Banking stocks bounce back as ICICI leads gainers

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Banking stocks bounced back in trade today with ICICI Bank gaining 4.35 per cent at 11.10 am IST, led by short covering and value buying at lower levels.

Banking stocks bounce back as ICICI leads gainers
ICICI Bank: Quotes, News
BSE 277.70BSE Quote0.2 (0.07%)
NSE 277.40NSE Quote0.2 (0.07%)
Kotak Mahindra Bank: Quotes, News
BSE 780.00BSE Quote8.45 (1.08%)
NSE 781.50NSE Quote9.15 (1.17%)
ICICI Bank has seen sustained selling pressure following allegations of money laundering against the bank by online portal Cobrapost.

Also, large scale selling pressure was witnessed following the RBI's decision not to cut CRR rates at its policy meeting on March 19.

Other banking stocks that recovered in trade today were Axis Bank which jumped 1.4 per cent, Kotak Bank was up 2.37 per cent, State Bank of India was up 1.46 per cent.

PSU banking stocks, however, witnessed a mixed trend in trade today. Among the gainers from the space were Indian Overseas Bank, IDBI bank, Andhra Bank and Allahabad bank.

PSU banking stocks that lost ground were Bank of Baroda, Bank of India, Canara Bank, Punjab National bank and Union Bank of India.

The Banky Nifty was up 1.46 per cent in trade. Banking stocks have off-late lost favour with the markets due to high non performing assets, particularly amongst the public sector banks.

Hopes are that the RBI would continue cutting rates, which should help recovery and enusre better off-take of loans.

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