New Delhi, July 13 (IANS) Eighteen of India's 20 largest banks saw increases in market capitalization in the second quarter, boosted by a stock rally amid the banking sector's strong recovery, according to S&P Global (NYSE:SPGI) Market Intelligence data and analysis.Nine banks reported double-digit percentage gains in market capitalization, led by IDFC First Bank Ltd. with a 44.53% climb to $6.41 billion. The lender rose to No. 11 from No. 14 in the ranking.
IDBI Bank Ltd (NS:IDBI). climbed three spots to No. 8 after a 23 per cent expansion to $7.25 billion, according to S&P Global Market Intelligence data and analysis.
Large Indian banks retained their top slots in the second quarter. HDFC Bank Ltd . (NS:HDBK) maintained the top spot with a market capitalization of $115.93 billion after its merger with Housing Development Finance Corp. (NS:HDFC) Ltd. on July 1.
ICICI Bank Ltd . (NS:ICBK) and State Bank of India (NS:SBI) kept second and third place, respectively, while Kotak Mahindra Bank Ltd. (NS:KTKM) and Axis Bank (NS:AXBK) Ltd. ranked fourth and fifth.
IndusInd Bank Ltd. (NS:INBK) and Bank of Baroda (NS:BOB) Ltd. switched spots at No. 6 and No. 7, S&P Global Market Intelligence data shows.
Central Bank of India (NS:CBI) dropped to 20th even after a 20.54 per cent market cap expansion. Indian Overseas Bank (NS:IOBK) fell to 14th from 8th and Canara Bank (NS:CNBK) dropped to 10th.
UCO Bank (NS:UCBK) made the list at No. 17 after its market cap increased 12.76 per cent.
Just two lenders -- Bank of India (NS:BOI) Ltd. and The Federal Bank Ltd. (NS:FED) -- posted market cap declines.
--IANS
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