Nifty Bank takes breather on profit booking
DSIJ Intelligence / 09 Feb 2017
After rallying close to 5 per cent in the last ten trading sessions, the Nifty Bank on Thursday took a breather as investors moved in to book profits at higher level. Banking stocks were also under pressure after RBI maintained status quo and did not cut rates as widely expected.
After rallying close to 5 per cent in the last ten trading sessions, the Nifty Bank on Thursday took a breather as investors moved in to book profits at higher level. Banking stocks were also under pressure after RBI maintained status quo and did not cut rates as widely expected.
Nifty Bank was trading with losses of close to one percentage point with the likes of PNB and ICICI Bank contributing most to the downfall of the index as they were trading with a cut of 3.3 and 2.1 per cent respectively.
Other laggards include Bank of Baroda, State Bank of India, Canara Bank and IndusInd Bank as all of them were trading down in the range of 1 to 1.8 percentage points.
Banking stocks are likely to consolidate at current levels post the strong rally witnessed in all the bank names and especially the public-sector banks which had moved beyond its fundamentals in the short term.
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