Private lender ,Yes bank stock created buzz on Dalal street with 27 % intra day gain on today’s trading.SBI Bank stock saw increased volatility following news.
Bloomberg-Quint reported, Government have created SBI led consortium to buy stakes in Yes bank. News is seen as positive and will drive the stock further.Mumbai based Bank was under continuous stress and underwent significant price correction in last couple of months.Even after 27 % gain in todays trade ,private lender is trading way below it’s 52 week high i.e. 286 on 3 Apr 2019. Stock have created good support around 29- 32 level and is expected to hold in future.High risk investors can consider buying stock for short term around 35-37.
SBI stock responded negatively to news in initial trading hours , but recovered and is currently trading with 3 % gain around 294.