)
Banking shares are wtinessing buying interest with the National Stock Exchange (NSE) Bank Nifty rallying nearly 500 points in intra-day trade today.
At 1245 hours, Bank Nifty was up 2.8% or 494 points at 18,375 compared to 1.4% rise in the CNX Nifty. The banking share index hit a high of 18,376 so far in intra-day trade against its Friday’s close of 17,881.
Punjab National Bank, Bank of Baroda, Axis Bank, Kotak Mahindra Bank, YES Bank, IndusInd Bank and Bank of India from the Bank Nifty have rallied more than 3% each. State Bank of India (SBI), ICICI Bank, Canara Bank and HDFC Bank were up 2% each on the NSE.
Since June 11, Bank Nifty has surged 1,071 points or 6.2% from 17,304 compared to 4.7% gain in the benchmark index.
HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, Federal Bank, IndusInd Bank, Karnataka Bank, DCB Bank and Axis Bank are among the private sector bank that rallied between 4%-8% in past seven trading sessions.
The India Meteorological Department (IMD) last week said that monsoon is expected to be normal in June boosting sowing of kharif crops but there are concerns about pick up in rainfall in the next month.
According to PTI reports, Arundhati Bhattacharya, Chairperson of State Bank of India said, the Reserve Bank of India (RBI) will have more room to cut repo rate if monsoon continues to progress at the current pace and inflation is kept under control.
The RBI cut its main benchmark lending rate viz. the repo rate by 25 basis points after a monetary policy review on 2 June 2015. The central bank at that time said that the monsoon and its impact on food costs will be key to further easing.
At 1245 hours, Bank Nifty was up 2.8% or 494 points at 18,375 compared to 1.4% rise in the CNX Nifty. The banking share index hit a high of 18,376 so far in intra-day trade against its Friday’s close of 17,881.
Punjab National Bank, Bank of Baroda, Axis Bank, Kotak Mahindra Bank, YES Bank, IndusInd Bank and Bank of India from the Bank Nifty have rallied more than 3% each. State Bank of India (SBI), ICICI Bank, Canara Bank and HDFC Bank were up 2% each on the NSE.
Since June 11, Bank Nifty has surged 1,071 points or 6.2% from 17,304 compared to 4.7% gain in the benchmark index.
HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, Federal Bank, IndusInd Bank, Karnataka Bank, DCB Bank and Axis Bank are among the private sector bank that rallied between 4%-8% in past seven trading sessions.
The India Meteorological Department (IMD) last week said that monsoon is expected to be normal in June boosting sowing of kharif crops but there are concerns about pick up in rainfall in the next month.
According to PTI reports, Arundhati Bhattacharya, Chairperson of State Bank of India said, the Reserve Bank of India (RBI) will have more room to cut repo rate if monsoon continues to progress at the current pace and inflation is kept under control.
The RBI cut its main benchmark lending rate viz. the repo rate by 25 basis points after a monetary policy review on 2 June 2015. The central bank at that time said that the monsoon and its impact on food costs will be key to further easing.
