HDFC Bank has been the worst performing banking stock this year, with the share price down over 8 percent in last six months, underperforming the Nifty which gained 11 percent during this period
The chosen sectors are at variance with bets by foreign portfolio investors and domestic institutional investors.
CNBC-TV18's Gopika Gopakumar reports that the banking stocks were singly responsible for the bloodbath on the D-Street today. The banking index, Bankex, accounts for over 25% of the Nifty, and it falling a dramatic 3.5% today, dragged the markets down over 2%.
Abhijeet Mazumdar of Prabhudas Lilladher in his exclusive interview with CNBC-TV18 says the results of the public sector banks have been quite ‘decent’ while on he is positive on private sector banking stocks like Axis and Union Bank of India.
Buy banking stock at lower levels, says Ambreesh Baliga, Way2Wealth.