SUMMER INTERNSHIP PROJECT REPORT

ON
EQUITY RESEARCH ON BANKING SECTOR

Submitted in partial fulfilment of the requirements for

Master Of Management Studies (MMS)

Academic Year: 2022-2024

Submitted by

PANDEY CHINTARATNA ANANT

ROLL NO: A202225

SEMESTER II

BATCH: 2022-2024

Under the guidance of PROF. NILESH MANORE

H.K. INSTITUTE OF MANAGEMENT STUDIES AND

RESEARCH
JOGESHWARI (W), MUMBAI: - 400-102

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 DECLARATION

I hear by declare that this report submitted in partial fulfilment of the

requirement of Master of Management Studies degree awarded by University
of Mumbai from H.K. Institute of Management Studies and Research is my
original work and not submitted for award of any degree or diploma
fellowship or for similar titles or prizes.

I further certify that I have no objection and grant rights to H.K. Institute of
Management Studies and Research, to publish any chapter/project if they
deem fit to publish in Journals/Magazines and Newspapers etc. without my
permission.

Name : CHINTARATNA ANANT PANDEY

Roll No.: A-202225.

Place : Mumbai.

Date : 08/11/2023

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 CERTIFICATE

This is to certify that the dissertation in partial fulfilment for the award of Master of
Management Studies under University of Mumbai from H. K. Institute of Management
Studies and Research is a result of the Bonafede research work carried out by Mr.
CHINTARATNA ANANT PANDEY, under my supervision and guidance, no part of this
report has been submitted for award of any other degree, diploma, fellowship or other
similar titles or prizes. The work has also not been published in any journals/ magazines.

Date: 08th November 2023

Place: Mumbai

Project Guide Director in charge

PROF. NILESH MANORE

3
CERTIFICATE

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 ACKNOWLEDGEMENT

I have taken efforts and done research on this project taken under consideration. However,
it would not have been possible without the kind support, guidance and help of many
individuals and organizations. I would like to extend my sincere gratitude to all.

It is my profound privilege to express my sincere thanks to PROF. NILESH MANORE,

for giving me such an opportunity to work on the project and continuously, giving me full
support and guidance in completing of this project.

I am highly indebted to Dr. (Director) & to the teaching staff at H.K. Institute of
Management Studies and Research for their guidance and constant supervision as well as
for providing necessary help and information regarding the project and also helping and
supervising in the completion of the project.

I would like to express my gratitude towards my parents and friends for their kind co-
operation and encouragement which helped me get motivated and also helped for
completion of the project. I would like to express sincere gratitude and special thanks to
ANGEL ONE LIMITED. employees, interns, team-leaders, HR, for giving me such
attention and time.

Mr. CHINTARATNA ANANT PANDEY

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 INDEX

Sr. no. Particulars Page no.

1 INTRODUCTION 7
2 LITERATURE REVIEW 8

3 RESEARCH OBJECTIVE 9

4 RESEARCH METHODOLOGY 10
5 LIMITATION OF STUDY 13

6 FUNDAMENTAL ANALYSIS 14

7 LIST OF TABLES, FIGURES AND 16

CHARTS
8 ANALYSES OF DATA 18

9 FUNDAMENTAL ANALYSIS 19

10 BANKING SECTOR 36
11 STRUCUTRE 37
12 BUSINESS DIVISION 38

13 INTERPRETATION AND OUTCOME OF THE 41

ANALYSIS:
14 PRIVATE BANKS 43
15 GENERAL OBSERVATIONS 45

16 CONCLUSION 57
17 BIBLIOGRAPHY/REFERENCES 59

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1. INTRODUCTION

Equity Research:

Equity research is an important aspect of investment and portfolio management. If one

wants to have growth in the investment, one needs to make smart investments in a
constantly changing market environment. Stock prices can easily fluctuate throughout any
given week. Some good news and a stock can shoot up dramatically. Hints of bad news
and the stock falls. To offset risk and capitalize on opportunity, one needs expert equity
research to make sound investment decisions.

Investment brings back high returns and value. It is crucial for any organization or business
to Invest for growth. You might be confident of your investment plans but there is
alwaysa doubt about the company in which you are investing. Equity research is the answer
to avoidany kind of investment risk.

A high quality research report of the equity research will be provided to us that also suggest
Future beneficial investments. This report captures the returns and the risks involved
making us more confident about our present investment decisions. Companies globally are
adoptingequity research before taking critical decisions of investment.

The equity research combined with the awareness of the strengths and weaknesses of the
company is highly beneficial. It provides us with a clear picture for investments. The team
of analysts conducts through research. They collect comprehensive information and critical
data. They conduct a rigorous research and analysis to provide us with details such as the
company financial reputation, history, about their market shares and company news and
other useful information. This also includes sector reports and market estimates. Due to vast
geographical reach, they have good knowledge of the various industries and the market.
They find out all the highs and lows and the future growth rate of a company which we are
investing in.

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2. LITERATURE REVIEW

Indian Economy being one of the fastest developing countries in the world, companies in
India are growing at a faster rate as compared to their growth rate a decade back. Many
Indian companies are expanding their business globally with mergers and acquisition.

As companies grow their shareholders benefitted with good dividend and capital
appreciationon investment in equity shares of such companies. Number of companies listed
in stock exchange (BSE & NSE) has been increasing every year with new IPO’s coming in
the market.

In India people are realizing that equity has potential to give highest return as compared to
other investment avenues however people are not aware how to do equity valuation, they
just invest in shares based on tips given by brokers, friends or family members.

Investing in equity shares based on tips is not the true investment but it is clear gambling
withyour money which many of us would not like to do with our hard earned money.

Equity valuation begins with analysis of the sector in which you want to make investment;
if the sector looks positive then analyze various companies in the sector. A company is
analysed fundamentally to check its performance and financial strength. Technical analysis
is used to decide the right price to buy a stock so that higher return on investment can be
generated.

In this report I have explained how to do Fundamental Analysis & Technical Analysis with
respect to banking sector and few banks in this sector. A short introduction about the equity
research and mutual fund has been given. The company profile of Aditya Birla Grouo and
Birla Sunlife has been given. Few big companies have been analysed in this sector like
SBI, AXIS bank, BOB, ICICI bank, PNB etc. The latest data has been taken to analyze the
best performance amongst all the companies.

In Fundamental Analysis, PEST (political, economical, social and technical) factors

have been taken with respect to banking sector. Then we have discussed the various kinds
of charts like the Line Chart, Bar Chart and Candlestick chart. The Indian Banking sector
has been discussed in brief and along with the SWOT (Strength, Weakness, Opportunities
and Threats) and Porter’s analysis is stated.

Then the technical analysis of the top banks has been done. The market price and P/E ratios
have been taken to calculate the EPS. After the target price was calculated with the help of
sector P/E and EPS and finally the difference was taken between the target price and
market price to arrive at the best performing company. Finally the conclusion and
recommendations are given with respect to derived result.

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3. RESEARCH OBJECTIVE

 To understand the basics of equity research

 Fundamental Analysis of Banking sector.

 Technical Analysis of the selected stocks

 To show sector performance of banking with BSE sensitivity index

 To provide an overview of banking sector.

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4. RESEARCH METHODOLOGY

 This study uses Fundamental as well as Technical analysis to identify and describe
factors contributing to changes in the stock price and valuation of various banks which
includes Public and Private banks.
 Valuation of Banks, is carried out by using two models viz., DCF model & Relative
Valuation model thereby comparing it with the nearest competitor or industry standards.

1. FUNDAMENTAL ANALYSIS

Fundamental Analysis is a method of evaluating a security that entails attempting to

measure its intrinsic value by examining related economic, financial and other qualitative
and quantitative factors. Fundamental analysts attempt to study everything that can affect
the security’s value, including macroeconomic factors (like the overall economy and
industry conditions) and company-specific factors (like financial condition and
management).

It is done to obtain a better understanding of:

 Trends

 Leverage/margins

 Efficiency programs

 Costs – Current changes

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This study involves a top-down approach of analysis i.e.

1.Economic Factors prevailing in the economy

2. Industry analysis

3. Company analysis by calculating ratios and value of the company.

This approach is useful for investors wishing to make long term investments in the
company.

2. TECHNICAL ANALYSIS

Technical Analysis is a method of evaluating securities by analyzing statistics generated by

market activity, such as past prices and volume. Technical analysis does not attempt to
measure a security’s intrinsic value, but instead use charts and other tools to identify
patterns that can suggest future activity.

Technical Analysis would involve analysis of daily/ weekly/ monthly/ yearly charts of
various banks. Technical analysis is based on an assumption that the historical performance
of stocks and markets are indications of future performance.

The fluctuations in price of a stock occur as a result of the Economic, Industry & Company
news.

This approach is useful for making short term Investment decision in the said stock.

3. DATA COLLECTION

The premier source of data is the annual reports for the past three years of Banking Sector.
Moreover, various charts form a part of the secondary data available for the purpose of
Technical Analysis.

3.1) External Desk Research

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External Desk Research involves research done outside the organizational boundaries and
collecting relevant information. These outside resources are described below:

3.1.1) Online Desk Research

There is incredible amount of data available online on Internet. There could be two
approaches for digging out the relevant information from Internet; one is directly browsing
the specific information from industrial or business sites and extracting the information out
of these sites.

Thus Publications, journals and articles have also been taken into consideration to learn
more about the strategic analysis of Metal sector. There are several researchers who have
spoken about this topic in detail; some of them relevant have come handy in researching
thoroughly through the topic.

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5. LIMITATION OF STUDY

 Significant business decisions are frequently made using one or more of the
analytical tools illustrated in this term paper. But, one should be aware of the limitations of
these tools and of the financial statements on which they are based.

 Estimates - Financial statements contain numerous estimates. Estimates are used in

determining the allowance for uncollectible receivables, periodic depreciation, the costs of
warranties, and contingent losses. To the extent that these estimates are inaccurate, the
financial ratios and percentages are inaccurate.

 Alternative Accounting Methods - Companies vary in the generally accepted

accounting principles they use. Such variations may hamper comparability. For example,
one company may use the FIFO method of inventory costing: another company in the same
industry may use LIFO. If inventory is a significant asset to both companies, it is unlikely
that their current ratios are comparable.

 The price predicted from the technical analysis may be inaccurate

 Time constraints is also one of the problem to cover the broad aspects of technical
analyses

 As the macro economic factors are not controllable which ultimately affects the
technical analyses

 Forecasted figures are based on assumption, so there is no appropriate conclusion.

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6. FUNDAMENTAL ANALYSIS

INDIAN ECONOMY OVERVIEW

Indian Economy Data and Statistics for 2019 and 2021

GDP Growth:

Before the COVID-19 pandemic, India's GDP growth was hovering around 6-7%.
However, in 2020, there was a contraction of around 7.3% due to the pandemic-induced
lockdowns and disruptions. In 2021, there was a rebound, with the economy expected to
grow by around 9.5%.

Sectoral Contribution:

Agriculture: India is primarily an agrarian economy, with a significant population

dependent on agriculture. However, the sector's contribution to GDP has been gradually
decreasing over the years. Issues like fragmented land holdings, insufficient irrigation, and
dependency on monsoons remain challenges. Contributed around 15% to the GDP. The
sector employs over 50% of the population.

Industry: Manufacturing is a cornerstone of the Indian economy, contributing a substantial

portion to GDP. The automotive sector, electronics, and pharmaceuticals are significant
contributors. However, supply chain disruptions during the pandemic exposed
vulnerabilities. Manufacturing contributed about 30% to the GDP.

Services: The services sector is the largest contributor to India's GDP. IT services,
healthcare, finance, and education are major components. The IT industry, in particular,
has been a major growth driver, with India being a global IT hub. The services sector
accounted for approximately 55% of the GDP.

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About Indian Economy Prospects

Post-Pandemic Recovery:

The pace of recovery post-pandemic depends on various factors. Rapid vaccination drives,
effective containment of new variants, and the ability to stimulate economic activity
through targeted policies are crucial.

Policy Initiatives:

Initiatives like the National Infrastructure Pipeline (NIP) and the Production-Linked
Incentive (PLI) schemes for various sectors are aimed at revitalizing growth. The
government is also focused on digitization and innovation to enhance productivity.

Fiscal outcome

Government Spending:

The government's spending priorities influence economic development. Investments in

healthcare, education, infrastructure, and R&D have a long-term impact on the economy.

Taxation and Revenues:

The Goods and Services Tax (GST) regime has been a significant tax reform, aiming to
simplify the tax structure and improve compliance. Effective tax collection is essential for
funding government programs.

Inflation view

Consumer Price Index (CPI):

Managing inflation is a balancing act. The Reserve Bank of India (RBI) uses monetary
policy tools to target a comfortable inflation range. Factors like food prices, global
commodity trends, and demand-supply dynamics influence inflation.

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7. LIST OF TABLES, FIGURES AND CHARTS

1. Types of Charts
2. Chart Patterns
3. Fundamental vs Technical Analysis
4. Banking Structure
5. Data of Fundamental Analysis on PSU Banks
6. Data of Fundamental Analysis on Private Banks
7. Investment Portfolio for PSU Banks
8. Investment Portfolio for Private Banks
9. State Bank of India (SBI) Financials
10. State Bank of India (SBI) Candlestick Chart
11. Bank of Baroda (BOB) Financial
12. Bank of Baroda (BOB) Line Chart
13. Punjab National Bank (PNB) Financial
14. Punjab National Bank (PNB) Line Chart
15. AXIS Bank Financial
16. AXIS Bank Line Chart
17. YES Bank Financial
18. YES Bank Line Chart
19. ICICI Bank Financial
20. ICICI Bank Candlestick Chart

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Steps involved in selecting companies under Banking Sector:

Step - 1: Selection of large cap companies from PSU banks and private banks is done, with
respect to the market cap. The stock, which market capitalization is more than INR 5000
crores, is selected as the large cap stocks.

Step – 2: The selected stocks are formed the large cap sector of Banking sector. The
average PE (Price Earnings ratio) of all the stocks is calculated.

Step – 3: The PE of all the stocks individually compared with the sector PE, which stand
more than sector, they are termed as overvalued stock and otherwise named as undervalued
stock.

Step – 4: The undervalued stocks are selected as the value picks and overvalued stocks are
compared with PEG (Price/Earnings growth ratio).

Step – 5: The overvalued stocks are selected on the basis of growth basis.

Step – 6: The top line and bottom line for the stocks are analysed also.

Step – 7: After selecting the stocks, an excel sheet is done with the number of stocks and
price of the stocks. In virtually, 100 crore is being assigned for the overall fund. So we
formed a group of 9, and divided the sectors accordingly.

Step – 8: The NAV is calculated daily after the market ends and comparison between the
NAV and SENSEX is done.

Step – 9: Additionally Technical analysis is done for the selected stocks. To conclude the
stocks are technically strong or not after being selected by fundamental analysis.

Primary data or secondary data used: I collected data from NSE, BSE sites and
moneycontrol for the market capitalization of companies. For PE and PEG, market price of
the stock is collected from the BSE and from annual report of company, the EPS is
calculated. For the technical graph of the companies, secondary data are used.

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8. ANALYSES OF DATA

Choice and techniques of data/information collection:

The project is on equity research analysis of the sectors. Hence study has to be done on the
basis of information and news available about the sectors i.e. secondary data by various
modes.

This research had to be completed by doing Fundamental analysis and Technical analysis
of the companies. Secondary data was collected from the internet, company websites,
magazinesand various articles.

However the main source of information is Annual Report issued by the companies and
also quarterly reports of the current year showing their performances in current market
scenario.

Firstly data was analyzed on the basis of the industry. The industry i.e. Banking focused on
and its performance and relation with the Indian economy was monitored and then specific
stocks were chosen to be invested in depending upon the fundamentals of the company
stocks. These stocks were individually analyzed and then measured whether it would give
maximum returns if invested in.

The research on the sectors and companies in those sectors is explained in the later part of
thereport.

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9. FUNDAMENTAL ANALYSIS

Fundamental analysis of a business involves analyzing its financial statements and health,
its management and competitive advantages, and its competitors and markets. When
analyzing a stock, futures contract, or currency using fundamental analysis there are two
basic approaches one can use; bottom up analysis and top down analysis. The term is used
to distinguish such analysis from other types of investment analysis, such as quantitative
analysis and technical analysis.

Fundamental analysis is performed on historical and present data, but with the goal of
makingfinancial forecasts. There are several possible objectives:

To conduct a company stock valuation and predict its probable price evolution,

To make a projection on its business performance,

To evaluate its management and make projected decisions,

Fundamental analysis includes:

Economic analysis

Industry analysis

Company analysis

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On the basis of these three analyses the intrinsic value of the shares are determined. This is
considered as the true value of the share. If the intrinsic value is higher than the market
priceit is recommended to buy the share. If it is equal to market price then hold the share
and if itis less than the market price then sell the shares.

Stock valuation:

In financial markets, stock valuation is the method of calculating theoretical values of

companies and their stocks. The main use of these methods is to predict future market
prices, or more generally, potential market prices, and thus to profit from price movement –
stocks that are judged undervalued (with respect to their theoretical value) are bought,
while stocks that are judged overvalued are sold, in the expectation that undervalued stocks
will, on the whole, rise in value, while overvalued stocks will, on the whole, fall.

In the view of fundamental analysis, stock valuation based on fundamentals aims to give an
estimate of their intrinsic value of the stock, based on predictions of the future cash flows
and profitability of the business. Fundamental analysis may be replaced or augmented by
market criteria – what the market will pay for the stock, without any necessary notion of
intrinsic value. These can be combined as "predictions of future cash flows/profits
(fundamental)", together with "what will the market pay for these profits?" These can be
seen as "supply and demand" sides – what underlies the supply (of stock), and what drives
the (market) demand for stock?

Stock valuation methods:

Stocks have two types of valuations. One is a value created using some type of cash flow,
sales or fundamental earnings analysis. The other value is dictated by how much an
investor is willing to pay for a particular share of stock and by how much other investors are
willing to sell a stock for (in other words, by supply and demand). Both of these values
change over time as investors change the way they analyze stocks and as they become
more or less confident in the future of stocks.

The fundamental valuation is the valuation that people use to justify stock prices. The most
common example of this type of valuation methodology is P/E ratio, which sta nds for Price
to Earnings Ratio. This form of valuation is based on historic ratios and statistics and aims
to assign value to a stock based on measurable attributes. This form of valuation is
typically what drives long-term stock prices.

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The other way stocks are valued is based on supply and demand. The more people that
want to buy the stock, the higher its price will be. And conversely, the more people that
want to sell the stock, the lower the price will be. This form of valuation is very hard to
understand or predict, and it often drives the short-term stock market trends. There are
many different ways to value stocks. The key is to take each approach into account while
formulating an overall opinion of the stock. If the valuation of a company is lower or
higher than other similar stocks, then the next step would be to determine the reasons.

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Earnings per share (EPS)

EPS is the net income available to common shareholders of the company divided by the
number of shares outstanding. Usually there will be two types of EPS listed: a GAAP
(Generally Accepted Accounting Principles) EPS and a Pro Forma EPS, which means that
theincome has been adjusted to exclude any one time items as well as some non-cash items
like amortization of goodwill or stock option expenses. The most important thing to look
for inthe EPS figure is the overall quality of earnings. Make sure the company is not trying
to manipulate their EPS numbers to make it look like they are more profitable. Also, look
at the growth in EPS over the past several quarters / years to understand how volatile their
EPS is, and to see if they are an underachiever or an overachiever. In other words, have
they consistently beaten expectations or are they constantly restating and lowering their
forecasts?

The EPS number that most analysts use is the pro forma EPS. To compute this number, use
the net income that excludes any one-time gains or losses and excludes any non-cash
expenses like stock options or amortization of goodwill. Then divide this number by the
number of fully diluted shares outstanding. Historical EPS figures and forecasts for the
next1–2 years can be found by visiting free financial sites such as Yahoo Finance (enter the
tickerand then click on "estimates").

EPS = Net Profit Available for Equity Shareholders - PreferenceDividend

No. Of Equity Shares

Price to Earnings (P/E)

PE ratio is one of the most widely used tools for stock selection. It is calculated by dividing
the current market price of the stock by its earning per share (EPS). It shows the sum of
money you are ready to pay for each rupee worth of the earnings of the company.

PE RATIO - MARKET PRICE PER SHARE

EARNING PER SHARE

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Assume there are two companies 'A' and 'B', operating in the same sector. If PE of 'A' is 30
and PE of 'B' is 22, then 'B' is considered to be a better buy, as the market price has not
gone up to reveal the earnings prospects of the company. But 'A' is considered to show
higher growth prospects as compared to 'B'.

How does PE help?

Understanding PE gives the investors an idea if the stock has sufficient growth potential.
Stocks with low PE can be considered good bargains as their growth potential is still
unknown to the market.

If the PE is high, it warns of an over-priced stock. It means the stock's price is much higher
than its actual growth potential. So these stocks are more liable to crash drastically.

This will allow savvy investors to sell their holdings before the stock price crashes.

Now that the analyst has several EPS figures (historical and forecasts), the analyst will
be able to look at the most common valuation technique used, the price to earnings ratio, or
P/E. To compute this figure, one divides the stock price by the annual EPS figure. For
example, if the stock is trading at $10 and the EPS is $0.50, the P/E is 20 times. A
complete analysis of the P/E multiple includes a look at the historical and forward ratios.

Historical P/Es are computed by taking the current price divided by the sum of the EPS
for the last four quarters, or for the previous year. Historical trends of the P/E should also be
considered by viewing a chart of its historical P/E over the last several years (one can find
this on most finance sites like Yahoo Finance). Specifically consider what range the P/E
has traded in so as to determine whether the current P/E is high or low versus its historical
average.

Forward P/Es reflect the future growth of the company into the future. Forward P/Es are
computed by taking the current stock price divided by the sum of the EPS estimates for the
next four quarters, or for the EPS estimate for next calendar or fiscal year or two.

P/Es change constantly. If there is a large price change in a stock, or if the earnings (EPS)
estimates change, the ratio is recomputed.

Growth rate

Valuations rely very heavily on the expected growth rate of a company. One must look at
the historical growth rate of both sales and income to get a feeling for the type of future
growth expected. However, companies are constantly changing, as well as the economy, so
solely using historical growth rates to predict the future is not an acceptable form of
valuation. Instead, they are used as guidelines for what future growth could look like if
similar circumstances are encountered by the company. Calculating the future growth rate
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requires personal investment research. This may take form in listening to the company's
quarterly conference call or reading a press release or other company article that discusses
the company's growth guidance. However, although companies are in the best position to
forecast their own growth, they are often far from accurate, and unforeseen events
couldcause rapid changes in the economy and in the company's industry.

For any valuation technique, it is important to look at a range of forecast values. For
example, if the company being valued has been growing earnings between 5 and 10% each
year for the last 5 years, but believes that it will grow 15 –20% this year, a more
conservative growth rate of 10–15% would be appropriate in valuations. Another example
would be for a company that has been going through restructuring. It may have been
growing earnings at 10–15% over the past several quarters or years because of cost cutting,
but their sales growth could be only 0–5%. This would signal that their earnings growth
will probably slow when the cost cutting has fully taken effect. Therefore, forecasting an
earnings growth closer to the 0–5% rate would be more appropriate rather than the 15–
20%. Nonetheless, the growth rate method of valuations relies heavily on gut feel to make
a forecast. This is why analysts often make inaccurate forecasts, and also why familiarity
with a company is essential before making a forecast.

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Price earnings to growth (PEG) ratio

This valuation technique has really become popular over the past decade or so. It is better
than just looking at a P/E because it takes three factors into account; the price, earnings,
and earnings growth rates. To compute the PEG ratio, the Forward P/E is divided by the
expected earnings growth rate (one can also use historical P/E and historical growth rate to
see where it has traded in the past). This will yield a ratio that is usually expressed as a
percentage. The theory goes that as the percentage rises over 100% the stock becomes
more and more overvalued, and as the PEG ratio falls below 100% the stock becomes more
and more undervalued. The theory is based on a belief that P/E ratios should approximate
the long-term growth rate of a company's earnings. Whether or not this is true will never be
proven and the theory is therefore just a rule of thumb to use in the overall valuation
process.

Here is an example of how to use the PEG ratio to compare stocks. Stock A is trading at a
forward P/E of 15 and expected to grow at 20%. Stock B is trading at a forward P/E of 30
and expected to grow at 25%. The PEG ratio for Stock A is 75% (15/20) and for Stock B is
120% (30/25). According to the PEG ratio, Stock A is a better purchase because it has a
lower PEG ratio, or in other words, you can purchase its future earnings growth for a lower
relative price than that of Stock B.

PEG = PE Ratio

EPS Growth%

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TECHNICAL ANALYSIS:

Technical analysis is a financial term used to denote a security analysis discipline for
forecasting the direction of prices through the study of past market data, primarily price
and volume. Behavioural economics and quantitative analysis incorporate technical
analysis, which being an aspect of active management stands in contradiction to much of
modern portfolio theory.

Technical analysis employs models and trading rules based on price and volume
transformations, such as the relative strength index, moving averages, regressions, inter-
market and intra-market price correlations, business cycles, stock market cycles or,
classically, through recognition of chart patterns.

Technical analysis stands in contrast to the fundamental analysis approach to security and
stock analysis. Technical analysis analyzes price, volume and other market information,
whereas fundamental analysis looks at the actual facts of the company, market, currency or
commodity. Most large brokerage, trading group, or financial institutions will typically
have both a technical analysis and fundamental analysis team.

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Concepts -

Resistance — a price level that may prompt a net increase of selling activity

Support — a price level that may prompt a net increase of buying activity

Breakout — the concept whereby prices forcefully penetrate an area of prior support or
resistance, usually, but not always, accompanied by an increase in volume.

Trending — the phenomenon by which price movement tends to persist in one direction for
an extended period of time

Average true range — averaged daily trading range, adjusted for price gaps

Chart patterns— distinctive pattern created by the movement of security prices on a chart

Momentum — the rate of price change

CHART TYPES:

There are three main types of charts that are used by investors and traders depending on the
information that they are seeking and their individual skill levels. The chart types are: the
linechart, the bar chart, the candlestick chart

Line Chart - The most basic of the three charts is the line charts because it represents only
the closing prices over a set period of time. The line is formed by connecting the closing
prices over the time frame. Line charts do not provide visual information of the trading
range for the individual points such as the high, low and opening prices. However, the
closing price is often considered to be the most important price in stock data compared to
the high and low for the day and this is why it is the only value used in line charts.

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Bar Charts - The bar chart expands on the line chart by adding several more key pieces of
information to each data point. The chart is made up of a series of vertical lines that
represent each data point. This vertical line represents the high and low for the trading
period, along with the closing price. The close and open are represented on the vertical line
by a horizontal dash.

The opening price on a bar chart is illustrated by the dash that is located on the left side of
the vertical bar. Conversely, the close is represented by the dash on the right.

Candlestick charts - The candlestick chart is similar to a bar chart, but it differs in the
way that it is visually constructed. Similar to the bar chart, the candlestick also has a thin
vertical line showing the period’s trading range. The difference comes in the formation of a
wide bar on the vertical line, which illustrates the difference between the open and close.
And, like bar charts, candlesticks also rely heavily on the use of colors to explain what has
happened during the trading period. There are two color constructs for days up and one
for days that the price falls. When the price of the stock is up and closes above the
opening trade, the candlestick will usually be white or clear. If the stock has traded down
for the period, then the candlestick will usually be red or black, depending on the site. If the
stock's price has closed above the previous day’s close but below the day's open, the
candlestick will be black or filled with the color that is used to indicate an up day.

28
Chart patterns:

Head & Shoulder

This is one of the most popular and reliable chart patterns in technical analysis. Head and
shoulders is a reversal chart pattern that when formed, signals that the security is likely to
move against the previous trend Head and shoulders top is a chart pattern that is formed at
the high of an upward movement and signals that the upward trend is about to end. Head
and shoulders bottom, also known as inverse head and shoulders is the lesser known of the
two, but is used to signal a reversal in a downtrend.

29
Cup with handle

A cup with handle chart is a bullish continuation pattern in which the upward trend has
paused but will continue in an upward direction once the pattern is confirmed.

This price pattern forms what looks like a cup, which is preceded by an upward trend. The
handle follows the cup formation and is formed by a generally downward/sideways
movement in the security's price. Once the price movement pushes above the resistance
lines formed in the handle, the upward trend can continue. There is a wide ranging time
frame for this type of pattern, with the span ranging from several months to more than a
year.

Double tops and bottoms

This chart pattern is another well-known pattern that signals a trend reversal - it is
considered to be one of the most reliable and is commonly used. These patterns are formed
after a sustained trend and signal to chartists that the trend is about to reverse. The pattern
is created when a price movement tests support or resistance levels twice and is
unable to break through. This pattern is often used to signal intermediate and long-term
trend reversals.

30
Triangles

Triangles are some of the most well-known chart patterns used in technical analysis.
The three types of triangles, which vary in construct and implication, are the symmetrical
triangle, ascending and descending triangle. These chart patterns are considered to last
anywhere from a couple of weeks to several months.

31
Flag and pennant

These two short-term chart patterns are continuation patterns that are formed when there is
a sharp price movement followed by a generally sideways price movement. This pattern is
then completed upon another sharp price movement in the samedirection as the move that
startedthe trend. The patterns are generally thought to last from one to three weeks.

Wedge

The wedge chart pattern can be either a continuation or reversal pattern. It is similar to a
symmetrical triangle except that the wedge pattern slants in an upward or downward
direction, while the symmetrical triangle generally shows a sideways movement. The other
32
difference is that wedges tend to form over longer periods, usually between three and six
months.

Triple Tops and Bottoms

Triple tops and triple bottoms are another type of reversal chart pattern in chart analysis.
These are not as prevalent in charts as head and shoulders and double tops and bottoms, but
they act in a similar fashion. These two chart patterns are formed when the price movement
tests a level of support or resistance three times and is unable to break through; this signals
a reversal of the prior trend.

33
Rounding bottom

A rounding bottom, also referred to as a saucer bottom, is a long-term reversal pattern that
signals a shift from a downward trend to an upward trend. This pattern is traditionally
thought to last anywhere from several months to several years. A rounding bottom chart
pattern looks similar to a cup and handle pattern but without the handle. The long-term
nature of this pattern and the lack of a confirmation trigger, such as the handle in the cup
and handle, makes it a difficult pattern to trade.

34
Fundamental vs Technical analysis:

Fundamental analysis Technical analysis

Definition Value calculated using Uses price movements and

various economic factors. patterns on charts to predict
future price movements.

Data from Economic reports,news Chart analysis

events,industry statistics

Asset When price falls below ( above When trader sees a price
)intrinsic value formation that has a high
Bought probability of moving into
(Sold) profit

in the near future.

Type of Usually longer term position Generally swing traders and

trader traders shortterm day traders

Time Offer holding for days,weeks Can be long term, but

Horizon or even months. most take positions for
days, minutes ,or

even seconds.

Concept Report expectations vs actual Trendlines , support and

Utilized outcomes, current news events resistance (supply &
compared to historical events. demand), dow theory, price
patterns.

35
10. BANKING SECTOR

The Indian banking sector has emerged as one of the strongest drivers of India’s economic
growth. The present Rs 64 trillion (US$ 1.17 trillion) Indian banking industry is governed
by the Banking Regulation Act of India, (1949) and is closely monitored by the Reserve
Bank of India (RBI). RBI manages the country's money supply and foreign exchange and
also serves as a bank for the Government of India and for the country's commercial banks.
As of now, public sector banks account for 70 per cent of the Indian banking assets.

The Indian banking industry has made outstanding advancement in last few years, even
during the times when the rest of the world was struggling with financial meltdown. India's
economic development and financial sector liberalization have led to a transformation of
the Indian banking sector over the past two decades. The Indian banking sector has been
relatively well shielded by the central bank and has managed to sail through most of
thecrisis.

Today Indian Banking is at the crossroads of an invisible revolution. The sector has
undergone significant developments and investments in the recent past. Most of banks
provide various services such as Mobile banking, SMS Banking, Net banking and ATMs to
their clients.

Apart from streamlining their processes through technology initiatives such as ATMs,
telephone banking, online banking and web based products, banks also resorted to cross
selling of financial products such as credit cards, mutual funds and insurance policies to
augment their fee based income. They are also looking at various financial inclusion
initiatives in order to spread the use of financial services among India’s large unbanked
population.

According to an IBA-FICCI-BCG report, India’s gross domestic product (GDP) growth

will make the Indian banking industry the third largest in the world by 2025.

36
11. STRUCUTRE

The Reserve Bank of India, the nation’s central bank, began operations on April 01, 1935.
It was established with the objective of ensuring monetary stability and operating the
currency and credit system of the country to its advantage.

In India, the banks are being segregated in different groups. Each group has their own
benefits, own dedicated target markets, limitations in operating in India. The commercial
banking structure in India consists of Scheduled Commercial Banks and Unscheduled
Banks.

Scheduled commercial Banks constitute those banks which have been included in the
Second Schedule of Reserve Bank of India (RBI) Act, 1934. For the purpose of assessment
of performance of banks, the Reserve Bank of India categorize them as public sector banks,
old private sector banks, new private sector banks and foreign banks.

37
12. BUSINESS DIVISION

Retail banking - Loans to Individuals (Auto loan, Housing Loan, Education Loan and
other personal loan) or small businesses.

Wholesale banking - Loans to Mid and Large corporate (Working Capital loans,
Project finance, Term loans, Lease Finance)

Treasury Operations - Investment in Equity, Derivates, Commodities, Mutual Funds,

Bonds, Trading and Forex operations

Other Banking Businesses - Merchant Banking, Leasing business, Hire purchase,

Syndication services etc.

Porters’s 5 forces analysis on bankingsector

Supply- Liquidity is controlled by the Liquidity is controlled by the Reserve Bank of India
(RBI).

Demand- India is a growing economy and demand for credit is high though it could be
cyclical.

Barriers to entry- Licensing requirement, investment in technology and branch

network,capital and regulatory requirements.

Bargaining power of customers - For good creditworthy borrowers bargaining power

is high due to the availability of large number of banks.

Competition- High- There are public sector banks, private sector and foreign banks
along with non banking finance companies competing in similar business segments.
Plus the RBI is all set to issue new banking licenses soon.

Bargaining power of suppliers- High during periods of tight liquidity. Trade unions
in public sector banks can be anti reforms and orchestrate strikes. Depositors may invest
elsewhere if interest rates fall.

38
PEST ANALYSIS ON BANKING SECTOR

Political factors - Monetary policy

- - Regulatory framework

- Budget and budget measures

- Changes in interest rates

Economic factors - More saving

- More capital formation

- Increase in production of goods and services

- Banking channels

Social factores - Increase in population

- Changes in lifestyle
- Easy way of lending money

- Exploring banking facilities in rural areas

Technological factors - Internet banking

- IT services and mobile banking

- Credit cards

39
SWOT ANAYLSIS ON BANKING SECTOR

Strenths - Valuable contributor to GDP

- Regulatory environment

- Government support

Weaknesses - Increasing NPA

- Low penetration

- Lack of product differentiation

Opportunities - Modern technology

- Untapped rural market

- Globalization

Threats - Unorganized money lending market

- Customer dissatisfaction

- Rise of monopolistic structure

40
13. INTERPRETATION AND OUTCOME OF THE
ANALYSIS:

Leading public sector banks in India as of May 2022, based on market capitalization(in
billion Indian rupees)

State Bank of India was the leading Indian public sector bank based on market
capitalization with nearly 3.7 trillion Indian rupees as of October 2022. Bank of Baroda
followed, with Canara Bank ranking third that year.

41
(Data as of October 2023)

42
14. PRIVATE BANKS

Leading private sector banks in India as of May 2022, based on market capitalization(in
billion Indian rupees)

HDC Bank was the leading Indian private bank based on market capitalization of over
eight trillion Indian rupees as of October 2022. ICICI and Kotak Mahindra followed
rounding off the top three during the measured time period. HDFC Bank had remained
the leader in this sector, in part, due to its significant ramp up in digital service offerings.

The companies whose market capitalization is more than INR 5000 crores are selected
for investment purposes. Then their market price per share and earnings per share is
calculated. Price Earnings ratio for each company is calculated individually and an
average is calculated which is treated as a standard. The companies that posses more PE
than the standard are called overvalue stocks and they are further analyse for growth
pick. The stock which has less PE value than the standard, are termed as undervalued
stocks and are select in the portfolio.

43
(Data as of October 2023)

44
 15. GENERAL OBSERVATIONS

State Bank of India (SBI) :

Founded in 1806, Bank of Calcutta was the first bank established in India and over a period of
time evolved into SBI.

SBI represents a sterling legacy of over 200 years. It is the oldest commercial bank in the Indian
subcontinent, strengthening the nation’s trillion - dollar economy and serving the aspirations of
its vast population.

The State Bank of India is India’s largest commercial bank in terms of assets, deposits, profits,
branches. Number of customers and employees, enjoying the continuing faith of millions of
customers across the social spectrum.

The company operates through 21,977 branches, including 6,108 branches of its 5 associate
banks; and 51,491 ATMs.

PRO S

 Company has delivered good profit growth of 76.1% CAGR over last 5 years
 Company has been maintaining a healthy dividend payout of 17.3%
 Company's working capital requirements have reduced from 152 days to 118 days

CONS

 Company has low interest coverage ratio.

 The company has delivered a poor sales growth of 8.91% over past five years.
 Company has a low return on equity of 12.8% over last 3 years.
 Contingent liabilities of Rs.19,00,096 Cr.
 Company might be capitalizing the interest cost
 Earnings include an other income of Rs.1,35,663 Cr.
FY Mar (INR Crore) FY 10 FY 11 FY 12 FY 13 FY 14
Income 85962.1 96324.8 120873 135692 154904
EBITDA 15629.7 26326.1 32580.7 32221.3 33443.2
Net Profit 9166.39 7370.69 11713.3 14105.3 10891.5
EPS (INR) 144.37 116.07 174.46 206.2 145.88
P/E 9.4 16.4 9.9 8.3 13.93

45
SBI candlestick chart:

It made a pattern of double bottom, so it is recommended as it will go up. It

follows a long-term uptrend.

46
Bank of Baroda:

Bank of Baroda (BOB) was founded by Maharaja

Sayajirao Gaekwad in July 1908. It started with a
paid up capital of Rs10 lakh.

Bank of Baroda is a pioneer in various customer centric initiatives in the Indian banking sector.
It headquartered in Vadodara in Gujarat, India. It is the second-largest bank in India.

Bank of Baroda Limited is a provider of deposit loans, retail loans, credit cards and debit cards.
The company operates in four segments: treasury, corporate / wholesale banking, retail banking
and other banking operations.

Its wholesale banking division offers a range of loan products and services, such as termloans,
short - term loans, demand loans, working capital facilities, trade finance products, treasury
products, bridge loans, syndicated loans, infrastructure loans, cross currency/interest rate swaps,
foreign currency loans and loan against future rent receivables.

PR OS

 Stock is trading at 0.98 times its book value

 Company is expected to give good quarter
 Company has delivered good profit growth of 57.6% CAGR over last 5 years

CONS

 Company has low interest coverage ratio.

 Company has a low return on equity of 9.07% over last 3 years.
 Contingent liabilities of Rs.6,49,496 Cr.
 Company might be capitalizing the interest cost
 Earnings include an other income of Rs.20,244 Cr.
 Promoter holding has decreased over last 3 years: -7.63%

Bank of Baroda
FY Mar (INR Crore) FY 10 FY 11 FY 12 FY 13 FY 14
Income 19885.4 24695.1 33097 38827.3 43402.5
EBITDA 4646.16 7224.65 8857.19 9299.79 9636.05
Net Profit 3058.33 4241.68 5006.96 4480.72 4541.08
EPS (INR) 83.96 108.33 121.79 106.37 105.75
P/E 5 7.4 6.4 6.6 8.27

47
Bank of Baroda line chart:

A cup with handle chart is a bullish continuation pattern in which the upward trend has
paused but will continue in an upward direction once the pattern is confirmed. Thus it is
recommended that the stock will continue an upward trend.

48
Punjab National Bank:

Established in 1895 in Lahore, Punjab National Bank is one of the oldest banks in Indiahaving a
virtual presence in every important center of the country.

The company offers personal banking products and services, including savings fund accounts,
current accounts, and fixed deposit schemes; credit, debit, and travel cards; various credit
schemes, such as housing loans, car and two wheeler finance, personal loans,professional loans,
education loans, mortgage loans, reverse mortgages, and advances against gold and jewelry;
capital gain account schemes; doorstep banking services; and nomination facilities.

It also provides loans for micro and small enterprises, and finance for traders, as well as finance
for professionally qualified medical practitioners and the service sector; agricultural banking
products and services; social banking products and services.

Presently, the bank operates 10,925 branches and ~14,000 ATMs across India. Majority of its
branches are located in North India with ~1,100 branches located in Punjab Alone.
Its branch network increased from 7,041 branches to ~11,000 branches post the merger with OBC
and United Bank of India.

PRO S

 Stock is trading at 0.79 times its book value

 Company's working capital requirements have reduced from 87.9 days to 67.6 days

CONS

 Company has low interest coverage ratio.

 Company has a low return on equity of 3.57% over last 3 years.
 Contingent liabilities of Rs.6,79,641 Cr.
Punjab National Bank

FY Mar (INR Crore) FY 10 FY 11 FY 12 FY 13 FY 14

Income 24961.4 30599.1 4060.63 46109.3 47800
EBITDA 6478.82 9311.54 10906.6 11225.9 11736.9
Net Profit 3902.94 4433.5 4884.2 4747.67 3342.58
EPS (INR) 123.86 139.94 144 134.31 92.32
P/E 6.5 5.8 6.7 7.6 9.8

49
Punjab National Bank line chart:

The Technical graph shows the uptrend. Thus it is recommended that the stock will go
up.

50
AXIS Bank:

Axis Bank Limited (formerly UTI Bank) is the

third largest private sector bank in India. AxisBank established in 1993 was the first of the new
private banks to have begun operations in 1994 after the Government of India allowed new
private banks to be established.

It offers financial services to customer segments covering large and mid - corporates, MSME,
agriculture and retail businesses.

The company operates in four segments: treasury, retail banking, corporate / wholesale
banking, and other banking business.

During FY22, the Bank added 164 branches to its network. At present, it has a total of ~4,750
branches, 16,900+ ATMs and Cash Deposit/Withdrawal machines, and 145+ SME centres. The
region-wise breakup of branches is as follows:
Metro - 30%
Semi-urban - 30%
Urban - 23%
Rural - 17%

PRO S

 Company is expected to give good quarter

 Company has delivered good profit growth of 113% CAGR over last 5 years
 Company's working capital requirements have reduced from 85.7 days to 22.8 days

CONS

 Company has low interest coverage ratio.

 Promoter holding is low: 8.22%
 Company has a low return on equity of 11.9% over last 3 years.
 Contingent liabilities of Rs.15,11,843 Cr.
 Company might be capitalizing the interest cost
 Promoter holding has decreased over last 3 years: -6.56%

51
 Axis
Bank
FY Mar (INR Crore) FY 10 FY 11 FY 12 FY 13 FY 14
Income 15583.8 19786.9 2414.87 33733.7 38046.4
EBITDA 10543.1 6415.69 7430.86 9303.13 11456.1
Net Profit 2514.53 3388.49 4242.21 5179.43 6217.67
EPS (INR) 62.06 82.54 102.67 110.68 132.22
P/E 8.6 10.9 11.7 16.8 14.2

A cup with handle chart is a bullish continuation pattern in which the upward trend has paused
but will continue in an upward direction once the pattern is confirmed. Thus it is recommended
that the stock will continue an upward trend.

52
YES Bank:

Yes Bank, incorporated in 2003. It is a new age private sector bank.It is the only bank that has
been awarded a greenfield license by the Reserve Bank of India (RBI).

The company specializes in retail, private banking and wealth management business, along with
corporate and institutional banking, financial markets, investment banking, corporate finance,
branch banking, business and transaction banking, business lines across the country.

YBL has a pan India network of 1,192 branches, 150 BCBO and 1,300+ ATMs in over 300
districts of India. It also has a representative office in Abu Dhabi and an IFSC Banking Unit
(IBU) in Gujarat International Finance Tec-City (GIFT)

YES
Bank
FY Mar (INR Crore) FY 10 FY 11 FY 12 FY 13 FY 14
Income 2945.24 4665.02 7164.48 9551.43 11702.9
EBITDA 791.17 1193.6 1554.89 2193.39 2751.13
Net Profit 477.74 727.14 977 1300.68 1617.78
EPS (INR) 14.06 20.95 27.68 36.27 44.86
P/E 8.5 11.5 11.2 14.7 12.91

PRO S

 Stock is trading at 1.16 times its book value

CONS

 Though the company is reporting repeated profits, it is not paying out dividend
 Company has low interest coverage ratio.
 The company has delivered a poor sales growth of 2.29% over past five years.
 Company has a low return on equity of -1.72% over last 3 years.
 Contingent liabilities of Rs.6,78,410 Cr.
 Company might be capitalizing the interest cost
 Earnings include an other income of Rs.4,704 Cr.

53
Yes Bank line chart:

From the above chart, it is clearly cocluded that the stock will follow an uptrend move. It
followed the symmetrical triangle chart pattern from mid 2013 to beginning of 2014 andafter
the breakout point the stock has shown uptrend.

54
ICICI Bank:

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution,
and was its wholly - owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46%
through a public offering of shares in India in fiscal 1998.

As of 2014 it is the second largest bank in India in terms of assets and market capitalization.

It offers commercial banking, retail banking, project and corporate finance, working capital
finance, insurance, venture capital and private equity, investment banking, broking, andtreasury
products and services.

Presently, the bank operates a network of 5,300 branches and 15,200 ATMs across India. 30% of
its branches are located in metro cities.

PRO S

 Company is expected to give good quarter

 Company has delivered good profit growth of 34.6% CAGR over last 5 years

CONS

 Stock is trading at 2.99 times its book value

 Company has low interest coverage ratio.
 Contingent liabilities of Rs.51,22,409 Cr.
 Company might be capitalizing the interest cost
 Earnings include an other income of Rs.70,124 Cr.

ICICI
Bank
FY Mar (INR Crore) FY 10 FY 11 FY 12 FY 13 FY 14
Income 32996. 32621. 41045. 48421. 546
4 9 4 3 06
EBITDA 5857.66 9531.07 10428. 13689.4 17170.5
7
Net Profit 4024.98 5151.38 6465.2 8325.47 9810.48
6
EPS (INR) 36.1 44.73 56.09 72.22 84.95
P/E 10.7 12 13.4 19.6 15.31

55
ICICI Bank candlestick chart:

From the above chart, it is clearly cocluded that the stock will follow an uptrend move. It
followed the symmetrical triangle chart pattern from beginning 2013 to beginning of 2014 and
after the breakout point the stock has shown uptrend.

56
16. CONCLUSION
Mutual funds are one of humanity's greatest inventions. For individual investors,
they are byfar the best way to invest.

• There's usually a fund that specializes in most everything investors want.

• They are efficient.

•They are inexpensive.

• They are as liquid as you can get (other than being priced at the end of the day).

• They are easy to sell, and you can withdraw small odd dollar amounts anytime.
• There's only a minimum initial investment once, then you can add INR 1000-
10000.

• Data about them are readily available and sufficient to make decisions.
• They disclose everything and give you all of the information you need.

• They are highly regulated.

• They lower risk by providing diversification by owning many securities.

Following an extensive equity research analysis of the banking sector, it is clear that both
public and private sector banks have distinctive performance metrics that warrant
consideration.

For instance, State Bank of India (SBI) stands as a formidable player with a substantial
market share, constituting approximately 23% of total deposits and 21% of advances in
the public sector banking space. Its extensive branch network and government backing
provide a solid foundation for its operations.

Meanwhile, HDFC Bank and ICICI Bank, among private sector peers, have demonstrated
remarkable financial prowess, with return on assets (ROA) exceeding 1.5% and non-
performing assets (NPA) ratios below 1%. HDFC Bank, in particular, has consistently
maintained a net interest margin (NIM) above 4%, showcasing its proficiency in
managing interest rate spreads.

Regulatory shifts, including the implementation of Basel III norms and revised
provisioning requirements, have been instrumental in reshaping the risk management
practices and capital adequacy ratios of these banks. Moreover, economic factors such as
inflation rates and GDP growth have exerted notable influence on their performance.

As investors evaluate their positions in the banking sector, it is imperative to juxtapose

risk tolerance against investment objectives. Private sector banks, with their potential for
higher returns, may be an enticing prospect for those seeking dynamic growth

57
opportunities. Conversely, public sector banks can offer a relatively stable and enduring
investment avenue, especially for risk-averse investors.

In conclusion, this equity research blackbook provides a valuable compass for investors
navigating the intricate terrain of banking. It is advised to conduct further due diligence
and seek counsel from financial advisors to align investments with individual risk
profiles and objectives. The insights presented herein are based on information available
up until the date of this blackbook, and market conditions may evolve, potentially
influencing the performance of banks, both public and private, in distinctive ways.

58
17. BIBLIOGRAPHY/REFERENCES

1. http://www.bseindia.com/markets/Equity/EQReports/industrywatch.aspx?expanda
ble
=2&page=40101001&scripname=Banks
2. http://www.wikipedia.org/
3. http://info.shine.com/industry/banking-financial-services/8.html
4. http://economictimes.indiatimes.com/industry/banking/finance/articlelist/1
3358259.c ms
5. http://www.equitymaster.com/stockquotes/sector.asp?sector=0%2CBANKPVT
6. http://www.equitymaster.com/stockquotes/sector.asp?sector=0%2CBANKPSU
7. www.screener.com
8. https://www.statista.com/markets/990/topic/2454/stocks

59