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Banking Stocks Gain On Short Covering Bounce
Several blue chip banking stocks, which had fallen to 52-week lows earlier this week, gained ground on a good short covering bounce.
ICICI Bank, Axis Bank, Punjab National Bank, Bank of India, J&K Bank and Syndicate Bank all hit 52-week lows earlier this week.
Analysts say there maybe some more steam in banking stocks, given the fact that they have fallen significantly in the last few trading sessions. Worries over rising non performing assets and new norms, that may result in additional non performing assets coming to the fore, has left investors worried. They sold heavily into banking stocks over the last fortnight.
Also, banking shares are heavily owned by Foreign Portfolio Investors, who may have been net sellers in the Indian markets over the last few months.
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