Top gainers in the Sensex pack included SBI, Tech Mahindra, HCL Tech, Kotak Bank, IndusInd Bank, Asian Paints, Infosys and TCS, rising up to 2.31 per cent.
Recovering from a two-session carnage, equity benchmark Sensex rebounded 887 points on Tuesday, led by gains in index majors ICICI Bank, HDFC twins and Infosys amid a positive trend in global markets. According to experts, global equity markets are slightly relieved after studies pertaining to the Omicron strain of COVID-19 suggest that even though it is fast spreading, it is largely milder than the Delta variant. The 30-share BSE Sensex ended 886.51 points or 1.56 per cent higher at 57,633.65.
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
Benchmark stock indices Sensex and Nifty closed with losses in highly volatile trade on Thursday as banking and financial stocks retreated amid a weak trend in global equity markets. The 30-share BSE Sensex declined 89.14 points or 0.15 per cent to settle at 57,595.68. During the day, it touched a low of 57,138.51 and a high of 57,827.99. The broader NSE Nifty dipped 22.90 points or 0.13 per cent to settle at 17,222.75.
Of the 926 bank branches, 862 branches are of various public sector banks, while 35 are HDFC branches, 10 are ICICI Bank branches and 19 are Axis Bank branches, the Reserve Bank said.
From the Sensex pack, Mahindra & Mahindra emerged as the biggest gainer, climbing nearly 5 per cent. Power Grid, Tata Motors, Reliance Industries, NTPC, Axis Bank, Nestle, Kotak Mahindra Bank, Asian Paints and Wipro were among the other major gainers. Maruti, HCL Technologies, Bajaj Finance, IndusInd Bank, Infosys and Tata Steel were among the laggards.
Driven by a historic IPO boom that saw 63 issuers, led by new-age tech companies, garnering a whopping Rs 1.2 lakh crore ($16.6 billion) from the primary market, investment bankers laughed their way to the bank collecting $1.1 billion in fees in the year just gone by, making it the highest-ever advisory fees collected, says an industry report. At $16.6 billion, the initial public offers (IPO) set a lifetime record in 2021, bettering the previous record of $10.8 billion in 2017 by a wider margin. While the number of IPOs more than doubled from a year ago to 63, the proceeds were more than four-times the amount raised from the same period previous year and the momentum is likely to continue as more IPOs are anticipated next year, with mother of all issues, LIC issue, expected to boost proceeds next year much higher, it said.
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
The top three mutual funds (MFs) paid out 10-18 per cent higher commissions to distributors during the financial year 2022-23 (FY23) compared to FY22 as a sustained rise in flows from the systematic investment plan (SIP) route boosted distributors' share in the assets under management (AUM), according to an analysis of the disclosures by the top three fund houses. State Bank of India (SBI) MF saw its commission payout go up 18 per cent year-on-year (YoY) to Rs 1,675 crore. The payouts rose 10 per cent and 15 per cent for ICICI Prudential MF and HDFC MF, respectively.
Equity benchmarks bounced back to end in the positive territory after trading lower for most part of the session on Thursday. The 30-share BSE Sensex climbed 223.60 points or 0.37 per cent to settle at 61,133.88. During the day, it had declined 431.22 points or 0.70 per cent to 60,479.06.
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
Losers include ONGC, Bajaj Finance, Reliance, SBI, Hero MotoCorp, ICICI Bank, L&T, Vedanta, Yes Bank and Axis Bank, falling up to 2.54 per cent. On the other hand, Tata Steel, PowerGrid, HCL Tech, Kotak Bank and Maruti were the top gainers on Sensex, rising up to 2.31 per cent.
The Reserve Bank may go for a final 25 basis points increase in the current rate hike cycle next week and a reduction would come in only by the end of third quarter of FY24, economists at Axis Bank said on Wednesday. As per media reports, RBI officials met economists on Tuesday, and the latter have suggested the central bank to go for a 25 basis points hike in key rates. Since May 2022, the RBI has hiked rates by 250 basis points, hurting borrowers and some are already concerned about loan tenors extending beyond their working lives as a result of the hikes.
Global agency Fitch on Wednesday cut credit rating outlook to negative from stable of 11 financial entities, including State Bank of India, ICICI Bank, Punjab National Bank and Axis Bank.
SBI was the top gainer in the Sensex pack, advancing over 2 per cent, followed by L&T, ITC, Dr Reddy's, Axis Bank and PowerGrid. NSE Nifty rose 22.40 points to 15,197.70.
Equity benchmark indices ended on a flat note on Monday, with the BSE Sensex falling nearly 34 points, recording its second day of decline after an eight-day rally. In a volatile trade, the 30-share BSE benchmark dipped 33.9 points or 0.05 per cent to settle at 62,834.60. During the day, it fell 360.62 points or 0.57 per cent to 62,507.88.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
Equity benchmarks nosedived on Friday, with the Sensex crashing 866.65 points to close below the 55,000-mark amid a sell-off in global markets. Unabated foreign fund outflows and firm crude oil prices also weighed on sentiment. The 30-share BSE Sensex dived 866.65 points or 1.56 per cent to finish at 54,835.58.
Bajaj Finance was the top loser in the Sensex pack, shedding around 3 per cent, followed by Bajaj Finserv, Reliance Industries, M&M, Nestle India and SBI. On the other hand, Axis Bank, Tech Mahindra, PowerGrid and Maruti were among the gainers.
Reliance Industries was the top gainer in the Sensex pack, rising over 1 per cent, followed by ICICI Bank, SBI, HDFC, M&M, Axis Bank, Bajaj Finance, Titan and Infosys. NSE Nifty advanced 42.20 points at 15,722.20.
Benchmark equity indices continued their record-shattering spree on Tuesday, with the Sensex and Nifty hitting their fresh all-time high levels in early trade, amid persistent foreign fund inflows. Also, buying in Bajaj Finance, Bajaj Finserv, Tata Consultancy Services and HDFC twins added to the positive market momentum. Rallying for the fifth straight session, the 30-share BSE Sensex jumped 381.55 points to hit its all-time peak of 65,586.60 in early trade.
Market benchmarks fell for third day running on Monday and ended nearly 1 per cent lower amid weak trend in global equities. The 30-share BSE Sensex declined 518.64 points or 0.84 per cent to settle at 61,144.84. During the day, it tumbled 604.15 points or 0.97 per cent to 61,059.33.
Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.
On a sequential basis, banks have had to set aside a substantial amount for bad loans, up 30 per cent from Rs 3,459 crore in the June quarter to Rs 4,508 crore.
Stake sales by promoters and private equity/venture capital (PE/VC) investors this year are already exceeding twice those of last year. So far this calendar year, the selling stands at over Rs 87,400 crore, 2.2 times the Rs 39,700 crore worth of shares sold by promoters and PE/VCs in 2022. This year's tally has received a boost from stake sales by Adani group promoters.
Equity benchmark Sensex climbed over 460 points to reclaim the 61,000 mark while the Nifty closed above the 18k level on Friday, propelled by robust buying in index majors Reliance Industries and ITC amid fresh foreign fund inflows. Rallying for the fifth straight session, the 30-share BSE Sensex jumped 463.06 points or 0.76 per cent to settle at 61,112.44. During the day, it rallied 560.08 points or 0.92 per cent to 61,209.46.
In the Sensex pack, Asian Paints, Larsen & Toubro, Titan, IndusInd Bank, Bharti Airtel, Power Grid, Bajaj Finserv, Infosys, HDFC Bank and HDFC were the major laggards. On the other hand, Axis Bank, Tata Motors, ITC, State Bank of India, Tata Steel and Sun Pharma were among the gainers.
Among the Sensex firms, ITC, State Bank of India, Bajaj Finance, NTPC, Power Grid, ICICI Bank, Kotak Mahindra Bank and UltraTech Cement were the major laggards. IndusInd Bank, Tata Consultancy Services, Axis Bank, Mahindra & Mahindra, Tata Motors, HCL Technologies, Asian Paints, Wipro, HDFC and Maruti were among the major gainers.
Among the Sensex firms, Reliance Industries, Maruti, Sun Pharma, State Bank of India, UltraTech Cement, Infosys, Kotak Mahindra Bank, Hindustan Unilever, ITC and HDFC Bank were the biggest gainers. Shares of Reliance Industries climbed 1.54 per cent, the most among the 30-share BSE constituents. Power Grid, Axis Bank, Mahindra & Mahindra and Tata Motors were among the major laggards.
Domestic equity markets will be driven mainly by quarterly earnings, global trends, and the movement in crude oil prices in this holiday-shortened week, analysts said. Investors would also keep an eye on the Middle East amid the ongoing Hamas-Israel conflict and the trading activity of foreign investors. Markets will remain closed on Tuesday for Dussehra.
PowerGrid was the top loser in the Sensex pack, shedding around 3 per cent, followed by Asian Paints, Axis Bank, Kotak Bank, Bajaj Auto, SBI and M&M.
India Inc reported an uptick in revenue growth in the January-March quarter (Q4) of 2023-24 (FY24), but it came at the cost of a deceleration in earnings growth.
Rating agency Moody's has placed 13 Indian banks, including State Bank of India, ICICI Bank and Punjab National Bank, on watch for possible downgrade under a global review of systemic support available for the banking sector.
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by HUL, ONGC, ICICI Bank, Axis Bank, Kotak Bank, M&M and Tech Mahindra. NSE Nifty tumbled 154.25 points to 14,696.50.
ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by Sun Pharma, PowerGrid, Axis Bank, HDFC Bank, Bharti Airtel and Kotak Bank. NSE Nifty declined 124.10 points to 14,906.05.
Equity benchmarks Sensex and Nifty gave up early gains and ended lower by 1 per cent on Wednesday amid a largely weak trend in Asian markets and sell-off in index majors Reliance Industries, ICICI Bank and HDFC twins. The 30-share BSE benchmark Sensex tumbled 635.05 points or 1.03 per cent to settle at 61,067.24. During the day, it slumped 763.91 points or 1.23 per cent to 60,938.38. The broader NSE Nifty declined 186.20 points or 1.01 per cent to end at 18,199.10.
HDFC Bank, Bharti Airtel, Axis Bank, Nestle India, ONGC, L&T and SBI and were among the laggards in the Sensex pack, shedding over 1 per cent. On the other hand, Bajaj Finserv, M&M, Bajaj Finance, Titan and TCS were among the gainers.
Police are yet to contact banks whose credit cards are said to have been found from terrorists who carried out brazen attacks on Mumbai.
Tata Steel was the top gainer among the Sensex constituents, surging around 6 per cent, followed by SBI, HDFC Bank, Bajaj Finance, Axis Bank, LT, Maruti, IndusInd Bank and HDFC. NSE Nifty touched a fresh intra-day high of 12,934.05.
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