 "Banking shares extend rally, Bank Nifty surges 4%")
Banking shares are trading higher for fourth straight trading session, with the Bank Nifty gaining over 1,000 points during the period.
At 1100 hours, the Bank Nifty moved up over 4% at 11,759 points, as compared to 1% rise in CNX Nifty. The largest gainer among the sectoral indices today, the Bank Nifty has rallied 10% in past four trading sessions from 10,652 on Monday against 3.8% rise in benchmark index.
A sharp decline in India's current account deficit (CAD) during the December quarter coupled with a sustained buying by foreign funds in the past few sessions fuelled rally in equity markets. The CAD during 3QFY2014 narrowed sharply to 0.9% of GDP as compared to 1.2% of GDP in the previous quarter and 6.5% of GDP in 3QFY2013.
Among the individual stocks, YES Bank has surged 7% to Rs 370, followed by ICICI Bank (6% at Rs 1,197), Axis Bank and SBI are up 5% each at Rs 1,403 and Rs 1,649 respectively. IndusInd Bank, Punjab National Bank and Bank of Baroda are up 4% each.
At 1100 hours, the Bank Nifty moved up over 4% at 11,759 points, as compared to 1% rise in CNX Nifty. The largest gainer among the sectoral indices today, the Bank Nifty has rallied 10% in past four trading sessions from 10,652 on Monday against 3.8% rise in benchmark index.
A sharp decline in India's current account deficit (CAD) during the December quarter coupled with a sustained buying by foreign funds in the past few sessions fuelled rally in equity markets. The CAD during 3QFY2014 narrowed sharply to 0.9% of GDP as compared to 1.2% of GDP in the previous quarter and 6.5% of GDP in 3QFY2013.
Among the individual stocks, YES Bank has surged 7% to Rs 370, followed by ICICI Bank (6% at Rs 1,197), Axis Bank and SBI are up 5% each at Rs 1,403 and Rs 1,649 respectively. IndusInd Bank, Punjab National Bank and Bank of Baroda are up 4% each.
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