Street Signs: Covid trot to winning run, Avalon Tech's premium, and more

Covid trot to winning run: Banking stocks end FY23 on a sprint

Banking stocks outperformed in the just-concluded financial year (2022-23), with the sectoral gauge gaining 12 per cent, against a 0.6 per cent decline in the benchmark National Stock Exchange Nifty. The Nifty Bank Index has delivered healthy returns during six of the seven earlier financial years. The only exception was the pandemic-stricken 2019-20 when the index plunged 37 per cent. Banking stocks are expected to do well in 2023-24 as well. “With the Nifty likely to underperform debt in calendar 2023, sector skew will play an important role