Money on the markets

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Bank stocks rise ahead of RBI review

November 1, 2010

The BSE Banking index rose 3.38 percent on Monday, with India’s top private bank, ICICI, posting smart gains.

IndusInd Bank ended as the top sectoral gainer, adding more than 8 percent, while ICICI Bank ended nearly6 percent higher at 1231 rupees.

ICICI Bank shares rose as much as 7.4 percent in trade to a 34-month high of 1,248 rupees, as brokerages were upbeat on the top private-sector lender, and raised their target prices on the stock, after it posted forecast-beating results last week.

The Reserve Bank of India is set to review its policy on Tuesday. Do you think it is the right time to invest in this sector?

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