Top 2 Bank Stocks Close At 52-Week Highs This Trading Week: Bank Stocks Are Booming

The Indian equity markets closed marginally bullish this trading week. Nifty 50 closed at 17,698.15 points gaining by 0.22%, and Sensex closed at 59,462.78 points, gaining by 0.22%. Here top 2 bank stocks have been discussed those closed at their 52-week high levels, at the end of this trading week. See why the banking stocks are gaining now, and why is it profitable to invest in banking stocks.

ICICI Bank Limited

The stock price of ICICI Bank has surged to a fresh 52-week high level, at the end of this trading week. Its current market price closed at Rs. 876.85/share on NSE, gaining by 1.99%, till last traded. In the last 5 days it gained by 5.96%, in the last 1 month, its share price has gained by 16.54%. In the past 6 months, its stock price up by 16.34%, and in the last 1 year, it has surged by 24.79%.

Its 52-week high range is Rs. 877.25, and 52-week low range is Rs. 642.15. It is a large-cap company with a market capitalization of Rs. 608,485 crore. Recently, the bank's market-cap reached Rs. 6 trillion, for the first time.

Karur Vysya Bank Limited

The stock price of Karur Vysya Bank has surged to a fresh 52-week high level, at the end of this trading week. Its current market price closed at Rs. 63.80/share on NSE, gaining by 0.16%, till last traded. In the last 5 days it gained by 1.43%, in the last 1 month, its share price has gained by 39.45%. In the past 6 months, its stock price up by 23.64%, and in the last 1 year, it has surged by 46.84%.

Its 52-week high range is Rs. 65.30, and 52-week low range is Rs. 38.40. It is a small-cap company with a market capitalization of Rs. 5,112 crore. Currently the bank is offering a dividend yield of 2.50%

Why are the banking stocks gaining?

After the RBI started to hike its repo rate, the banking stocks in India are also performing positively. After the latest announcement of a rate hike on August 5, by 50bps to keep it at 5.4%, major indices stood bullish. The NSE PSU bank and NSE Private bank indices were two of them. Now, the standing deposit facility (SDF) rate is at 5.15% percent, while the marginal standing facility (MSF) rate and the Bank Rate is at 5.65%. So, investors are now watching good buying support in the banking stocks. ICICI Bank, SBI, Axis Bank, and HDFC were some of the best-performing stocks in the banking sector.

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, and the author are not liable for any losses caused as a result of decisions based on the article.