For Quick Alerts
For Daily Alerts

Banking stocks surge; ICICI Bank up 6 per cent


 Banking stocks surge; ICICI Bank up 6 per cent
ICICI Bank: Quotes, News
BSE 524.75BSE Quote3.15 (-0.60%)
NSE 524.80NSE Quote3.3 (-0.63%)
HDFC Bank: Quotes, News
BSE 1246.20BSE Quote0.75 (0.06%)
NSE 1246.05NSE Quote0.45 (0.04%)
Banking stocks rallied in trade today with stocks like ICICI Bank jumping 6 per cent, while HDFC Bank rallied 4 per cent.

PSU Banking stocks were also the stars in trade today. An exit poll reading which shows a strong showing for the BJP in almost all of the 4 states going to polls, sparked a fresh rally in these stocks.

Almost all of the PSU banking stocks gained in trade with Canara Bank, Union Bank and Bank of Baroda leading the way. All of these stocks were up more then 3 per cent in trade.

There are hopes that a Narendra Modi led government would take charge at the centre, following the BJP's strong showing in four of the four states, according to exit polls.

Analysts are of the opinion that the investment cycle would kick start once again, if Modi is anointed the Prime Minister, which should help banks, particularly the PSU banks.

Most of these banks have not been doing too well on account of the sudden slowdown in the economy. They are now saddled with huge non performing assets, though marketmen believe things could have bottomed out for the sector.

Valuations are also attractive for PSU banks, since most of them are quoting at half their book values.

Story first published: Thursday, December 5, 2013, 12:34 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more