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Banking counters soar

January 18, 2010

Banking stocks kicked off the week on a positive note, with good results from some banks sending the BSE banking index up 2.4 percent.

The Bankex was also the top sectoral gainer on the BSE.

Shares in HDFC Bank topped the list of Sensex gainers with a jump of 4.5 percent. Allahabad Bank added 4.8 percent to emerge as the top Bankex gainer.

ICICI Bank, India’s top private lender, gained 2.6 percent, while SBI ended 0.6 percent higher.

Private lenders HDFC Bank and Axis Bank posted a more than 30 percent rise in December quarter net profit last week.

The banking index has added 1.2 percent this year. Would you invest in banking counters at this stage?

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