Mumbai: Bank Nifty surged nearly 1,000 points on Wednesday, November 11, moving closer to its all-time high of 61,764. The banking index crossed the 60,000 mark for the first time since February 27, supported by strong buying in heavyweight banking stocks.
The index has gained nearly 8,000 points from its October 28 low, turning positive for 2026. Leading private sector banks, including HDFC Bank and ICICI Bank, have driven the recovery.
Private Banks Lead Rally
HDFC Bank shares have climbed nearly 20 percent from their October 28 low, adding approximately Rs 2 lakh crore to the bank's market capitalisation, which reached Rs 12.57 lakh crore.
ICICI Bank shares jumped nearly 17 percent over the past 10–12 trading sessions, touching a record high. Its market capitalisation reached Rs 11.57 lakh crore.
Axis Bank and Kotak Mahindra Bank also gained around 9 percent each.
Public sector banks participated in the rally. State Bank of India advanced 11.5 percent, adding nearly Rs 1 lakh crore to its market value.
Bank of Baroda surged 16 percent, while Yes Bank and Punjab National Bank gained approximately 12 percent each.
Three Factors Driving Markets
Softer Crude Oil Prices
Brent crude slipped to a two-month low of USD 89.16 per barrel on Tuesday after US officials signalled a softer approach towards further military action against Iran.
Although Brent recovered to around USD 92 on Wednesday, easing supply concerns supported sentiment.
Lower oil prices could reduce India's import bill and ease corporate cost pressures.
Foreign Investor Buying
Foreign institutional investors purchased Indian equities worth Rs 7,212 crore, strengthening market confidence.
Renewed foreign buying has provided support to banking stocks and benchmark indices.
Positive Asian Market Cues
The MSCI Asia-Pacific Index climbed 0.8 percent, while Japan's Nikkei 225 and South Korea's Kospi traded higher.
US stock futures also showed improvement.
However, China's Shanghai Composite and Hong Kong's Hang Seng declined, indicating mixed global sentiment despite the broader recovery.
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