Share of YES Bank hit 5% upper circuit in early trade on Tuesday and gained for the second consecutive session, led by buying sentiment in the private banking index and broader indices Sensex and Nifty, that traded near record highs.
With only buyers to bid and no sellers, YES Bank share price opened at day's high of Rs 15.38, rising 4.98% against the last close of Rs 14.65. The stock also hit day's low of Rs 14.10 on BSE.
The stock of the troubled lender touched a 52-week high of Rs 178 and a 52-week low of Rs 5.65. Market capitalisation of the lender rose to Rs 38,534 crore today from Rs 36,379 crore on Friday. The stock has delivered 9.23% returns in the last 2 days.
In the last one week, the stock has fallen 0.14%. Meanwhile, it has risen over 23% in just a month.
The stock of the private sector lender has fallen 67% since the beginning of the year and over 77% in one year. 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 also saw buying momentum, following news of YES Bank's inclusion in the MSCI India Index. Inclusion in the MSCI Global Standard Index, was bullish for the stock as this could attract fresh inflows of capital from overseas into the private lender.
On the technical front, YES Bank stock has just managed to hold in two figures and is in a mildly bearish range. The stock shows buying interest in the range of Rs 11 - Rs 15, on a weekly basis. Due to a spike in volume, the share price of the troubled lender can be seen rising, but still within the range due to supply around Rs 16 - Rs 17 zone. It is an early indication in the stock that it is getting accumulated.
As per Kotak Institutional Equities, YES Bank has seen the highest rise in stake by FPIs in September 2020 quarter, while BFIs have registered the highest decrease in stake for the lender.
As per a report published by Invezz.com, the stock was most sought after among Indian investors, clocking in 90,000 online searches in a month. That means, the two-digit stock has been searched over 3 times more than Microsoft, which stands at 26,600 average online monthly search volume. The stock of the private lender was closely followed by Amazon with 89,200 online searches per month and Apple that clocked 78,600 online enquiries per month. Infosys, State Bank of India (SBI), and Indian Railway Catering and Tourism Corporation (IRCTC) were the other Indian companies in the list of the top ten most desired stocks in India, the report showed.
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