Financial Daily from THE HINDU group of publications
Thursday, Dec 15, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 15, 2005 |
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Markets
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Stock Markets Money & Banking - Stocks Bank stocks shine Our Bureau
Kolkata , Dec. 14 BANKING stocks were in the limelight on Dalal Street on Wednesday on a couple of triggers. The Parliament's Standing Committee on Finance approved the proposal to lift the cap of 10 per cent on voting rights in private banks and to allow issuance of preference shares by banks.
According to market analysts, raising of interest rates by the US Federal Open Market Committee for the thirteenth straight time was on expected lines. According to Mr V.K. Sharma of Anagram Stockbroking, the widely held view is that the Federal Reserves may, however, stop raising rates in the near future.
A possible stop in rising interest rates also buoyed banking stocks as it is expected that RBI may take a hard look at the global rate scenario and inflation at home before raising interest rates in India. Both the private and PSU bank stocks were active and closed with gains. HDFC, third in the BSE Bankex weightage, moved up by Rs 22 to finish at Rs 718. Among the top gainers in absolute terms were UTI Bank (gained by Rs 19.15), Canara Bank and PNB.
In terms of percentage gains, Canara Bank topped the chart with a gain of 7.60 per cent, followed by UTI Bank (6.63 per cent), Allahabad, 4.45 per cent, PNB (3.58 per cent) and HDFC Bank (3.15 per cent).
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