Equity Alert: BSE Bankex down 3%; weak mkt, US bailout delay weigh
MUMBAI--2:15PM--BSE Bankex declined nearly 3% to 6,679 points
tracking
broad market trend and on selling by funds, dealers said.
Concern over the delay in acceptance of $700-bln bailout plan for
the US
financial system has dampened sentiment for financial stocks world
over,
dealers said.
ICICI Bank was down over 4% at 571 rupees, State Bank of India
declined
1.6% to 1,470 rupees, while HDFC Bank retreated about 3% to 1,259
rupees.
"Larger banks such as HDFC Bank, Axis Bank, and State Bank of
India are
expected to perform better than smaller banks, as they (smaller banks)
will
see some margin pressure. Further deterioration in asset quality is
also
expected,"
said Vaibhav Agrawal, analyst, Angel Broking.
Agrawal recommends buying HDFC Bank, Axis Bank, and ICICI Bank.
BSE Bankex has crucial support at 6,590 points and then at 6,450
points.
Resistance is seen at 6,732 points, and then at 6,800 points, said
Sarvendra
Srivastava, head of technical research, Sharekhan Ltd.
Short to medium term bias for the index is slightly negative,
Srivastava
said.
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