Analysts expect the underperformance in bank stocks to continue ahead as the current fears around the banking sector globally are likely to persist for some time
The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances
At present, BoB holds 100 per cent in the entity
SBI, Bank of Baroda, Punjab & Sind Bank, Union Bank of India, UCO Bank, Bank of India, Bank of Maharashtra and Indian Overseas Bank were up 4 - 7 per cent each.
if the Bank index succeeds to close over 41,000 mark, which is right above its 21-DMA, the short-term upside may poised to rally towards 42,000 level,
Biocon share may slip up to 21 per cent if breaks 52-week low
Bank management says, exposure to Adani Group well below the ceiling prescribed by RBI under large exposure framework
On the bourses, shares of the bank jumped over 5 per cent to an intra-day high of Rs 162.3 per share
Stocks to watch today: The National Stock Exchange (NSE) on Thursday shifted Adani Enterprises, Adani Ports, and Ambuja Cements to a category of stocks that require up to 100 per cent trading margins
Bank of Baroda Q3 preview: Analysts said traction in deposits, margin trajectory, and update on appointment of new MD & CEO would be on investors' radar
Global broking and research firm CLSA said on Thursday, that the Adani Group poses no "significant downside risk" to Indian banks.
Motilal Oswal Financial Services believes that sustained and consistent performance on delivering healthy return ratios can result in further re-rating of the stocks.
Stocks to Watch: GNFC and Indiabulls Housing Finance are the only stocks in F&O ban period on Wednesday.
At 11:35 am; Nifty PSU Bank index, the top gainer among sectoral indices, was up 2 per cent, as against 0.06 per cent decline in the Nifty50
Banks have made a beeline to increase rates on their deposits as liquidity in the system has tightened and the credit growth in the system has remained consistently high
In past one month, the stock price of UCO Bank zoomed 151%, while of Punjab & Sind Bank by 147%, as compared to 23% rise in the Nifty PSU Bank index and less than 1% gain in Nifty 50.
So far in 2022, the Nifty Bank Index has soared 24 per cent, far outperforming the benchmark indices, the BSE Sensex and Nifty 50, which have gained close to 8 per cent each.
In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex
Recently, SBI raised Rs 10,000 crore through its maiden issue of infrastructure bonds, for funding infrastructure and affordable housing segment.
Private sector banks' outlook is brighter on a relative basis, and the players will outperform benchmark indices from a 6-12 months' perspective, analysts say