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Mixed day for banking stocks

September 23, 2009

MICROFINANCE/The BSE banking index ended marginally lower on Wednesday as the Sensex slipped over 150 points, but some banking stocks still managed to post decent gains.

Leading the pack was Indian Overseas Bank which jumped over 7 percent, and Federal Bank which gained 3.1 percent. Bigger peers like SBI and ICICI ended the day in the red.

Nine of the 18 components in the banking index managed to close positive.

The banking index has gained over 100 percent since April, with stocks such as ICICI surging over 150 percent and SBI rising 100 percent in the period.

Banking stocks have risen recently on higher advance tax payments by banks and a correction in valuation of small banks.

Which banking stock would you invest in right now?

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