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Banking stocks drop despite flat bond yields
Banking stocks were the top losers in trade today, even as the rupee fell and bond yields remained steady.
The top losers from the Bank Nifty in trade was ICICI Bank, which lost 3.7 per cent in trade, while HDFC Bank dropped 3 per cent and Indusind Bank and Yes Bank were down 2 per cent each.
The Bank Nifty was down 2.81 per cent in trade today.
Investors booked profits in banks as these shares had run up sharply in the last few weeks. Shares like Yes Bank has rallied from 52-week lows of Rs 218, to the current levels of Rs 310. On the other hand shares like Bank of Baroda have gained significantly from 52 week lows of Rs 429.
Meanwhile, markets in Asia were trading lower following worries over the US debt ceiling.
GoodReturns.in
Story first published: Monday, October 7, 2013, 11:00 [IST]
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