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BSE BANKEX-Banking Index
Commentaries: Nov- Dec 2009

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For the week ended December 24, 2009 both the BSE Sensex and Nifty gained 3.8% to close at 17360.61 & 5178.40 respectively. BThe Finance Minister's comments on GDP growth and better global markets helped market sentiments.

The BSE Banking Index, Bankex was up by 4%. Yes Bank was the top gainer with 7.5% increase. Other gainers were ICICI Bank (+5%). Axis Bank (+4.8%), Canara Bank (+ 4.4%) and OBC (+ 4.2%). For the week ended December 18, 2009 Nifty ended at 4,988, a loss of 2.5%. BSE Sensex lost 2.3% to close at 17,720. Market sentiments were down due to soaring food prices and possible interest rates hike.

Banking index lost 5.6% in view of below expectation advance tax payments from banking sector especially the biggest banks State Bank of India & ICICI Bank.

Major loosing bank stocks were Andhra Bank (- 10%), Allahabad Bank (- 8.2%) and Bank of India (- 7.1%). In private sector biggest loosers were Axis Bank and HDFC Bank, who were down by nearly 7%.

For the week ended December 11, 2009 Nifty ended the week flat at 5,117, after touching a new 52-week high. BSE Sensex also ended flat at 17,119.

Banking index lost 1.4%. Bank of Baroda was down 6.3%, IOB lost 3.6% and Union Bank of India & OBC lost 3.5%. In private sector Yes Bank was down by 3.1%.

For the week ended December 04, 2009 BSE Sensex closed 84 points to end at 17,101. The NSE Nifty slipped 23 points to close at 5,108. Markets ended lower on the back of profit booking in heavyweights. About 0.5% fall in European markets also impacted the Indian markets.

Banking index was down 1.2%. ICICI Bank, HDFC Bank were the major losers. The RBI clarification on December 1, 2009, has allowed banks to include technical or prudential write-offs for calculating provision coverage for non-performing assets (NPAs) - mandated to be at a minimum of 70% by September 10. This has seen brief recovery in the bank stocks.... Read more

For the week ended November 27, BSE Sensex lost 2.3% to close at 16,632 while NSE Nifty ended the week down 2.2% at 4,942 on the back of selling in realty, banking and technology stocks.

Financial crisis in Dubai gripped the global markets. Dubai, emirate of the UAE, had accumulated $80 billion of debt by expanding in banking, real estate and transportation. S&P had placed the ratings of four Dubai-based banks on negative outlook due to their exposure to Dubai World. It now wants to restructures Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.

The BSE Banking Index, Bankex fell 3.2%. Major losers in the banking sector were Andhra Bank (- 5.4%), ICICI Bank (- 5.1%), Karnataka Bank Ltd (- 5.1%), Oriental Bank Of Commerce (- 4.5%), Yes Bank Ltd (-4.1%)

For the week ended November 20, BSE Sensex gained 236 points & closed at 17,021. The NSE Nifty also went up by 63 points to close at 5,052.

Banking index, Bankex was the top gainer during the week and was up by 2.1%. SBI, ICICI Bank, HDFC, Syndicate Bank, UCO Bank, Andhra Bank were among the top gainers. Bank stocks were in demand due to market reports about consolidation among PSU banks

As per some unsubstantiated reports, Union Bank, Bank of Baroda and Punjab National Bank are keen on acquiring Corporation Bank whereas Canara Bank and Punjab National have shown interest in acquiring Dena Bank.

For the week ended November 13, BSE Sensex gained 4.3% to close at 16,848 and the NSE Nifty was up by 4.2% at 4,998. Strong inflows from foreign funds and strong global markets helped market to gain more than 4%. The Foreign Institutional Investors (FIIs) bought shares worth Rs 30 billion during the week.

The BSE Banking Index gained 5.3%. Among private sector banks ICICI Bank gained 7.1%, Axis Bank was up 6.2% and Kotak Mahindra Bank gained 6.2%. Among PSU Banks top gainers were IOB up by 6.5% and Canara Bank by 5.5%.

For the week ended November 06, the 30 share index, Sensex surged 262 points, or 1.64%, to 16,158.28. NSE Nifty gained 84.45 points (1.79%) to close at 4,796.15. Market gained mainly because of above average quarterly results, sustained buying pressure and firming global trend.

BSE Banking Index was up by 4%. ICICI Bank was the top gainer during the week, with gains of 10%. Other gainers were Yes Bank, which gained 8.8%. While OBC was up by 7%, Allahabad Bank and Kotak Mahindra Bank gained more than 6%. However Federal Bank was the biggest looser with loss of 6.8%.

Post announcement of the monetary policy, the BSE Bankex has plunged by 6% so far. Market feels that higher provisioning and a likely rise in interest rate may have a negative impact on the bottomline of banks.

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