ICICI Bank rallies over 5% as ADR gains

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ICICI Bank rallies over 5% as ADR gains
Shares of India's second largest bank in terms of asset size, ICICI Bank gained as much as 5.9 per cent on Bombay Stock Exchange following the jump in its ADRs on December 20, 2011. ICICI Bank's ADRs gained 3.32 per cent to close at USD 25.24 at New York Stock Exchange on December 20, 2011.

Shares of the bank gained as much as 5.9 per cent on BSE, while at 11:25 AM, it quoted at Rs 687.50, up 5.38 per cent from previous close on BSE.

The rise in ICICI's stock was also instrumental in overall gains in BSE's Banking index as it was trading up 2.8 per cent at 9,222.36 points. While the 30-share benchmark index of BSE was trading around 250 points above the base line at 15,433.32 at 11:25 AM.

On Tuesday, all the global markets were in green tracking a smart rally in the US and European markets. On Wall Street, rally was triggered by much bigger than expected increase in US housing data for November, while a report also showed surprising increase in building permits.

Besides, the sense of respite also came from euro-zone front, where the strong demand was witnessed in a short-term Spanish debt auction and a drop in borrowing costs. Also the icing on cake came out with a report showing that German business confidence has seen an unexpected improvement in December.

Dion Global Solutions Ltd

Read more about: icici bank, bse, euro zone, debt
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