Comments
Bank stocks made an about-turn, probably spooked by the inflation numbers that put into doubt any immediate reversal in the stand of the RBI over containing inflation through high interest rates, at the end of trading on the NSE today.
SBI, which had hit a high of Rs 1,839.95 after opening at Rs 1,784, slid to a low of Rs 1,771.05 before recovering to Rs 1,782 at the close but still ended at a loss of Rs 5.85.
Axis Bank too yielded substantial ground. From a high of Rs 981, the stock slipped to Rs 962.45 at the close.
Though technically there were four gainers compared to eight losers among the stocks constituting the Bank Nifty, it was only Kotak Mahindra Bank that was way ahead of its 52-week low of Rs 333, closing today at Rs 490.
It was the only bank Nifty stock to register a positive performance in the past 365 days with a change of 4.43 per cent (as per NSE data).
IDBI Bank, which hit a low of Rs 87.75 today, just missed its 52-week low of Rs 87.30 that it touched yesterday, before recovering mildly to Rs 88.05 at the close. Its 52-week high price is Rs 168.95.
As an index, Bank Nifty has shed 25.92 per cent in one year. The index closed at 8,533 points compared to its yearly high of 11,978.05 points.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.