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Banking stocks bounce back as ICICI leads gainers
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.
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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