Banks Stocks

The Nifty PSU Bank index hit a new high of 3,811.15 on Wednesday, and has zoomed 67 per cent from its 52-week low of 2,283.85, touched on June 20, 2022.

SBI with its humongous size has reported consistently upbeat performance with this quarter seeing above par growth in earnings and return ratios, said analysts.

At 09:15 AM, around 38.99 million shares representing 1.2 per cent of total equity of Axis Bank changed hands on the BSE, the exchange data shows.

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Ten of the 11 S&P sectors fell in early trading

The overall trend is optimistic till the Nifty PSU index defends the support of 2,000 mark on the closing basis

The stock hit a lifetime high of Rs 408 apiece in intraday deals on Friday, up 15 per cent on the BSE, as against a 0.7 per cent rise in the S&P BSE Sensex

According to Phillip Capital increased allocation for capital expenditure will bode well for large banks, namely ICICI Bank, Axis Bank, HDFC Bank and State Bank of India

The significant feature of equity market performance in Samvat 2076 has been the sharp divergences both across and within sectors and companies.

As of now, the downside is limited in mid-cap banks with volumes staying subdued.

So far, there have been varied views with regards to the percentage of loans that may seek restructuring.

The scrip of Bank of Maharashtra fell by 1.78 per cent, Bank of Baroda 1.63 per cent and Allahabad Bank 0.77 per cent