Banking shares in focus ahead of inflation data

State Bank of Bikaner & Jaipur, Corporation Bank,IDBI Bank , Syndicate Bank and Allahabad Bank are up 2-6% on NSE.

Banking shares are trading higher by up to 6% on the National Stock Exchange (NSE) ahead of retail inflation and IIP data to be released later in the day.

State Bank of Bikaner and Jaipur, Corporation Bank, Syndicate Bank, IDBI Bank, Allahabad Bank, Uco Bank, Indian Bank, Oriental Bank of Commerce and Union Bank of India are up 2-6% on NSE.

State Bank of India (SBI), ICICI Bank, Punjab National Bank, Bank of Baroda, Canara Bank and Bank of India are up more than 1% each.

Bank Nifty, the NSE banking share index, was up 0.89% or 167 points at 18,804 as compared to 0.36% rise in the benchmark CNX Nifty. CNX PSU Bank index was up 1.7% at 4,210 at 1431 hours.

According to Reuter’s poll, the median forecast for the consumer price index (CPI) showed retail inflation accelerating to 5.4% in December from 4.4% in November.

“After an unexpected contraction the previous month, India’s industrial production is likely to have seen a marginal improvement in November 2014. The index of industrial production (IIP) for the month, data for which will be released on Monday, are expected to show some recovery,” a Business Standard report suggests.