Category: Personal Finance

Home Truths: How you can trim maintenance cost of your house

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Home ownership comes with many costs that can be one time, monthly, periodic or even unexpected. Maintenance dues to housing societies, especially ones that offer many amenities, can balloon quickly and hence need to be accounted for in your monthly budget. With commercial properties, the costs are very high and are often a big factor in the buying decision, especially if there are large differences between the choices. While that is not the case for homes, still, costs tend to increase over time, and understanding the components can help you and the society to potentially rein them in.

Maintenance charges

Typically, Resident Welfare Associations (RWAs) collect monthly dues for expenses such as common area maintenance, utilities such as water, trash and sewage, running and maintenance costs for equipment such as lifts. Other charges include contribution to emergency funds for repairs and upkeep, parking charges, insurance and society running costs including any staff salary. The costs may range from a small amount of ₹2.5 per sq. ft. in a complex without many amenities to even over ₹20 per sq. ft. in luxury project.

Costs may be fixed for all or vary based on apartment size or other factors. For example, overheads such as security expenses may be higher for small complexes versus larger ones, as the amount is split among less number of homes. Other costs, such as for water, will be higher if there is a large garden or pool.

The amount also varies month to month based on usage. For example, if there is a diesel generator for backup power, the operating costs would change based on hours of power outage. Likewise, water costs – especially if there is a shortage and water is brought in by tankers – may increase during summer months and fall during the rainy season.

Choices determine costs

Your maintenance costs may be higher if the builder made poor choices during construction. For instance, lift costs – for power and maintenance – can be a significant part of the costs in many apartments. Selecting a size and brand that is not the best fit can rake up a lot of costs for the residents.

Likewise, the choice of sewage treatment is another area where the builder may have made a one-time cost saving, resulting in higher life-time cost for home owners. Poor quality of other infrastructure can also add to higher repair and maintenance cost. Buyers must pay attention to not just the material quality inside and outside the house, but also in the common areas.

Builders can also help owners reduce costs, if they invested in solar power generation, that can be used for common area lighting.

Adding infrastructure such as for rainwater harvesting can help recharge borewells and reduce the need to buy water.

Sewage treatment systems, that also include greywater reuse for garden or toilet flushing, also save water and cut water bills.

Room for savings

There are simple things apartment societies can do to cut maintenance costs. One, switching to better products can save money in the long-term. For example, installing LED lights in common areas can pay off over the long run.

Two, use of simple technology such as sensors to automatically turn off power and water can help. For instance, water monitoring for leaky taps and pipes can save water costs as well as electricity costs (for pumping the water to overhead tank and sewage treatment).

Three, residents can reduce their usage (especially if water is metered and you are charged on actual usage) by using water-saving fittings. For example, aerators fitted to taps are shown to reduce water outflow by up to one-third and lead to potential saving of 20 litres per day for a family.

Four, investing in waste composting can convert costs incurred for disposal to revenue from selling compost. This has been popular in various large complexes in Bengaluru after the city started implementing the Solid Waste Management Rules, 2016 which mandates bulk waste generators to process bio-degradable waste.

The author is an independent financial consultant

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Three smart money moves you can make this financial year

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A new financial year is upon us. Yet, 2021-22 gives that deja vu feeling. The Covid pandemic refuses to go, financial markets remain volatile, and hopes remain high that the good ol’ times will be back. The new fiscal requires you to be smart and have a handle on savings, investment, taxes, expenses and much more. Here is a blue-print on the key moves you need to take so that money matters are always under control.

Be investment wise

A new financial year requires a fresh assessment to check whether your investments are on track to meet your long-term goals. You must check if there is a need to change or rebalance the asset-allocation mix for optimal results, in the light of developments on the personal front.

Also, a new financial year is a good time to do a check on the health of your portfolio. Financial markets, especially stocks, have done very well in the last one year or so. If even in this situation, some market-linked investments have not well, find out for reasons. If you find a pattern of continued poor performance, weed out under-performers.

Be a regular: If you are in the old tax regime and among those who struggle to meet the deadline for tax-saving investments every financial year, now is the time to get smart. Instead of doing tax-saving investments at the end of February/March 2022, start them from April 2021 for ELSS, NPS, PPF, etc.

Just like your EMIs, you have the option to spread out your investments regularly over the next 12 months in most of these products. This will work well if sometimes, you don’t have enough funds to do the investments at one go.

Besides, delaying the investment process to the end of the year will make you prone to mistakes in the form of choosing the wrong products. Also, if you do equity-linked investments through SIPs, you can average your costs better and avoid risk of timing your investment.

Use tactical opportunities: Instead of frittering away the annual bonus , ex gratia or other one time payments that some employers give during this time, this new financial year offers you the chance to stock up on small-saving schemes and voluntary provident fund. If the circular on the new small savings rates issued on March 31 (withdrawn later) is any indication, interest rates may go down further, before moving up.

Hence, for conservative investors to whom the sovereign guarantee offered by the small-saving schemes is important, schemes such as NSC is a good bet (offers 6.8 per cent) compared to similar tenure bank deposits.

As per the new PF rules, interest on cumulative annual employee contributions above ₹2.5 lakh shall attract income tax at the applicable tax slab, wherever employer is also contributing. Nevertheless, despite the tax, the returns on the VPF continue to be attractive when compared to the interest rates being offered on other debt instruments and it will be a smart move to use this window to your advantage in the new financial year.

Contributions to both the NSC as well as the VPF is eligible for deduction up to to ₹1.5 lakh under Section 80C.

Prep for taxes

The end of FY2020-21 and the start of FY2021-22 have different implications from tax filing point of view.

To do tax return filing for the previous fiscal, you will be required to collect all the necessary documents including details of any foreign asset/income.

Though one may argue the tax filing deadline is some months away, it will not hurt to check Form 26AS online to check whether tax deductions for FY2021 are properly credited. Remember to cross check the Form 16 that will be sent by your employer soon. Start collecting capital gains statements for investments and account statements for bank accounts. Dividends are taxable so keep a note on them too.

For the new financial year, there is a tax-related task you can do right away.

Submit a pragmatic investment declaration, basis on which your employer will deduct taxes each month. Avoid a casual approach towards submission of investment declaration such as mentioning maximum contribution for Section 80C, Section 80D when you very well know you can’t invest so much.

While it may lead to a higher take-home salary now due to lower tax deduction, what matters is actually doing those investments at the end of year. Failure to submit investment proofs to your employer could lead to substantial tax outgo in the last 2-3 months of the year and pinch your disposable cash.

Rainy day plans

A new financial year is also a good time to do a check on your emergency funds and insurance cover.

The Covid pandemic has shown the need to have a contingency fund. With salaries cut and expenses rising, many had to break their piggybank to survive last year. This underlines the need to stash away money in the savings pool so that 6-12 months of zero/low income does not impact household finances.

Also, take a re-look at life as well as health insurance needs at the beginning of the financial year. Over time, the needs and lifestyle of your family change. Hence, your insurance cover should also change accordingly. Significant life-changing events such as marriage, the birth of a child, home loans, income change etc. increase your responsibilities. Raise your life coverage amount when renewal comes up this fiscal.

Similarly, medical costs for elderly parents, newborn children and hospitalisation can pinch your pocket. To tide over inflation in medical costs, widen your health cover if necessary.

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Should you opt for family floater plan to lower premium?

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A health insurance policy is a must-have even before you plan your investments. But before you buy one, give a thought to whether you want to buy an individual or a family floater insurance policy. In case of the latter, a single policy takes care of the medical expenses of the entire family. While both variants of the policy help ease your financial burden at the time of a medical emergency, a family floater policy is not always recommended. So, when does it make sense to take a family floater policy and when not? Here are a few points to keep in mind while deciding.

Make a choice

While the coverage, benefits including restore and no-claim bonus, and features such as waiting period, deductible remain the same between individual plans and family floater plans, the premiums can be different.

The age of the oldest member in a family is an important factor to keep in mind while considering a family floater policy. This is because the premium is calculated based on that. That is, higher the age, higher will be the premium, as the chances of medical complication go up as you age. So if you are aged 30 years, and you include your father and mother in a floater plan, then then premium will be calculated based on your father’s age (being the oldest), say, 50 or 60 years.

If you do have dependent parents or in-laws, who are say over 50, it is better to take separate health policies for them instead of adding them to yours.

However, a young family which includes husband, wife (with or without children), can consider a floater plan.

Do note that children beyond certain age (usually 21 or 25 years, the maximum entry age varies across insurers) are treated as adults and are not covered under floater plans. So it is better to have them moved to a separate individual health policy. However, they will be provided the continuity benefit, that is, there will be no separate waiting period for them when they move to an individual policy.

While the premium may go up in case one of the family members has a pre-existing medical condition, the waiting period, deductibles and other exclusions will be applicable only to that member.

For instance, if the husband has a pre-existing medical condition then only he has to undergo about 2-4 years of waiting period, while the wife will be covered after 30 days.

Benefits

Before you decide to go for a floater policy, understand how it works. Family floater insurance covers the entire family under a single premium. The sum insured (SI) covers the entire family and can be used in case of multiple hospitalizations in the family during the policy term. Family here includes spouse, maximum two children (up to the age of 21 or 25 years, depending on the maximum age of entry as per the insurer).

Let’s consider an example. Joe and his wife have a family floater health insurance for ₹25 lakh. His wife gets hospitalised and the claim amount comes to ₹25 lakh. Here, the entire cover can be utilised for Joe’s wife. This is the single most important advantage of a floater plan. That is, one SI is available to everyone in the family. Though on the downside, the SI available for the family as a whole reduces. However, most policies in the market offer to restore the SI used.

According to Amit Chhabra, Head, Health Insurance, Policybazaar.com “It is always better to go for floater policy for a family. Even if the sum insured is exhausted, most policies in the market offer restore or refill of sum insured in case of partial or full exhaustion of the cover during the policy term.”

On the other hand, if both had a separate insurance cover for say ₹10 lakh each, then ₹15 lakh would have to come out of Joe’s pocket.

Also, a floater policy that covers all the family members, may result in a lower premium outgo than 2-3 individual policies would. Let’s consider HDFC Ergo’s Health Suraksha plan. For a 30-year old married individual, the premium works out to be ₹15,802 per year. On the other hand, for two individual policies with ₹7.5 lakh cover each, the premium works out to be ₹8,025 per year (totals to ₹16,050 per year).

However, keep in mind that the premium difference between individual and floater plans varies with insurers and taking a floater policy may not always reduce your premium outgo.

In case of Max Bupa’s ReAssure plan – Family floater, for a 30-year old married individual, the premium works out to ₹16,896 per year (including GST) for a ₹20 lakh cover.

Now, if the individuals opt for a separate cover of ₹10 lakh each then the premium works out to be lower at ₹15,510 (including GST).

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List of Banks Providing Higher Interest Rates On Savings Accounts

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Investment

oi-Vipul Das

|

Savings accounts are the most popular banking instrument in our country due to their safety, usability, and liquidity. These lay the groundwork for all of our financial priorities, including retirement strategies, spending goals, and so on. Based on your predicted returns, risk tolerance and wealth creation objectives savings accounts are a must bet for your personal finance. Interest rates on savings bank accounts are typically lower than those on fixed deposits. In comparison to major private banks, some private and small finance banks pay higher interest rates on savings accounts. It’s crucial to consider how much interest banks offer for keeping the money in a savings account. Following a rigorous risk analysis, investors should always consider parking their money in a savings account. If you’re seeking to open a savings account, below are some of the banks that are currently providing the best rates.

List of Banks Providing Higher Interest Rates On Savings Accounts

Savings Account Interest Rates

Currently, some private banks and small finance banks are promising higher interest rates in savings accounts. Bandhan Bank, RBL Bank and IndusInd Bank are for instance currently providing interest rates up to 7.15%, 6.5% and 6% respectively across the list of private sector banks. On the other hand there are some small finance banks such as Utkarsh Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank which are currently providing interest rates up to 7.25 and 7% respectively. In comparison to major private and large public sector banks, small finance banks pay higher interest rates on savings accounts. HDFC Bank and ICICI Bank, for example, pay 3 percent to 3.5 percent interest. Axis Bank and Kotak Mahindra Bank are now providing interest rates of up to 4%. On their savings accounts, the State Bank of India (SBI) is paying 2.70 percent interest and the Bank of Baroda is promising up to 3.20 percent interest. Here’s the list of banks that are currently providing higher interest rates on savings accounts.

How Interest Earned From A Savings Account Is Taxed?

Sr No. Banks Interest Rates In % p.a.
1 Utkarsh Small Finance Bank 5 to 7.25
2 Equitas Small Finance Bank 3.5 to 7.25
3 Bandhan Bank 3 to 7.15
4 Ujjivan Small Finance Bank 4 to 7
5 AU Small Finance Bank 3.5 to 7
6 Fincare Small Finance Bank 3 to 7
7 ESAF Small Finance Bank 4 to 6.5
8 RBL Bank 4.75 to 6.5
9 Suryoday Small Finance Bank 4 to 6.25
10 IndusInd Bank 4 to 6
11 IDFC First Bank 3.5 to 6
12 Yes Bank 4 to 5.5
13 DCB Bank 3.25 to 5.5
14 City Union Bank 3.5 to 4
15 Kotak Mahindra Bank 3.5 to 4
16 DBS Bank 3 to 4
17 Union Bank of India 3 to 4
18 Dhanlaxmi Bank 3 to 4
19 Punjab National Bank 3 to 3.5
20 Axis Bank 3 to 3.5
21 HDFC Bank 3 to 3.5
22 ICICI Bank 3 to 3.5
23 Punjab & Sind Bank 3.1
24 Indian Overseas Bank 3.05
Source: Bank Websites



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HDFC Bank Q4 net profit jumps 18% on-yr; board decides against declaring dividend in Mar 2021 amid COVID surge

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HDFC Bank reported an 18.2 per cent on-year jump in standalone net profit to Rs 8,186.51 crore for the January-March quarter of FY21. The company had posted a profit of Rs 6,927.6 crore in the corresponding quarter of the previous year. Amid the second COVID-19 wave, the company informed that its board has considered it prudent to currently not propose a dividend for the financial year ended March 31, 2021. India’s largest private sector lender’s Net Interest Income (NII), the difference between interest earned through lending and interest paid to depositors, witnessed a 12.6 per cent on-year rise to Rs 17,120 crore in the quarter under review, as compared to Rs 15,204 crore in the same period last year. The Bank’s net revenues (net interest income plus other income) rose to Rs 24,713 crore in the fourth quarter of FY21 from Rs 21,236 crore in the previous year.

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Post Office Savings Account: Check New Penalty Rules For Non-Maintenance of Minimum Balance

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Investment

oi-Vipul Das

|

The penalty for failing to maintain the required minimum balance in a post office savings account has been cut by half. According to a notification released by the Ministry of Finance on April 9, 2021, the account maintenance fee for failing to maintain a minimum balance in a post office savings account has been lowered from Rs 100 to Rs 50 including GST. This was done due to a modification in the Post Office Savings Account Scheme 2019 regulations. The account holder must keep a minimum balance of 500 rupees in post office savings accounts, according to the current guidelines. The account holder is fined if the minimum balance slips below 500 rupees by the end of the fiscal year. This fine was formerly set at Rs 100, but it has now been lowered to Rs 50. (inclusive of GST). Furthermore, if the deposit balance becomes zero due to the deduction of account maintenance fees, the post office savings account will be automatically closed.

Post Office Savings Account: Penalty Fee For Non-Maintenance of Minimum Balance

In addition, if the required balance in the post office savings account is not maintained, interest will not be charged. Silent accounts are therefore subject to the minimum balance clause. Silent accounts are those in which no transactions have occurred for three consecutive financial years, i.e., no money has been deposited or withdrawn. Other types of penalties are imposed in addition to the non-maintenance of the minimum balance. An individual can withdraw funds from a savings account for free up to four times per month. After that, each withdrawal incurs a fee of 0.50 percent of the total amount, or Rs 25. This fee is only applied to withdrawals; no fee is applied to deposits. If you have a savings or current account in addition to the basic savings account, you can withdraw up to Rs 25,000 per month without incurring any fees. And after that, you will be fined a fee of 0.50 percent of the total amount withdrawn, or a minimum of 25 rupees, each time you withdraw funds. There is no fee if you make a cash deposit of up to Rs 10,000 in a month. After the cash deposit limit is reached a fee of Rs 20 is charged on every deposit. You must also pay a minimum of Rs 1 and a maximum of Rs 20 to issue a mini statement.



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TCS, Infosys, Wipro, Mindtree: How These IT Giants Performed In Q4FY21?

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Planning

oi-Sneha Kulkarni

|

The majority of these companies released their earnings after market hours, hoping that it will mitigate the effect of their Q4 results on the output of their stocks. For nearly two decades, Indian tech firms have been the most favoured partners for global businesses. These are some of the best Software companies based on their job experience, customer feedback and ratings, employee strength, and presence in the tech industry. TCS, Infosys, and Wipro, three global technology companies, have released their financial results for the first quarter of the fiscal year 2021 (Q1FY21). For these firms, margins, big deals, and market patterns appeared to be optimistic during Covid-19.

TCS, Infosys, Wipro, Mindtree: How These IT Giants Performed In Q4FY21?

Here is curated Q4 results of some of the best Indian IT companies:

TCS Q4 Results

TCS stands for Tata Consultancy Services. TCS was established in 1968, with headquarters in Mumbai, and now has 149 offices in 46 countries. TCS’ net profit increased 15% year over year to Rs 9,246 crore in the January-March period. TCS’ board of directors has also approved a Rs 15 per share final dividend. Interim dividends of Rs 5 per share, Rs 12 per share, and Rs 6 per share were paid by the company. TCS has declared a total dividend of Rs 38 per share for FY21. TCS announced that it would employ 40,000 freshers in FY 22, bringing its total headcount to over 5 lakh. Attrition of TCS was at 7.2% for the fourth quarter.

Infosys Q4 Results

Infosys headquarters are in Bangalore, and it is one of the most sought-after companies in terms of jobs. For the quarter ended March 2021, the IT services business announced a 2.3% sequential decline in consolidated profit at Rs 5,076 crore. The company’s board of directors has approved a Rs 9,200 crore open market buyback of equity shares at a price not exceeding Rs 1,750 per share, subject to shareholder approval. For the fiscal year 2021, the board also proposed a final dividend of Rs 15 per equity share. Infosys said that they will hire 26,000 freshers this fiscal. Infosys attrition rate stood at 15%.

Wipro Q4 Results

Wipro is a Bengaluru-based Indian IT international cooperation that was established in 1945. Wipro’s professional next-generation innovations now represent clients on six continents. Wipro announced on April 15 that its consolidated profit for the quarter ended March 2020 increased by 0.1% sequentially to Rs 2,972.3 crore. For the year, the company’s IT services division brought in Rs 16,334 crore in revenue. Wipro did not reveal exact figures of hiring, Chief Human Resources Officer, Saurabh Govil said that the company would recruit more freshers in FY22 compared to the previous year. In FY21, the company hired almost 9,000 new employees. The attrition rate of the company was at 12%.

MindTree Q4 Results

For the quarter ended March 2021, Mindtree, a midcap IT services firm, recorded a 2.8% sequential decline in consolidated profit at Rs 317.3 crore. Consolidated revenue increased by 4.2% from the previous quarter to Rs 2,109.3 crore, with dollar revenue up 5.2% to $288.2 million. At 12.1% at the end of the March quarter of 2021, the attrition rate had decreased from 12.5%in December 2020. For the fiscal year ending March 2021, Mindtree proposed a final dividend of 175% (Rs 17.50 per share).



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Bitcoin tumbles after Turkey bans crypto payments citing risks, BFSI News, ET BFSI

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ANKARA: Bitcoin tumbled more than 4 per cent on Friday after Turkey‘s central bank banned the use of cryptocurrencies and crypto assets for purchases citing possible “irreparable” damage and transaction risks.

In legislation published in the Official Gazette, the central bank said cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, to pay for goods and services.

The decision could stall Turkey’s crypto market, which has gained momentum in recent months as investors joined the global rally in bitcoin, seeking to hedge against lira depreciation and inflation that topped 16 per cent last month.

Bitcoin was down 4.6 per cent at $60,333 at 1117 GMT after the ban, which was criticised by Turkey’s main opposition party. Smaller coins ethereum and XRP, which tend to move in tandem with bitcoin, fell between 6 per cent-12 per cent.

In a statement, the central bank said crypto assets were “neither subject to any regulation and supervision mechanisms nor a central regulatory authority”, among other security risks.

“Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance” and will not provide any services, it said.

“Their use in payments may cause non-recoverable losses for the parties to the transactions … and include elements that may undermine the confidence in methods and instruments used currently in payments,” the central bank added.

This week Royal Motors, which distributes Rolls-Royce and Lotus cars in Turkey, became the first business in the country to accept payments in cryptocurrencies.

Cryptocurrencies remain little-used for commerce even as they become increasingly mainstream global assets, although companies including Tesla Inc and travel site Expedia Group Inc do accept such payments.

Tough regulatory clampdowns on cryptocurrencies by major economies have been relatively rare, with most seeking to clarify rules rather than prevent usage. Traders say such bans are hard to enforce, and crypto markets have in the past shrugged off such moves.

Turkey’s main opposition leader Kemal Kilicdaroglu described the decision as another case of “midnight bullying”, referring to President Tayyip Erdogan’s decision last month — announced in a midnight decree — to fire the central bank governor.

“It’s like they have to commit foolishness at night,” he said on Twitter.

The legislation goes into effect on April 30th.

Heavy hand
Crypto trading volumes in Turkey hit 218 billion lira ($27 billion) from early February to 24 March, up from just over 7 billion lira in the same period a year earlier, according to data from U.S. researcher Chainalysis analysed by Reuters.

Trading spiked in the days after Erdogan replaced the bank governor, sending the lira down as much as 15 per cent.

Last week, Turkish authorities demanded user information from crypto trading platforms.

“Any authority which starts regulating (the market) with a ban will end up frustrated (since this) encourages fintech startups to move abroad,” said economist Ugur Gurses.

In what would be one of the world’s strictest policies, India will propose a ban on cryptocurrencies and fines on those trading or holding the assets. China banned such trading in 2017, slamming the brakes on a free-wheeling emerging crypto industry.

“Headlines like this at this point tend to send a bolt across the bows,” said Joseph Edwards, head of research at crypto brokerage Enigma Securities in London, while noting that similar regulatory moves in Nigeria and India “didn’t even move the needle”.

Ahmed Faruk Karsli, CEO of Turkish payment systems firm Papara, said the ban on transferring money to cryptocurrency platforms via fintech systems was unexpected.

“It is much easier to choose to ban than to make an effort to deal with this financial technology,” he told Ekoturk TV.

“This is a regulation that makes me concerned for my country.”

($1 = 8.0800 liras)



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ESAF SFB mops up Rs 162 crore via pref allotment of shares

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According to the unaudited results, the bank has achieved a year-on-year (y-o-y) growth of 25.86% in gross business during FY21.

ESAF Small Finance Bank on Friday said it has raised Rs 162 crore through preferential allotment of shares. A total of 2.18 crore shares were allotted to certain investors in the HNI category, including some existing investors, leading to a dilution of approximately 5%, at Rs 75 per share.

The shares were priced at 2.64 times pre-issue and 2.45 times post-issue of its book value as of September 30, 2020, sources at ESAF said.

“The additional capital raised will strengthen the capital adequacy by about 250 basis points and will support our ambitious growth plan set for FY22. The overwhelming response shown by our investors during these tough times gives us the confidence to aim big. Considering the comfortable capital position and subdued market outlook on BFSI stocks, we had decided to postpone the IPO scheduled for the last financial year,” said K Paul Thomas, MD & CEO. The bank has reported a stupendous growth during these challenging times, he added.

According to the unaudited results, the bank has achieved a year-on-year (y-o-y) growth of 25.86% in gross business during FY21. It has reported a 28.04% y-o-y rise in total deposits to Rs 9,000 crore and advances crossed Rs 8,413 crore at a growth of 23.61% as on March 31, 2021. Total business crossed Rs 17,412 crore, against Rs 13,835 crore in the year-ago period. “The results show our commitment to our stakeholders. We are also thankful for the resilience shown by our customers” Thomas said. He added that the CASA growth was impressive at 82%, thanks to the focused strategies adopted by the bank.

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Sensex and Nifty ends flat amidst high volitality, financials underperform, BFSI News, ET BFSI

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Domestic equity market benchmarks BSE Sensex and Nifty 50 traded flat on Friday. Benchmark indices erased most of the intraday gains and ended on flat note on April 16 amid high volatility. At close, the Sensex was up 0.06% at 48,832.03, and the Nifty was up 0.25% at 14,617.90.

Except financials all other sectoral indices ended in the green. ICICI Bank, SBI Bank, Bajaj Finance were among top index laggards.BSE Midcap and Smallcap indices outperformed broader indices today as recent fall in the space made investors to do bargain trading in quality midcap and small cap space.

The Nifty Bank Index ended flat at 31,977 down by 0.42%. Amongst the biggest losers were- ICICI Bank at Rs 566 (-1.43%) followed by Bandhan Bank at Rs 322 (-1.09%), RBL Bank at Rs 187 (-1.03%), SBI at Rs 339 (-0.82%), Kotak Mahindra at Rs 1,764 (-0.54%). Amongst biggest gainers were IDFC First Bank at Rs 54 (2.29%) followed by AU Small Finance Bank at Rs 1,077 (2.05%), Induslnd Bank at Rs 862 (0.54%).

Nifty Financial Services ended also flat at 15,362 losing 0.16%. Amongst the biggest losers were – Bajaj Finance at Rs 4,616 (-0.94%) followed by REC at Rs 127 (-0.78%), Power finance at Rs 109 (-0.32%). List of gainers included- Muthoot Finance at Rs 1,168 (1.31%) followed by HDFC at Rs 2,574 ( 1.06%), Chola Invest at Rs 540 (0.99%), Bajaj Finserv at Rs 9,824 (0.87%).

Other key takeaways

Gold prices recover in India, back above Rs 47,000
Gold prices recovered in Indian markets on Friday, after closing above Rs 47,000 per 10 gram for the first time since February 23, 2021, in the previous session. Although MCX gold June futures were trading weak, down Rs 85 or 0.18 per cent at Rs 47,090 per 10 grams, against the previous close of Rs 47,175.

MCX silver was trading at Rs 68,407 per kg, down Rs 169 or 0.25 per cent, as compared to a previous close of Rs 68,540 per kg. On April 13, MCX gold hit Rs 47,000 mark in intraday after nearly two months. Last year in August, MCX gold touched a record high of Rs 56,191 per 10 grams.

Rupee Close
Indian rupee extended the early gains and ended near the day’s high at 74.35 per dollar, amid buying saw in the domestic equity market. It opened higher by 13 paise at 74.79 per dollar against Thursday’s close of 74.92 and traded in the range of 74.28-74.79.

Rising domestic cases above 2-lac per day, widening India’s trade deficit, and the recent rebound in the crude oil could be a headwind for the Rupee. Overall, the short-term range for the USDINR is likely to be from 74.20-75.50.

Dow closes above 34,000 for first time
The Dow industrials closed above 34,000 for the first time on Thursday as the blue-chip benchmark and S&P 500 posted fresh record highs on a tech stock rally fueled by falling bond yields and strong March US retail sales, according to Reuters. The Dow Jones Industrial Average 0.9 per cent, the S&P 500 gained 1.11 per cent, and the Nasdaq Composite added 1.31 per cent.



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