After IT companies, it is now the turn of commercial banks to catch investors' fancy. The banking sector index, Bankex, of the Bombay Stock Exchange zoomed past its May 10 level on Wednesday to close at its lifetime high of 5876.89.
Bankex, the largest gainer among sectoral indices on Wednesday, rose by 1.4 per cent (79.17 points). The BSE Sensex, at 12,366.91, is 245.47 points away from its lifetime closing high of 12,612.38 touched on May 10.
Two private banks, ICICI Bank and HDFC Bank, closed at their lifetime high levels. ICICI Bank, up 1.5 per cent, closed at Rs 695.90 while HDFC Bank moved up 1.2 per cent to close at Rs 905.
Punjab National Bank hit its 52-week high of Rs 511.40, while State Bank of India (SBI), Bank of Baroda and Bank of India traded at close to their all-time high market values. SBI closed at 999.35 after hitting a high of Rs 1012.75.
The American depositary receipts (ADR) of ICICI Bank and HDFC Bank rose by 3 per cent each yesterday. ICICI Bank's ADR closed at $29.65 and that of HDFC Bank at $59.42 on Nasdaq.
Courtesy:http://www.business-standard.com/common/storypage.php?autono=259889&leftnm=0&subLeft=0&chkFlg=
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