Canara Bank's Stock Price Rises 3.44% in Line with Public Banks Sector Performance

Canara Bank, one of the leading public banks in India, saw a rise of 3.44% in its stock price on October 28th, 2024. This increase was in line with the overall performance of the public banks sector, which gained 2.23% on the same day. However, Canara Bank outperformed the sector by 0.79%, showcasing its strong position in the market.

The stock call for Canara Bank by MarketsMOJO is 'Sell', indicating a cautious approach towards investing in the company's stock. The stock touched an intraday high of Rs 97.35, showing a 3.18% increase from its previous closing price. However, Canara Bank is currently trading lower than its 5 day, 20 day, 50 day, 100 day, and 200 day moving averages, which could be a cause for concern for investors.

At the current price, Canara Bank offers a high dividend yield of 3.41%, making it an attractive option for investors looking for stable returns. However, it is important to note that the stock's performance in the past month has been negative, with a decline of 13.45%. This is in line with the overall performance of the Sensex, which saw a decline of 6.15% in the same period.

It is important for investors to carefully consider all the information and do their own research before making any investment decisions. Canara Bank's stock performance may fluctuate in the short term, but its strong position in the public banks sector and high dividend yield make it a potential long-term investment option.