ICICI Bank jumped 9.55 per cent to close at Rs 350.50 on hopes of a rate cut by the Reserve Bank of India (RBI) after China's central bank reduced its lending and deposit rates by 1.08 percentage points on Wednesday.

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Reports that banks operating in India may soon be able to open new branches and set up ATMs without a licence from the RBI, would have also fuelled gains in banking stocks. The BSE Bankex was up by 6 per cent. ICICI Bank made an intraday high/low of Rs 353.50/Rs 324, with trading volumes of 35,56,670 shares.

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