Banks lift Sensex over 350 pts; RBL, Federal, DCB & other regional lenders may rally

RBL Bank

Benchmarks may be off the day’s highs, but are still trading on a good note.

The Sensex is up 355.30 points or 1.01% at 35437.12, and the Nifty up 76.10 points or 0.71% at 10864.60. The market breadth is narrow as 1166 shares have advanced, 1459 shares declined, and 256 shares are unchanged.

smooth passage of this proposal will pave the way for inclusion of HDFC Bank, IIB, Federal Bank, BoB and PNB in the Standard Index. It could also result in an increase in weights of existing standard constituents like ICICI Bank and State Bank of India, Edelweiss said in a report.

The brokerage firm anticipates some rally in regionally focused banks, particularly attractively valued stocks — Karnataka Bank, South Indian Bank, among others — given the outside possibility of them being probable acquisition targets.

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Sensex, Nifty rangebound; RBI’s MPC meet outcome awaited Sensex, Nifty continue to be sluggish ahead of RBI policy; Europe mixed
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Epic Research
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