Watch out for these key levels on SBI and Bank of Baroda, while Tech Mahindra and DMart can be avoided for now.
IPO of the bank's life insurance arm, IndiaFirst Life, likely this financial yr
Bank of Baroda Q4 result preview: Citi expects BoB's net profit to fall 5 per cent sequentially to Rs 2,098 crore. It also expects PPoP to decline 6 per cent QoQ to Rs 4,138.3 crore
HDFC twins, HDFC in particular, may see some more downward pressure; whereas PSU banks like SBI, Canara Bank and BoB can rally up to 9 per cent.
Q4 preview: Analysts believe earnings momentum is likely to gather pace, with healthy loan growth, stable margins, and improving asset quality trends
The RBI left key rates - repo and reverse repo unmoved at 4 per cent and 3.35 per cent, respectively.
In the past two trading days, the stock has rallied 10 per cent after the state-owned lender reported a strong earnings for the quarter ended December 2021.
Shares of State Bank of India (SBI) and Bank of Baroda (BoB) jumped 3 per cent and 9.7 per cent, respectively, in intra-day trade on Monday, and hit fresh record highs of Rs 547 and Rs 117 apiece
The Nifty PSU Bank index climbed to a fresh two-year high even as the NSE benchmark slipped a per cent.
Shares of Bank of Baroda can jump 15% as it claimed a new 52-week high
Asset quality of the bank improved both sequentially and on a YoY basis; provisions of the lender fell over 27% to Rs 2,506 cr
The bank reported PAT of Rs 1,061 crore in the year-ago period
According to analysts, SBI can see continued traction in their operating performance, supported by modest business growth, while BoB may see a weak Q3 earnings show
Canara Bank hit a 52-week high of Rs 252.80, after rallying 6% in intra-day trade and 21% in the past four trading days.
In Q3FY22, Canara Bank's asset quality improved with its gross non-performing assets (GNPA) ratio reducing to 7.80 per cent, down from 8.42 per cent as at September 2021.
The Nifty PSU Bank index needs to cross 2,850 to indicate further strength