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Attractive valuations, short covering: Why Nifty Bank gained 10% in 2 days

The most beaten down stocks at the exchanges in the month of May, banks and non-banking finance companies (NBFCs), have taken the Street by surprise over the last two days. Between April 30 and May 26, Nifty Bank and Nifty Private Bank indices skid 19 per cent each, compared to a 8.4 per cent decline in the benchmark Nifty50 index. However, Nifty Bank index surged a massive 1,270 points or 7.28 per cent to settle at 18,710.55 on Wednesday, and extended its rally on Thursday to advance 4 per cent in the intra-day deals. The index, however, pared some gains and settled 2.45 per cent highe.....

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