Banking stocks in demand as markets scale new highs

May 09 2014, 20:05 IST
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Banking stocks led by ICICI and HDFC Bank, today surged up to 7 per cent in-line with overall rally in the broader market. Reuters Banking stocks led by ICICI and HDFC Bank, today surged up to 7 per cent in-line with overall rally in the broader market. Reuters
SummaryICICI Bank was the top gainer on the BSE Sensex.

Banking stocks led by ICICI and HDFC Bank, today surged up to 7 per cent in-line with overall rally in the broader market.

ICICI Bank gained 6.63 per cent, while HDFC Bank surged by 5.31 per cent, Axis Bank by 4.87 per cent and SBI by 3.88 per cent on the BSE.

ICICI Bank was the top gainer on the Sensex.

Among others, Kotak Mahindra Bank shot up by 4.75 per cent, IndusInd Bank by 4.61 per cent, PNB by 4.94 per cent and Bank of Baroda by 2.62 per cent.

Led by the gains in these stocks, the BSE bankex jumped 5.34 per cent to close 15,721.36, becoming the top gainer among 13 sectoral indices. It scaled all-time high of 15,801.26 points in the day-trade.

"We believe market will continue to have Modi wave. Today's rally was led by financial. Bankex moving up by closer to 5 per cent, mainly led by renewed buying in private sector banks," said Rahul Shah, Vice President - Equity Advisory Group, Motilal Oswal Securities.

Another analyst, Jayant Manglik, President-retail distribution, Religare Securities said, "The sentiments were buoyant since the beginning on the back of continuous inflow of foreign fund and expectation of stable government after this general election."

In the broader market, the BSE benchmark index Sensex ended at 22,994.23, up 650.19 points or 2.91 per cent. The index crossed record 23,000 level for the first time in intra-day.

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