Bank Stocks React Positively to RBI's 'Neutral' Stance

Shital Jibhe / 08 Jun 2017

Bank Stocks React Positively to RBI's 'Neutral' Stance

Bank Nifty opened at record high of 23630 level, higher by 63 points on Thursday while the index touched its intraday high of 23659 level as of 0918 hours.

Bank Nifty opened at record high of 23630 level, higher by 63 points on Thursday while the index touched its intraday high of 23659 level as of 0918 hours.

As per market analysts, Bank Nifty will probable rise in today’s trading session. Bank stocks seem to have reacted positively to the RBI’s neutral stance in its second bi-monthly monetary policy meeting.
 
Private bank stocks like Federal Bank, ICICI Bank,  IndusInd Bank and Kotak Mahindra Bank are trading in a positive territory higher by up to 0.4% and HDFC Bank is the top gainer, trading higher by 0.74% at Rs 1653 per share.
 
PSU Bank Orient Bank, are Also trading positively during the early hours were PSU bank stocks like Bank of India, Union Bank of India and Oriental Bank.
 
On the derivatives front, witnessing maximum open interest on Thursday were Bank Nifty 15-June 24000 CE and 23000 PE. Bank Nifty futures of June series is trading at 23610 level as of 0926 hours at a discount of 23 points. It had closed at a discount of 8 points at 23559 level on Wednesday.

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