"This trade in top quality lenders with strong balance sheets and sensible capital allocation is a far more appealing trade than trying to time the metals and mining cycle."
Synopsis
Fund managers are bullish on the large private sector banks, such as HDFC Bank, ICICI Bank, Axis and Kotak. They believe their strong management teams will be able to manage the second wave of Covid-19. Many BFSI funds have concentrated portfolios and these stocks account for nearly half of the scheme.
Agencies
Despite slow credit growth, the top private banks HDFC Bank, ICICI Bank and Axis Bank have reported credit growth of 2-3x of the industry during FY21 at NPA levels that continue to be similar to those of last year.
Mumbai: The data set is decidedly mixed, and the odds don’t appear too bright at least on paper. But analysts still believe BFSI must be in your portfolio and not simply because it makes up the biggest chunk of the broadest indices of India.
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The rip-roaring rally in shares of private banks came to a halt as investors chose to book profits given the hefty gains so far in February. The Nifty Private Bank index closed 0.5 per cent lower led by losses in Axis Bank and ICICI Bank.