Mumbai: Banking and finance stocks surged Monday, their steepest climb in more than 10 months, after India proposed a bad bank to house loans gone sour.
The proposed privatisation of IDBI Bank and two others, yet unnamed, underscored the Centre’s intent to enhance efficiency in the financing industry .
Given the budget’s accent on boosting infrastructure, the bets are on lenders that will play key roles in bankrolling them.
Both Nifty Bank and Nifty PSU Bank rose 8 per cent each Monday.
The 10-year benchmark yield pierced the 6 per cent-mark for the first time this year.