The Hindu : Business : Bank shares in limelight

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Friday, May 06, 2005

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Bank shares in limelight

MUMBAI: Buoyed by sharp gains in banking shares, the Sensex on Thursday rallied by 70.20 points to close at 6359.65 on sustained buying and extended the spurt for the fourth consecutive day on the Bombay Stock Exchange.

Banking shares remained in the limelight registering steep gains on heavy buying after the Government approved two bills that would give the Reserve Bank of India powers to revise SLR and CRR limits of commercial banks, brokers said. The RBI on Thursday raised the ceiling on bank dividend payout ratio to 40 per cent from the earlier 33.33 per cent which boosted sentiment, they added.

The BSE benchmark 30-share sensitive index opened firm at 6322.02 against yesterday's close of 6289.55 and shot up to an intra-day high of 6391.32, before closing at 6359.65, showing a smart gain of 1.11 per cent. The Bankex rallied by 95.22 points or 2.65 per cent to close at 3684.29.

Among bank shares, SBI, HDFC Bank, ICICI Bank, ING Vysya, BOB, BOI, Canara Bank, Federal Bank, Kotak Mahindra Bank, Corporation Bank, Indusind Bank, Union Bank, UTI Bank, Bank of Rajasthan, Karnataka Bank and few others rose sharply. The broad-based BSE-100 index rose further by 37.60 points to 3423.59. — PTI

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