Banking stocks surge, as the markets await bad loan reforms
DSIJ Intelligence / 24 Mar 2017
A surge of 1 per cent was witnessed on S&P BSE Banking index and the Nifty bank on March 24, 2017. While Bank of India, Bank of Baroda, ICICI Bank, PNB, Federal Bank and Canara Bank emerged as the top gainers of the day.
Awaiting policy reforms by the government and RBI over non-peforming assets and bad loans, the banking stocks gained on the Sensex as well as Nifty while the surge in bank deposits as an effect of demonetisation also contributed in the gain of banking stocks.
A surge of 1 per cent was witnessed on S&P BSE Banking index and the Nifty bank on March 24, 2017. While Bank of India, Bank of Baroda, ICICI Bank, PNB, Federal Bank and Canara Bank emerged as the top gainers of the day.
Further, the stocks gained by 40-80 per cent on a year-on-year basis as well. The S&P BSE Banking index increasing by 16 per cent till February 2017, hiking gains for Federal Bank, PNB, SBI and Yes Bank the most.
The banking stocks are expected to rise further in the coming months. However, the public sector banks also witnessed a surge in its aggregate NPA by Rs 1 lakh crore in the FY17. The gross NPAs rose massively to Rs 6.06 lakh crore in the the nine month period till December 31, 2016 and to Rs 5.02 lakh crore annually in 2015-16.
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