HDFC Bank pips SBI in market capitalisation

Private sector lender HDFC Bank has emerged the most valuable bank in the country with a market capitalisation of Rs1,37,500 crore, surpassing SBI's market cap of 1,32,700 crore on Friday.

The SBI scrip was under pressure and was trading two per cent below yesterday's closing level during afternoon trading while shares of HDFC Bank gained more than 3 per cent.

HDFC Bank, with a market cap of Rs1,33,375 crore, was trailing SBI, the country's top lender and most valued bank, which had a total market cap of Rs135,360 crore.

ICICI Bank was third in terms of market cap (Rs1,04,558 crore), followed by Axis Bank (Rs41,657 crore) and Kotak Mahindra Bank (Rs40,178 crore).

The market benchmark Sensex ended nearly 130 points off the day's high after a string of public sector lenders reported rising stressed assets in the June quarter. The Sensex, which had jumped over 300 points tracking strength in global markets, however ended with a gain of 199 points from yesterday's close.

Most state-run banks closed lower with the Punjab National Bank stock plunging 5.5 per cent to end at the bottom of the Nifty index. Another state-run lender Union Bank, closed 8 per cent lower after the bank reported sharp deterioration in asset quality. Bank of India declined over 5 per cent. Bank of Baroda declined 2.4 per cent.

In contrast, private sector lender ICICI Bank gained 2.4 per cent after it reported a 36 per cent jump in first quarter net profit and lower restructured assets in. HDFC Bank closed with 3.3 per cent gains.