The President Pranab Mukherjee today has approved the ordinance that manages (non-performing assets (NPA) and amendment to Banking Regulation Act. Banks stocks extended gains today despite weak market conditions, after the clearance of ordinance.
On the other side, Banking stocks were witnessed very the positive sentiment arising out of the government’s decision to bring an ordinance to give greater powers to the RBI to tackle rising bad loans.
shares of ICICI Bank, SBI, PNB, Bank of Baroda, Federal Bank and Kotak Bank were trading higher by 3.76%. Nifty Bank was the only major gainer among sectoral indices, which rose up 0.11% backed by rally in public sector.
All the PSU Bank stocks are being traded in the positive terrain and unexpectedly all the stocks from the Nifty PSU Bank index are trading close to their 52-week highs by almost 2 percent