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Banks focus on shares: Bank Nifty ripples over 2%

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Published on : Oct 24, 2013

Rupee has bagged some appreciation and positive sentiments in the market in early trades against the dollar today. Several banking shares are now in focus on the bourses with most of the prominent stocks trading higher by up to 3%. 

The listed banks that are up 2-3% on the National Stock Exchange (NSE) are ICICI Bank, Bank of Baroda, Federal Bank, State Bank of India, Canara Bank, Indusind Bank, Bank of India, Kotak Mahindra Bank, Union Bank of India, and YES Bank. 

Furthermore, the banks involved as individual stocks are ICICI Bank and Indusind Bank which have certainly rippled 3.3% each at Rs 997 and Rs 402 respectively. Moving further, Bank of Baroda was up 3% at Rs 550, Canara Bank by 2.5% at Rs 228, and Bank of India, YES Bank, Union Bank of India, and HDFC Bank by 2% each. 

Nevertheless, amongst all the listed names, the Bank Nifty at 1015 hours has clearly exceeded the market by rising 2.4% compared to 1% rise in benchmark CNX Nifty. 

In addition, as compared to the earlier close of Rs 61.22 per dollar, rupee was trading at 60.97. This occurred right after the US lawmakers cracked a deal to put an end to the government shutdown and debt default in the interim. Both bodies were involved in this combined decision - The House and the Senate passed an official bill that declared to stop the sixteen-day government shutdown as well as raise the debt ceiling which was later authorized by the President Barack Obama. 

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