Indian banks rally,SBI surges 4.9%

Banking index rallies,led by a 4.9% gain in country's top lender State Bank of India,

Written by Agencies | Published: May 28, 2012 4:01:49 pm

The banking index rallies,led by a 4.9 percent gain in the country’s top lender State Bank of India,on hopes of improving asset quality in the sector. * Since reporting better-than-expected Q4 net profit on May 18,SBI shares have gained 8.5 percent as of Friday’s close,compared to a 1 percent rise in the 50-share NSE index in the same period.

SBI asset quality is turning up as indicated by the management,and the street is still behind in pricing it,said an analyst at a foreign brokerage house. * Among other gainers,Punjab National Bank gains 3.3 percent,and Axis Bank rises 2.9 percent.

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