With the suspense over ‘to cut or not to cut’ the CRR ending, the stock markets, particularly the capital goods and bank stocks were on fire on the BSE today. The two indices — Capital Goods and Bankex — led the charge with both up sharply.
But while the rally among the bank stocks was rather broad-based, in the capital goods space, it was the huge jump witnessed in the L&T counter that pushed the index higher while the rest of the CG pack did not show the same momentum.
L&T jumped by Rs 54.40 to trade around Rs 1,332. Partly the stock was continuing the rally it witnessed yesterday after its strong Q3 numbers. ABB, which was up by Rs 8 at Rs 764.40, and LMW was up by Rs 9.25 at Rs 1,575, kept L&T a distant company.
But the Bankex witnessed a wider rally. Axis Bank was up by Rs 25.70 at Rs 1,022.40, ICICI Bank moved up by Rs 26.70 to Rs 884.50, SBI surged to Rs 2,027, a gain of Rs 86.35, PNB was up by Rs 33.90 at Rs 994.05 and BoB gained Rs 43.30 to Rs 818.90.
After a long time, SBI, which had slumped to its 52-week low of Rs 1,576 on December 20, 2011, has breached the Rs 2,000 mark.