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YES Bank share rises 8%, here's why

Outperforming the Nifty Bank, YES Bank stock has risen 28.64% in the last 4 days of consecutive gains

twitter-logoBusinessToday.In | December 10, 2020 | Updated 13:40 IST
YES Bank share rises 8%, here's why
YES Bank stock is trading higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages

With only buyers to bid and no sellers to offer, YES Bank share price opened at Rs 20 on Thursday and later rose to Rs 20.75, rising 8.8% against the last close of Rs 19.06. The stock also hit a day's low of Rs 19.15 during the session.

Outperforming the Nifty Bank, YES Bank stock has risen 28.64% in the last 4 days of consecutive gains.

Yesterday, YES Bank share rose 10% in early trade after Brickwork Ratings upgraded the rating of Tier I subordinated perpetual bonds (Basel II) of the lender. The rating was changed to BWR BB+/ Stable from BWR D of YES Bank Limited.

In one week, the stock has risen 28%. The stock also saw investor interest earlier on Tuesday following reports that the stock will be upgraded to large-cap category from mid-cap by mutual fund industry body The Association of Mutual Funds in India (Amfi).

It has risen over 40% in just a month, following the news of the 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.

The stock gained last month after rating firm CARE Ratings upgraded the lender's rating on debt instruments with a stable outlook on November 9, 2020. YES Bank stock also resumed investors' participation, led by buying sentiment in the private banking index and broader indices Sensex and Nifty, that have been hitting new record highs.

Meanwhile, the stock of the private sector lender has fallen 57% since the beginning of the year and over 60% 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.

The stock of the troubled lender touched a 52-week high of Rs 87.95 and a 52-week low of Rs 5.65. Market capitalisation of the lender rose to Rs 49,408 crore today.

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