PSU Banks trade weak; HDFC Bank surges post Q4 results

India Infoline News Service | Mumbai | April 21, 2017 14:25 IST

The PSU banks' stocks after a jolly ride on Thursday slipped into negative territory on Friday. The PSU stocks had surged on Thursday owing to buzz in the market regarding new NPA policy coming from the Finance Ministry.

The PSU banks' stocks after a jolly ride on Thursday slipped into negative territory on Friday. The PSU stocks had surged on Thursday owing to buzz in the market regarding new NPA policy coming from the Finance Ministry.
 
Bank of Baroda is the top loser in the Nifty PSU Bank index. The stock is trading lower by nearly 3% at Rs 175 per share. The select private bank stocks are trading in positive territory. HDFC Bank has come up with strong financial results for the quarter ended on March 31, 2017. The bank reported around 18% rise in its net profit on a YoY basis.
 
The HDFC Bank stock witnessed a sharp surge in the post-lunch hours, and touched its fresh 52-week high of Rs 1491.8 per share, up by 2%.
 
The other private bank stocks like ICICI Bank, Yes Bank and Axis Bank are trading lower by up to 2% each in Friday’s trading session. The Bank Nifty index is trading lower by 0.4% at 21397. Bank of Baroda and ICICI Bank are dragging the index down.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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