Lower November month inflation data has pushed banking stocks higher, as this re-ignited hope of Reserve Bank of India (RBI), slashing rates in its upcoming monetary policy review on December 18, 2012.
After rising to the highest level in the year for the month of September, the wholesale price index (WPI), India's main inflation gauge, in a big relief, unexpectedly cooled down to 7.24% (Provisional) for the month of November, 2012 as compared to 7.45% for October and 9.46% during the corresponding month of the previous year, thereby registering second consecutive decline. However, the annual reading for the month of September was revised sharply higher to 8.07% from earlier of 7.81%.
Bank of Baroda is currently trading at Rs 839.70, up by 24.15 points or 2.96% from its previous closing of Rs 815.55 on the BSE. The scrip opened at Rs. 810.00 and has touched a high and low of Rs. 845.50 and Rs. 802.80 respectively. So far 113146 shares were traded on the counter.
IndusInd Bank is currently trading at Rs 418.00, up by 9.35 points or 2.29% from its previous closing of Rs 408.65 on the BSE. The scrip opened at Rs 410.00 and has touched a high and low of Rs 421.45 and Rs 407.85 respectively. So far 46030 shares were traded on the counter.
Union Bank of India is currently trading at Rs 260.80, up by 5.05 points or 1.97% from its previous closing of Rs 255.75 on the BSE. The scrip opened at Rs 255.75 and has touched a high and low of Rs 262.00 and Rs 252.65 respectively. So far 133816 shares were traded on the counter.
State Bank of India is currently trading at Rs 2301.95, up by 40.15 points or 1.78% from its previous closing of Rs 2261.80 on the BSE. The scrip opened at Rs. 2265.00 and has touched a high and low of Rs. 2314.00 and Rs. 2253.75 respectively. So far 296158 shares were traded on the counter
However, the case of ‘CRR’ cut too is not being ruled out by select group of economist, which expect it to be followed by rate cut in RBI’s monetary policy in January, as with the given Apex bank’s conservative approach, Reserve Bank of India Governor Duvvuri Subbarao may wait for more evidence that inflation is on an easing trend before heeding Finance Minister Palaniappan Chidambaram’s call for cheaper credit to back a government policy overhaul.
| Company Name | CMP |
|---|---|
| SBI | 820.95 |
| Bank Of Baroda | 246.25 |
| Canara Bank | 101.10 |
| PNB | 101.40 |
| Union Bank Of India | 119.20 |
| View more.. | |
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