Here's how the Banking stocks are doing at the Markets today

Banks, particularly the beaten down PSU variety, continued to be in heavy demand by traders as rock bottom valuations and lower ownership made them attractive buying opportunities.

All 13 PSU banking futures posted smart gains, led by smaller banks such as Bank of India and Union Bank of India. There private sector counterparts such as Axis, ICICI and HDFC Bank showed comparatively modest gains.

Twenty out of 22 banking futures showed a rise in Open Interest, led by Canara Bank. Rallies in some of these banks have entered the fifth day, with heavy deliveries being picked up in the cash market.

Here is a snapshot of the banking futures space:

Bank of India rose 3.8 percent to 175.40 rupees.
Union Bank added 3 percent to 209.35 rupees.
Punjab national Bank was up 2.5 percent to 163.05 rupees.
Bank of Baroda added 1.2 percent to 191.20 rupees.
Canara Bank was up 1.9 percent to 309.45 rupees.
IDBI added 2 percent to 69.15 rupees.

The Bank Nifty, meanwhile, recovered from its intra-day dip of 18,800 to quote to 0.9 percent higher at 19,087 points on the National Stock Exchange.

Image credit: Indiatimes