Private banks firm up tracking ADR gains on NYSE

Shares of private banking majors HDFC Bank and ICICI Bank were up 1-3% each in early trades on Thursday tracking ADR gains

Shares of private banking majors HDFC Bank and ICICI Bank were up 1-3% each in early trades on Thursday tracking gains of their respective American Depository Receipts listed on the New York Stock Exchange.

ICICI Bank ADR ended up 5.4% or $2.12 at $41.56 while HDFC Bank ADR ended up 4.5% or $1.62 at $38.02 in overnight trades on on the New York Stock Exchange.

ICICI Bank opened at Rs 1,021 and hit an intra-day high of Rs 1,033 while HDFC Bank opened at Rs 632 and touched a high of Rs 640 on the Bombay Stock Exchange.

Over 2.4 million shares of HDFC Bank and over 1.3 million shares of ICICI Bank were traded on both the stock exchanges so far.