Nifty Bank at 29,000

The most actively traded index in the Indian markets, Bank Nifty opened at 29,028.90 and high at high of 29,070.35 on Thursday's morning session. At 9:45 hours, the index was trading at 29,052.05, up by 167.75 points or half-a-per cent.

In the one-year period, the Nifty Bank has moved up by 17.44 per cent, while in the past one-month it gained 6.70 per cent.

Among the toppers were Yes Bank at Rs. 253.15 per share, up by 3.62 per cent; Axis Bank was at Rs. 748.40, up by 1.41 per cent; IndusInd Bank was at Rs. 1,659.00 per share, up by 1.38 per cent.

While the index heavyweight ICICI Bank opened at Rs. 392.00 per share and at 9:45 hours, was at Rs. 392.85, up by 0.24 per cent, in the morning session, the stock was just shy of its 52-week high of 393.25; while HDFC Bank opened at Rs. 2,244.85 per share and breached its 52-week high of Rs. 2,247.50, up by 0.19 per cent on Thursday.

All the 12 constituent stocks of the index traded in the green and there has been broad-based buying in all banking stocks, especially private banks. Banking sector is experiencing loan demand growth fuelled by higher capex and working capital requirements of various industries. Retail banking segment is also gaining steam.