Indian companies are now more confident about the execution skills of local banks.
Equity benchmark Sensex rallied 515 points on Thursday to reclaim the 59,000-level, propelled by heavy buying in IT, banking and financial stocks amid sustained foreign fund inflows. The 30-share BSE index ended 515.31 points or 0.88 per cent higher at 59,332.60. Similarly, the broader NSE Nifty gained 124.25 points or 124.25 per cent to close at 17,659.
The global turmoil in the banking sector has made analysts cautious, who advise that investors stay away from stocks of this sector till the overall sentiment improves. The recent trouble for the banking sector started with the collapse of US-based Silicon Valley Bank (SVB), Silvergate Capital and Signature Bank. On its part, Moody's Investors Service has also cut its outlook for the US banking system to 'negative' from 'stable', citing the run on deposits at these three banks that led to the collapse of these banking majors in less than a week.
Banks looking to raise capital via bond sales to fund decade-high credit growth were compelled to put some of these debt issuances on hold amid a sharp rise in yields since late September, sources told Business Standard. A major private lender, Axis Bank, has not yet followed through with a planned issuance of infrastructure bonds worth around Rs 3,000 crore. This is because volatility in the bond market in late September led to investors seeking higher yields, sources said.
IndusInd Bank was the top gainer in the Sensex pack, rising nearly 6 per cent, followed by Axis Bank, SBI, Maruti, Tech Mahindra and Reliance Industries. NSE Nifty surged 183.70 points to close at 17,166.90.
Benchmark stock indices Sensex and Nifty closed higher for a second straight session on Monday following buying in index majors Reliance Industries, ICICI Bank and recovery in global markets.
Benchmark indices continued to rally for the third day running on Friday with the Sensex climbing 619 points in early trade to reclaim the 57,000 level. The 30-share BSE benchmark jumped 619.27 points to 57,477.06. The broader NSE Nifty advanced 189.15 points to 17,118.75.
Benchmark BSE Sensex rose by 160 points on Thursday in choppy trade following gains in select banking and auto counters amid mixed global cues. The 30-share index gained 160 points to settle at 62,570.68 as 13 of its components advanced while 17 declined. The barometer opened lower but later gained momentum to touch a high of 62,633.56 in the day's trade.
Benchmark indices Sensex and Nifty gave up early gains to close in negative territory on Thursday dragged down by IT and pharma stocks which fell amid fears of recession in the global economy. The 30-share Sensex opened higher and rose further to touch a day's high of 60,676.12 on gains in auto and capital goods shares. However, it gave up all early gains and later closed 412.96 points or 0.68 per cent lower at 59,934.01.
ITC was the biggest gainer in the Sensex pack, rising nearly 3 per cent, followed by Kotak Mahindra Bank, ICICI Bank, Maruti, Bharti Airtel, State Bank of India, Sun Pharmaceutical Industries, Axis Bank, Reliance Industries, Hindustan Unilever and JSW Steel. On the other hand, Infosys, UltraTech Cement, HCL Technologies, Bajaj Finserv, Larsen & Toubro, Titan, Tata Consultancy Services and Wipro were the laggards.
Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts. The analysts expect distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for Rs 10 per share -- at a premium of Rs 8 on the face value as part of the RBI bailout, making an exit. Exchange-traded funds are also likely to press the exit button.
IndusInd Bank was the top gainer in the Sensex pack, spurting over 7 per cent, followed by ITC, SBI, Reliance Industries, Kotak Bank, ICICI Bank and Axis Bank. NSE Nifty surged 110.05 points to its new closing high of 17,629.50.
Asian Paints was the top loser in the Sensex pack, shedding 2.66 per cent, followed by Axis Bank, HUL, Wipro, M&M, HDFC and Bharti Airtel. On the other hand, TCS, Infosys, L&T, Tech Mahindra and HDFC Bank were among the gainers.
Coffee Day Enterprises has already raised over Rs 334 crore from anchor investors.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Among the Sensex firms, HCL Technologies fell the most by 2.4 per cent. IndusInd Bank (2.35 per cent), Infosys (2.28 per cent), Wipro (1.8 per cent), NTPC (1.71 per cent), Asian Paints (1.7 per cent), Tata Consultancy Services (1.36 per cent),Tech Mahindra (1.03 per cent) and SBI (1 per cent) were among the major laggards.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Equity benchmark Sensex gained 37 points on Thursday, tracking gains in index majors Kotak Bank, L&T and Bharti Airtel amid a largely negative trend in global markets. After a largely choppy session, the 30-share BSE index ended 37.87 points or 0.06 per cent higher at 60,298 after starting the trade on a weak note. During the day, it hit a high of 60,341.41 and a low of 59,946.44.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Benchmark BSE Sensex rebounded by 344 points while Nifty closed above the 16,000 level in choppy trade on Friday, snapping the four-day falling streak on renewed buying interest from foreign funds and firm global trends. The 30-share BSE barometer climbed 344.63 points or 0.65 per cent to settle at 53,760.78. During the day, it jumped 395.22 points or 0.73 per cent to 53,811.37.
HUL was the top loser in the Sensex pack, shedding around 4 per cent, followed by Maruti, HDFC Bank, PowerGrid, IndusInd Bank, HCL Tech and Bajaj Finserv. On the other hand, Axis Bank, SBI, ONGC and ICICI Bank were among the gainers. NSE Nifty fell 149.95 points to 13,817.55.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries
Equity benchmarks snapped their six-session rally to close marginally lower on Thursday amid profit booking in banking and energy counters. Investors also stayed on the sidelines ahead of the RBI's policy meet outcome on Friday. In choppy trade, the 30-share BSE Sensex ended 51.73 points or 0.09 per cent lower at 58,298.80. During the day, it hit a low of 57,577.05 and a high of 58,712.66.
From the Sensex pack, State Bank of India, Axis Bank, IndusInd Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Maruti Suzuki, Tata Steel and Tata Motors were the major gainers. Power Grid and HDFC Bank were the laggards from the pack.
With the July 1 deadline to apply for bank licence fast approaching, aspirants are scrambling to meet the Reserve Bank of India's (RBI) eligibility criteria to apply.
Tata Steel was the biggest gainer in the Sensex chart, rising 2.39 per cent, followed by Tata Motors, Power Grid, Reliance Industries, UltraTech Cement, NTPC, Nestle, HUL, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank and Asian Paints. In contrast, Bajaj Finance, IndusInd Bank, Axis Bank, Bharti Airtel, Bajaj Finserv, ICICI Bank, Infosys and Titan were among the laggards.
Among the prominent gainers on the Sensex chart were Bajaj Finance, Bajaj FinServ, ICICI Bank, Axis bank, Tata Steel, IndusInd Bank and HDFC Bank -- rising as much as 3.50 per cent. NSE Nifty soared 271.65 points to settle at 17,625.70.
'The long maturity of these funds makes them well-suited for long-term financial goals such as saving for retirement or children's education or marriage.'
Equity benchmark Sensex pared its early losses to close higher by 231 points on Monday, helped by buying in index heavyweight Reliance Industries and ICICI Bank amid positive global trends. After falling 537.11 points to a low of 56,825.09 in morning trade, the 30-share BSE barometer staged a recovery in afternoon trade and climbed 231.29 points or 0.40 per cent to settle at 57,593.49. As many as 20 Sensex stocks closed with gains while 10 declined. The broader NSE Nifty recovered 69 points or 0.40 per cent to settle at 17,222 with 29 of its constituents ending in green.
Benchmark indices started the trade on a weak note on Wednesday with the Sensex falling 564.77 points, following feeble global market trends and persistent foreign capital outflows. The 30-share BSE Sensex was trading 564.77 points lower at 52,612.68. The NSE Nifty dipped 162.4 points to 15,687.80. Among the Sensex pack, IndusInd Bank, Hindustan Unilever, Bajaj Finserv, Titan, Kotak Mahindra Bank and Bajaj Finance were the major laggards in early trade.
Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India.
Benchmark BSE Sensex on Tuesday gave up intra-day gains to close lower by a little over 100 points on emergence of fag-end selling in FMCG, banking and IT stocks and weak opening in European stock markets. The 30-share BSE index declined 100.42 points or 0.19 per cent to settle at 53,134.35. During the day, it jumped 631.16 points or 1.18 per cent to 53,865.93.
Axis Bank was the top gainer in the Sensex pack, surging around 4 per cent, followed by M&M, HDFC Bank, ITC, SBI, ICICI Bank, Maruti, Kotak Bank and Sun Pharma. On the other hand, HDFC, Titan, Nestle India, Bharti Airtel, ONGC and Infosys were among the laggards.
People in a Beijing district with some 2 million residents were ordered Sunday to undergo mass coronavirus testing following a series of infections as China tightened anti-disease controls ahead of the Winter Olympics.
The BJP that was written off by the exit polls put up a spirited fight winning 104 wards.
Bajaj Finance was the top loser in the Sensex pack, shedding over 2.5 per cent, followed by SBI, Bajaj Finserv, Tata Steel, Asian Paints and Axis Bank. NSE Nifty dipped 15.40 points to 15,763.05.
Benchmark Sensex trimmed early gains to close marginally higher while Nifty settled flat in choppy trade on Tuesday as gains in auto shares were offset by selling pressure in banking and energy shares. The 30-share BSE barometer closed marginally up by 37.08 points or 0.06 per cent to 60,978.75 with 15 of its stocks ending in green and the rest in red. The index opened higher and gained over 300 points to a high of 61,266.06 in early trade.
At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. Still, average spends on Citi cards are higher than any other Indian bank. Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.
Market regulator Sebi has sought clarifications from the merchant banker of Videocon D2H Ltd, the satellite television arm of Videocon Group, regarding the company's proposed Rs 700 crore (Rs 7 billion) initial public offer (IPO).
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
