PN Vijay, Portfolio Manager told CNBC-TV18, "The pressure came on the private sector banks, ICICI Bank, Axis Bank, even HDFC Bank because the perception is that they are owned by the foreign institutional investors (FII). If FIIs sell stocks they will sell these first because they have made some money on them. This cannot go on forever. They have very strong balance sheets. Their profitability is good."
"The valuation was an issue with private banks. The price-to-book was rather high, that has come down. So sometimes in the early parts of next week when again some calmness comes into the market as it surely will, these could be great buys. And one could pick up a stock like IndusInd Bank or Axis Bank at current levels and hope to get about 15-20 percent in the next six months, " Vijay said.
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