Banking stocks shave gains following Fitch downgrade on India-based financial institutions

Banking stocks shaved gains after Global rating agency Fitch Ratings downgraded outlook on of India-based financial institutions to Negative from Stable. As per media reports, the downgraded category includes State Bank of India, Punjab National Bank , Bank of Baroda, Bank of Baroda (New Zealand), Canara Bank , IDBI Bank, ICICI Bank Axis Bank, Export-Import Bank of India, Housing and Urban Development Corporation, Infrastructure Development Finance Company.

HDFC Bank is currently trading at Rs 530.80, down by 6.30 points or 1.17% from its previous closing of Rs 537.10 on the BSE. The scrip opened at Rs 538.20 and has touched a high and low of Rs 540.20 and Rs 530.25 respectively. So far 17562 shares were traded on the counter.

State Bank of India is currently trading at Rs 2098.00, down by 5.10 points or 0.24% from its previous closing of Rs 2103.10 on the BSE. The scrip opened at Rs 2114.70 and has touched a high and low of Rs 2122.75 and Rs 2097.05 respectively. So far 221747 shares were traded on the counter.

Meanwhile, Bank of Baroda, trimming gains, was trading at Rs 674.00, up by 3.40 points or 0.51% from its previous closing of Rs 670.60 on the BSE. The scrip opened at Rs 673.10 and has touched a high and low of Rs 680.90 and Rs 673.00 respectively. So far 27983 shares were traded on the counter.

Punjab National Bank was trading at Rs 752.95, up by 1.75 points or 0.23% from its previous closing of Rs 751.20 on the BSE The scrip opened at Rs 752.50 and has touched a high and low of Rs 762.00 and Rs 751.20 respectively. So far 27986 shares were traded on the counter.