Bank Nifty hits new high

Banking shares are back into focus with the National Stock Exchange (NSE) Bank Nifty hitting a fresh record high during intra-day trade today on hopes of faster reforms in the sector ahead of a two-day industry meet that will commence on Friday.

At 12.15 hours, Bank Nifty is up 1.58% or 297 points at 19,047, touching a record high of 19,056 during the intra-day trades.  The benchmark CNX Nifty is up 1.26% or 104 points at 8,388.

The one-of-a-kind retreat, spearheaded by Prime Minister Narendra Modi along with Reserve Bank of India (RBI) Governor Raghuram Rajan and Finance Minister Arun Jaitley, will include all top bankers to address issues such as consolidation, bad loans, financial inclusion and capital needs.

State Bank of India (SBI), Bank of Baroda, Yes Bank, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Axis Bank and Bank of India are up 1-2.2%, while Union Bank and Canara Bank, up 0.7% each on the NSE.