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Our Bureau

Mumbai, Sept. 16 The BSE Bankex rebounded on value-buying to close up 0.89 per cent on Tuesday. Though the index was in the red till the last hour of trading, analysts said that the “good advance tax figures of July-September reported by State Bank of India” brought some interest back into the banking scrips.

The banking index opened in the red, down 3.46 per cent from its previous close. By the end of the day, 14 scrips in this index advanced while only three scrips declined. ICICI Bank was the biggest loser amongst the 30 Sensex stocks.

The scrip closed down 5.82 per cent owing to concerns regarding the losses it might incur due to the €57 million exposure its UK office has on Lehman Brothers bonds.

“The banking scrips are trading at very attractive levels at the moment; also, most banks other than ICICI either have very minimal exposure to the Lehman Brother or have nonoe at all.

All these factors have led to some late value-buying”, said an analyst with a stock broking firm.

The biggest gainer on the Sensex was SBI; the scrip gained 6.49 per cent from its previous close to end the day at Rs 1585.50.

HDFC Bank was also amongst the top gainers among the 30 blue chip stocks.

It rose 2.16 per cent to close at Rs 1230.05.

Fresh buying boosted mid-sized banks, said market men. Allahabad Bank was up 6.07 per cent at Rs 63.75, Axis Bank was up 5.98 per cent at Rs 696.55, Bank of Baroda was up 4.8 per cent at Rs 316.55 and Union Bank was up 3.84 per cent at Rs 132.40.

Others that ended the day in the black include Bank of India, YES Bank and Canara Bank.

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