Here's how the Banking stocks are doing today

Banks, under relentless selling for the past 4 sessions, came back strongly on Thursday mainly on account of short covering and some bottom fishing after some brave investors judged the recent 9 percent drop on the sectoral index as overdone.

Some of the most established brands in the banking sector are wallowing at 52 week lows, prompting buying at these levels. SBI, ICICI, Federal Bank, PNB, BoB and Bank of India are some of the lenders showing a sharp correction in price over the last 5 sessions.

All 22 banking futures posted gains of between 0.4 and 2.5 percent. Private sector banks' gains were higher.

Futures of Syndicate Bank, Oriental Bank, IndusInd, IDBI, ICICI bank, Federal Bank and Canara Bank saw a dip in open interest.

Overall, the sector's open interest rose between 0.3 percent on average.

Here is a snapshot of price action in the banking space:

Axis Bank jumped 2.5 percent to 481 rupees;.
IDBI added 2.5 percen to 58.25 rupees;
Oriental Bank was up 2.2 percent to 130.90 rupees;
South Indian Bank rose 2.1 percent to 19.85 rupees and
Bank of Baroda gained 1.9 percent to 173.15 rupees.

Image credit: Indiatimes