State Bank of India (down 4.31%), Canara Bank (down 3.22%), Federal Bank (down 3.18%), Bank of Baroda (down 3.13%), IDBI Bank (down 2.83%), Yes Bank (down 2.76%), Punjab National Bank (down 2.59%), Union Bank of India (down 2.58%), Axis Bank (down 2.1%), Bank of India (down 1.92%), ICICI Bank (down 1.92%), IndusInd Bank (down 1.91%) and Kotak Mahindra Bank (down 0.18%), edged lower. http://www.goldennifty.com
The BSE Bankex was down 1.83% at 12,603.34. It underperformed the Sensex, which was down 0.17% at 18,397.
The BSE Bankex rose 7.11% in the preceding six sessions to 12,838.84 on 21 February 2012, from a recent low of 11,986.92 on 10 February 2012.
The BSE Bankex had outperformed the market over the past one month until 21 February 2012, gaining 17.66% compared with the Sensex's 10.09% rise. The index had also outperformed the market in past one quarter, rising 30.58% as against 15.57% rise in the Sensex. http://www.goldennifty.com
The recent rise in interest rate sensitive banking shares was triggered by a further decline in headline inflation in January 2012, which reinforced expectations that the central bank will start cutting interest rates in the coming months to revive slowing economic growth.
The wholesale price index (WPI) rose a slower-than-expected 6.55% in January 2012 from 7.47% rise in December 2011, government data showed early last week. The annual reading for November 2011 was revised upwards to 9.46% from 9.11% reported earlier. http://www.goldennifty.com
The government said on Tuesday (21 February 2012) that inflation based on the consumer price index (CPI) rose 7.65% in January 2012. The annual CPI data released for the first time on Tuesday measures retail prices in major food groups, fuel, clothing, housing and education across rural and urban India. The new CPI price series is gradually expected to displace wholesale price data as the primary indicator of inflationary trends.
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