Banking funds shine in strong 2012 for equities

NEW DELHI Wed Jan 2, 2013 8:54pm IST

A labourer works on the sign of a bank building in Ahmedabad November 26, 2010. REUTERS/Amit Dave/Files

A labourer works on the sign of a bank building in Ahmedabad November 26, 2010.

Credit: Reuters/Amit Dave/Files

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NEW DELHI (Reuters) - Funds focused on banks were the top performers in India in 2012, according to data from fund tracker Lipper, a Thomson Reuters company, after the banking sub-index surged nearly 57 percent last year.

Indian shares ended 2012 with their best gain in three years as strong foreign inflows and the government's fiscal and economic reforms outweighed worries about the domestic economy.

ICICI Prudential Banking & Finance Services Fund was the best performing fund in 2012, registering gains of 72.2 percent, followed by Reliance Banking Fund which clocked a rise of 60.5 percent.

(Reporting by Aditya Kalra; Editing by Subhranshu Sahu)

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