Bank Nifty surges in closing hour

Upward movement in the index may be attributed to the SBI Chairman, Arundhati Bhattacharya’s recent media address wherein she talked about the requirement of more transparency in financial statements of steel companies.

Aug 23, 2017 09:08 IST India Infoline News Service

Bank Nifty has moved to a high point of the day in the post-lunch hour on Wednesday. Upward movement in the index may be attributed to the SBI Chairman, Arundhati Bhattacharya’s recent media address wherein she talked about the requirement of more transparency in financial statements of steel companies.
 
She also backed the government’s proposal for consolidation of public sector banks. Mergers of state-owned banks can help to reduce dependency on government for capital.
 
Bank Nifty touched its intraday high of 24,294 level, up by 320 points on Wednesday. Punjab National Bank was top gainer in the index trading Rs 142.25 per share, up by 3.08%. Canara Bank and IDFC Bank were also trading in positive territory, up by more than 2%.
 
IndusInd Bank, HDFC Bank, SBI and ICICI Bank were also trading higher by more than 1%. Bank stocks have been leading the gains of major indices throughout the day.
 
Meanwhile, Nifty was trading at 9,835 level, up by 69 points while Sensex was trading at 31,542 level, up by 251 points. There were 1,123 advances, 513 declines and 325 unchanged stocks on NSE reflecting strong positive sentiments floating in the market.

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