The 30-share Sensex advanced over 4 per cent on Thursday to hit an intraday high of 30,099. HDFC twins contributed the most 511 points in today’s rally till 10.30 am (IST). Others including ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Bajaj Finance and State Bank of India together added more than 535 points in today’s rally.
The BSE Bankex was up 9 per cent at 23,287. Other financial players, including Bandhan Bank traded 30 per cent higher at Rs 201, while Federal Bank and RBL Bank were up 10 per cent and 7.50 per cent, respectively.
Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank told ETNow that at the micro-credit level which we are lending to the customer they have a good business. Their monthly family income is Rs 38,000 and they can handle this type of situation for one to three months.
Of late, the banking index cracked 47 per cent during January 1 and March 23 as investors expect the coronavirus crisis to hit businesses and incomes, leading to a spike in non-performing assets.
“The lock down of the domestic and global economies due to the COVID-19 threat will have a meaningful impact on banks’ loan-book growth,” Phillip Capital said in a report.
However, it added that the comparison of banks on key parameters such as deposit franchisee, loan…