Axis Bank, ICICI Bank, and State Bank of India lifted the markets

According to some analysts, IndusInd Bank and Kotak Mahindra Bank saw the highest rollovers- among private banks - at 97 per cent each. ICICI Bank saw rollover of 95 per cent; HDFC Bank (94 per cent); Axis Bank (91 per cent); and Federal Bank (70 per cent).

Meanwhile, Bank of Baroda saw highest rollover in the PSB sector at 96 per cent, followed by SBI at 94 per cent; Canara Bank at 83 per cent; and Punjab National Bank at 63 per cent.

"The Bank Nifty saw significant fresh open interest (OI) addition on August 27. While August series saw closure of 0.23 million shares, September series added almost 0.7 million shares in the last sessions. The roll spread in the banking index has remained negative despite continued recovery. We believe it will also witness some pressure during the settlement as short rollover is likely to be seen," cautioned analysts at ICICI securities.

Today, Nifty PSU Bank index surged 5 per cent in the intra-day trade today to hit a high of 1,604 level. Nifty Bank, on the othe rhand, rallied 3.5 per cent, hitting a 10-week high of 24,439. Nifty Private Bank index hit a high of 13,428 on the National Stock Exchange (NSE), up 3.5 per cent in the intra-day trade. In comparison, the benchmark Nifty50 hit a high of 11,686 on the NSE, up nearly a per cent.