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BSE BANKEX-Banking Index
Commentaries: Sept to Oct 2009

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For the week ended October 30, Nifty was down by 5.7% and Sensex closed lower by 5.4%.. Though US GDP showed some growth, tightening measures announced in RBIís mid-year policy review resulted in sharp fall. Bank Stocks were mainly hit as market felt that higher provisioning stipulation by RBI in the policy review will impact banksí profitability. Though Bank Rate, Repo Rate, Reverse Repo Rate, CRR rates were kept unchanged by RBI. Only SLR was restored to 25%.

So despite good quarterly results announced by banks- Bankex, BSE Banking Index was down by 9%. The top losers were from public Sector Banks. IOB was down 24.2%, Bank of India lost 24%) & Karnataka Bank closed lower by 18.2%. Among the private sector, ICICI Bank lost 12.5%, while Kotak Mahindra Bank was down by 10.3%.

For the week ended October 01, BSE Sensex gained 2.5% and NSE Nifty went up by 2.4%. Sensex again touched the 17,000 mark after 16 months. Good liquidity, Improving economic data, Strong FII inflows boosted the market sentiments.

The BSE Banking Index gained by 5.3% mainly due to gains by IOB (+ 11%), Axis Bank (+ 10.7%), ICICI Bank (+ 8.4%), HDFC Bank (+ 5.9%). Major looser was Karnatala bank which lost 3.1% during the week. For the week ended September 25, Nifty and Sensex both were down by 0.3% to close at 4,959 and 16,693 respectively. Markets continued to trade flat due to weak global cues and increased concerns on inflation. Upcoming quarterly results also resulted in market turning cautious during the week.

Despite fall in overall sensex, the BSE Banking Index was up by 1.2%. The top gainers in the banking sector were IOB (+ 6.3%), HDFC Bank (+ 4.8%), Karnataka Bank (+ 3.4%). In PSU Banks Allahabad Bank went up by 3.4% and Andhra Bank gained 2.1%. However Canara Bank lost 4.3%. OBC was down by 3.9% & ICICI Bank dropped by 3.8%.

However, the markets closed the September on a positive note. The Sensex and Nifty surged 6.3% each on the back of buying in banking, auto and metal stocks However during September, the BSE Bankex shot up 14% led by SBI which gained 21%. Other major gainers during Sep 09 were PNB which was up by 18%, ICICI Bank was up 12%, and HDFC Bank gained 10%

For the week ended September 18, BSE Sensex rose 477 points or 2.9%to 16,741, while the Nifty moved 147 points or 3% to 4,976.Markets gained for the second week in a row, backed by positive sentiments on hopes of a speedy global economic recovery, higher advance tax numbers and fund buying.

The BSE Banking Index, Bankex gained 4.6% during the week. The top gainers in the Banking stocks were IOB (+ 17.5%), BOI (+ 14.5%), Yes Bank (+ 12.1%), State Bank of India (+ 11.8%) and Karnataka Bank (+ 11.6%).

Reserve Bank of India has recently stated that the banking sector in India is sound, adequately capitalized and well-regulated. Indian financial and economic conditions are much better than in many other countries of the world. Credit, market and liquidity risk studies show that Indian banks are generally resilient and have withstood the global downturn well. According to the RBI, gross bank credit offered by all scheduled commercial banks (SCBs) including regional rural banks (RRBs) grew by 17.3 percent up to March 2009. Public sector banks' credit grew by 20.4 percent, foreign banks' credit by four percent and private sector banks about 10.9 percent.

For the week ended September 11, majority of the indices ended higher as the Sensex gained 3.67% and the Nifty ended 3.19% higher due to strong buying from FIIs. NSE Nifty closed at a new 52-week closing high. The BSE Sensex closed above 16,000, backed by strong volume.

The Foreign Institutional Funds purchased Rs24.74bn during the week. The Domestic Institutional Funds were net buyers to the tune of Rs1.8bn during the week.

The BSE Banking Index gained 7% during the week. Most of the PSU Bank shares gained during the week led by Allahabad Bank (+ 14.1%), OBC (+ 12.7%), SBI (+ 9%) and Indian Overseas Bank (IOB), which went up by 7.7%.. In private sector top gainer was ICICI Bank, which gained 12.3% during the week.

For the week ended September 04, BSE Sensex was down by 1.5% and Nifty closed lower by 1.1%. Negative reports on manufacturing & exports and China meltdown dampened market sentiments

The BSE Banking Index was down by 0.7%. However, OBC gained 9.1% & Canara Bank went up by 7% during the week. Other major gainers were IOB (+ 6.4%), Federal Bank (+ 6%) and Allahabad Bank (+ 4.5%). The top losers from banking sector were ICICI Bank (-2.6%) and Kotak Mahindra Bank (- 1.5%)

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