IndusInd Bank (up 4.24%), Bank of Baroda (up 3.46%), Federal Bank (up 3.34%), HDFC Bank (up 3.30%), Yes Bank (up 3.27%), Axis Bank (up 3.08%), Union Bank of India (up 2.69%), Punjab National Bank (up 2.55%), Bank of India (up 2.47%), State Bank of India (up 2.37%), Canara Bank (up 2.32%), IDBI Bank (up 2.29%), ICICI Bank (up 2.24%) and Kotak Mahindra Bank (up 1.89%), edged higher.
The BSE Bankex was up 2.73% at 13,335.42. It outperformed the BSE Sensex, which was up 1.92% at 19,665.43.
The BSE Bankex had underperformed the market over the past one month till 10 July 2013, falling 6.13% compared with the Sensex's 0.76% fall. The index had also underperformed the market in past one quarter, rising 1.76% as against Sensex's 4.78% rise.
The benchmark 10-year bond yield were down 8 basis points at 7.44% on the back of US Federal Reserve Chairman Ben S. Bernanke's statement on Wednesday, 10 July 2013, that the world's biggest economy will continue to need stimulus.
A rise in bond prices, which move inversely to yields, will boost the value of bond holdings of banks. Profits from trading in government bonds form a substantial part of revenue of commercial banks.
The BSE Bankex was up 2.73% at 13,335.42. It outperformed the BSE Sensex, which was up 1.92% at 19,665.43.
The BSE Bankex had underperformed the market over the past one month till 10 July 2013, falling 6.13% compared with the Sensex's 0.76% fall. The index had also underperformed the market in past one quarter, rising 1.76% as against Sensex's 4.78% rise.
The benchmark 10-year bond yield were down 8 basis points at 7.44% on the back of US Federal Reserve Chairman Ben S. Bernanke's statement on Wednesday, 10 July 2013, that the world's biggest economy will continue to need stimulus.
A rise in bond prices, which move inversely to yields, will boost the value of bond holdings of banks. Profits from trading in government bonds form a substantial part of revenue of commercial banks.
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