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Bad day for banking stocks

- It was not a good day for banking counters, as the markets slipped more than 250 points in Thursday. State Bank of India and ICICI Bank dropped nearly 1 percent and 2.1 percent respectively, while HDFC Bank closed 1.7 percent lower. Financials led the decline in the markets, as expectations for another rate increase in the next two months after the RBI’s recent move weighed on sentiments. Is this the right time to enter banking stocks?

ICICI Bank ends up 1.7 pct


Shares in ICICI Bank, India’s top private lender, gained 1.7 percent on Monday, as the bank said that its Q3 net profit rose more than 30 percent.

This was the bank’s strongest pace of growth in three quarters.

ICICI Bank Chief Executive Chanda Kochhar said that the bank expected “at least” 20 percent credit growth in 2011/12 compared with an expected 18 percent growth in the fiscal year ending on March 31.

RIL shares fall


Shares in Reliance Industries, India’s top listed firm, ended down 1.2 percent to close at 969.75 rupees on Thursday, as the BSE oil & gas index ended down 1.5 percent.

The shares have fallen significantly since November, when they were trading above 1100 rupees.

TCS shares touch record high


Shares in TCS gained nearly 5.5 percent on Tuesday after the firm had reported a good set of quarterly numbers on Monday evening after market hours.

TCS led the gains in the benchmark Sensex and rose to a record high after it beat street estimates and said it expected strong demand for outsourcing.

L&T shares fall after quarterly results


Shares in engineering conglomerate L&T ended down 1.65 percent on Monday after the company posted a 10.5-percent rise in standalone profit for the quarter ended in December, but a fall in its operating margin hit investor sentiment.

The company said its operating margin in the third quarter was at 10.8 percent compared with 12.4 percent a year ago.

HDFC Bank shares drop


Shares in HDFC Bank, one of India’s leading private sector bank, fell 5 percent on Monday, with the broader market remaining weak and slipping 468 points.

The shares ended as the top Sensex loser, after losing 113.45 rupees to close at 2154.90 rupees.

Tata Motors down 5.5 pct


Shares in Tata Motors ended down 5.5 percent to end as the top loser in the BSE Auto Index as overall markets remained weak and slipped nearly 500 points.

The firm’s shares closed at 1189.5 rupees, and was the second worst performer in the 30-share BSE Sensex.