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YES Bank share falls 5% amid record market rally

Reversing yesterday's gains, stock of YES Bank opened at Rs 18.20 today and fell to the day's low of Rs 17.15, down 5% against last close of Rs 18.05

YES Bank stock is trading higher than 5, 20, 50, and 100-day moving averages but lower than 200-day moving averages YES Bank stock is trading higher than 5, 20, 50, and 100-day moving averages but lower than 200-day moving averages

YES Bank share erased morning gains and fell 5% to hit the lower ciruit of Rs 17.15 on Wednesday, even as other banking indices and broader market indices Sensex and Nifty scaled record highs.

Reversing yesterday's gains, stock of YES Bank opened at Rs 18.20 today and fell to the day's low of Rs 17.15, down 5% against last close of Rs 18.05. The stock rose to a high of Rs 18.30 on BSE in early session.

YES Bank stock is trading higher than 5, 20, 50, and 100-day moving averages but lower than 200-day moving averages.

The stock has fallen 2% in one week and over 8% in a month. Year to date, the stock has fallen 1%.

Market capitalisation of the lender stood at Rs 44,723.01 crore today. The stock has touched a 52 week high of Rs 87.95 and a 52-week low of Rs 5.55. Share of the private lender, with Rs 2 face value has fallen 57% in one year.  

YES Bank among other listed companies was re-classified as large-cap stocks in the semi-annual Association of Mutual Funds in India (AMFI) review earlier this month. The entry of the bank into large-cap in AMFI reclassified index is a big come back after YES Bank, that was dropped from benchmark indices Nifty, banking index Nifty Bank and other Nifty indices.

In a regulatory filing on January 4, YES Bank announced that it has registered 1.3% growth on a sequential basis in loans and advances to Rs 1.69 lakh crore during the December quarter. Lender's deposits grew 7.7% to Rs 1.46 lakh crore in the quarter, compared to Rs 1.36 lakh crore in the September quarter.  

The gross retail disbursements during the December quarter stood at Rs 7,563 crore, up 109% compared with Rs 3,764 crore in the September quarter.

The certificate of deposits (CDs) grew 1.9% to Rs 7,395 crore from Rs 7,259 crore in the preceding quarter. The current account and savings account (CASA) deposits grew 12.6% to Rs 37,973 crore, compared to Rs 33,713 crore in the September quarter.  

On the technical front, YES Bank stock has just managed to hold in two figures and is in a mildly bearish range since last year. The stock shows buying interest in the range of Rs 17-18 on a weekly basis as against the earlier Rs 11-15 range. Due to a spike in volume, the share price of the troubled lender can be seen rising, which is an early indication that stock is getting accumulated.

Once a troubled lender, YES Bank, was bailed out by SBI in March 2020. The lender is set to announce December quarterly results on 22 January.

Meanwhile, benchmark indices hit record highs in Wednesday's early trade, with Sensex nearing 50K mark for the first time. Later, Sensex and Nifty turned fell into red. In today's session, Sensex and Nifty hit fresh lifetime highs of 49,260 and 14,474, respectively.

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