Money on the markets

A maturing market amid the mayhem

Banking Index gains

November 6, 2009

The BSE Sensex posts its first weekly gain in three weeks helped by India’s top lender SBI and Sensex heavyweight ICICI Bank.
MARKETS-SOUTHASIA/STOCKS
Shares in SBI ended 3 percent higher at 2204 rupees posting its biggest rise in three weeks, while ICICI Bank which holds over 7 percent weightage in the 30-share Sensitive index ended 0.48 percent to 848 rupees.

The BSE Banking Index ended 1.7 percent higher on Friday while for the year it has gained over 70 percent.

Other gainers included were Yes Bank (up 6 percent), Kotak Mahindra Bank (up 5.98 percent), HDFC Bank (up 0.77 percent) and Bank of India (up 3.4 percent)

Banks gained after Standard and Poor’s statement which came yesterday that banks stands to gain more than to lose after RBI provisioning requirement to tighten provisioning norms.

Do you think banking stocks are a safe bet and will gain in near future?

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