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Banking shares are trading higher for a fifth straight day today, with the Bank Nifty extending its 10% rally seen in the last week.
At 1440 hours, the banking share index - Bank Nifty - had gained 2% at 12,113 levels, its highest level since December 10, 2013 as compared to 0.31% rise in CNX Nifty.
Among individual stocks, State Bank of India (SBI), Bank of India, Jammu and Kashmir Bank, IndusInd Bank, Kotak Mahindra Bank and Allahabad Bank are up 3-6%, while Punjab National Bank, YES Bank and Canara Bank surged between 2-3% on the National Stock Exchange (NSE) in trade today.
In past one week, the Bank Nifty has rallied 14% from 10,652 on March 3, against nearly 5% rise in benchmark index as the rupee hit a three-month high of 61.09 after current account deficit (CAD) narrowed to 0.9% in Q3FY14.
According to a Reuters report, Morgan Stanley has turned "overweight" across all private sector lenders in the country. The investment bank, in a report dated March 10, says it expects a re-rating across the sector as the bad-loan cycle could be "close to the end" if the economy remains stable.
At 1440 hours, the banking share index - Bank Nifty - had gained 2% at 12,113 levels, its highest level since December 10, 2013 as compared to 0.31% rise in CNX Nifty.
Among individual stocks, State Bank of India (SBI), Bank of India, Jammu and Kashmir Bank, IndusInd Bank, Kotak Mahindra Bank and Allahabad Bank are up 3-6%, while Punjab National Bank, YES Bank and Canara Bank surged between 2-3% on the National Stock Exchange (NSE) in trade today.
In past one week, the Bank Nifty has rallied 14% from 10,652 on March 3, against nearly 5% rise in benchmark index as the rupee hit a three-month high of 61.09 after current account deficit (CAD) narrowed to 0.9% in Q3FY14.
According to a Reuters report, Morgan Stanley has turned "overweight" across all private sector lenders in the country. The investment bank, in a report dated March 10, says it expects a re-rating across the sector as the bad-loan cycle could be "close to the end" if the economy remains stable.
