Mid-Market View: Banking stocks Buzz on bourses

Banking stocks such as PSU Bank, Private Bank, Financial Services including Non banking financial companies (NBFCs) extended on Thursday post the appointment of the new RBI Governor.

During Mid-noon hours of trade, the Nifty PSU Banks index is seen 1.72% up led by Indian Bank, which rose 6%, followed by Bank of India up 2.28%, and State bank of India (SBI) up 1.72 percent, among other gainers.

SBI’s surge is attributed after global researcher Morgan Stanley increased its stock price target to Rs 375 from Rs. 350 earlier while keeping its overweight call.

Nifty Bank index rose by over 1 percent in which IDFC Bank, IndusInd Bank and Federal bank rise between range 2.1% to 2.66%.

Further, the index of Nifty Financial services rose 1% with Indiabulls Housing Finance, IIFL Holdings, Shriram Transport Finance and Bharat Financial Inclusion which rallied 8 to 3% in range.

Yes Bank traded higher 1.18% at Rs. 188.80  per share focusing its board meet today.  Meanwhile, the BSE Sensex rose 187 points to 35,966, while the NSE Nifty surged 60 points to 10,798.