www.rupeedesk.in
Banking shares are expected to continue their strong run next week in the run up to the
results of the Lok Sabha elections, scheduled for May 16. Some profit booking, however,
is seen among private sector bank stocks. Yesterday, stock indices continued to soar in
expectation of a Bharatiya Janata Party-led government, with the Sensex touching an alltime
high and crossing the 23000 mark, as financial stocks led the rally and Bank Nifty
hit a lifetime high of 13814.25 points.
The Bank Nifty is expected to outperform the Nifty next week, with state-owned banks
seen rising in particular, while private sector banks may experience profit booking. The Bank Nifty may face resistance at 14500 levels over the coming days. Yesterday, stocks of ICICI Bank and Axis Bank hit lifetime highs of 1,390.90 and 1,650 rupees, respectively, before ending up 7% and 4.8%.
Other gainers included HDFC Bank, Kotak Mahindra Bank, YES Bank, State Bank of
India, Union Bank of India, Indian Bank, and Oriental Bank of Commerce, which ended
up 4-9%.
Stocks of public sector banks face an important week, with Bank of India, Bank Of
Baroda and Punjab National Bank scheduled to detail their Jan-Mar
quarter earnings on Monday and Tuesday.
Banking shares are expected to continue their strong run next week in the run up to the
results of the Lok Sabha elections, scheduled for May 16. Some profit booking, however,
is seen among private sector bank stocks. Yesterday, stock indices continued to soar in
expectation of a Bharatiya Janata Party-led government, with the Sensex touching an alltime
high and crossing the 23000 mark, as financial stocks led the rally and Bank Nifty
hit a lifetime high of 13814.25 points.
The Bank Nifty is expected to outperform the Nifty next week, with state-owned banks
seen rising in particular, while private sector banks may experience profit booking. The Bank Nifty may face resistance at 14500 levels over the coming days. Yesterday, stocks of ICICI Bank and Axis Bank hit lifetime highs of 1,390.90 and 1,650 rupees, respectively, before ending up 7% and 4.8%.
Other gainers included HDFC Bank, Kotak Mahindra Bank, YES Bank, State Bank of
India, Union Bank of India, Indian Bank, and Oriental Bank of Commerce, which ended
up 4-9%.
Stocks of public sector banks face an important week, with Bank of India, Bank Of
Baroda and Punjab National Bank scheduled to detail their Jan-Mar
quarter earnings on Monday and Tuesday.
