Banking sector stocks rally sharply today, March 29: Canara Bank surge 4.13%, Bank of Maharashtra up 3.67%, Indian Bank rises 3.37%

Indian banking sector stocks showed a sharp rally on March 20, 2026, during morning trade, with most scrips posting gains as the S&P BSE BANKEX Index rose 1.1% to 60,792.4. The broader market also advanced, with the S&P BSE SENSEX at 74,960.83 (up 1.02%) and NIFTY 50 at 23,219.60 (up 0.95%).

Key Banking Sector Performance (as of ~10:20-10:24 AM IST)

Prices and percentage changes reflect BSE and NSE data:

• Canara Bank: BSE 138.60 (+4.13%), NSE 138.68 (+4.33%)
• Bank of Maharashtra: BSE 64.92 (+3.67%), NSE 64.88 (+3.58%)
• Indian Bank: BSE 889.05 (+3.37%), NSE 888.65 (+3.43%)
• IDBI Bank: BSE 72.40 (+3.21%), NSE 72.57 (+3.44%)
• Ujjivan Small Finance Bank: BSE 54.08 (+3.05%), NSE 54.28 (+3.41%)
• PNB: BSE 112.55 (+2.83%), NSE 112.57 (+2.81%)
• Union Bank: BSE 176.95 (+2.85%), NSE 176.73 (+2.65%)
• SBI: BSE 1,077.15 (+2.69%), NSE 1,076.70 (+2.65%)
• DCB Bank: BSE 174.00 (+2.62%), NSE 174.35 (+2.58%)
• Bank of Baroda: BSE 279.30 (+2.42%), NSE 279.60 (+2.57%)

Most other banks, including AU Small Finance Bank (+~1%), Axis Bank (+~0.9%), ICICI Bank (+~1.47%), and IndusInd Bank (+~1%), recorded positive movement. Exceptions included:

• HDFC Bank: BSE 782.15 (-2.19%), NSE 782.00 (-2.03%) — the main drag in the sector.
• Karur Vyasya Bank: Down ~0.7%.
• City Union Bank and South Indian Bank: Minor declines.

PSU banks generally outperformed private peers, with several showing gains above 2-4%.

Sector and Market Context

The BANKEX Index gained 1.1% intraday but remains down 12.1% over the past 30 days and up 7.0% over the last year. Top gainers were Canara Bank and Bank of Maharashtra, while HDFC Bank and Karur Vyasya Bank were among the losers.

No specific trigger for the March 20 rally in banking stocks is confirmed from available data, though it aligns with intraday recovery patterns seen in volatile periods. Market movements can shift rapidly based on global cues, domestic news, or institutional flows. Investors should monitor live updates for the full session close.