Shares of banks and real estate companies edged higher after the central bank announced rationalization of risk weights and Loan to Value ratio on individual housing loans of commercial banks.
Among PSU banks, Vijaya Bank (up 1.39%), State Bank of India (up 1.25%), Syndicate Bank (up 1.17%), Punjab and Sind Bank (up 0.99%), Canara Bank (up 0.79%), Andhra Bank (up 0.65%), Central Bank of India (up 0.58%), Bank of Maharashtra (up 0.57%), Corporation Bank (up 0.55%), Punjab National Bank (up 0.54%), Bank of India (up 0.45%), Dena Bank (up 0.24%), Allahabad Bank (up 0.19%), IDBI Bank (up 0.19%) and Union Bank of India (up 0.19%), edged higher. Indian Bank (down 0.07%), Bank of Baroda (down 0.32%) and United Bank of India (down 0.44%), edged lower.
Among private sector banks, ICICI Bank (up 2.82%), IndusInd Bank (up 0.95%), Yes Bank (up 0.95%), City Union Bank (up 0.50%), HDFC Bank (up 0.49%), Axis Bank (up 0.25%) and Kotak Mahindra Bank (up 0.24%), edged higher. Federal Bank was down 0.15%
Among real estate shares, Sobha (up 2.79%), Peninsula Land (up 2.07%), Anant Raj (up 1.49%), Sunteck Realty (up 1.40%), Housing Development and Infrastructure (HDIL) (up 1.22%), Unitech (up 0.84%), Parsvnath Developers (up 0.56%), D B Realty (up 0.47%), Prestige Estates Projects (up 0.31%) and DLF (up 0.29%), edged higher. Phoenix Mills (down 0.12%), Indiabulls Real Estate (down 0.22%), Godrej Properties (down 0.49%) and Oberoi Realty (down 1.2%), edged lower.
The S&P BSE Sensex was up 229.10 points, or 0.85% at 27,074.91.
The Reserve Bank of India (RBI) announced rationalization of risk weights and Loan to Value (LTV) ratio on individual housing loans of commercial banks. The lowest risk weight on individual housing loans has been reduced to 35% from 50% earlier. The modifications are aimed at improving the affordability of low cost housing for economically weaker sections and low income groups and giving a fillip to the government's 'Housing for All' scheme. RBI made the announcement after market hours yesterday, 8 September 2015.
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