ICICI Bank, SBI: Fitch revises IDR outlook. Time to sell these stocks?

Financial sector stocks, especially banks, have been in the limelight over the past few weeks in the backdrop of Supreme Court hearings on interest moratorium and the AGR case of telecom companies.

On Monday, global rating agency Fitch revised the outlook from “stable” to “negative” on the Long-Term Issuer Default Ratings (IDR) of nine Indian banks that includes State Bank of India (SBI), Bank of Baroda (BOB), BOB’s subsidiary in New Zealand, Bank of India (BOI), Canara Bank (Canara), Punjab National Bank (PNB), ICICI Bank (ICICI), Axis Bank (Axis) - following revision in the outlook on India rating ('BBB-'). It