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Bank Stocks Outlook For The Week – 20 To 24.11.2017

Bank Stocks Outlook For The Week – 20 To 24.11.2017

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Bank Stocks Outlook For The Week – 20 To 24.11.2017

Bank stocks are seen moving higher next week on technical cues along with continued positive trend for larger banks, following Jul-Sep earnings. The Moody's Investors Service upgrade on India's local and foreign currency issuer ratings to Baa2 from Baa3, followed by upgrades for State Bank of India and HDFC Bank, have contributed to the positive overview on the sector. The positive sentiment is not for the whole banking universe but stocks of larger banks are mostly likely to trend upwards, with large state-owned banks likely to get the lion's share of any recapitalisation allocation. Earlier this week, SBI Chairman Rajnish Kumar said the government has asked public sector banks to submit their capital requirements and business plans by Dec 31. We see few banks (Bank of Baroda, Canara Bank, Union Bank) reporting improving growth rates. Loan growth for PSU banks is also partly supported by loan buyouts from NBFCs and private banks. Retail cycle continues to hold up well, prompting many banks to pursue this segment more aggressively.

Source : Cogencis Information Services Ltd.

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