Market Now: Banking stocks in green; Yes Bank, Axis Bank among top gainers

NEW DELHI: Shares of YES Bank were trading over 1 per cent higher in morning trade on Wednesday after the lender on Tuesday signed an MoU in London with Santander to promote India-UK trade and business opportunities.

The scrip was trading at 1,500, up 1.05 per cent on BSE Bankex around 10.30 am (IST). The banking index was trading 0.50 per cent up at 26,408.81 around the same time.

Bank of Baroda (up 0.91 per cent), Axis Bank (up 0.75 per cent), Federal Bank (up 0.67 per cent), IndusInd Bank (up 0.43 per cent), Kotak Mahindra Bank (up 0.42 per cent), State Bank of India (up 0.33 per cent), HDFC Bank (up 0.24 per cent) and ICICI Bank (up 0.19 per cent) were among other banking gainers in the index.

The BSE Sensex moved up 75 points in early session as support came in from blue-chip stocks amid a mixed movement in Asia. However, the index pared some of initial gains and was trading 48 points up at 31,258 around 10.30 am (IST). Benchmark Nifty50 index was 18 points up at 9,632.

In the Nifty50 pack, 37 stocks were trading in green, while 14 stocks were in red.

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Traders were seen piling up positions in office equipments, tyres, retail, rubber, petroleum, power, shipping, food processing, cement, transport and cables sectors.