Private banks rally; IDFC, Yes Bank, Federal spike up

The next in-line private banks, IDFC Bank, Yes Bank, Federal Bank spiked up on bourses on Friday, in a day when Nifty Private Bank index outperformed the benchmark indices.

The uptick in the private bank stocks can be attributed to the upcoming board meetings of the banks, wherein investors expect some important decision or announcement of corporate action from their management. IDFC Bank, Yes Bank, Federal Bank have scheduled their board meeting during the month. Federal Bank has its board meeting scheduled on January 15; Yes Bank has its meeting on January 18, while IDFC Bank's meeting is on January 19.

Nifty Private Bank index reported a new all-time high after breaking its November 28 high of 14254.75. On Friday, the index closed at 14,234.20, up 0.95 per cent. The stock of IDFC Bank closed at Rs. 58.35 per share, up 6.97 per cent, South Indian Bank closed at Rs. 32.90 per share, up 5.11 per cent, Yes Bank closed at Rs. 332.90 per share, up 4.98 per cent, RBL Bank closed at Rs. 540.50 per share, up 4.46 per cent.