 "Nifty Bank, S&P BSE Bankex hit fresh 52-week high")
Banking shares continued at their upward movement with the Nifty Bank and S&P BSE Bankex hitting their fresh 52-week highs on Thursday. Kotak Mahindra Bank and YES Bank hit a record high while Federal Bank touched a fresh 52-week high.
At 02:17 pm, Nifty Bank index was up 0.64% or 129 points at 19,916 on the NSE. The index hit a high of 19,922, its highest level since March 3, 2015.
S&P BSE Bankex was up 0.72% or 163 points at 22,820, after hitting intra-day high of 22,848 on the BSE. ICICI Bank, Federal Bank, Axis Bank, IndusInd Bank and Kotak Mahindra Bank were up 1%-2%.
RBL Bank, the newly listed bank, was up 3.3% at Rs 309, extending its over 30% surge on its debut on Wednesday. Shares of the private sector lender hit intra-day high of Rs 317, up 41% premium against its issue price of Rs 225 per share.
Analysts at Religare Institutional Research are bullish on YES Bank, Kotak Mahindra Bank and IndusInd Bank, three small/midsize private sector banks that are ideally placed to grab market share from public sector banks (PSB) due to their low loan base and fast-growing liability franchise.
“These private players are poised to grow much faster in the broader retail space due to a low base, a rapidly growing branch presence and wider customer offerings. In addition, they are better placed to cater to the PSB’s traditional micro, small and medium enterprises (MSME) market due to better service levels,” analysts said in banking sector update.
At 02:17 pm, Nifty Bank index was up 0.64% or 129 points at 19,916 on the NSE. The index hit a high of 19,922, its highest level since March 3, 2015.
S&P BSE Bankex was up 0.72% or 163 points at 22,820, after hitting intra-day high of 22,848 on the BSE. ICICI Bank, Federal Bank, Axis Bank, IndusInd Bank and Kotak Mahindra Bank were up 1%-2%.
RBL Bank, the newly listed bank, was up 3.3% at Rs 309, extending its over 30% surge on its debut on Wednesday. Shares of the private sector lender hit intra-day high of Rs 317, up 41% premium against its issue price of Rs 225 per share.
Analysts at Religare Institutional Research are bullish on YES Bank, Kotak Mahindra Bank and IndusInd Bank, three small/midsize private sector banks that are ideally placed to grab market share from public sector banks (PSB) due to their low loan base and fast-growing liability franchise.
“These private players are poised to grow much faster in the broader retail space due to a low base, a rapidly growing branch presence and wider customer offerings. In addition, they are better placed to cater to the PSB’s traditional micro, small and medium enterprises (MSME) market due to better service levels,” analysts said in banking sector update.
