Bullish on mid-tier banks, particularly IDFC First Bank, due to significant FCNR(B) inflows relative to their balance sheets and high potential spreads on deployed funds. IDFC First Bank is expected to see the largest upgrade to FY28 pretax earnings at 12%, followed by YES Bank (7%), IndusInd Bank (5%), and Federal Bank (4%).

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%

Bank NiftyBullishCalled 08 Sep 2026
Verdict:PENDING

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