Essar Steel case verdict a big positive for banks; SBI top pick: Analysts

On Friday, the government came up with an interim framework for resolving financial stress in financial service providers (FSPs) through a structured resolution and liquidation proceedings.

Public Sector Banks (PSBs), including State Bank of India (SBI), Central Bank of India, Canara Bank and Syndicate Bank, gained for second straight day, up over 5 per cent in the morning deals on Monday, after analysts turned bullish on the country's financial sector post the Supreme Court's ruling in the Essar Steel Case. Besides, the government's decision to bring financial services providers under the ambit of Insolvency and Bankruptcy Code (IBC) code further boosted sentiment. 

Individually, Central Bank of India advanced the most, up 5 per cent, while SBI, Union Bank of India (UBI), and Syndicate Bank jumped 3