YES Bank shares were trading 3% higher in Wednesday morning after two days of straight fall. This was after the brokerage firm Edelweiss Securities said it believes that YES Bank among other listed companies may move from midcap to the large-cap category in the new list of large, mid and small-caps by Association of Mutual Funds of India (AMFI).
Besides YES Bank, Edelweiss Securities expects Gland Pharma, Adani Enterprises, PI Industries, Hindustan Aeronautics, and Jubilant FoodWorks as well to move from midcap to the large-cap category. 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 positive trend in the stock price of the private lender was also in line with the broader market as Sensex and Nifty rose 0.65% each.
Reversing from 2 days of consecutive fall, YES Bank stock opened higher at Rs 17.50 and gained 2.9% to hit the day's high of Rs 17.85 during the session against last close of Rs 17.34. The stock also hit an intraday low of Rs 17.04.
YES Bank share has lost 6% in the last one week. Share of the private lender, with Rs 2 face value has fallen over 64% in one year. YES Bank stock is trading higher than 20, 50 and 100-day moving averages but lower than 5, 200-day moving averages.
YES Bank has risen over 21% 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 5% during the same period.
Market capitalisation of the lender stood at Rs 44,372 from Rs 42,718.61 crore in the previous session. The stock has declined 62% since the beginning of the year.
As per the brokerage, Bank of Baroda, GIC of India, Concor, United Breweries, MRF and NMDC are among the stocks that are likely to move from the large-cap to midcap category.
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