Code red for Bank Nifty, 11 of 12 stocks trade lower

Given these banks’ high weightage on the index, Axis Bank and ICICI Bank were among the biggest drags. Bajaj Finance, too, was among the top drags, down 1.4 percent despite robust Q2 update

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Shares of Axis Bank, ICICI Bank, State Bank of India (SBI) dragged Nifty 50 below 19,400 on October 4. On the Bank Nifty, 11 out of 12 stocks were trading in the red at midday.

Shares of Axis Bank were down 3.73 percent at Rs 1,002.2 at 13.20 pm, while Shares of SBI fell 2.57 percent at Rs 587.45 on the National Stock Exchange. Shares of ICICI Bank were down 0.96 percent at Rs 931.3 and IndusInd Bank shares fell 2.59 percent to touch Rs 1,398.20.

Given these banks’ high weightage on the index, Axis Bank and ICICI Bank were among the biggest drags. Bajaj Finance, too, was among the top drags, down 1.4 percent despite robust Q2 update.

Also read: Bajaj Finance hits 52-week high on robust Q2 growth; brokerages maintain buy

Ahead of Q2 results, analysts say that EPS growth expectation for banks is relatively low at 12-13 percent, which seems achievable without significant risks.

Despite, banking remains the most preferred sector for analysts. HDFC Bank had 44 buy calls, SBI had 47 buy calls and ICICI had 46 buy recommendations in September.

ICICI Securities said SBI stands out among its peer PSU banks with stable market share, strong digital capabilities, strong liability, retail franchise and management depth. “We believe the bank is in sweet spot with comfortable asset quality, strong visibility of 15 percent ROE and credit growth in-line with system,” said the domestic brokerage firm in a report. ICICI Securities has a buy call on SBI with a target price of Rs 730.

“Bank Nifty has bounced from the support of 44,200 levels and managed to close near 44,400 levels. The index has support at 44,000-44,200 while resistance is placed at 44,750-44,900 levels,” said Deven Mehata, equity research analyst at Choice Broking.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​​​