)
Banking shares have rallied by up to 7% bouncing back from their intra-day’s low after the global rating agency Standard & Poor’s (S&P) upgraded the India’s credit outlook to ‘stable’ from ‘negative’.
The outlook upgrade itself could potentially boost investors’ sentiment and encourage foreign inflows.
Yes Bank, Syndicate Bank, Allahabad Bank, Union Bank of India, Andhra Bank, Canara Bank and Indian Overseas Bank have rallied more than 4% each, State Bank of India, Bank of India, Punjab National Bank, Bank of Baroda, HDFC Bank and Axis Bank up 2-3% on the National Stock Exchange (NSE).
The NSE banking share index Bank Nifty, the largest gainer among sectoral indices, was up 1.8% at 15,581 compared to 0.66% rise in benchmark CNX Nifty at 1500 hours. Bank Nifty touched a low of 15,168 during intra-day trade.
S&P earlier rated India as 'BBB-', the lowest in the investment grade, with a negative outlook.
The outlook upgrade itself could potentially boost investors’ sentiment and encourage foreign inflows.
Yes Bank, Syndicate Bank, Allahabad Bank, Union Bank of India, Andhra Bank, Canara Bank and Indian Overseas Bank have rallied more than 4% each, State Bank of India, Bank of India, Punjab National Bank, Bank of Baroda, HDFC Bank and Axis Bank up 2-3% on the National Stock Exchange (NSE).
The NSE banking share index Bank Nifty, the largest gainer among sectoral indices, was up 1.8% at 15,581 compared to 0.66% rise in benchmark CNX Nifty at 1500 hours. Bank Nifty touched a low of 15,168 during intra-day trade.
S&P earlier rated India as 'BBB-', the lowest in the investment grade, with a negative outlook.
