New Delhi, June 9 -- Bank Nifty index hit a record high on Monday, surpassing the 57,000 level for the first time, led by a strong rally in banking stocks, fuelled by the Reserve Bank of India's Cash Reserve Ratio (CRR) cut. The index hit a life-time high of 57,049.50.

Kotak Mahindra Bank, AU Small Finance Bank, Canara Bank, Axis Bank, Punjab National Bank, were among the top gainers among Bank Nifty constituents, gaining over 1-2%, while only ICICI Bank shares were trading in the red.

The surge in the banking stocks came after the central bank reduced the CRR by 100 (basis points) bps to 3% of net demand and time liabilities (NDTL), which is estimated to infuse primary liquidity of Rs.2.5 lakh crore into the banking system, helping red...