Banking shares were trading higher by up to 3% on the bourses in the early morning trade after the Consumer Price Index (CPI)-based inflation fell to a four-month low in April and is likely to increase the clamour for the Reserve Bank of India (RBI) to cut interest rates in its next monetary policy.
Union Bank of India, Oriental Bank of Commerce, UCO Bank, Bank of India, Bank of Baroda, IDBI Bank, Syndicate Bank and Andhra Bank were up more than 3% each, while Axis Bank, State Bank of India (SBI), ICICI Bank, Yes Bank, Canara Bank and Punjab National Bank up 2%-3% on the National Stock Exchange (NSE).
At 1007 hours, Bank Nifty, the banking share index, was up 1.9% at 17,962 points compared with 1.4% rise in the benchmark CNX Nifty.
CPI inflation for April eased to 4.86%, the lowest in four months, on the back of another month of declining food prices, data by the Central Statistics Office showed on Tuesday. CLICK HERE TO READ FULL REPORT.
Even if the RBI focuses exclusively on consumer inflation, the April number strengthens the case for a rate cut in the June policy announcement, the Business Standard report suggest. CLICK HERE TO READ REPORT.
Union Bank of India, Oriental Bank of Commerce, UCO Bank, Bank of India, Bank of Baroda, IDBI Bank, Syndicate Bank and Andhra Bank were up more than 3% each, while Axis Bank, State Bank of India (SBI), ICICI Bank, Yes Bank, Canara Bank and Punjab National Bank up 2%-3% on the National Stock Exchange (NSE).
At 1007 hours, Bank Nifty, the banking share index, was up 1.9% at 17,962 points compared with 1.4% rise in the benchmark CNX Nifty.
CPI inflation for April eased to 4.86%, the lowest in four months, on the back of another month of declining food prices, data by the Central Statistics Office showed on Tuesday. CLICK HERE TO READ FULL REPORT.
Even if the RBI focuses exclusively on consumer inflation, the April number strengthens the case for a rate cut in the June policy announcement, the Business Standard report suggest. CLICK HERE TO READ REPORT.