Private bank stocks are outperforming PSU banks. Will the momentum last?
FIIs lead sectoral churning in the market ahead of the beginning of the rate-cut cycle in India, private bank stocks have once again begun to outperform their high-flying PSU peers. In the last one month, the private bank index has risen 8% while PSU banks have lost 4.3% of their value.
HDFC Bank and ICICI Bank led the turnaround in private banks with strong support coming from other heavyweights like Axis Bank, Kotak Mahindra Bank, Bandhan Bank and IndusInd Bank.
While HDFC Bank shares have risen 8%, ICICI Bank has rallied nearly 12% in the past one month. The rest have gained between 6% and 8%.
Meanwhile, PSU banks which have maintained their lead over private banks in terms of stock returns over the last one year, are now trailing the latter on a one-month basis.
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