SBI, ICICI among banks near 52-week high

Last Updated: Wed, May 29, 2019 14:47 hrs
FILE PHOTO: A man walks past a podium set up at the venue of a news conference to announce the launch of Initial Public Offering by SBI Life Insurance Co in Mumbai

Mumbai: In line with several forecasts by brokerages that banks may do well on the Dalal Street, ICICI Bank, HDFC Bank and SBI among others were trading nearly 52-week high.

Most such banks were corporate banks with the exception of the State Bank of India (SBI).

Seven of the 10 constituents of the Nifty private bank index were trading close to their 52-week high. They were -- HDFC Bank, Kotak Mahindra Bank, Federal Bank, Axis Bank, ICICI Bank, RLB Bank and DCB Bank.

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

In sharp contrast, investors showed little interest in the PSU banks. Nine among the 12 index constituents traded in the red.

The Punjab National Bank (PNB) was the top loser among the PSU banks after it reported a net loss of Rs 4,750 crore in the January-March quarter on Tuesday.