Bank stocks sizzle, sectoral index up 500 points

R. Yegya Narayanan | | Updated on: Mar 12, 2018

Bank stocks are virtually on fire with the CNX Bank Nifty zooming over 500 points around 12 noon today.

Investors appear to have laid to rest all worries over rising NPAs, particularly in PSU banks, and poor loan offtake, as they chased bank counters with the CNX bank index stocks gaining between 1 per cent and 6.81 per cent.

ICICI Bank, Axis Bank and SBI were the top gainers in terms of value among the 12 stocks forming the CNX Bank Nifty. ICICI Bank gained the maximum 6.81 per cent or ₹ 77.25 to move up to ₹1,211.20. The stock had touched a high of ₹ 1,230. Axis Bank was up by ₹ 71.50 to trade at ₹1401, and SBI was trading at ₹1,646.10, a gain of ₹ 68.70.

The other major gainers were Yes Bank, trading at ₹368.25, up by ₹22.45, BoB which gained ₹26.30 to trade at ₹641.85, PNB which was up by ₹19.10 to trade at ₹613.90, HDFC Bank which was quoting ₹696.30, a gain of ₹20.70, IndusInd that gained ₹ 16.70 to trade at Rs 437.55 and Kotak Mahindra Bank that was up by ₹ 21.10 at ₹ 708.45.

The Bank Nifty was up by about 529 points. The bank stocks had come off the day’s high but still were holding on to significant gains.

Published on March 07, 2014
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