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Bank of Baroda, PNB, SBI, Axis Bank, others tumble up to 9% amid heavy selloff

04 Jun , 2024   By : Debdeep Gupta


Bank of Baroda, PNB, SBI, Axis Bank, others tumble up to 9% amid heavy selloff

Banking stocks were on shaky ground on June 4 as investors rushed to book profits after yesterday's record-high moves. Shares of Bank of Baroda, PNB, SBI, Bandhan Bank, Axis Bank, and IndusInd Bank, among others slipped up to 9 percent, as against a 5 percent decline in the Bank Nifty index.

The overall market sentiment also deteriorated after the NDA-led coalition secured seats below exit poll estimates so far, while opposition I.N.D.I.A coalition exceeded exit poll predictions.

However, analysts believe the positive sentiment will revive after the market consolidates. "The current break from the bull run will help the market recognize an upward direction. We don't expect any major negativity to persist in the market for a very long time," said A Balasubramanian, MD & CEO of Aditya Birla Sun Life AMC.

Analysts remain overweight on financials going ahead amid Street hopes for policy continuity, sustained focus on capex, and fiscal consolidation. "We remain overweight on financials such as SBI, BoB, ICICI Bank, LIC Housing Finance, Shriram Finance, HDFC AMC, ICICI Prudential, ICICI Lombard," said Morgan Stanley.

Jefferies also remains positive on private financials such as HDFC Bank, IndusInd Bank, and Kotak Mahindra Bank, citing inexpensive valuations.

Technically, Vaishali Parekh, Senior Vice-President at Prabhudas Lilladher expects Bank Nifty to regain strength and achieve the 51,000 mark, followed by 52,600 and 53,500. "The bias for the Bank Nifty index has turned strong and is expected for a further rise, with 49,600 acting as a crucial support zone," she added.

So far this year, Bank of Baroda, SBI, Axis Bank, ICICI Bank, Indian Bank, and Canara Bank have surged 10-46 percent, as against a 5 percent climb in the Bank Nifty index.

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