Banking stocks up in afternoon trade

Scrips of Federal Bank increased 2.8% to Rs. 135 against its previous close of Rs. 131 on BSE

 

The S&P BSE Sensex surged as much as 375 points in trade on Monday, while Nifty reclaimed its crucial resistance level of 8,250. The BSE Bankex Index has gained 1.07% or 225 points to 21,255 in the afternoon trade. At 1:20PM, Punjab National Bank gained 3.5% to Rs. 165 on BSE against the previous close of Rs. 160 on BSE. The stock hit a high of 165.50 and a low of Rs. 161. The Bank recently started opening Sukanya Samriddhi Scheme accounts after the scheme was formally launched in January this year. According to a statement from the bank, the scheme is available at 1,604 PNB branches across India. Scrips of Federal Bank increased 2.8% to Rs. 135 against its previous close of Rs. 131 on BSE. The stock hit a high of 136 and a low of Rs. 133. Last week, the Bank posted a 1.2 per cent rise in standalone net profit at Rs 280 crore for the quarter ended March 31. Shares of IndusInd Bank gained 2.6% at Rs. 845 on BSE. The stock hit a high of Rs. 849 and a low of Rs. 828. Yes Bank rose almost 2% to Rs. 858 against the previous close of Rs. 840, while Bank of Baroda increased 1.18% to Rs. 171 on BSE and had hit a high of 171.50. At 1:01PM, shares of State Bank of India are trading up 1.87% at Rs. 275 on BSE. The stock hit a high of Rs. 276 and a low of Rs. 272 today. Last week, BoI has reduced its base rate — the benchmark rate to all loan rates linked — by 25 bps to 9.95 per cent. HDFC Bank was trading up 1.47% at Rs. 1,004 on BSE. The stock hit a high of Rs, 1,009 and a low of Rs. 993. Bank has increased service charges by 43%-50% on select products like debit cards and immediate payment service (IMPS), according to a media report. Shares of ICICI, Axis, Kotak Mahindra are trading flat on BSE. - See more at: http://www.indiainfoline.com/article/news-top-story/banking-stocks-up-in-afternoon-trade-115050400169_1.html#sthash.cFQvtsx6.dpuf