at 59,536.65 with Punjab National Bank, Union Bank of India and Bank of Baroda leading the gains by trading 5%, 4.5% and 4% higher, respectively.
Heavyweight HDFC Bank hit its three-month high and it remained as one of the key stocks limiting the fall of the Nifty 50.
Shares of State Bank of India rose 3% to hit their highest level in over two months of Rs 1,047.70 during early trade. The stock was the top gainer in the Nifty 50 index and also led the gains in the Nifty PSU Bank index, which also rose over 3% to hit its highest level in nearly three months at 8,858.9 points in late afternoon trade
SBI stock has gained 7% since the company detailed its September quarter earnings November 3. For July-September quarter, the country's largest lender's standalone net profit grew over 14% to Rs 23,038 crore, while its net interest income grew nearly 15% on year to Rs 49,143 crore.