BSE Sensex higher, ICICI Bank, HDFC Bank gain, IT shares take a breather

Written by Reuters | Mumbai | Updated: Jan 21 2014, 20:52pm hrs
ICICI BankBank shares lead gains on sector rotation from IT stocks ahead of monetary policy review. (AP)
BSE Sensex gains 0.18 percent while the NSE Nifty index is up 0.14 percent.

Bank shares lead the gains on sector rotation from IT stocks ahead of a monetary policy review on January 28 and rising bond prices, dealers say.

ICICI Bank gains 2.1 per cent while HDFC Bank rises 0.7 per cent.

Tata Consultancy Services falls 2 per cent while Wipro Ltd is flat.

IT stocks have risen 68 percent since 2012 end while bank shares are down 11 per cent in the same period.

Indian government bonds rose to three-month highs on Tuesday on a report quoting an unnamed finance ministry official as saying that the fiscal year borrowing may be less than earlier budgeted if fiscal deficit is kept in check.