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BSE Banking Index declines

July 15, 2010

MARKETS-SOUTHASIA/STOCKS

The BSE Banking Index snapped a five-session gaining streak on Thursday and dropped 0.27 percent on profit taking.

Top lender State Bank of India slipped 1 percent while private sector rival HDFC Bank closed 1.1 percent down.

Housing Development Finance Corp, the country’s biggest home loan financier, had closed 0.5 percent higher on Wednesday after it announced June-quarter net profit rose 23 percent.

Axis Bank, on Thursday declared April-June net rose 32 percent, ended 2.3 percent higher at 1344 rupees.

The BSE Banking Index, which had risen 5.2 percent in the five sessions to Wednesday, has given a positive return of over 13 percent so far this year.

Do you think it is the right time to invest in this sector, keeping in view that the RBI might raise rates in its coming policy review?

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