Public sector banks are inefficient, poorly governed and beset by largescale corruption.
After opening on a weak note, the 30-share BSE index settled 226.79 points, or 0.55 per cent, higher at 41,613.19 -- hitting an intra-day high of 41,697.03 and a low of 41,275.60. Likewise, the broader NSE Nifty closed 67.90 points, or 0.56 per cent, up at 12,248.25.
At BSE, 1,799 scrips declined and 714 advanced, while 184 remained unchanged.
The rally was mainly driven by financial, consumer durables, auto and oil and gas stocks.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
Metal stocks fell on Tuesday, with the S&P BSE metal index sliding 2.8 per cent compared to the 0.64 per cent fall in the benchmark S&P BSE Sensex
Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
In the Sensex pack, ICICI Bank emerged as the top gainer by rising 0.97 per cent, while Tata Steel advanced 0.92 per cent.
Shares of L&T Technology Services, an arm of engineering giant Larsen and Toubro, made a decent debut on the bourses
On the Sensex chart, IndusInd Bank was the top gainer, rallying over 11 per cent, followed by ICICI Bank, SBI, HDFC, M&M and Axis Bank. On the other hand, Dr Reddy's, Tech Mahindra and TCS were among the laggards.
Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 per cent, followed by Maruti, PowerGrid, NTPC, L&T and SBI.
Reliance Industries Ltd, the country's largest company by revenues, profits and market value, has topped Indian corporate in the World's Best Employers rankings 2021 published by Forbes. Reliance was placed at 52 in the overall ranking of 750 global corporates likes Phillips, Sanofi, Pfizer and Intel. Other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90, according to the Forbes ranking.
Major gainers which contributed to the Nifty were ICICI Bank, State Bank of India, Reliance Industries, ONGC, Tata Consultancy Services, Infosys, Bajaj Auto, Tata Power and Larsen and Toubro.
According to traders, recovery in global equities and hopes of growth-boosting measures in the upcoming Budget buoyed market sentiment. Further, short-covering ahead of January derivatives expiry also lifted key indices, they said.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
RBI's previous monetary policy was announced on September 29.
Investors' wealth has swelled by over Rs 13.16 lakh crore as benchmark indices continued their northward march for the fifth session on the trot on Monday. The 30-share BSE Sensex jumped 935.72 points or 1.68 per cent to settle at 56,486.02 on Monday. In the past five trading sessions, the benchmark has zoomed 3,643.27 points or 6.89 per cent. Propelled by the optimism in equities, the market capitalisation of BSE-listed firms jumped by Rs 13,16,944.74 crore in five trading sessions to Rs 2,54,27,775.78 crore.
Sensex rises, snapping two-session losing streak; banks, auto gain.
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
'Pockets of mid and small-cap indices are showing exuberance and are discounting even FY23 valuations now.'
It has been decided to reduce home loan rate by 20 basis points.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In the past two months alone, four companies have garnered a cumulative Rs 22,400 crore via this route.
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Banking as we know it will stand on its head in the next 10 years.
Top losers in the Sensex pack included TCS, Yes Bank, ITC, Sun Pharma, Reliance, Coal India, Asian Paints, SBI, Maruti, HUL, HCL Tech and ICICI Bank, falling up to 2.91 per cent.
Covering-up of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets at high levels
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
Besides financials, shares of telecom, IT, auto and pharma were in demand.
Bharti Airtel, Bajaj Finance, Bajaj Auto, Reliance Industries, Tata Motors, SBI, HUL, NTPC, ONGC, ITC and Asian Paints rose up to 2.19 per cent.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Reliance was the top gainer in the Sensex pack, surging over 3 per cent, followed by ICICI Bank, Bharti Airtel, Dr Reddy, Maruti and ITC.
Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago. For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
After swinging 439 points during the day, the 30-share Sensex ended 141.33 points, or 0.38 per cent, lower at 37,531.98. It hit an intra-day low of 37,480.53 and a high of 37,919.47.
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