In the 12-pack Nifty PSU Bank index, 11 stocks rose, barring Union Bank. The weekly gains for the index stood at 5.55%, according to Trendlyne data, the highest among the sectoral indices. The year-to-date (YTD) gains of the index are above 61%.
Shares of Bank of India (BoI), Bank of Baroda (BoB), Bank of Maharashtra, Punjab National Bank (PNB), Canara Bank, Punjab & Sind Bank (PSB), State Bank of India (SBI), Central Bank of India (CBI) and Indian Bank gained between 2.28% and 0.34%.
The gains were despite weakness in the overall markets with benchmark indices S&P BSE Sensex and Nifty50 trading with deep cuts. While the BSE barometer Sensex was down at 66,296 following a 500-point fall, its NSE counterpart Nifty was hovering around 19,748, down 153 points.
Banking gauge Nifty Bank fell 0.74% around this time. The top loser in the 12-stock index was ICICI Bank, which was down 2.43%, and was followed by IndusInd Bank and AU Small Finance Bank.
Index heavyweight HDFC Bank fell for the third straight session following price target downgrades by top brokerages, including Nomura, Kotak Institutional Equities and Investec. Following the investor meet, Nomura cut its price target to Rs 1,800, valuing the stock at 2.5X Jun-2025F BVPS (2.8X for ICICI), with subsidiaries contributing Rs 201/share. “With 10.5% upside to our new TP, we downgrade the stock to Neutral,” the brokerage said.
HDFC Bank management’s guidance on key metrics including margins and net worth has turned investors down, triggering a selling action in the stock.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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