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Banking Stocks May See Further Rebound

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The last few days has been good for banking and finance stocks. HDFC Bank and HDFC led the rally on Wednesday, while IndusInd Bank led the rally on Tuesday and Wednesday.

Banks like ICICI Bank and Bandhan Bank have also been gaining strong momentum for the last few days.

Strong global cues

The rally in the markets of almost 25 per cent from lowest levels seen in March, is largely on account of the strong global momentum.

Banking Stocks May See Further Rebound
 

It is highly likely that the risk on rally may continue for a while, which would propel banking stocks even further.

Results from some of the big banks has been mixed. While Axis Bank reported a poor set of quarterly numbers because of higher provisions, IndusInd Bank numbers were better than estimates.

The stock has already rallied substantially in the last few days.

Stimulus package awaited

It is highly likely that the government may unveil a stimulus package likely, which should propel markets and banking stocks even further.

Stocks like Bandhan Bank and IndusInd Bank could gain, given that they have significant exposure to MSME. The government is likely to unveil a package for the MSME sector, which should benefit some of these banks.

Investors who have a long-term perspective may want to buy into the high quality banking names,

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