Bankex induction props up J&K Bank

DALAL STREET SPIKES

Most banks were up yesterday on buying interest from both domestic as well as foreign institutional investors.

According to market analysts, stocks such as J&K Bank, Kotak Bank and UTI Bank were in the limelight on news that they are added to the Bankex index which will improve the overall standings of these companies.

J&K Bank hit an all-time high of Rs 495 before closing at Rs 481.05, gaining nearly Rs 29 from its previous close of Rs 450, while Kotak Bank rose to Rs 381.80.

UTI Bank too gained Rs 6 to touch the day's high of Rs 146.50 before closing at Rs 143.40 with volumes of more than 80 thousand shares.

These three along with Indian Overseas Bank and UCO Bank are added to the BSE Bank index from today. Dealers said Moody's having revised rating of the long-term foreign currency deposits of several Indian banks to stable from negative helped.