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Stock market update: SBI, IndusInd Bank keep Nifty Bank index in the green

NEW DELHI: Nifty Bank index closed Tuesday's session 154 points, or 0.58 per cent, up at 26,607, backed by gains in State Bank of India (up 3.65 per cent).

State Bank of India, the country's largest lender, is aiming to recover Rs 50,000 crore this fiscal year, and is strengthening its recovery team for better collections from NCLT accounts, sale of loan to ARCs, one-time settlement and recovery through loan camps for retail defaulters.

Shares of IndusInd Bank and IDFC Bank clocked gains of 2.53 per cent and 2.49 per cent, respectively.

Federal Bank and RBL Bank advanced over 1 per cent, while Kotak Mahindra Bank, ICICI Bank, Punjab National Bank, HDFC Bank and Bank of Baroda also stood in the green zone.

YES Bank (down 0.69 per cent) and Axis Bank (0.44 per cent) settled in the red in the index.

Healthy buying in most sectors, led by FMCG, pharma, IT, auto and bank, triggered by firm Asian cues after a historic meet between the US President Donald Trump and North Korean leader Kim Jong Un gave a fillip to domestic market sentiment on Tuesday.

The equity barometer Sensex surged by 209 points, or 0.59 per cent, to end the day at 35,693, with 17 stocks advancing and 14 declining.

The Nifty pack climbed 56 points, or 0.52 per cent, finishing Tuesday's session at 10,843 with 29 stocks in the green and 21 in the red.

Lupin, Dr Reddy's Laboratories, State Bank of India, IndusInd Bank, Hindustan Unilever and Hero MotoCorp stood as the top gainers in the Nifty index on Tuesday.

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