Bank Stocks Outlook For The Week – 26 To 29.12.2017
The Stocks of bank are seen consolidating next week after the recent uptrend. Also, volumes would be low in the last week of the current year which is also truncated as financial markets are shut on Monday for Christmas. This week, bank stocks surged after the Bharatiya Janata Party won state Assembly elections in Gujarat and Himachal Pradesh. A win in the two states is seen as helping
the BJP, which is in power at the centre, push for more economic reforms. Going forward, even as selling in select public sector banks is seen continuing, the overall sentiment for the sector should
remain positive. The Nifty has already made a new life high, we feel follow-up sentiment boost can also be seen in banking stocks in the expiry week. Select public sector banks' stocks are especially under the radar after the Reserve Bank of India added them to the prompt corrective action framework. After putting Corporation Bank under prompt corrective action framework last week. The central bank, this week also initiated corrective action on Bank of India, United Bank of India, Oriental Bank of Commerce, Indian Overseas Bank, IDBI Bank, Dena Bank, Central Bank
of India, UCO Bank and Bank of Maharashtra are the other banks under the framework. However, both the government and RBI yesterday dismissed reports claiming that the Centre may shut down some public sector banks that are struggling with weak asset quality and high capital requirements,
which is likely to boost investor sentiment.
Source : Cogencis Information Services Ltd.
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The Stocks of bank are seen consolidating next week after the recent uptrend. Also, volumes would be low in the last week of the current year which is also truncated as financial markets are shut on Monday for Christmas. This week, bank stocks surged after the Bharatiya Janata Party won state Assembly elections in Gujarat and Himachal Pradesh. A win in the two states is seen as helping
the BJP, which is in power at the centre, push for more economic reforms. Going forward, even as selling in select public sector banks is seen continuing, the overall sentiment for the sector should
remain positive. The Nifty has already made a new life high, we feel follow-up sentiment boost can also be seen in banking stocks in the expiry week. Select public sector banks' stocks are especially under the radar after the Reserve Bank of India added them to the prompt corrective action framework. After putting Corporation Bank under prompt corrective action framework last week. The central bank, this week also initiated corrective action on Bank of India, United Bank of India, Oriental Bank of Commerce, Indian Overseas Bank, IDBI Bank, Dena Bank, Central Bank
of India, UCO Bank and Bank of Maharashtra are the other banks under the framework. However, both the government and RBI yesterday dismissed reports claiming that the Centre may shut down some public sector banks that are struggling with weak asset quality and high capital requirements,
which is likely to boost investor sentiment.
Source : Cogencis Information Services Ltd.
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