 "Banking shares on a roll, Bank Nifty zooms over 10%")
Banking shares are on a roll with the Bank Nifty, a gauge for banking shares, rallying 10.6% to 15,742, also its record high on the National Stock Exchange (NSE). The benchmark CNX Nifty has gained 6.2% to 7,563.50, also its new high today.
ICICI Bank, State Bank of India, Canara Bank, Punjab National Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank and YES Bank has surged between 8-20%.
According to a Reuters report, state-run banks plan to tap capital markets to raise money after a new government takes office, betting on a revival in credit demand and giving them a chance to shore up battered balance sheets.
State lenders, which control roughly 75% of the banking industry, are looking to raise funds from the market instead of relying on capital infusions from the cash-strapped government, added report.
Early results put Narendra Modi on course for an absolute majority in the Lok Sabha polls. Trends at 10:30 am show the NDA leading in 316 seats, UPA in 70 seats and others in 153.
ICICI Bank, State Bank of India, Canara Bank, Punjab National Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank and YES Bank has surged between 8-20%.
According to a Reuters report, state-run banks plan to tap capital markets to raise money after a new government takes office, betting on a revival in credit demand and giving them a chance to shore up battered balance sheets.
State lenders, which control roughly 75% of the banking industry, are looking to raise funds from the market instead of relying on capital infusions from the cash-strapped government, added report.
Early results put Narendra Modi on course for an absolute majority in the Lok Sabha polls. Trends at 10:30 am show the NDA leading in 316 seats, UPA in 70 seats and others in 153.