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Thursday, 12 January 2017

With markets attempting to build on minimal gains logged in the first half of the trading session today, select few banks are contributing positively to its gains. Punjab National Bank (PNB) is up by 1.25% on Thursday thus leading the banking pack.

ICICI Bank is the other major banking gainer in today’s session gaining by 1.15%. Axis Bank is up by 0.92%, Kotak Mahindra bank is up by 0.48%, Yes Bank by 0.32% and SBI is up by 0.30%. ICICI bank today announced that it will cut its MCLR rates. SBI started reducing the MCLR rates first, setting up the tone for the rest of the pack.

It is widely speculated that the aggressive cut in MCLR may impact the net interest margins for the banks and that may reduce the bank’s profitability owing to such aggressive rate cuts. Banking index BSE Bankex is trading at 21601 levels up by 59 points or 0.28%.
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