Business Daily from THE HINDU group of publications
Wednesday, July 23, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Wednesday, July 23, 2008 ePaper | Mobile/PDA Version |
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Update at 1100 hrs (IST)
Markets Banking index surges MUMBAI: The banking index of the Bombay Stock Exchange on Wednesday surged as much as 8 per cent in early morning trade after the Government won the confidence vote with absolute majority and said it would go ahead with its unfinished economic reforms ag enda. The banking index on Wednesday opened firm at 6,961.81 points, a jump of 332.83 points over its previous close of 6,628.98 points. Marketmen said the surge in the banking index was largely due to the positive sentiments in the market as corporate India believes the win in the trust vote would give a boost to the Government for furthering its much-awaited reforms agenda. “With 275 votes, this Government has an absolute majority and this is a confidence to go forward,” the Finance Minister, Mr P. Chidambaram, had said after the trust vote on Tuesday. The 17-share index touched an intra-day high of 7,191.98 points and was quoted at 7,159.86 points at 10 a.m., a change of 531 points or over 8 per cent against yesterday's closing figure. Among the constituents of the banking index, ICICI Bank surged over 9 per cent, State Bank of India jumped 6.60 per cent and HDFC Bank rose nearly 8 per cent. Meanwhile, Axis Bank was up 6.54 per cent, Kotak Bank up 9.25 per cent, Punjab National Bank u p 5.16 per cent and Bank of India up 5.63 per cent. - PTI
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