ICICI Bank soars on rate cut hopes

DALAL STREET SPIKES

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.

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.