Sensex up 23 pts

Mumbai, Nov 14 | Updated: Nov 15 2005, 07:59am hrs
The new week at Dalal street began on a lacklustre note as participants seemed reluctant to take fresh calls ahead of the trading holiday on Tuesday on account of Guru Nanak Jayanti. The 30-share Sensex of the Bombay Stock Exchange (BSE) Ltd gained a modest 23.25 points to close at 8,494.29, after touching the day's high of 8,569.91. The broader S&P CNX Nifty of the National Stock Exchange (NSE) ended the day at 2,558.70, up 10.05 points.

On a day when the overall markets lacked direction, banking stocks stole the limelight as both front-line as well as side counters moved northwards. Incidentally, the BSE Bankex rose more than 2% or 113 points to outperform the markets as ICICI Bank (up 2.29% at Rs 527), HDFC Bank (up 6.56% at Rs 676.90) and SBI (up 1.22% at Rs 881.85) all registered handsome gains on Monday. SBI is planning to sign a shareholders' agreement with TCS to form an IT joint venture. These three stocks combined have more than 70% weightage in BSE Bankex. Jeetendra Gupta, analyst, Networth Stockbroking Ltd, said, "The ADRs of ICICI Bank and HDFC Bank witnessed a sharp rise on Friday, which led to the rise in the domestic markets on Monday.