Bank stks in focus; Nifty Bank adds over 2.5%; IDFC First gains 7%, SBI 2%

Global agency Moody's pegs the banks' recap needs at Rs 1.9 lakh crore to Rs 2.1 lakh crore ($25 billion-$28 billion) in external capital over the next two years under its base scenario

Bank stocks such as Federal Bank, State Bank of India, HDFC Bank, and Axis Bank saw sharp upswing in the afternoon session on Monday, rising up to 5 per cent. At 2:41 pm, Nifty Bank and Nifty Private Bank indices were up 2.6 per cent and 2.8 per cent, respectively, and were the top sectoral indices on the National Stock Exchange (NSE). Nifty Public Sector Bank index, meanwhile, was up 0.3 per cent on the NSE. In comparison, the benchmark Nifty50 index was up 0.90 per cent.

Private banks lead

Private banks were leading from the front. IDFC First