Private banks on top; PSBs unhappy on Budget Day! Bankex ends marginally up

On the day of Union budget 2016 ,the bank stocks have surged. The BSE Bankex settled at 15814.82, up by 167 points

Feb 29, 2016 07:02 IST India Infoline News Service

On the day of Union budget 2016, the S&P BSE BANKEX stocks surged. The index settled at 15814.82, up by 167 points or 1.07%. It opened at 15717.37 and touched a high and a low of 16139.63 and 15224.26 respectively.
The sectoral breadth of BSE Bankex turned positive with 7 stocks advances, 3 stocks declined and 0 remained unchanged. Total trading turnover in the stocks of BSE Bankex stood at Rs. 1,538.34 crore with a volume of 51.36 crore.

Shares of the largest PSU - State Bank of India surged on the index, led by FM’s announcement for allocating less than expected capital infusion of Rs 25,000 crore to recapitalize PSBs in Budget 2016. The bank’s stock ended at Rs. 158.40, up by 2.15 points or 1.38%. The script opened at Rs. 158.75 above from its previous closing of Rs. 156.25. It has touched high and low of Rs. 163.90 and Rs. 153.20 respectively. The bank’s market capitalization stood at Rs. 1,22,962.39 crore.

However, other PSBs tumbled on the index, with Punjab National Bank closing at Rs. 71.30 down by 1.66%. Followed by Bank of Baroda which ended marginally down by Rs. 132.

Private banks took the lead on the index with ICICI Bank among the top gainers. The bank’s stock ended at Rs. 190 , up by 5.15 points or 2.79% on the reports of allotment of 205,400 equity shares of face value of Rs. 2/- each on February 25, 2016 under the Employees Stock Option Scheme, 2000 (ESOS). The script opened at Rs. 185 up from its previous closing of Rs. 184.85. It has touched a high and low of Rs. 195.70 and Rs. 181.70.

Shares of Kotak Mahindra Bank ended at Rs. Rs. 630 up by 14.50 points or 2.35% on the reports of acquiring 9,83,82,022 equity shares at Rs. 10/- each aggregating to Rs. 98.38 crore being 19.90% of the paid-up capital of Airtel M Commerce Services Limited Company. The script opened at Rs. 614.30 lower from its previous closing of Rs. 615.75. It has touched a high and low of Rs. 640.50 and Rs. 586.50 respectively.

Among the notable gainers, IndusInd Bank closed at Rs. 830 rising by 1.76%, HDFC Bank at Rs. 972 up by 1.32%. Yes Bank and Federal bank both ended flat at Rs. 688.35 and Rs. 46.20 respectively.

Amongst the major losers were Axis Bank which ended at Rs. 375.25 down by 2.80%. The script opened at Rs. 389 higher from its previous closing of Rs. 386.05. It has touched a high and low of Rs. 391 and Rs. 373.70 respectively. 

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