Banking shares are back in focus with most of the frontline stocks paring their entire losses made in opening trades and are trading higher by up to 4% on the National Stock Exchange.
ICICI Bank, State Bank of India (SBI), HDFC Bank, Bank of Baroda, Canara Bank, Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank and IDBI Bank are trading higher by 1-3% on NSE at 1236 hours.
The NSE’s banking share index Bank Nifty, the largest gainer among sectoral indices is up nearly 2% at 12,011 compared to 0.80% gain in benchmark Nifty. The index has rallied almost 4% from intra-day low of 11,555.
The stocks of Axis Bank, ICICI Bank and HDFC Bank fell in the morning trades following an expose by an online newspaper Cobrapost that these banks allegedly indulged in money laundering.
Meanwhile, ICICI Bank and HDFC Bank have said that they are investigating the allegations of being involved in money laundering. ICICI Bank has constituted a high-level inquiry committee to probe allegations and the committee will submit its report within two weeks.
HDFC Bank is trading higher by 2.2% at Rs 649, recovers almost 6% from day’s low of Rs 615, while ICICI Bank is up 1.65% at Rs 1,104, bouncing back 4.2% from low of Rs 1,060 on NSE.
SBI is also up by nearly 4% at Rs 2,259 on NSE. The stock opened at Rs 2,179 and hit a low of Rs 2,165 in opening deals.
ICICI Bank, State Bank of India (SBI), HDFC Bank, Bank of Baroda, Canara Bank, Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank and IDBI Bank are trading higher by 1-3% on NSE at 1236 hours.
The NSE’s banking share index Bank Nifty, the largest gainer among sectoral indices is up nearly 2% at 12,011 compared to 0.80% gain in benchmark Nifty. The index has rallied almost 4% from intra-day low of 11,555.
The stocks of Axis Bank, ICICI Bank and HDFC Bank fell in the morning trades following an expose by an online newspaper Cobrapost that these banks allegedly indulged in money laundering.
Meanwhile, ICICI Bank and HDFC Bank have said that they are investigating the allegations of being involved in money laundering. ICICI Bank has constituted a high-level inquiry committee to probe allegations and the committee will submit its report within two weeks.
HDFC Bank is trading higher by 2.2% at Rs 649, recovers almost 6% from day’s low of Rs 615, while ICICI Bank is up 1.65% at Rs 1,104, bouncing back 4.2% from low of Rs 1,060 on NSE.
SBI is also up by nearly 4% at Rs 2,259 on NSE. The stock opened at Rs 2,179 and hit a low of Rs 2,165 in opening deals.