ICICI now holds the second position after HDFC in the most valuable bank after overtaking State Bank of India through market capitalization. On Tuesday, the private sector lender which is Mumbai based ended up with a Ts. 1,11,917 core market cap in comparison to the market cap of SBI which was Rs. 1,11.596 core. Between the years 2005-2008, ICICI was leading over SBI however the aftereffects of the financial meltdown, it took a hit loosing it position.
Traders opt for buying the same number of quantity of the same shares in order to close the short position that is created by the sale of those shares. When they believe that the market process is likely to fall, they go ahead and sell the stocks in turn making profits out of the difference amount. Other large cap bank stocks have also grown since September 4. There has also been an overall growth in the shares prices of other banks.