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Banking stocks rally as Sensex hits a new record high
The Sensex hit a new record high of 22,046 points as banking stocks were on fire on sustained buying. ICICI Bank was up 2.37 per cent, while Yes Bank, IndusInd Bank and Kotak Mahindra were the other private sector banking gainers.
PSU banking stocks also rallied in line with the broad markets with Canara Bank, Union Bank, Syndicate Bank and Bank of Baroda being the key gainers in trade.
Banking stocks have been in the limelight in the last few weeks on hopes that a Narendra Modi led government would push through the economic reforms process, which could benefit banking stocks the most.
Dealers say that banking stocks could have some more momentum left particularly on hopes of a win for the Narendra Modi led NDA government. Investors have shown particular interest in private sector banking names like ICICI Bank and HDFC Bank.
In fact, ICICI Bank almost touched a 52-week high in trade today.
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