Bank Of Baroda, SBI Shares Surge Up To 10%
New Delhi: Bank stocks rose sharply by up to 9.5 per cent on Thursday after the government's decision to withdraw Rs 500 and Rs 1,000 currency notes from circulation in a bid to curb black money and terror funding.
Shares in Bank of Baroda jumped 9.56 per cent, followed by Punjab National Bank (9.19 per cent) and State Bank of India (8.73 per cent) on the BSE.
Canara Bank stock climbed 6.74 per cent, followed by ICICI Bank (5.91 per cent) and HDFC Bank (1.84 per cent).
"Banking sector is expected to benefit as more money will flow into the formal sector. We expect banks to benefit in terms of more deposits, especially low cost deposits. However, in the near term, banks may witness higher stress on assets in the real estate sector," Kotak Securities CEO Kalmesh Rao said.
Banks have been ordered to remain open on the weekend as well as function late till 9 p.m. for three days beginning Thursday to deal with the huge rush.
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