Mumbai: Bank stocks were in limelight Friday, gaining up to 3 percent, on hopes of sectoral reforms.
Shares of ICICI Bank rose by 2.81 percent, Yes Bank was up 2.60 percent, AXIS Bank (2.44 percent), Kotak Mahindra Bank (1.48 percent) and HDFC Bank (1.43 percent) on the BSE.
Among others, Bank of India went up by 1.17 percent, Bank of Baroda (1.04 percent), Indusind Bank (0.60 percent) and SBI (0.41 percent).
The BSE banking index ended the day with a gain of 1.66 percent at 21,830.10.
"Banking sector rallied for the day with the hopes of some pro-industry outcome from the two-day conclave in Pune where the Prime Minister, the RBI governor, banking stalwarts and financial institutions are about to attend," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Mergers and acquisitions are not the only way for consolidation in public sector banks, as creating a mechanism for easier access to capital would also improve their balance sheets, Financial Services Secretary Hasmukh Adhia said today in Pune at the inaugural day of the two-day 'Gyan Sangam', retreat of bankers.
Senior bankers, insurers, financial sector regulators and finance ministry officials are attending the two-day meet at Pune from today to deliberate on host of issues including M&As and bad assets to revitalise the banking sector.
