Bank shares edged higher at 13:05 IST on BSE after rating agency Moody's upgraded India's sovereign ratings outlook.
Among private sector banks, Kotak Mahindra Bank (up 4.15%), ING Vysya Bank (up 4.13%), IndusInd Bank (up 3.32%), Axis Bank (up 2.14%), Yes Bank (up 2.05%), ICICI Bank (up 1.49%), HDFC Bank (up 1.13%) and Federal Bank (up 0.84%), edged higher. However, City Union Bank was down 1.66%.
Among public sector banks, Punjab National Bank (up 5.50%), Syndicate Bank (up 3.60%), Bank of India (up 3.59%), Corporation Bank (up 3.39%), Allahabad Bank (up 2.72%), Canara Bank (up 2.69%), Bank of Baroda (up 2.40%), Union Bank of India (up 2.39%), United Bank of India (up 2.23%), Andhra Bank (up 2.20%), Indian Bank (up 1.92%), IDBI Bank (up 1.90%), UCO Bank (up 1.79%), Punjab and Sind Bank (up 1.66%), Dena Bank (up 1.63%), State Bank of India (up 1.55%), Bank of Maharashtra (up 1.41%), Vijaya Bank (up 1.39%) and Central Bank of India (up 0.05%), edged higher.
The S&P BSE Bankex was up 2.07% at 21,579.11. It outperformed the Sensex, which was up 0.25% at 28,780.10.
The S&P BSE Bankex had underperformed the market over the past one month till 8 April 2015, falling 6.63% compared with 2.52% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.27% as against Sensex's 5.25% rise.
Global rating agency, Moody's Investors Service today, 9 April 2015, changed India's outlook to 'positive' from 'stable', saying there was an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years.
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