Money on the markets

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Firm trading session for banking stocks

April 29, 2010

MARKETS-SOUTHASIA-STOCKS/

It was a good day for banking counters with the Bankex gaining 1.6 percent and ending as the second best sectoral performer.

Financial counters rose on hopes that the economy, expected to expand 8.5 percent in the fiscal year beginning April 1, will boost demand for loans.

Shares of Yes Bank, which ended as the top gainer in the Bankex, jumped 5.6 percent to 293.15 rupees. ICICI Bank, India’s top private bank, gained 2.8 percent. Shares in SBI gained 1.7 percent to close at 2274 rupees.

On the losing side, Indian Overseas Bank dropped over 3 percent and ended as the top loser in the index.

The Reserve Bank is expected to raise rates further, according to a recent poll. Would you invest in this sector now?

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