IOB to UCO Bank: 4 banking stocks hit 52-week high despite weakness in markets
Stock market today: Despite weakness in key benchmark indices, some banking stocks have continued to attract attention of Dalal Street bulls because four bank shares have climbed to 52-week high in early morning deals. Those four banks are UCO Bank, Indian Overseas Bank, Dhanlaxmi Bank and IND Bank Housing Ltd. In fact, IND Bank Housing share has hit 20 per cent upper circuit as well.
Here we list out full details in regard to the four shares that have surged to 52-week high today:
1] Indian Overseas Bank or IOB: This PSU banking stock has been climbing to 52-week high for last four days in a row. In fact, out of last 6 sessions, it has hit fresh 52-week high on 5 sessions. IOB share price today opened upside despite sell off in Bank Nifty index and went on to climb to a new 52-week high of ₹36.70 apiece on NSE. The stock has been continuously witnessing spurt in trade volume as well.
2] UCO Bank: This state-owned banking share has been hitting 52-week high on a regular basis. It has hit 52-week high on all five trade sessions this week and it has hit has been hitting 52-week high for the last six days in a row. In fact, out of these five straight sessions, it has touched upper circuit on Tuesday and Thursday as well. Hence, the stock has remained bulls favourite despite heavy sell off on Dalal Street.
3] Dhanlaxmi Bank: This small-cap banking stock has been climbing to 52-week high for the last six days in a row. Out of last six straight sessions, it has touched upper circuit on two sessions and the stock has been continuously witnessing huge spurt in its trade volume. However, after hitting 52-week today, profit-booking triggered in the scrip and it has hit lower circuit as well.
4] IND Bank Housing Ltd: This financial stock has not just hit 52-week high, but it has locked-in 20 per cent upper circuit as well. The stock has hit 52-week high on two days in a row and it has touched 20 per cent upper circuit on last two straight sessions as well. Despite weakness in key benchmark indices this financial stock opened upside and went on to hit new 52-week high of ₹43.55 apiece on BSE, hitting 20 per cent upper circuit.
By 2:00 PM today, NSE Nifty is trading around 100 points lower from its previous close whereas BSE Sensex has lost over 200 points from its Thursday closing levels. However, Bank Nifty has received maximum beating among the key benchmark indices as it has lost to the tune of 250 points in intraday trade session.
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