Comments
Banking stocks today ended with up to 4.3 per cent gains following September trade deficit narrowing to the lowest level in 30 months.
Shares of Bank of India surged 4.31 per cent, while Yes Bank gained 3.78 per cent, Kotak Mahindra Bank (3.69 per cent), Federal Bank (2.70 per cent), HDFC Bank (2.57 per cent) and ICICI Bank (1.34 per cent).
Led by the gains in these stocks, the BSE banking index rose by 1.88 per cent to settle at 11,770.50.
“Trade deficit for September came to a more than 2 years low levels at $6.7 billion. This can be beneficial for the Indian currency as well as controlling CAD. Financial and banking stocks recovered from lower levels and showed strength after this news,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.
Rising exports and declining imports in September narrowed the trade deficit to a 30-month low of $6.72 billion.
The previous low for the trade deficit was $3.8 billion in March 2011. The gap was $10.9 billion in August.
Exports and imports in September stood at $27.68 billion and $34.4 billion, respectively.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.