Banks gain; slowing CPI raises rate cut hopes

Reuters Market Eye - Banking shares rise after data showing slower March retail inflation added to hopes the central bank could cut interest rates at its May 3 review, with value buying also playing a role after recent share losses.

State Bank of India gains 2 percent, ICICI Bank is up 0.5 percent and HDFC Bank is up 0.9 percent.

India's annual consumer price inflation slowed to 10.39 percent in March from the previous month, government data showed on Friday.

(Reporting by Abhishek Vishnoi)