Select bank stocks gain on foreign brokerage upgrade

Four bank stocks advanced by 1.77% to 6.56% at 12:15 IST on BSE after a foreign brokerage upgraded target prices of these stocks.

The S&P BSE Bankex was up 4.27% at 13,275.99 and was the top gainer among the sectoral indices on BSE. It outperformed the S&P BSE Sensex, which was up 1.44% at 21,006.79.

Kotak Mahindra Bank (up 1.77% to Rs 762.50), Bank of Baroda (up 3.71% to Rs 669.65), State Bank of India (SBI) (up 2.36% to Rs 1,862.60) and ICICI Bank (up 6.56% to Rs 1,135.30) gained.

The S&P BSE Bankex underperformed the market over the past one month till 4 December 2013, falling 3.98% compared with the Sensex's 2.5% fall. The index, however, outperformed the market in the past one quarter, advancing 26.35% as against Sensex's 11.53% surge.

A foreign brokerage raised the target price of select banks. The brokerage increased Bank of Baroda's target price to Rs 775 from Rs 645 and for Kotak Mahindra Bank, the target was raised to Rs 790 from Rs 762. SBI's target price was increased to Rs 2,200 from Rs 1,933. ICICI Bank's target price was raised to Rs 1,290 from Rs 1,250.

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