Banking stocks see some recovery on value buying

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, August 20, 2013, 10:59 [IST]

Banking stocks saw some recovery in trade on value buying at lower levels. ICICI Bank which plunged to a 52-week low of Rs 808 bounced back was trading in the green at Rs 815.

PSU banks like Canara Bank and Indian Overseas Bank also recovered after hitting 52-week lows and were trading in the green.

Yes Bank which was last trading at Rs 236 had hit an intra day low of Rs 224 in trade today.

Banks had been beaten out of shape in the last few days on a surge in bond yields as investors worried that rising yields would affect the bottomline of banks. Lingering fears of increase in non performing assets has also weighted on banking stocks most of which have hit their 52-week lows pulling domestic indices lower.

Meanwhile, markets staged a recovery with the Nifty down only 45 points in comparison to a early morning fall of 102 points in the Nifty, which saw the Sensex falling below the 18,000 levels.

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