SBI, ICICI Bank trade in red, HDFC Bank in green

Last Updated: Wed, May 29, 2019 14:55 hrs
The State Bank of India (SBI) logo is seen on bags carried by participants during a news conference in Mumbai

Mumbai: The stocks of the State Bank of India (SBI) and ICICI Bank were in the negative territory on Wednesday.

The stocks turned to red after they traded near the 52-week high levels on Tuesday.

Around 2 p.m., the stocks of ICICI Bank on the NSE Nifty50 was at Rs 424.45, lower by Rs 9.85 or 2.27 per cent from the previous close of Rs 434.30 per share. Its 52-week high is Rs 439.20 recorded on Tuesday.

The shares of SBI were at Rs 348.45, lower by Rs 11.60 or 3.22 per cent. On Tuesday it settled at Rs 360.05 per share. Its 52-week high is Rs 364, touched on May 23.

The shares of HDFC Bank, however, rose by Rs 7.80 or 0.32 per cent to Rs 2,424 per share during the afternoon trade.

However, the sentiments in the banking stocks are likely to be positive in the near term, analysts said.

Kotak Securities in a recent report said that among the banks, ICICI Bank and SBI were attractive in the large cap segment and the Federal Bank in the mid or small segment.