Banking stocks, which were hammered out of shape, finally saw some buying support. Indusind Bank was up 40 per cent and constantly hit the higher end of the circuit filter in trade. Bandhan Bank too jumped 35 per cent. The stock initially moved higher by 10 per cent and then when the circuit filter limits began being raised moved higher by 15, 20, 25, 30 and ultimately 35 per cent.
In fact, most of the financial stocks were seeing tremendous buying interest with the likes of Axis Bank gaining 14 per cent, LIC Housing rallying 16 per cent, MAX Financials gaining 18 per cent.
There may have been hectic short covering in some of these stocks, which had slumped to abysmally low levels in the last few trading sessions.
Also value buying maybe emerging at lower levels, though many analysts see the banking sector to be adversely impacted in the next few quarters, on account of the coronavirus.