Bank stocks fuelled Thursday's rally on the Bombay Stock Exchange (BSE). Most private bank stocks were on fire. The market capitalisation of all bank stocks spurted by Rs 5,400 crore to Rs 1,69,299 crore, from Rs 1,63,898 crore. |
The BSE Bankex, which represents bank stock prices, was up 2.65 per cent or 95.22 points to close at 3,684.39. |
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For the fourth day in a row, the Sensex moved up. It gained another 70.10 points to close at 6,359.65 after hitting the day's high of 6,391.32. The Nifty ended 20.70 points higher at 1,963.30. |
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With this, the market capitalisation of all traded stocks has climbed by Rs 46,000 crore to Rs 16,23,456 crore in four days. |
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The Karnataka Bank scrip was up 19.95 per cent to Rs 77.85, the Federal Bank scrip was up 14.45 per cent to Rs 166.90 and the Bank of Punjab scrip was up 11.85 per cent to Rs 31.60. |
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That is not all. The Bank of Rajasthan scrip rose 10.68 per cent to Rs 54.40, the ING Vysya Bank scrip was up 6.37 per cent to Rs 156.90, the Centurion Bank scrip was up 3.98 per cent to Rs 14.35, the IndusInd Bank scrip was up 6.77 per cent to Rs 54.45, the Kotak Mahindra Bank scrip was up 4.31 per cent to Rs 317.90, and the United Western Bank scrip gained 7.97 per cent to Rs 47.40. |
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Among frontline private bank stocks, the ICICI Bank share price was up 2.85 per cent to Rs 366.80 and the HDFC Bank scrip was up 1.46 per cent to Rs 546.80. |
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Marketmen attributed the rise in bank share prices to the fact that Indian banks would now be more attractive takeover targets for foreign banks. |
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