www.rupeedesk.in
The bias for bank stocks is seen slightly weak in the coming week as market participants anticipate some more selling. Bank stocks, particularly public sector ones, have fallen over the past two sessions tracking the sharp rise in government bond yields as the same is seen hurting their treasury portfolios. The selling pressure on bank stocks is likely to continue till there is stability in the government bonds yields. For bank stocks, movement in the gilts market would be closely watched. However, there could be some stock specific action on the outcome of Q2 (Jul-Sep) earnings. Disappointing earnings from Punjab National Bank dampened sentiment yesterday. All eyes will now be on sector heavy weight, State Bank of India, whose Jul-Sep earnings are due on Wednesday. On Monday, action would be seen in Dena Bank, Dhanlaxmi Bank, The Jammu & Kashmir Bank, and United Bank of India, as these banks will report their Jul-Sep earnings on Saturday.
Next week, Central Bank of India, Corporation Bank, Canara Bank, and Andhra Bank, among others, will detail Jul-Sep results. Traders will also eye inflation based on the Consumer Price Index (Combined) for October, which will be detailed at 1730 IST on Tuesday, to gauge the Reserve Bank of India's stance on policy rate at its monetary policy next month.
The bias for bank stocks is seen slightly weak in the coming week as market participants anticipate some more selling. Bank stocks, particularly public sector ones, have fallen over the past two sessions tracking the sharp rise in government bond yields as the same is seen hurting their treasury portfolios. The selling pressure on bank stocks is likely to continue till there is stability in the government bonds yields. For bank stocks, movement in the gilts market would be closely watched. However, there could be some stock specific action on the outcome of Q2 (Jul-Sep) earnings. Disappointing earnings from Punjab National Bank dampened sentiment yesterday. All eyes will now be on sector heavy weight, State Bank of India, whose Jul-Sep earnings are due on Wednesday. On Monday, action would be seen in Dena Bank, Dhanlaxmi Bank, The Jammu & Kashmir Bank, and United Bank of India, as these banks will report their Jul-Sep earnings on Saturday.
Next week, Central Bank of India, Corporation Bank, Canara Bank, and Andhra Bank, among others, will detail Jul-Sep results. Traders will also eye inflation based on the Consumer Price Index (Combined) for October, which will be detailed at 1730 IST on Tuesday, to gauge the Reserve Bank of India's stance on policy rate at its monetary policy next month.
