NBFC shares up after Lok Sabha clears Banking bill

Shares of non-banking financial companies (NBFC) gained after the Lok Sabha cleared the Banking bill paving the way for reforms in the banking sector.

NBFC stocks rose including L&T Finance gained 2.5%, Edelweiss Financial Services was up 6%, Religare Enterprises gained 3.83%, Bajaj Finserv up 1.92% and Mahindra and Mahindra Financials rose 1.90%.

PSU bank stocks including Allahabad Bank, Andhra Bank, IDBI Bank, IOB, Punjab National Bank, Syndicate Bank and State Bank of India all rallied.

Sentiments was boosted after the Lok Sabha cleared the Banking Laws Amendment Bill. The bill will also attract foreign investment in the banking sector as it may increase shareholders' voting rights.

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