Banks have overtaken infotech firms in terms of market capitalisation on the Bombay Stock Exchange.
Thirty-seven listed stocks, with total figures of Rs 64,666 crore, pushed up the banking sector to number two, sending the infotech sector to the third position with Rs 64,335 crore on May 20, 2003. Refineries are leading with a market capitalisation of Rs 1,04,160 crore.
The total market capitalisation of bank stocks increased 15 per cent (Rs 8,239 crore) from Rs 56,427 crore on April 21, 2003, to Rs 64,666 crore yesterday, and that of 147 listed infotech companies declined 2.8 per cent from Rs 66,164 crore to Rs 64,335 crore.
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With the rupee at a two-year high, and overseas clients pressing for lower billing rates, technology stocks have come under sustained selling pressure in the past few days. On the other hand, bank stocks have seen bottomlines going up 72 per cent in 2002-03.
Three public sector banks