Mid-market Recovery; Banking Stock Rise


Market’s benchmark indices have erased all the losses in the open-morning hours, by keeping strong momentum through the mid-morning session.

Ten out of twelve sectoral indices are now witnessing strong buying with major gains in the Nifty PSU bank index.

At 11:00-HRS, the Nifty PSU Bank index scaled higher at 2,612.75 up by 1.62%. Further Banking Auto and IT witness strong buying at this time. In comparison, the Nifty stood at 12,002, up 8 points, and Sensex stood at 40704-level.

IN the public sector banking index, OBC added 3.62%, Union bank gained 2.62% and Canara bank and Jammu&Kashmir Bank went up 2.4% each as major leading banking stocks.

In addition, Bank of Baroda Indian Bank, Syndicate Bank, Bank of India, Allahabad Bank PNB and SBI are also witnessing strong buying upto 2%. Get updated Stock Tips and Free stock Tips visit our website.

Out of fifty stocks in the Nifty, 28 stocks witness buying pressure while the remaining 22 nos see lower trends.

Shares of ICICI Bank advanced up to 2.88% to its new all-time peak level of Rs525-per share today after brokerage firms gave bullish stance stock on the stock.

International research firm MorganStanley maintained OVERWEIGHT stance on the stock at rising a target price at the rate of Rs775-per share.

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