For Quick Alerts
For Daily Alerts

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.

Banking Stocks Gain On Short Covering Bounce
ICICI Bank and Axis Bank continued to rally for a second day in a row, while PNB and State Bank of India were the top banking gainers this week.

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.

Story first published: Thursday, December 17, 2015, 10:10 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more