IDBI Bank up on credit growth potential

IDBI Bank rose 3.52 per cent to Rs 105.95 on reports of inflation slipping into the negative territory for the first week of June. Headline inflation dropped to sub-zero levels for the week ended June 6, pegged at negative 1.61 per cent. Most banking stocks were in the limelight with varying gains of 0.5-3.5 per cent.

IDBI Bank grew the highest today on expectations that interest rates could head southwards and boost credit growth. The stock made an intraday high of Rs 109.4 and a low of Rs 99.5. Total traded volumes stood at 92,00,000 shares, up 1.5 times its two-week average.