ADS announcement bolsters ICICI Bank

DALAL STREET SPIKES

ICICI Bank stock was in the limelight gaining over 2 per cent on the announcement of a sponsored ADS. The stock of private sector bank closed at Rs 364.25, with volumes accounting for more than 3.21 lakh shares on the BSE on Tuesday.

Dealers said that while most private sector bank stocks witnessed profit-booking at higher levels, ICICI Bank managed to buck the negative trend and ended positive following the announcement of company's ADS plans.

There was fund-based buying at this counter in Tuesday's trading, a dealer added. Typically, the investors try to buy the underline stock in the domestic market to cash in on the difference between local and international share prices, said an analyst explaining the rationale for investors to buy stock in domestic market.