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The Nifty50 index crossing the psychological mark of 18,000 on Monday and Sensex surpassing 61,000 for the first time ever on Thursday marks the most weekly gains since the week ended September 3, and continuation of the bull phase.

The rally is special as it was achieved despite a truncated week, tepid global clues, global energy crisis, inflation threats and muted FII participation.

The Nifty 50 Index closed the week at 18,339, with gains of 2.5% and formed a bullish candle on the weekly chart for the second consecutive week. According to experts, this positive momentum is likely to continue till 18,500 levels in coming sessions. Immediate support for Nifty 50 is seen at 18,200.

Festival demand outlook, Q2 earnings data backed by recovery in economic activity, healthy FPIs and exports data, weak jobs report from the US, inflation fears, global energy crisis, developments around Asian markets, strong vaccination numbers were key driving factors this week.

Monday Closing bell: Benchmark indices close at record highs, led by bank stocks

The Indian benchmark indices erased intraday gains after hitting fresh lifetime highs following weakness in global peers, but managed to close at fresh record levels on Monday, supported by banking and auto stocks.

Nifty50 and BSE Sensex had hit fresh record highs of 18,042 and 60,476, respectively. At close, the BSE Sensex was up 0.13% at 60,136, and the Nifty gained 0.28% to close at 17,946.

The Nifty Bank index hit a new lifetime high of 38,495 in intraday trade before closing 1.4% higher at 38,294 levels. Nifty Financial Services gained 1.39% to close at a fresh high of 18,527, and the Nifty PSU Bank index also gained 0.78%. State Bank of India, Kotak Bank, HDFC Bank, ICICI Bank, were among top index gainers.

Tuesday Closing bell: Another day of fresh record highs, PSU Bank index gains over 3%

Post a volatile session, BSE Sensex and Nifty 50 recorded closing highs on Tuesday. The 30-stock index Sensex gained 0.25% to end at 60,284, while the NSE Nifty 50 index settled just shy of 18,000, at 17,992.

In the broader market, the BSE Midcap index rose 0.54% to 26,700, while the BSE Smallcap index gained 0.46% to finish at 29,893.

Nifty PSU Bank was the top gainer, rising over 3%. The Nifty Bank Index gained 0.59% to close at 38,521, while the Nifty Financial Services index ended 0.33% higher at 18,589. SBI, Bajaj Finserv and Axis bank were among top Sensex gainers, while HDFC Life and ICICI Bank were top laggards.

Wednesday Closing bell : Benchmark indices up for third straight day, end at record highs

The domestic equity market sustained its upbeat mood, supported by a positive global market, and witnessed record breaking moves by the BSE Sensex and Nifty 50 for the fifth consecutive session on Wednesday. At close, the BSE Sensex jumped 0.75% to end at 60,737, and NSE Nifty 50 index settled at 18,161, up 0.94%.

Nifty PSU Bank continued its winning streak to close 0.80% higher at 2,670. The Nifty Bank index gained 0.30% to close at 38,635, while Nifty Financial Services ended the day at 18,652 up by 0.34%. HDFC Bank emerged as one of the top Sensex gainers while SBI Life, Axis Bank and SBI were among the losers.

Weekly Market wrap up: Know how banks, financials performed this week

Thursday Closing bell: Sensex surpasses 61,000 for the first time, Nifty closes above 18,300; banks, financials outperform

Benchmark indices extended the record rally in the sixth consecutive session, with Sensex and Nifty ending at fresh record closing high. At close, the Sensex surpassed the psychological level of 61,000 for the first time ever to close 0.94% higher at 61,305, and the Nifty surpassed 18,300 to close higher at 18,338 gaining 0.97%. BSE Midcap and Smallcap added 0.5% each.

The Nifty Bank index outperformed and closed 1.83% higher at 39,340, while Nifty Financial Services closed at 18,949 up by 1.58%. PSU Bank also finished higher at 2,716 gaining 1.74%.

Index heavyweights such as HDFC Bank rose the highest, up 2.9%, followed by ICICI Bank, HDFC, and State Bank of India, among others, contributed the most to the indices’ gain.

Key Takeaways

India may log close to double-digit growth this year, says FM Nirmala Sitharaman

Weekly Market wrap up: Know how banks, financials performed this week

India is looking at close to near double-digit growth this year and the country will be one of the fastest-growing economies, Finance Minister Nirmala Sitharaman has said.

The minister also emphasised that she expects the economic growth next year to be in the range of 7.5-8.5 per cent, which will be sustained for the next decade.

“As regards the growth of India, we are looking at near to double-digit growth this year and this would be the highest in the world. And for the next year, on the basis of this year, (the) growth would definitely be somewhere in the range of eight (per cent),” Sitharaman said here on Tuesday during a conversation at Harvard Kennedy School.

Four Indian banks rise in Asian rankings on stock market boom

Four Indian banks have featured among the 20 largest banks in the Asia-Pacific region in terms of market capitalisation in the third quarter of 2021, according to S&P Global Market Intelligence.

HDFC Bank was ranked seventh with a market cap of $119 billion, a quarter on quarter increase of 6.7% while the next was ICICI Bank at 12th spot, with its market cap rising 11.2% quarter on quarter to $65.5 billion.

The State Bank of India rose two spots to 17th on the list as its market cap rose 8.1% to $54.5 billion. Kotak Mahindra Bank’s market capitalisation rose 17.5%, the highest on the list.

UCO Bank’s Atul Kumar Goel elected as IBA chairman: Sources

Atul Kumar Goel has been elected as the chairman for Indian Banks’ Association for 2021-22, sources said. Goel will be succeeding Rajkiran Rai G, who is also the managing director and chief executive officer of Union Bank of India.

Goel is currently heading UCO Bank as its MD & CEO. The government had extended his tenure for two years till November 1, 2023. His term was originally scheduled to end on November 1, 2021.

Last month, Banks Board Bureau recommended Goel for the managing director and chief executive officer position of Punjab National Bank, after interviewing 11 candidates.

Life insurance industry at risk of sharply rising rates: IMF

Weekly Market wrap up: Know how banks, financials performed this week
The life insurance industry is at risk if there is a sharp rise in bond yields, with an extreme situation potentially causing insurers to liquidate investments reaching $1 trillion in the United States and Europe, the International Monetary Fund warned on Tuesday.

Vulnerabilities have increased for life insurers, the IMF said in its Global Financial Stability Report, noting the industry is at the “center of fixed income markets” owning about 20% of global bonds and 30% of credit investments. Life insurers have long-dated liabilities and are a critical source of demand for bonds with long maturities, wrote the IMF’s Fabio Cortes and Deepali Gautam in the report.

NBFCs set to recover from Covid blues in Q2, post rise in loan demand, collections
Non-bank lenders and housing finance companies, which suffered during the first quarter of this fiscal, are likely to report a steady recovery in asset quality and demand for fresh loans along with improved payment collections in the September quarter.

“The first quarter of fiscal 2022 was impacted by the second Covid wave. Relative to 1QFY22, we expect disbursement volumes of 170-230% for most Affordable Housing/Vehicle Financiers. Impact on AUM growth is likely to be higher for short duration products like Vehicle loans as collections held up well in 2QFY22, Motilal Oswal Securities said in a note.

Banks set for a sharp earnings rise in Q2, may face asset quality jitters

Weekly Market wrap up: Know how banks, financials performed this week

Indian banks’ earnings are likely to pick up in the September quarter, led by a recovery in business growth, fee income and a gradual reduction in credit costs. ICICI Bank could deliver 16.6% year-on-year loan growth, while Axis Bank and Kotak Mahindra Bank could grow over 9% each. SBI may post decline in bad loans.

However, they may be tempered by higher provisioning in the retail and small and medium enterprises (SME) loan segments that have seen higher delinquencies.



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The domestic equity market was in a cheerful mood on Friday as the Reserve Bank of India’s Monetary Policy Committee decided to maintain status quo on key policy rates and retain an “accommodative” stance till evidence of durable growth appears.

It was RBI Governor Das’s comments on the future course of monetary policy action, ramping up of economic growth and elevated inflation that cheered investors.

The benchmark indices extended rally for second consecutive session on Friday, and as a result the market closed higher in four out of five sessions this week.

Festival demand outlook, RBI monetary policy, Q2 earnings data backed by recovery in economic activity, US President’s recovery, weak cues from Asian markets, Evergrande crisis, developments around US economy and strong vaccination numbers were key driving factors this week.

Monday Closing bell: Benchmark indices snap four-day losing streak, end almost 1% higher each

Dalal Street staged a strong comeback on Monday, recouping some of last week’s losses, as benchmark indices each ended almost 1% higher. At close, the Sensex and Nifty50 were up 0.91% at 59299 and 17691, respectively.

The broader markets, too, ended the day in the positive territory, with the BSE Midcap gaining 1.51% and BSE Smallcap 1.71%.

The Nifty PSU Banks outperformed gaining 2.10%, the Nifty Bank ended 0.95% higher at 37,579, and the Nifty Financial Services ended 0.96% higher at 18,312. Bajaj Finserv, SBI and Bajaj Finance were among the top gainers.

Tuesday Closing bell: Indices volatile, each end nearly 1% higher

Domestic equity indices started the day flat with negative bias but bulls asserted control as the day progressed, forcing headline indices to surge higher. S&P BSE Sensex closed 0.75% higher at 59,744, while the Nifty50 jumped 0.74% to end at 17,822.

The broader markets underperformed, with the Midcap index almost unchanged and Smallcap index ending with gains of 0.4%.

After a volatile session, the Nifty PSU Bank index ended 0.44% lower at 2,542 points, breaking its six-day winning streak. The Nifty Bank gained 0.43% to close at 37,741, while Nifty Financial Services ended 0.30% higher at 18,367. IndusInd Bank soared 5% to end as the top Sensex gainer, while Bajaj Finance and Bajaj Finserv were among the top laggards.

Wednesday Closing bell : Benchmark indices fell 1% amid weak global cues

Domestic benchmark indices traded with gains most of Wednesday but failed to sustain the highs and closed deep in the red. At close, the Sensex was down 0.93% at 59,189 and the Nifty was down 0.99% at 17,646.

Broader markets were also volatile, with BSE Midcap index falling 0.5% and Smallcap index ending with more than 1% loss.

The Nifty PSU Bank highly underperformed the day, losing 1.94%, while Nifty Bank slipped 0.58% ending at 37,521. Nifty Financial Services closed 0.32% lower at 18,309.

Only three of thirty Sensex constituents closed with gains. HDFC Bank was the top gainer, jumping 1.24%, followed by Bajaj Finance and HDFC. Deep down in red was IndusInd Bank, down over 3%.

Weekly Market Wrap Up: Know how banks, financials performed this week

Thursday Closing bell: Nifty ends near 17,800, Sensex jumps 0.80% ahead of RBI policy

The Nifty had a sharp bounce after a steep decline the previous day. After opening in the green, Nifty maintained the lead and closed with a gain of 0.85% at 17,796, while Sensex ended the day with a gain of 0.80% at 59,667.

Except oil and gas, all other sectoral indices ended in the green, the BSE midcap and smallcap indices outperformed adding over 1% each.

The Nifty PSU Bank Index recovered from the previous day’s losses to end 0.64% higher at 2508. Nifty Bank was able to end above the 37,700-mark, gaining 0.62% to close at 37,753, while Nifty Financial Services closed 0.15% flat with positive bias at 18,336. Induslnd Bank made its way back among the top gainers, while HDFC was among the worst performing Sensex constituents.

Friday Closing Bell: Sensex ends above 60,000 post RBI MPC meet outcome

Benchmark indices ended over half a percent higher each on Friday as investors cheered the outcome of the RBI MPC meet. BSE Sensex ended 0.64% up at 60,059, while the NSE Nifty 50 settled at 17,895, up 0.59%.

The Nifty PSU Banks outperformed and soared 1.65% to end at 2,550. The Nifty Bank ended flat, with a positive bias at 37,755, up 0.06%, while the Nifty Financial Services index ended in the red at 18,289, down 0.34%. Piramal Enterprises was the worst performing Sensex stock, down more than 5%, followed by ICICI Prudential and Kotak Mahindra Bank. Axis Bank and Bajaj Finserv were among top gainers.

Key Takeaways

RBI keeps key policy rates unchanged in Oct MPC meet

The Reserve Bank of India today decided to maintain status quo on key policy rates, for the eighth time in a row, in its bi-monthly Monetary Policy Committee meeting.

The repo rate remains unchanged at 4%, while the reverse repo rate at 3.35%. The central bank also decided to maintain accommodative stance.The central bank has also kept the MSF and bank rates steady at 4.25 percent.

The central bank has cut CPI inflation forecast for FY22 to 5.3 percent from 5.7 percent, while it has retained FY22 GDP growth forecast at 9.5 percent.

For Q2FY22, RBI expects GDP at 7.9 percent, up from 7.3% earlier, for Q3 , at 6.8%, up from 6.3%, while for Q4 and Q1FY23, RBI has retained its projection of 6.1% and 17.2%, respectively.

For CPI inflation, RBI expects 5.1%, from 5.9% earlier in Q2, while 4.5% from 5.3% in Q3, and retained the projection at 5.8% for Q4. For the first quarter of FY23, RBI sees CPI at 5.2%, up from 5.1% projected earlier.

Life insurance companies poised for strong Q2

Weekly Market Wrap Up: Know how banks, financials performed this week

Indian life insurance companies are poised to post up to 34% growth in the value of premiums, paced by higher volumes, group insurance coverage and sale of fixed-income linked coverage products.

However, margin expansion could be restrained due to a rise in reinsurance rates. Analysts are also monitoring residual Covid-linked claims in the second quarter after a sharp jump in the first quarter that led to a rise in provisions.

Elara Securities expects the top four life insurers – HDFC Life, ICICI Prudential Life, Max Life and SBI Life – to post an annualised premium equivalent (APE) growth of between 14% and 34% in the second quarter.

RBI moves NCLT against SREI Equipment Finance and SREI Infra

The Reserve Bank of India has taken the Srei Infrastructure Finance and Srei Equipment Finance to the National Company Law Tribunal’s Kolkata bench on Friday, a day after the Bombay High Court rejected a writ petition by Srei group promoter Hemant Kanoria against the central bank move to supersede the boards of the company.

This is on expected line as the central bank had announced on October 4 that it would take steps to refer the Srei case to the bankruptcy court.

Govt may allow 20% foreign investment in LIC IPO

Weekly Market Wrap Up: Know how banks, financials performed this week

India is considering a proposal for foreign investors to own as much as 20% in Life Insurance Corporation, according to a person with knowledge of the matter, which would enable them to participate in the nation’s biggest initial public offering.

Under discussion is a plan to amend FDI rules so that investors can pick up the stake without the government’s approval under the so-called automatic route, the person said, asking not to be identified as the deliberations are private.

While FDI of as much as 74% is permitted in most Indian insurers, the rules don’t apply to LIC because it is a special entity created by an act of parliament.

Insurers can maintain current a/cs in appropriate number of banks: Irdai

Insurance regulator Irdai on Wednesday said insurers can maintain current accounts in an appropriate number of banks for premium collection and policy payments for the convenience of policyholders and ease of doing business. Insurance Regulatory and Development Authority of India (Irdai) has issued the clarification in the backdrop of the RBI’s circular on “Opening of Current Accounts by Banks – Need for Discipline”.

In the August 2020 circular, the RBI had instructed banks not to open current accounts for customers who have availed of credit facilities in the form of cash credit (CC) / overdraft (OD) from the banking system.

Moody’s affirms ratings of 9 Indian Banks, changes outlook to stable

Weekly Market Wrap Up: Know how banks, financials performed this week

Global rating firm Moody’s on 6 October, affirmed the long-term local and foreign current deposit ratings of Axis Bank, HDFC Bank, ICICI and State Bank of India at Baa3, following sovereign rating action. At the same time, their rating outlooks have been changed to stable from negative.

This rating action is driven by Moody’s recent affirmation of the Indian government’s Baa3 issuer rating and change in outlook to stable from negative.

Moody’s also affirmed the long-term local and foreign currency deposit ratings of Bank of Baroda, Canara Bank, Punjab National Bank and Union Bank of India. The rating outlooks of these banks has also been changed to stable from negative.



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The indices were volatile this week, in line with its global peers, while the broader market indices continued to outperform. The BSE Sensex breached its 60,000-mark, while the Nifty extended its winning run to five weeks in a row on Wednesday, posting the longest weekly gaining streak since 20 December 2020.

However, overall, the indices were muted this week, with experts suggesting indices may see further correction on concerns over global economic recovery and US inflation.

Stock specific moves, cues from Asian markets, US debt ceiling crisis and uptick in bond yield, strong vaccination numbers were key driving factors this week.

Monday Closing bell: Benchmark indices end flat with positive bias, Nifty Bank up nearly 1%

The BSE Sensex pared 334 points from the day’s high to end 29 points higher at 60,078, while the NSE Nifty50 closed at 17,855. During the day, the Sensex logged a fresh record high of 60,412.

The broader market indices underperformed the benchmark Sensex, as the BSE Midcap closed flat and BSE Smallcap down 0.13%.

The Nifty PSU Bank ended flat with positive bias gaining 0.48%, the Nifty Bank ended 0.90% higher at 38,171, and the Nifty Financial Services ended 0.41% higher at 18,706. SBI and HDFC Bank were among top gainers, while Bajaj Finserv was the top laggard, losing more than 2%.

Tuesday Closing bell: Indices bleed, financials highly underperform

After crashing nearly 1,000 points, Sensex recovered from its day’s low to finally close at 59,668, down 0.68%. The Nifty, meanwhile, tumbled 0.60% to end at 17,749.

The broader market also declined, in tandem with the benchmarks. The BSE Midcap index lost 0.71% and the BSE Smallcap 0.62%.

After a volatile session, Nifty PSU Bank gained 1.24% closing at 2,398. Bank Nifty ended in the red, losing 0.59% to end at 37,945, while Nifty Financial Services ended 0.92% lower at 18,534. Kotak Mahindra Bank was among the top gainers, while Bajaj Finance, Bajaj Finserv, ICICI Bank and Induslnd Bank were top laggards.

Weekly Market wrap up: Know how banks, financials performed this week

Wednesday Closing bell : Indices volatile for second day; PSU Banks gain over 2.5%, financials fall

Indices remained volatile for the second day in a row on Wednesday, ending with losses. S&P BSE Sensex recovered from intraday lows and closed 0.43% lower at 59,4113. NSE Nifty 50 turned positive during the day but failed to hold gains and closed 0.21% lower at 17,711.

Midcap and Smallcap indices outperformed benchmark indices, closing with gains.

Nifty PSU Banks finished the day with 2.72% gains, while Nifty Bank slipped 0.53% ending at 37,743. Nifty Financial Services closed 0.88% lower at 18,371. HDFC was among the worst-performing Sensex constituents, falling 2.15%, followed by Axis Bank, Kotak Mahindra Bank and HDFC Bank.

Thursday Closing bell: Indices witness 3-day losing streak, both down 0.5%

Domestic headline indices ended with losses for the third consecutive session, with the Sensex witnessing a tug of war between gains and losses for most of the day to end 0.48% lower at 59,126. The Nifty50 dropped 0.53% to close at 17,618.

Nifty PSU Bank Index maintained its winning streak, closing with 0.80% gains. Nifty Bank, however, fell below the 37,500-mark, down 0.84% to close at 37,425, while Nifty Financial Services closed 0.37% lower at 18,303.

Bajaj Finserv was the top Sensex gainer, jumping 2.19%, followed by Bajaj Finance. Axis Bank, SBI and Kotak Mahindra Bank were among the top drags.

Friday Closing Bell: Sensex, Nifty witness losses for fourth day, both down 0.5%

Indices settled in the red for the fourth straight day on Friday, with Sensex closing 0.6% lower at 58,766, and the Nifty50 falling 0.5% to close at 17,532.

Nifty PSU Bank index continued its winning streak for the fourth consecutive session, closing 1% higher. Nifty Bank, however, fell more than half a percent to close at 37,225, while Nifty Financial Services closed 0.91% lower at 18,137.

Bajaj Finserv fell more than 3%, and Bajaj Finance, ICICI Bank and Induslnd Bank were among top laggards. Muthoot Finance gained over 5%, and Au Small Finance Bank, Bandhan Bank, PNB were among top gainers.

Key Industry takeaways

Icra revises up FY22 GDP growth forecast to 9%

Ratings agency Icra on Monday revised up its 2021-22 real GDP growth estimate for India to 9 percent from the earlier 8.5 percent. A ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, the agency said in a statement. Icra on Monday said it expects the second half of the fiscal year to have brighter prospects.

Aditya Birla Sun Life AMC IPO fully subscribed on Day 2

Weekly Market wrap up: Know how banks, financials performed this week

The initial public offer of Aditya Birla Sun Life AMC Limited was fully subscribed on the second day on Thursday. The Rs 2,768.25crore initial share sale received bids for 2,99,46,460 shares against 2,77,99,200 shares on offer, translating into 1.08 times subscription, according to an update on the NSE.

The qualified institutional buyers (QIBs) category was subscribed 6 per cent, non-institutional investors 40 per cent and retail individual investors (RIIs) two times. The initial public offer is of 3,88,80,000 equity shares.

RBI extends MSF facility for banks until March next year

Weekly Market wrap up: Know how banks, financials performed this week

The Reserve Bank of India (RBI) on September 28 said it has extended the marginal standing facility (MSF) relaxation for banks until March 31. Earlier, this facility was given till September 30.

Under MSF facility, banks are allowed to avail of funds by dipping into the Statutory Liquidity Ratio (SLR) by up to an additional one percent of net demand and time liabilities (NDTL), i.e., cumulatively up to 3 percent of NDTL.

“With a view to providing comfort to banks on their liquidity requirements as also to enable them to continue to meet LCR requirements, it has been decided to continue with the MSF relaxation for a further period of six months, i.e., up to March 31, 2021,” the RBI said.

US Fed’s tapering inclination may impact India’s FPI inflows, says CARE Ratings

Weekly Market wrap up: Know how banks, financials performed this week

The US Federal Reserve’s indication of tapering asset purchases is likely to impact the flow of funds into Indian markets, but may not be immediate, CARE Ratings said in a report.

The tapering is likely to affect India’s foreign portfolio inflows. Earlier when the Fed had announced tapering in 2013, FPI inflows to India had shrunk in the 2015-18 period.

RBI lifts PCA curbs on Indian Overseas Bank

Weekly Market wrap up: Know how banks, financials performed this week

The Reserve Bank of India on 29, September lifted Prompt Corrective Action restrictions from the Indian Overseas Bank, the central bank said in a release.

The decision came after the bank reported its earnings for the year ended March 31, 2021, and the RBI observed that IOB was not in breach of the PCA parameters. IOB has also provided a written commitment that it would comply with the norms of Minimum Regulatory Capital, Net NPA and Leverage ratio on an ongoing basis



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Sensex, Nifty end lower today; banks, financials fall, ICICI Bank, SBI Life among top laggards, BFSI News, ET BFSI

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Domestic equity indices ended in the red on Monday, with BSE Sensex down 0.2% at 58,177 points and Nifty 50 down 0.08% at 17,355. Mid and smallcap stocks outperformed the market today, with BSE Midcap index closing 0.32% higher and the smallcap index ending with a gain of 0.80%.

Nifty Media, Nifty Metal and Nifty Realty were among the other indices rose today. The remaining sectoral indices fell, which includes Nifty Bank Index and Nifty Financial Services down 0.58% and 0.19%, respectively.

ICICI Bank, HDFC Bank and SBI Life Insurance were the top laggards among Sensex stocks. While Kotak Mahindra Bank, Bajaj Finserv, Chola Invest and Power Finance emerged were among the top gainers in the index.

Stock Talk

SBI Life Insurance Company:

Canada Pension Plan Investment Board has offloaded 2.3 crore equity shares in SBI Life at Rs 1,171.07 per equity share, while BNP Paribas Arbitrage bough 96,35,692 equity shares at Rs 1,171 per share on BSE, the bulk deals data showed.

Punjab National Bank:

The board has approved raising Rs 6,000 crore through issue of Basel III additional Tier-1 (AT-1) bonds or Tier II bonds or combination of both in one or more tranches.

Indiabulls Housing Finance:

The company has received approval from the Competition Commission of India to divest its mutual fund business and sell it to Groww for Rs 175 crore

Other key takeaways

SREI’s Rs 35,000-crore loan may be classified as NPA

Banks may classify Rs 35,000 crore loan given to SREI group as Non Performing Asset (NPA) by the end of this quarter after the National Company Law Tribunal (NCLT) set aside the previous order restraining banks from such classification.

According to analysts’ estimates, Indian Bank and Canara Bank have exposures of ₹2,000 crore and ₹1,200 crore, respectively, to Srei group, while ICICI Bank and Axis Bank have ₹800 crore each.

India’s inclusion in global bond index to attract $170-250 bln inflows

India could be included in the global bond index early 2022, which can attract $170-250 billion in bond inflows in the next decade, said Morgan Stanley in a recent note.

Investors have been staying away from the Indian bond market for the past few years, given the widening fiscal deficit, above-target inflation and gradual weakening currency. However, recent macroeconomic stability could change early next year, according to analysts at Morgan Stanley.

US Markets

Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation. Shares of Apple Inc tumbled following an unfavorable court ruling related to its app store.

The Dow Jones Industrial Average index fell 0.78% to close at 34,607.72 points, while the S&P 500 lost 0.77% and closed at 4,458.58. The Nasdaq Composite dropped 0.87% to 15,115.49.

Gold prices subdued as firm dollar dims safe-haven appeal

Gold prices were subdued on Monday as the dollar held firm, while cautious investors awaited readings on U.S. consumer prices due this week that could be crucial to the Federal Reserve’s decision on when to exit its super-supportive policy. Spot gold was flat at $1,787.40 per ounce after having recorded a weekly decline of 2.1%.

Market Outlook for the week ahead

-Nifty has been in a narrow range for the last 5 days and any breakout above 17,450, with above average volumes, may take Nifty to 17,550 levels. According to experts, Traders are advised to book profits if Nifty gives a daily close below 17,250 level.

-The market is expected to turn stock specific, and the Nifty will undergo a healthy consolidation this week, making it prudent to stick to the buy on decline strategy to accumulate quality stocks.

-As Nifty is not expected to breach 16900 in its consolidation phase, dips towards psychological level of 17000 would offer incremental buying opportunity in this week

– Bank Nifty is expected to form a higher base above the upper band of the recent range breakout area (36200). Experts stick with a positive stance with Bank Nifty gradually heading towards 37700 levels in September. Any breather in the coming week would offer an incremental buying opportunity in quality banking stocks.



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Domestic benchmark indices witnessed some exhaustion this week, after a healthy rally seen in the past weeks, with the BSE Sensex gaining around 9% last month.

Developments around the US economy, revival of activity in Europe amid rising Covid-19 infections, improving economic data, positive earnings expectations and healthy pick up in daily inoculations were considered to be key market driving factors this week.

Last Friday, the BSE Sensex vaulted above the 58,000-mark, while the Nifty50 touched 17,300 points as investors cheered recovery in the economy.

Monday Closing bell: Market continues winning streak; banks and financials underperform

The Nifty50 had a gap up opening, but couldn’t build upon the early gains. The index traded in a narrow range throughout the day and consolidated its gains. During the second half, markets continued to trade on a positive note on the back of strong global cues and domestic economic activity. The Sensex was up 0.29% at 58,296.91, and the Nifty was up 0.31% at 17,377.80.

Bank Nifty closed with losses, ending 0.5% lower at 36,592 points, while Nifty Financial Services closed 0.3% lower at 18,077 points. Shares of IndusInd Bank fell 1.13% as the top laggard, followed by Kotak Mahindra Bank, and HDFC Bank.

Tuesday Closing bell: Market ends in red, banks, financials continue to lose

The Nifty50 had a cautious start on Tuesday, around levels of 17,400. All sectoral indices opened in the green, except for Nifty Bank. Domestic indices reached fresh all-time highs but failed to hold gains and ended the day with marginal losses. The Sensex closed at 58279.48 points, down 0.03%, while Nifty closed at 17362.10, down 0.09%.

Bank Nifty ended the 0.34% lower at 36,468 while Nifty Financial Services closed at 18,102 gaining 0.15%. Axis bank was among the top Nifty Losers while HDFC and IndusInd Bank were among the top gainers.

Wednesday Closing bell : Indices tad down; banks, financials among top gainers

Domestic equity indices rebounded from lows in the dying hour of trade to end flat with a negative bias, with mid and smallcaps outperforming the benchmarks. The Sensex and Nifty both ended flat, down 0.05% each at 58,250.26 points and 17,353.50 points, respectively.

Among sectors, Nifty Bank, private bank, PSU bank and financial services rose about a percent each. Bank Nifty gained 0.82% to end at 36,768, while Nifty Financial Services gained 0.57% closing at 18,207. Kotak Mahindra Bank jumped 3.5% to be the top index gainer.

Thursday Closing bell: Market closes on positive note; banks, financials underperform

Domestic indices started Thursday’s session on a flat note amid selling pressure seen in financial stocks. Sensex and Nifty both closed with a gain of 0.09%, higher at 58,305.07 and 17,369.25 respectively.

Nifty Bank ended in red at 36,683 down 0.23%, while Nifty Financial services closed at 18,160, down -0.26%. Kotak Bank and Bajaj Finserv were among top blue-chip performers. HDFC Bank, IndusInd Bank and SBI were among the volume toppers. Meanwhile, SBI Life, Axis Bank, Federal bank and Chola Invest were among the top losers.

Industry Key Takeaways

Tamilnad Mercantile Bank files IPO papers with SEBI
Private-sector lender Tamilnad Mercantile Bank has filed preliminary papers with Securities and Exchange Board of India to mop-up funds through an initial share-sale. The initial public offering (IPO) comprises fresh issue of 15,827,495 equity shares and an offer-for-sale of up to 12,505 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).

LIC Housing Finance partners with India Post Payments Bank
India Post Payments Bank (IPPB) and LIC Housing Finance on Tuesday announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. LIC Housing Finance was quoting at Rs 416.10, up Rs 11.35, or 2.80% on the BSE.

India’s fintech market to triple to ₹6.2 lakh cr by 2025: MoS Finance Karad
The government’s various initiatives have led to fast growth in the fintech sector, which is likely to triple to ₹6,20,700 crore in value terms by 2025, minister of state for Finance Bhagwat K Karad said on Wednesday.

Highlighting that India is a leader in adopting financial technology among emerging markets, he said, the country had an adoption rate of 87% in March 2020, as compared to the global average of 64%.

Paytm Money launches investment advisory marketplace on platform
Paytm Money, the wealth management division of digital payments major Paytm, on Tuesday said it is creating a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors.

Paytm Money has partnered with investment startup WealthDesk to offer investment portfolios called ‘WealthBaskets’. A ‘WealthBasket’ is a custom portfolio of stocks and exchange traded funds (ETFs) created by SEBI-registered investment professionals.

India to post strong GDP growth in coming quarters: S&P
India is expected to post strong economic growth in the coming quarters, even as inflation, led by food prices, is likely to remain elevated, S&P Global Ratings said on Wednesday.

The economy is expected to clock 9.5 percent growth in the current fiscal year, followed by 7% expansion in the next year, it said, adding high nominal GDP growth would be important for ensuring fiscal consolidation going forward

Kotak Mahindra Bank slashes home loan rates by 15bps to 6.5%
Kotak Mahindra Bank announced today that it has reduced home loan rates by 15 base points, from Friday till November 8.

The bank is offering this rate in view of the upcoming festive period. The rate of 6.5% will be prevalent for both fresh home loans and balance transfers, and will be available across all loan amounts and is linked to a borrower’s credit profile.

UCO Bank shares spike 16% after RBI lifts PCA restrictions
UCO Bank shares received strong buying demand, rising as much as 15.9 percent on September 9 after the Reserve Bank of India lifted Prompt Corrective Action (PCA) restrictions on the bank.

“The performance of the UCO Bank was reviewed by the Board for Financial Supervision under the RBI. As per published results for the year ended March 31, 2021, the bank is not in breach of the PCA parameters,” said the RBI in its press release published on September 8.



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Know how Banks and Financials performed throughout this week, BFSI News, ET BFSI

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Benchmark indices have been on a record-breaking rally lately and August witnessed the stock market reaching many new highs. The BSE benchmark soared over 9% last month. Buying action continues to follow a positive global trend. The index has formed a strong bullish candle on weekly charts.

Major market driving factors for this week are considered to be the Improving general pandemic conditions, GDP numbers indicating revival in economic activity, increased confidence in facing a potential third wave, the stress on universal vaccination and the indications from Jackson Hole address.

Monday Closing bell: All time high
Nifty made a strong bullish bar on Monday (30 August, 2021) closing at its all time high level. The rally was also supported by Banknifty. Nifty closed at 16,931 up by 225 points. Banknifty closed at 36,347 up by 720 points.

Tuesday Closing bell: All time high
Another All time high Nifty made another lifetime high on Tuesday. It had been showing strength since the last four trading sessions. The Sensex closed at 57,552.39, up 662.63 points, or 1.16%, while Nifty was at 17,132.20, up 201.15 points, or 1.19%. Metals, IT financials were top gainers.

Wednesday Closing bell : Markets end in Red
The Indian benchmark indices ended in the red after hitting record highs in the early trade on September 1. At close, the Sensex was down 0.37%, at 57,338.21, and the Nifty was down 0.33%, at 17,076.30.

However, Axis Bank and Induslnd Bank were among top BSE Sensex gainers. Bank Nifty gained 0.4% to settle at 36,574. Nifty sectoral indices mostly ended in green, except for Nifty Financial Services.

Thursday Closing bell: Markets end Flat
Benchmark indices ended higher with Nifty closing above 17200 led by IT and FMCG stocks. At close, the Sensex was up by 0.90% at 57852.54, and the Nifty was up 0.92% at 17234.20. Except for auto and PSU Bank, all other sectoral indices ended in the green with IT and Pharma indices up 1% each. HDFC Life was amonth the top Nifty gainers. BSE midcap and smallcap indices gained over 0.5% each.

Friday Closing Bell: Fresh record
The Sensex closed at 58,129.95, up by 0.48%, while the Nifty was at 17,323.60, up 0.52%. Boosted by Reliance Industries and a jump in Exide Industries following the sale of the battery maker’s insurance unit Exide Life Insurance to HDFC Life Insurance, while the focus was also on a key US jobs report later in the day.

Among sectoral indices on the NSE, Nifty Bank fell the most – down nearly by 1.5% to 23,531 levels. HDFC Bank, Induslnd Bank, HDFC Life were among the top losers.

Industry Key Takeaways

India’s GDP rose 20% in the June quarter

India’s economy expanded at its fastest ever in the June quarter, helped by the low base of the year-earlier record contraction and a strong rebound in manufacturing and construction, data released on Tuesday showed. The data also reflected thag Fiscal deficit narrowed to a nine-year low of 21.3% of annual budget estimate as of July end at Rs 3.21 lakh crore, helped by a rise in revenues and decline in non-interest revenue expenditure.

Kotak Mahindra Bank to sell 20 crore shares of Airtel Payments Bank to Bharti Enterprises:

Kotak Mahindra Bank on August 31 said it will sell 20 crore shares held in Airtel Payments Bank (APBL) for a cash consideration of Rs 294 crore or more to Bharti Enterprises Ltd. A share purchase agreement was executed by the bank for divestment of 20,00,00,000 equity shares (8.57 percent stake) held by Kotak Mahindra Bank Ltd in APBL.

ICICI Bank hits Rs 5 lakh crore market cap; what should investors do?

On September 1, Private sector lender ICICI Bank crossed Rs 5 lakh crore in market capitalisation for the first time only to become the second bank to attain the said feat. Among banks, HDFC Bank, the country’s largest lender by assets, remained at the top with Rs 8.7 lakh crore market capitalisation, while SBI is at the third spot with Rs 3.81 lakh crore market cap, Kotak Mahindra Bank at 4th and Axis Bank at 5th.

HDFC Life Insurance share price hits 52-week high

HDFC Life Insurance Company share price touched 52-week high of Rs 775.65and rising percent intraday on September 2 as company board is going to consider fundraising on September 3.

“A meeting of the board of directors of HDFC Life Insurance Company is proposed to be held on Friday, September 3, 2021 to consider issue of equity shares and / or other securities of the company by way of preferential allotment,” company said in its release.

HDFC Life to acquire 100% stake in Exide Life Insurance:

HDFC Life Insurance on Friday announced that its board has approved acquisition of 100% of the share capital of Exide Life Insurance Company Ltd for a total consideration of Rs 6,687 crore. Exide Life will be subsequently merged into HDFC Life.

HLIC also announced that out of the aggregate amount, Rs 725 crore will be settled in cash and the balance via issuance of over 8.70 crore equity shares at an issue price of Rs 685 per share to Exide Industries Ltd.



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Benchmark indices end flat with Nifty and Sensex in red, financials underperformed, BFSI News, ET BFSI

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Benchmark indices ended flat with negative bias on March 22 after last hour buying erased all the intraday losses. At close, the Sensex was down 0.17% at 49,771.29, and the Nifty was down 0.05% at 14, 736.40.

IndusInd Bank, ICICI Bank and HDFC Bank were among major losers on the Nifty. Among sectors, Nifty IT, Metal, pharma and FMCG indices added 1% each, while Nifty Bank and PSU Bank index shed a % each. BSE Midcap and Smallcap indices rose 0.7-1%.

The Nifty Bank Index ended negative at 33,605 down by -1.63%. Amongst the top losers were- Induslnd Bank at Rs 968 down by -4.32% followed by ICICI Bank at Rs 573 ending below -2.25%, HDFC Bank at Rs 1,469 (-1.89%), Axis Bank at Rs 716 (-1.38%), SBI at Rs 367 (-1.12%), Kotak Mahindra Bank at Rs 1,882 (-0.63%).

Nifty Financial Services ended below 15,802 down by -1.15%. Amongst the biggest losers were Power Finance at Rs 121 down by -1.66% followed by Bajaj Finance at Rs 5,389(-1.12%), Indiabulls Hsg at Rs 213 (-0.93%), Bajaj Finserv at Rs 9,405 (-0.37%). While all the major indices traded in the red, Chola invest. and HDFC managed to end things on a positive note.

Other key takeaways

FPI inflows into equities at record high since FY13: RBI report
Foreign portfolio investors have pumped in a record USD 36 billion into equities so far this fiscal up to March 10, which is the highest since FY13, shows the latest data from the Reserve Bank. On the other hand, net foreign direct investment inflows jumped to USD 44 billion, till end January, up from USD 36.3 billion a year ago, driven by the massive inflows in November and December, with the last month of the year getting a record USD 6.3 billion.

Utkarsh SFB concludes private placement of Rs 240.47 crore
Utkarsh Small Finance Bank Ltd. has concluded private placement of Rs 240.47 crore to 6 Investors. Bank may undertake a pre-IPO placement of up to Rs 250 crores in consultation with the lead managers to the offer. Kotak Mahindra Capital Company Ltd. acted as financial advisor to the Bank for the concluded private placement round.

The lender’s initial offer comprises a fresh issue of up to ₹750 crore and an offer for sale by Utkarsh Coreinvest Ltd, aggregating up to ₹600 crore. ICICI Securities, IIFL Securities and Kotak Investment Banking will manage the share sale.

Global fund managers warn of stock market correction if yields surge to 2%
Bond yields have been inching higher in the last few weeks, rebounding strongly from 0.5% in the middle of last year. If yields continue to push higher and breach the 2% barrier, a 10% stock market correction could be in the offing, according to a survey of global fund managers conducted by Bank of America. Adding to this, the survey highlighted that fund managers believe that if yields touch 2.5%, bonds are likely to become more attractive than stocks.

Gold Updates
Gold prices traded steady with COMEX spot gold prices were trading near $1731 per ounce on Monday. Gold April future contract at MCX were trading over half a percent down at Rs. 44730 per 10 grams by noon.

Gold prices are expected to trade sideways to down for the day with COMEX spot gold support lying at $1710 and resistance at $1740. MCX Gold April support lies at Rs. 44500 and resistance lies at Rs. 44900.

Rupee Updates
Indian rupee ended higher by 14 paise at 72.37 per dollar, amid selling saw in the domestic equity market. It opened marginally higher at 72.48 per dollar against Friday’s close of 72.51 and traded in the range of 72.33-72.51.

The range between 72.30-72.70 is expected to continue, as the markets broadly are in a weak direction for the USDINR pair. In any scenario of serious lockdown there might be chances of USDINR appreciation but till then it’s an advantage bulls for rupee.



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Nifty and Sensex end flat amidst volatile trade; financials outperform, BFSI News, ET BFSI

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At close, the Sensex was up 12.78 points or 0.02% at 51,544.30, and the Nifty was down 10 points or 0.07% at 15,163.30. Nifty Bank index added 1% ending at 36,108 while BSE Bankex closed at 40,835 adding 0.99%.

Amongst the top Gainers were- ICICI Bank at Rs 647 adding 2.69 % followed by Bank of Baroda at Rs 78 (1.49%), Bandhan Bank at Rs 337 (1.46%), Axis Bank at Rs 750 (1.39%), SBI at Rs 393 (0.77%), HDFC Bank at Rs 1,581 (0.61%). Major Indices that traded in the red were RBL Bank at Rs 241 (-0.96%), IDFC First Bank at Rs 52 (-0.86%), Kotak Mahindra at Rs 1,951 (-0.51%).

Nifty Financial Services ended at 17,061 adding 0.92%. Amongst the biggest gainers were Indiabulls Hsg at Rs 236 (1.98%) followed by HDFC at Rs 2,791 (1.12%), Bajaj Finserv at Rs 10,278 (0.61%), Bajaj Finance at Rs 5,577 (0.19%). Other major indices that traded in Red were Power Finance at Rs 126 (-0.82%) and Cholamandalam at Rs 468 (-0.65%).

Other key takeaways

India Ratings on GDP growth:
India Ratings and Research estimates the gross domestic product (GDP) growth will bounce back to 10.4% YoY in FY22, primarily driven by the base effect. The estimate also shows that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3% YoY in Q4 FY21.

Although the recovery in FY22 on a YoY basis is expected to be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6% lower than the trend value. The impact of COVID-19 pandemic and lockdown on the economy, although subsiding, will continue to delay the normalisation of economic activities

Gold Updates
International gold and silver prices ended lower on February 11 as the dollar halted its slide. Domestic gold and silver prices ended in the red, tracking weak overseas prices. Gold’s inability to trade back over $1,850, and for silver, the level is $28 has triggered profit-taking in both metals.

Technically, MCX April gold was unable to cross 48,000 and now has reached a support zone near 47,500. Below the level, a downside pressure can be seen up to 47,200-47,000. Resistance is at 47,700-47,950 levels.

MCX March silver holds resistance at 69,000, indicating a sideways to marginal downside momentum up to 68,050-66,200 levels. Resistance is at 69,000-70,500 levels.

Rupee Updates
Indian rupee ended 11 paise higher at 72.75 per dollar, amid volatile trade witnessed in the domestic equity market. It opened higher at 72.81 per dollar against previous close of 72.86 and traded in the range of 72.73-72.83.

S&P 500, Nasdaq Close at Records
The S&P 500 shook off earlier declines to narrowly eke out a record closing high. The Dow ended a tick below its recent record closing level. The Nasdaq advanced to a record high of its own as tech shares outperformed, gaining 0.4% by market close.

Major stock indexes opened modestly higher but gave up those gains by midday and traded lower for most of the afternoon. A flurry of buying activity helped the S&P 500 and Nasdaq bounce back from their lows in the final minutes of trading.

London stocks falls
London’s main stock indexes fell on Friday, as data showed the UK economy shrank by a record 9.9% last year due to nationwide shutdowns that were imposed to curb the spread of COVID-19.

Official figures released on Friday, showed gross domestic product (GDP) grew 1.0% between October and December, at the top end of the range of forecasts by economists in a Reuters poll.



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Growth-focused budget helps Sensex , Nifty maintains the bull run, BFSI News, ET BFSI

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-Sheersh Kapoor

Broader markets have started recovering post the announcement of Union Budget 2021. A growth and capex oriented Budget has provided ammunition to the bulls as the BSE Sensex attempts to scale mount 50K yet again. Several stocks notched up 52-week highs today in the broader market.

At close, the Sensex was up by 2.46% at 49,797.72, and the Nifty up by 2.57% at 14,647.90. Nifty Bank Index traded green at Rs 34,267 Adding 3.56%, while BSE Bankex ended at Rs 38,833 adding 3.43%. Amongst the top Gainers were- SBI at Rs 333 adding 7.21% followed by HDFC Bank at Rs 1,560 adding 5.67%, Bandhan Bank at Rs 339 (4.98%), Kotak Mahindra Bank at Rs 1,861 (3.32%), IDFC First Bank at Rs 47 (2.36%), RBl Bank at Rs 242 (2.34%), ICICI Bank at Rs 617 (2.24%).

Nifty Financial Services ended at 16,208 adding 3.23%. Amongst the top gainers were Indiabulls Hsg at Rs 213 adding 3.74% followed by HDFC at Rs 2,659 down 3.09%, Bajaj Finance at Rs 5173 (2.27%),Power Finance at Rs 118 (2.19%). while all other major indices traded in green, Bajaj Finance and Cholamadalam traded lower by 2.53% and 0.89% respectively.

Other key takeaways

Govt won’t own or fund ‘Bad Bank’
The government is preparing to bring stressed assets worth Rs 2.25 lakh crore under the proposed ‘Bad Bank’. The entity which will be entirely funded and managed by commercial banks, said two top bureaucrats in an exclusive interaction on February 2. The funding will be done by banks from both the private sector and the public sector, they said. It is not clear what is initial capital estimated for setting up the Bad Bank

“The new budget has ignited spark in all cyclical and economy driven sectors.”

Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities:-
The elevated borrowings for the next few years indicate higher spending could remain for next few years. The earnings season is throwing good earnings surprise which is also getting factored in stock prices. With clarity on growth and earnings it will be ideal to focus on economy driven sectors like capital goods, construction, engineering, cement, power utilities, oil & gas, banks, Insurance and NBFCs.”

“As valuations are rich and Nifty-50 has again gone closer to the 15,000 mark there could be some resistance setting in at these levels. Investors can now look to accumulate stocks in every decline with a 2 to 3 year view.” he added.

HDFC Q3 result:
The company has reported 65 % YoY fall in its December quarter net profit at Rs 2,925.8 crore versus Rs 8,372.5 crore and revenue was down 42.3% at Rs 11,707 crore against Rs 20,285.5 crore. The Q3FY20 net profit includes proceeds from Gruh stake sale, reported CNBC-TV18.

Gold Updates
COMEX gold trades little changed near $1865/oz after a 0.7% gain yesterday. Gold is choppy amid mixed trade in the US dollar index and as market players assess the possibility of a US stimulus deal.

Experts believe that gold may continue to witness mixed trade reflecting the mixed trend in the US dollar but general bias may be on the upside owing to global growth worries and the possibility of US stimulus. Domestic gold prices have become cheaper due to duty cut, however, general price trend will be determined by international markets.

Rupee Updates
Indian rupee is trading higher by 8 paise at 72.94 per dollar, amid buying seen in the domestic equity market. It opened flat at 73.02 per dollar against it’s previous close of 73.02. The rupee opened flat at 72.92 against the US dollar in opening trade on Tuesday morning.

USDINR pair closed positive, USDINR Feb Future is trading at 73.27. it is expected to trade with bullish momentum for the day. The USDINR Spot pair took support at 72.80 level and bounced back up to 73.15 levels and ended above 73.00 level indicating a positive momentum to continue with in the range of 72.70-73.20 levels.



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A bad day for Indian markets; Sensex down by 900 points while Nifty ends below 14k mark, BFSI News, ET BFSI

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At close, the Sensex was down 1.94% at 47,409.93, and the Nifty was down 1.91% at 13,967.50. About 1053 shares have advanced, 1809 shares declined, and 141 shares are unchanged. Nifty bank index traded red at Rs 30,284 down by 2.93%, while BSE Bankex ended at 34,334 down by the same percentage.

Amongst the top losers were- Axis Bank at Rs 632 down by 3.99%, followed by HDFC Bank at Rs 1,409 (-3.64%), Induslnd Bank at Rs 820 (-3.42%), ICICI Bank at Rs 522 (-2.92%), PNB at Rs 33 (-2.34%), SBI at Rs 275 (-1.89%),Bandhan Bank at Rs 303 (1.89%) and Kotak Mahindra Bank at Rs 1,765 (-1.66%). While all the major indices traded in the red, Bank of Baroda traded higher at Rs 74 adding 0.27%.

Nifty Financial Services ended at 14,723 down by 2.77%. Amongst the top losers were HDFC at Rs 2,467 down 3.31% followed by Cholamandalam at Rs 410 (-2.40%), Power Finance at Rs 111 (-2.36%), Indiabulls Hsg at Rs 197 (-1.76%),Bajaj Finance at Rs 9,126 (-0.79%).

Other key takeaways

India’s GDP to contract 8% in FY21: FICCI Survey
India’s gross domestic product (GDP) is expected to contract by 8 per cent in 2020-21, according to the latest round of FICCI’s Economic Outlook Survey.

The annual median growth forecast by the industry body is based on responses from leading economists representing industry, banking and financial services sector. The survey was conducted in January. The median growth forecast for agriculture and allied activities has been pegged at 3.5 per cent for 2020-21.


Expert views on the latest IMF‘s GDP projection

Gaurav Garg, Head Research, CapitalVia Global Research Limited – Investment Advisor:
“The IMF on Tuesday projected an impressive 11.5% growth rate for India in 2021, making the country the only major economy of the world to register double-digit growth this year amidst the coronavirus pandemic. This projection could help the Indian market attract more foreign investors which could eventually help the economy to recover even faster.”

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
“IMF revising global GDP growth upwards to 5.5% and India’s growth to 11.5% in 2021 is good news. The sharp turnaround in growth will ensure that the current trend of impressive corporate results will sustain. On the negative side, we had two consecutive days of FII selling in the market. It appears that the market is a bit apprehensive of some budget tax proposals which may not be market-friendly.”

Gold Updates
COMEX gold trades 0.3% lower near $1845/oz after a 0.2% decline yesterday. Gold is pressurized by increasing debate about the US stimulus package and position squaring ahead of the Fed’s monetary policy meeting.

Technically, MCX Gold April is holding a resistance near 49500 levels where its immediate support is at 48900 levels. It could trade within these ranges. MCX Silver March is trading near 66500 level and above which will continue its bullish rally up to 67200-67900 levels. Support is at 65800-65000 levels.

Domestic gold and silver ended flat on Monday. Indian markets are shut on Tuesday on account of Republic Day holiday. Domestic bullion could trade flat-to-marginally lower this Wednesday morning, tracking the international prices.

Bank of Baroda Q3:
Company’s net profit was at Rs 1,061.1 crore in the quarter ended December 2020 against loss of Rs 1,407 crore in the same quarter last year. It net interest income (NII) was up 8.6% at Rs 7,749 crore versus Rs 7,132 crore, reported CNBC-TV18. Its gross NPA was at 8.48% versus 9.14% and net NPA was at 2.39% versus 2.51%, QoQ.

Rupee Updates
Indian rupee erased most of the intraday gains and ended near the day’s low level at 72.92 per dollar, amid profit booking saw in the domestic equity market.It opened flat at 72.94 per dollar against Monday’s close of 72.95 and traded between 72.78-72.94.



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