Stocks

Bankex gallops 240 points on rate cut hopes

R. Y. Naryanan | Updated on March 12, 2018

With the inflation data stoking hopes of a rate cut, the bank stocks were on a song with the Bankex gaining over 240 points on the BSE with SBI and Axis Bank leading the pack.

The extent of optimism could be judged by the fact that all the 14 stocks constituting the Bankex were in the green.

Axis Bank gained Rs 33.55 to trade at Rs 1,324.85 followed by SBI, which was up by Rs 28.30 at Rs 2,173.

The other major gainers were ICICI Bank that gained Rs 20 to trade at Rs 1,067.60, HDFC Bank which was up by Rs 15.65 at Rs 658, PNB, which was trading higher by Rs 11.05 at Rs 745.70, and Federal Bank which gained Rs 12 at Rs 430.20.

All the other bank stocks that were in the Bankex were trading in the green but their gains were in single digits.

Published on April 16, 2013

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