Tuesday, March 25, 2008

Bankex Makes The Most Of Market Rally

The BSE Sensex was up 543.88 points or 3.55% to 15,832.78 on easing credit worries in United States following JP Morgan Chase & Co's improved offer to buy Bear Stearns.

All sectoral indices on BSE advanced. The BSE Consumer Durables index (up 3.76% to 3,623.69), the BSE Power (up 3.90% to 3,078.44), the BSE Metal index (up 4.22% to 13,327.18), the BSE Realty index (up 4.42% at 7,106.81), the BSE Oil & Gas index (up 3.08% to 10,030.26), and the BSE IT index (up 4.67% to 3,581.80), outperformed the Sensex.

The BSE Auto (up 1.89% at 4,487.51), the BSE Health Care index (up 1.83% at 3,746.29), the BSE Capital Goods index (up 3.45% at 13,682.39), The BSE TecK index (up 4.46% to 3,051.43), the BSE PSU index (up 2.89% to 7,416.27), the BSE FMCG index (up 1.25% at 2,207.35), underperformed the Sensex.

The BSE Bankex had underperformed the market over the past one month till 24 March 2008, declining 23.70% compared to the Sensex’s fall of 11.87%. It had also underperformed the market in the past one quarter, declining 30.24% compared to Sensex’s decline of 22.99%.

ICICI Bank (up 6.02% to Rs 854), State Bank of India (up 4% to Rs 1712), Axis Bank (up 10.10% to Rs 790.20), and HDFC Bank (up 3.56% to Rs 1385), were the key gainers from BSE Bankex.

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