Money on the markets

A maturing market amid the mayhem

Banking counters soar

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Banking stocks kicked off the week on a positive note, with good results from some banks sending the BSE banking index up 2.4 percent.

The Bankex was also the top sectoral gainer on the BSE.

Shares in HDFC Bank topped the list of Sensex gainers with a jump of 4.5 percent. Allahabad Bank added 4.8 percent to emerge as the top Bankex gainer.

ICICI Bank, India’s top private lender, gained 2.6 percent, while SBI ended 0.6 percent higher.

Private lenders HDFC Bank and Axis Bank posted a more than 30 percent rise in December quarter net profit last week.

Banking index drops

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The BSE banking index dropped 1.2 percent on Wednesday in a broader market which ended flat.

The benchmark 30-share SenseMARKETS-SOUTHASIA/STOCKSx has more than doubled from the lows in early March, registering a rise of more than 78 percent with foreign funds infusing nearly $14 billion in Indian equities.

Banking index gains

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The BSE banking index closed 2.2 percent higher on Friday despite analysts’ warning that mid-cap lenders could see muted net profit growth in the July-September quarter.

The banking index has risen nearly 100 percent this year.MARKETS-SOUTHASIA/STOCKS

Some of the major gainers on the Bankex were Karnataka Bank (up 8.3 percent), Oriental Bank (up 6.8 percent), Union Bank (up 6.5 percent), SBI (up 5.3 percent), ICICI Bank (up 2.4 percent) and Andhra Bank (up 3.7 percent).

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