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Mumbai: Today, the Indian stock markets opened on a bleak note at 14,674.92, and continued to trade imp

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In the afternoon trades, the BSE IT index gained 24 points to 4,758.66 owing to the decrease in the rupee values as against the dollar.

In order to tame the rupee, the government had constricted foreign-borrowing rules on 7 August 2007. Now, external commercial borrowings (ECBs) over $20 million have been permissible only for foreign currency expenditure for allowable end-uses and are required to be parked abroad.

The market unfolded as anticipated and climbed up and detecting resistance in our resistance zone and caving in.

Rajesh Agarwal of CD Equisearch has suggested the shareowners to stay invested in ICICI Bank for long term.

Agarwal told, “In ICICI Bank funds, but because of interest rates stabilizing the margins will be better this time. It is currently quoting at a PE of 28, I think the bank has a very good long-term prospect and one could hold for a long term. The price target would be in the range of Rs 1,100-1,150 in a period of 6-9 months.”

The credit paid out by scheduled commercial banks climbed up 23.2% to Rs 3,608.88 billion on yearly basis as on Jul. 27, 2007, which is under the growth of aggregate deposits of 25.7%.