ICICI Bank jumps up on policy review eve

DALAL STREET SPIKES

Bank stocks were in demand ahead of the RBI's first quarterly review of monetary policy on Tuesday. The biggest gainer among the private sector banks was ICICI Bank, which gained 7.7 per cent to close at Rs 489.75 on back of strong volumes of more than 8.47 lakh shares on BSE.

ICICI Bank in intra-day trades had hit a new 52-week high of Rs 498. Among other gainers, HDFC Bank too hit a new high of Rs 690 in intra-day trades on strong volumes.

A dealer with a domestic broking firm said, "A further rally in bank stocks is expected looking at the open interest position in bank counters."