Banking shares have rallied on the bourses with most of the frontline stocks trading higher in the range of 3-6% on the National Stock Exchange (NSE) after the rupee rose to a five-week high against dollar.
The rupee rose to as high as 61.52 against the dollar, its strongest level since Oct 31 as exit polls results showing the Bharatiya Janata Party (BJP) had an edge over the Congress in the recent state elections. It was last trading at 61.63 compared to its 62.06 close on Wednesday.
The NSE banking share index Bank Nifty was the largest gainer, up 4.4% compared to 1.8% rise in the benchmark CNX Nifty at 1130 hours.
Among the individual stocks, ICICI Bank and YES Bank have jumped more than 5% each, Canara Bank, Union Bank of India, Axis Bank and Bank of Baroda surged 4% each, while State Bank of India, Bank of India, IndusInd Bank and Punjab National Bank are up 3% each.
The rupee rose to as high as 61.52 against the dollar, its strongest level since Oct 31 as exit polls results showing the Bharatiya Janata Party (BJP) had an edge over the Congress in the recent state elections. It was last trading at 61.63 compared to its 62.06 close on Wednesday.
The NSE banking share index Bank Nifty was the largest gainer, up 4.4% compared to 1.8% rise in the benchmark CNX Nifty at 1130 hours.
Among the individual stocks, ICICI Bank and YES Bank have jumped more than 5% each, Canara Bank, Union Bank of India, Axis Bank and Bank of Baroda surged 4% each, while State Bank of India, Bank of India, IndusInd Bank and Punjab National Bank are up 3% each.