Indian financials rise ahead of budget, on bullish Jefferies

Can Fin Homes

01/02/2023 05:33

** Nifty Financial Services Index  .NIFTYFIN  up 1.6%, with
19 of 20 constituents higher ahead of India's federal budget
    ** Jefferies says bank credit growth remains strong at 17%,
with better working capital demand, market share gains from
bonds
    ** Says while financials have underperformed the Nifty
 .NSEI  over last two months, large private banks and NBFCs have
outperformed
    ** Jefferies maintains "buy" on ICICI Bank  ICBK.NS ,
IndusInd Bank  INBK.NS , HDFC Life  HDFL.NS , Can Fin Homes
 CNFH.NS  and Home First  HOME.NS 
    ** The financials sector has the biggest weightage, at
36.81%, on the Nifty among all sectors
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))