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Banking index slips marginally

October 5, 2010

MARKET-INDIA/RUPEEBanking index dropped marginally on Tuesday as traders booked profits after hawkish comments on inflation by a Reserve Bank deputy governor.

The Reserve Bank of India (RBI) is considering measures to deal with an influx of foreign fund flows, Subir Gokarn said, adding that inflation persists well above the Reserve Bank’s comfort zone.

Stocks like Canara Bank and Federal Bank bucked the trend and jumped more than 5 percent each.

HDFC Bank ended as the top loser, down 1.8 percent. Yes Bank slipped 1.3 percent.

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