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Banking shares are in demand with most of the frontline banks trading higher between 2-3% on the National Stock Exchange (NSE) as investors are dumping information technology (IT) stocks.
HDFC Bank, ICICI Bank, Bank of India, Federal Bank and Indusind Bank are up 3% each, while State Bank of India, Axis Bank and Canara Bank up 2% each on NSE.
At 1400 hours, Bank Nifty, the banking share index, the largest gainer among sectoral indices, was up nearly 2.3% compared to less than 1% rise in CNX Nifty.
Bank Nifty has outperformed by gaining nearly 3% so far in current week after the Wholesale Price Index (WPI)-based inflation declined to its lowest level in five years at 2.38% in September from 3.74% in the previous month.
Meanwhile, on the other hand, frontline IT shares like Tata Consultancy Services (TCS) and HCL Technologies have fallen 9% each, after reporting a lower-than-expected earnings for the quarter ended September 2014.
The NSE CNX IT index, a gauge of IT companies, is the largest loser among sectoral indices, has dipped 3.4% or 385 points at 10,790.
HDFC Bank, ICICI Bank, Bank of India, Federal Bank and Indusind Bank are up 3% each, while State Bank of India, Axis Bank and Canara Bank up 2% each on NSE.
At 1400 hours, Bank Nifty, the banking share index, the largest gainer among sectoral indices, was up nearly 2.3% compared to less than 1% rise in CNX Nifty.
Bank Nifty has outperformed by gaining nearly 3% so far in current week after the Wholesale Price Index (WPI)-based inflation declined to its lowest level in five years at 2.38% in September from 3.74% in the previous month.
Meanwhile, on the other hand, frontline IT shares like Tata Consultancy Services (TCS) and HCL Technologies have fallen 9% each, after reporting a lower-than-expected earnings for the quarter ended September 2014.
The NSE CNX IT index, a gauge of IT companies, is the largest loser among sectoral indices, has dipped 3.4% or 385 points at 10,790.
