Modi govt’s mega plan: Banking Stocks Rally

Banking, particularly PSU bank stocks buzzed after Modi govt’s mega plan of Rs 2.11 lakh crore to recapitalization was announced. Effectively, heavy volumes were detected in banking stocks. Notably, the trading volume was enormous in the banking stocks that Nifty Bank index with several banking stocks surpassed the turnover of the 50-share Nifty index.

The stocks the PSU bank index of NSE traded in green today with SBI and PNB jumping up to 40%.  Nearly Rs 16405 crore worth of shares exchanged hands on the Nifty Bank index. SBI spurted 24.56% to hit the 52-week high of Rs 316.95, which itself solely contributing Rs 5,700 crore to the trading turnover.

PNB was the biggest gainers among the banking stocks, which rose 40% to hit the 52-week high of Rs 193.45. Bank of Baroda rose 28%, Union Bank of India soar 29%, Canara Bank  up 34%, Bank of India jump 30%, OBC up 25%, among the rally of  many PSUs.

Top stocks in focus on 17 October 2017

Stock markets have opened lower on Tuesday with a negative bias. The domestic currency also opened lower versus the US dollar. Shares of Asian Paints, TCS, Bharti Airtel, and Axis Bank rose in the morning hours, whereas Tata Motors, Mahindra & Mahindra and Dr Reddy’s Labs fell.

Here is a list of a few major stocks that are likely to be in focus today:- Axis Bank is likely to report muted earnings for Sept quarter because of a rise in provisions. This is in spite of an expected moderation fresh corporate slippages and stellar digit loan growth.

Bajaj Auto - The two-wheeler major is to report mixed set of numbers on Tuesday for the quarter ended Sept 30, 2017. There are expectations that revival in demand from rural markets due to normal monsoons and early festive season will help the industry to post positive growth in Q2FY18.

Wipro Ltd - The Company is set to declare their Sept 2017 quarter results today, 17 October 2017 today.