Banking shares were trading higher in the range of 1-3%, erasing their early morning losses after Gross Domestic Product (GDP) for the first quarter of 2012-13 recorded a growth of 5.5%. The number was within expectations of 5.2-5.5% and just above the previous quarter’s 5.3%, according to data released by the ministry of statistics.
Dena Bank, Karnataka Bank, Andhra Bank, Allahabad Bank, Union Bank of India, Indian Overseas Bank, Oriental Bank of Commerce and Central Bank of India were up 2-3%, while State Bank of India, Bank of India and HDFC Bank gained more than 1% each on the BSE.
The BSE banking index recovered 144 points from intra-day low of 11,488, and is currently trading 68 points higher at 11,632 at 1130 hours.
