Nifty Bank snaps 6-day winning streak; SBI, HDFC Bank, Axis Bank fall
NEW DELHI: Nifty Bank index snapped its six-day winning streak on Monday on account of profit-booking. The index closed 1.26 per cent down at 20613.05
Among the 12-components in the index, Axis Bank closed lower by 3.61 per cent at Rs 509.10. It was followed by Bank of Baroda (down 2.23 per cent), Bank of India (down 1.84 per cent), YES Bank (down 1.83 per cent), ICICI Bank (down 1.81 per cent) and Kotak Mahindra Bank (down 1.54 per cent).
Other major lenders such as IndusInd Bank, Canara Bank, State Bank of India and Federal Bank slipped 1.49 per cent, 1.06 per cent, 0.83 per cent and 0.65 per cent, respectively.
Global credit rating agency Moody's Investors Service on Thursday said continuing to increase non-watch list Non-Performing Loans (NPLs) would put pressure on Axis and ICICI banks' credit profiles.
On the other hand, asset quality trends for public sector banks were more benign, and the pace of deterioration was slowed in the past two quarters from the levels seen in FY2016, Moody's said.
State-owned Canara Bank last week said it expects to raise Rs 716 crore by part selling stake in its subsidiary Can Fin Home Finance.
The Nifty Bank index advanced 3.5 per cent to 20876.65 on February 23 from 20163.70 on February 15.
Among the 12-components in the index, Axis Bank closed lower by 3.61 per cent at Rs 509.10. It was followed by Bank of Baroda (down 2.23 per cent), Bank of India (down 1.84 per cent), YES Bank (down 1.83 per cent), ICICI Bank (down 1.81 per cent) and Kotak Mahindra Bank (down 1.54 per cent).
Other major lenders such as IndusInd Bank, Canara Bank, State Bank of India and Federal Bank slipped 1.49 per cent, 1.06 per cent, 0.83 per cent and 0.65 per cent, respectively.
Global credit rating agency Moody's Investors Service on Thursday said continuing to increase non-watch list Non-Performing Loans (NPLs) would put pressure on Axis and ICICI banks' credit profiles.
On the other hand, asset quality trends for public sector banks were more benign, and the pace of deterioration was slowed in the past two quarters from the levels seen in FY2016, Moody's said.
State-owned Canara Bank last week said it expects to raise Rs 716 crore by part selling stake in its subsidiary Can Fin Home Finance.
The Nifty Bank index advanced 3.5 per cent to 20876.65 on February 23 from 20163.70 on February 15.