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Our Bureau

Mumbai, Sept. 18 The market, which began the week on a positive note, continued the trend on Tuesday with the Sensex gaining 165 points to close at 15,669.12.

Bank stocks were active with the banking index going up by 2.47 per cent on expectations of a possible rate cut by the Federal Open Market Commisision (FOMC). There was substantial buying interest in ICICI and SBI, resulting in the two posting gains to the tune of 3.39 and 2.85 per cent, respectively.

“At this juncture, banking is one of the few sectors which have a strong future growth story. This sector is reasonably valued, has a lot of domestic players - thus not dependent globally and also there is a credit growth of more than 20 per cent expected in the future, boosting this sector further,” said Mr Lalit Thakkar, Head-Research, Angel Broking Ltd.

Reliance Industries and Bharti Airtel were among the other chief gainers on Tuesday’s trading.

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