Bank Sector Weekly Report – 06.11.2017 To 10.11.2017
Bank Sector Weekly Report – 06.11.2017 To 10.11.2017
Bank stocks are seen trending higher in the coming week in line with the equity markets, along with rising appetite from a cross section of investors for financial services, especially for banking stocks. The demand is strong for bank stocks, and there has been both buying for technical and fundamental factors. Every dip has been tagged as a buying opportunity by investors. On the technical side, we
expect the rally in Nifty Bank to continue with a strong support emerging at the 25,400 level. The current price ratio (Nifty Bank/Nifty) is placed near 2.45 levels which is likely to provide a
cushion to the index. The out performance is likely to continue in banking stocks, which is likely to take the index higher in coming days.
A wide spectrum of banks will declare earnings in the coming week, with large state owned banks
such as State Bank of India and Bank of India lining up alongside smaller peers such as Indian
Overseas Bank, Indian Bank, Oriental Bank of Commerce, Bank of Maharashtra and Allahabad Bank.
The City Union Bank is the only private sector bank set to declare results next week. Updates will
also be expected from the annual banking conclave that will happen in Mumbai on Monday-Tuesday,
with Reserve Bank of India Deputy Governor N.S. Vishwanathan, and top bankers in attendance.
The state owned banks, Union Bank of India and UCO Bank, that declared poor numbers after
market hours, are likely to face pressure in early trade next week.
Union Bank of India, which was declared a net loss of 15.3 bln rupees in Jul-Sep against the expectations of a small 1.23-bln-rupee profit, will see pressure, even though the loss is large due to the bank's decision to frontload provisions on stressed accounts instead of spreading it across three quarters.
UCO Bank had declared a larger loss of 6.2 bln rupees in Jul-Sep, as against 3.8 bln rupees a year ago. The only silver lining to these weak numbers was the asset quality ratios improving marginally for both these lenders.
Source : Cogencis Information Services Ltd.
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Bank Sector Weekly Report – 06.11.2017 To 10.11.2017
Bank stocks are seen trending higher in the coming week in line with the equity markets, along with rising appetite from a cross section of investors for financial services, especially for banking stocks. The demand is strong for bank stocks, and there has been both buying for technical and fundamental factors. Every dip has been tagged as a buying opportunity by investors. On the technical side, we
expect the rally in Nifty Bank to continue with a strong support emerging at the 25,400 level. The current price ratio (Nifty Bank/Nifty) is placed near 2.45 levels which is likely to provide a
cushion to the index. The out performance is likely to continue in banking stocks, which is likely to take the index higher in coming days.
A wide spectrum of banks will declare earnings in the coming week, with large state owned banks
such as State Bank of India and Bank of India lining up alongside smaller peers such as Indian
Overseas Bank, Indian Bank, Oriental Bank of Commerce, Bank of Maharashtra and Allahabad Bank.
The City Union Bank is the only private sector bank set to declare results next week. Updates will
also be expected from the annual banking conclave that will happen in Mumbai on Monday-Tuesday,
with Reserve Bank of India Deputy Governor N.S. Vishwanathan, and top bankers in attendance.
The state owned banks, Union Bank of India and UCO Bank, that declared poor numbers after
market hours, are likely to face pressure in early trade next week.
Union Bank of India, which was declared a net loss of 15.3 bln rupees in Jul-Sep against the expectations of a small 1.23-bln-rupee profit, will see pressure, even though the loss is large due to the bank's decision to frontload provisions on stressed accounts instead of spreading it across three quarters.
UCO Bank had declared a larger loss of 6.2 bln rupees in Jul-Sep, as against 3.8 bln rupees a year ago. The only silver lining to these weak numbers was the asset quality ratios improving marginally for both these lenders.
Source : Cogencis Information Services Ltd.
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