You are here: Home » Budget » News » Markets
Business Standard

Bank Nifty zooms over 500 points; Axis Bank surges 8%

IndusInd Bank, Yes Bank and Kotak Mahindra Bank rallied between 4-6% on NSE.

SI Reporter  |  Mumbai 

Banking shares are in demand with the National Stock Exchange (NSE) has surged over 500 points on hopes that Finance Minister Arun Jaitley's proposal to simplify the procedures for local companies to attract foreign investments is likely to favour select private sector lenders who will now be able to raise additional money from foreign institutional investors (FIIs). CLICK HERE TO READ FULL REPORT

Axis Bank, IndusInd Bank and have rallied more than 5% each, while Kotak Mahindra Bank, Bank of Baroda, ICICI Bank, Canara Bank , HDFC Bank and State Bank of India (SBI) are up 1-4% on NSE.
Read our full coverage on Union Budget


Finance Minister Arun Jaitley's proposal to simplify the procedures for local companies to attract foreign investments is likely to favour select private sector lenders who will now be able to raise additional money from foreign institutional investors (FIIs).

At 1501, zoomed nearly 3% or 537 points at 19,612 compared with 0.31% rise in the benchmark CNX Nifty. touched high of 19,645, bouncing back 621 points from intra-day low of 19,023.

Among the individual stocks, has surged 8% to Rs 611 on NSE. IndusInd Bank rallied 6% to Rs 914, followed by (up 5% at Rs 862) and (4% at Rs 1,393).
 

First Published: Sat, February 28 2015. 15:10 IST
RECOMMENDED FOR YOU