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Banking Stocks Up Ahead Of Inflation Data
Banking stocks are trading higher ahead of Inflation data. Retail inflation is expected to edge slightly higher for the month of June, as compared to 5.76 for the month of May, 2016.
ICICI Bank which was also the top gainer from the Nifty rallied 2 per cent, while other government owned banks like Punjab National Bank, Bank of Baroda and Bank of India were among the gainers.
Among the non government owned bank that saw a surge along with heavy volumes was Federal Bank, whose shares were up 2 per cent in trade.
Shares in Banking stocks may see some reaction, if the inflation data due later today is way higher. Consensus estimates are around a figure of 5.80 per cent for the month of June.
If the inflation figure is lower, it might trigger a fresh rally in banking stocks, given the hopes of an interest rate cut.
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