YES Bank share was trading marginally lower in early trade after four days of straight gains, in line with other private and public banking indices.
Stock price of YES Bank opened higher at Rs 18.40 today and rose to high of Rs 18.60 on BSE. Later, the stock erased early gains and fell 0.83% to an intraday low of Rs 17.90, against the last close of Rs 17.73.
Most banking and financial stocks traded in red today as the Reserve Bank of India (RBI) warned banks of a deterioration in asset quality and said that lenders should brace themselves for a tough time once the policy support given during the pandemic is withdrawn.
YES Bank stock is trading higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages.
The stock gained 1% in last week after brokerage Edelweiss Securities said it believes that YES Bank among other listed companies may be re-classified as large-cap stocks in the semi-annual Association of Mutual Funds in India (AMFI) review later next month.
Edelweiss believes that along with Yes Bank, Gland Pharma, Jubilant FoodWorks, Adani Enterprises, PI Industries, Hindustan Aero that belong in the mid-cap category currently, will move from midcap to the large-cap category in the new list of large, mid, and small-caps by AMFI.
"The final/official list of Large, Mid and Small caps will be released by AMFI by 1st week of Jan-21, which will be effective for the Feb-21 to Jul-21 period. Indian Mutual funds will have to re-align the schemes within one month," the report said.
The list is expected to release in the first week of January 2021, which will be effective for the February-to-July 2021 period.
The stock has risen over 17% in a month amid rise in the private banking index and broader indices Sensex and Nifty, which have been hitting record highs. Meanwhile, Sensex has gained 6% during the same period. The positive trend in the stock price of private lender was also in line with the bullish broader market, with Sensex and Nifty hitting record highs in almost every session.
Market capitalisation of the lender stood at Rs 45,098.83 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 61% in one year.