Bank Stocks Outlook for the week - 21 to 24.08.2017
Bank Stocks Outlook for the week - 21 to 24.08.2017
( www.rupeedesk.in )
Stocks of banks are likely to stay steady in the coming truncated week in the absence of major riggers post Apr-Jun earnings of banks. IDBI Bank was the last bank to report its quarterly earnings on Monday, detailing a net loss of 8.5 bln rupees for Apr-Jun, as against a net profit of 2.4 bln rupees in year-ago quarter. Asset quality of the lender worsened with the gross non-performing asset ratio at 24.11% as of Jun 30, compared with 11.92% a year ago and 21.25% a quarter ago. However, some of the negative sentiment for the sector seen this week is likely to continue next week as foreign portfolio investors continue to sell stocks in the sector. A muted kind of performance was seen in the Nifty Bank index as it ended almost flat for the week despite sharp volatility seen on both sides. FIIs (foreign institutional investors) continued to remain negative in the cash segment whereas in the past few days they have been selling in index futures segment as well, which is likely to keep the index move in check, Nifty Bank, which rose a marginal 0.37% over the week, is seen finding support at 24000 points in the coming week. Further, geo-political tensions, especially in the US, could drag
broader domestic indices, which are also seen weighing on banking stocks.
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
Bank Stocks Outlook for the week - 21 to 24.08.2017
( www.rupeedesk.in )
Stocks of banks are likely to stay steady in the coming truncated week in the absence of major riggers post Apr-Jun earnings of banks. IDBI Bank was the last bank to report its quarterly earnings on Monday, detailing a net loss of 8.5 bln rupees for Apr-Jun, as against a net profit of 2.4 bln rupees in year-ago quarter. Asset quality of the lender worsened with the gross non-performing asset ratio at 24.11% as of Jun 30, compared with 11.92% a year ago and 21.25% a quarter ago. However, some of the negative sentiment for the sector seen this week is likely to continue next week as foreign portfolio investors continue to sell stocks in the sector. A muted kind of performance was seen in the Nifty Bank index as it ended almost flat for the week despite sharp volatility seen on both sides. FIIs (foreign institutional investors) continued to remain negative in the cash segment whereas in the past few days they have been selling in index futures segment as well, which is likely to keep the index move in check, Nifty Bank, which rose a marginal 0.37% over the week, is seen finding support at 24000 points in the coming week. Further, geo-political tensions, especially in the US, could drag
broader domestic indices, which are also seen weighing on banking stocks.
Bank Stocks Outlook for the week – 07 to 11.08.2017
