Lower WPI inflation data throws BSE Bankex up 200 points in spite of concerns on PNB

Last Updated: Thu, Feb 15, 2018 13:46 hrs
Punjab National Bank

The BSE Bankex, the ten scrip sensitive sectoral index on the Bombay stock exchange is up by over 200 points, trading at 28835.67. This in spite of weak performance of Punjab National Bank.

Markets were cheering during the opening trade on Thursday, after the rupee strengthened against the US dollar, and WPI inflation eased to 2.84% in January.

India's annual wholesale price inflation eased a second straight month in in January after touching eight-month high during November. Reuters, had previously polled economists who had predicted a 3..25% increase.

The WPI inflation has de-accelerated on a year-on-year basis to 1.65%, from 2.91% that was reported earlier.

A positive WPI inflation number and stronger Rupee were Metals and banking sectors. BSE Metals Index was trading with a 223.47 point or 1.46% intra-day gain.

On the BSE Bankex, here are some of the top trading scrips:

  • ICICI Bank traded at Rs 329, gains of 3.28% in intra-day
  • Yes Bank traded 1.50% up at Rs 325
  • SBI was trading 0.63% up at Rs 278.55.
  • Axis Bank traded a 0.11% gain at RS 544.45.

A snapshot of BSE Bankex gaining over 200 points in intra-day. Scrips of Bank of Baroda (3%) and Punjab National Bank (8%) are losers.

A similar trend played out on the NSE, with the Nifty Bank index gaining a 0.52% gain. Nifty Financial Services was up by 0.71%.

A snapshot of the Nifty Financial Services

A Snapshot of Nifty Bank Index.

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