Tag: Nifty

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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Benchmark indices starts the new financial year on a positive note; financials outperform, BFSI News, ET BFSI

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Market opened with a gap up at 14798.40 following the global peers but could not maintain the higher levels and took the support near the levels of 14700. However, Benchmark indices ended with a percent gain on the first day of the new financial year supported by the metal and financials.

At close, the Sensex was up 520.68 points or 1.05% at 50,029.83, and the Nifty was up 176.70 points or 1.20% at 14,867.40. Except FMCG, all other sectoral indices ended in the green with Nifty metal index rose 5% and PSU bank index added 2.6%.

The Nifty Bank Index ended higher at 33,858 adding a good 1.66%. Amongst the top gainers were- RBL Bank at Rs 216 adding 4.17% followed by Federal Bank at Rs 78 (4.02%), Bandhan Bank at Rs 350 (3.54), AU Small Finance at Rs 1,267 (3.26%), Kotak Mahindra Bank at Rs 1,804 (2.94%), Axis Bank at Rs 713 (2.23%) and ICICI at Rs 594 (2.11%).

Nifty Financial Services ended higher at 15,909 adding over 1.23%. Amongst the biggest gainers were- Indiabulls Hsg at Rs 204 adding 4.15% followed by Bajaj Finance at Rs 5,272 (2.37%), Bajaj Finserv at Rs 9,781 (1.25%), Muthoot Finance at Rs 1,214 (0.70%), Chola Invest. at Rs 562 (0.66%) and Power Finance at Rs 114 (0.57%).

Stock in Talk
Indian Overseas Bank: Indian Overseas Bank in its BSE filing said it has received a capital infusion of Rs 4,100 crore from the government towards the contribution of Central Government in the preferential allotment of equity shares of the bank during the Financial Year 2020-21, as government’s investment

Bank of India: The bank in a BSE filling informed that Government of India has infused capital of Rs 3,000 crore in Bank of India for the purpose of preferential allotment of equity shares after obtention of shareholder’s approval in the extraordinary general meeting and other related regulatory approvals

Other key takeaways

GST collection in March 2021 at record high of Rs 1.23 lakh crore
GST Revenue collection for March’ 21 sets a new record. A new record of Rs 1,23,902 crore in form of Goods and Service Tax (GST) revenue was collected in the month of March 2021, the Ministry of Finance said on April 1.

“The gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods),” an official release stated

Nifty futures lot size cut to 50 from 75,effective from July contracts
All monthly expiry contracts starting from the July expiry contract will have a lot size of 50. July contracts will start trading from April 30, 2021. However, according to a SEBI circular, the April, May, and June contracts will continue to have a lot size of 75. The circular also stated that the lot size of all existing Nifty long term options contracts (having expiry greater than 3 months) shall be revised from 75 to 50 after the expiry of June 2021 contracts.

Govt to infuse Rs 14,500 crore in 4 PSU banks through recapitalisation bonds
The Finance Ministry on Wednesday notified that the government will infuse Rs 14,500 crore through recapitalisation bonds in four public sector banks. The notification issued by the finance ministry said that the government would infuse capital by issuing non-interest-bearing bonds to banks.

Currency market shut today
Indian currency market will remain shut on April 1 on account of annual bank closing. On March 31, Indian rupee ended near the day’s high at 73.11 per dollar versus Tuesday’s close of 73.38.



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Benchmark indices rebound after 2 days of consecutive losses; Financials outperform, BFSI News, ET BFSI

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The market opened on a positive note following the positive global markets on Friday. US GDP data and a decline in the unemployment claims boosted market sentiments. After falling for two consecutive days, Sensex and Nifty moved higher on Friday with Sensex ending above 49,000 while Nifty 50 zoomed to cross 14,500 today.

The Nifty Bank Index ended higher at 33,318 adding 0.94%. Amongst the top gainers were- HDFC Bank at Rs 1491 adding 1.91% followed by PNB at Rs 36 (1.41%), ICICI Bank at Rs 578 (1.22%), IDFC First Bank at Rs 57 (0.87%), SBI at Rs 357 (0.56%). Axis Bank at Rs 698 (0.52%). while all major indices ended on a positive note, Induslnd Bank and Bandhan bank ended red.

Nifty Financial Services ended higher at 15,717 adding over 1.57%. Amongst the biggest gainers were Bajaj Finserv at Rs 9,467 adding over 4.53% followed by Chola Invest. at Rs 554 (3.19%) HDFC at Rs 2,532 (2.51%), Bajaj Finance at Rs 5,183 (1.19%), Indiabulls Hsg at Rs 197 (1.20%).

Other key takeaways

SEBI’s new rules on startups, delisting, ESG and more
The SEBI has approved a raft of measures including more transparent and efficient delisting of shares, reporting of sustainability issues by companies and provisions to make it easier for startups to go public.

In its board meeting on March 25, the market regulator also mandated public disclosure of analyst calls, quick reporting of earnings, and expanded the requirement of setting up a Risk Management Committee to the top 1,000 listed companies by market capitalisation from the existing to 500 listed entities

Suryoday Small Finance Bank debuts at 4% discount to issue price
Suryoday Small Finance Bank share price started off the first day of trading at a 4.2 percent discount at Rs 292 on March 26 on the National Stock Exchange, amid weak market conditions and muted subscription to IPO.

The Rs 582.34 crore public issue was subscribed 2.37 times during March 17-19, the lowest subscription amongst IPOs closed in 2021. The stock opened at Rs 293 on the BSE, down by 3.93 percent compared to issue price of Rs 305.

Market on Thursday
It was the second successive day of losses for the Indian market on March 25 amid unsupportive global cues and selling across sectors on the F&O expiry day. At close, the Sensex was down 1.51%, at 48,440.12 and the Nifty was down 1.54%, at 14,324.90. Nifty PSU Bank, FMCG, auto, infra, IT and energy indices declined 2-3 percent. Broader markets mirrored the benchmarks, as BSE midcap and smallcap indices fell 1.8-2.2%.

Stocks rebound in late-day rally on Wall Street
US stocks rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery and picked up beaten-down Apple and Tesla shares in anticipation that the US economy grows at its fastest pace in decades this year.

The Dow Jones Industrial Average rose 199.42 points, or 0.62%, to 32,619.48. The S&P 500 gained 20.38 points, or 0.52%, to 3,909.52 and the Nasdaq Composite added 15.79 points, or 0.12%, to 12,977.68.



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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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BFSI stock slips; Nifty and Sensex closes lower too, BFSI News, ET BFSI

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The benchmark index Sensex fell over 600 points in intraday trade while Nifty touched 14,969 on the downside. Bank and financial stocks such as ICICI Bank, Kotak Mahindra Bank and SBI were among the top laggards in the 30-share pack Sensex.

At close, the Sensex was down 0.95% at 50,792.08, while Nifty was down 0.95% at 15,031. Nifty PSU Bank Index fell 1 percent dragged by the Bank of Baroda, Canara Bank, Indian Bank. BSE Bankex also ended lower at 39,995 losing 1.28%.

Nifty Bank Index ended at 34,496 down -1.23%. Amongst the top Losers were- ICICI Bank at Rs 612 ending below -2.04% followed by SBI at Rs 381 with -1.70%, Induslnd Bank at Rs 1,022 (-1.65%), Kotak Mahindra Bank at Rs 1,935 (-1.47%), Axis Bank at Rs 750 (-1.33%). While all the major indices traded in red, RBL Bank and IDFC First Bank managed to stay in the green.

Nifty Financial Services ended at 16,506 Lower by -1.10%. Amongst the biggest losers were Indiabulls Hsg Rs 224 by -2.67% followed by Cholamandalam at Rs 531 (-1.41%), HDFC at Rs 2,568 (-1.22%), Bajaj Finserv at Rs 9,934 (-0.57%).

Other key takeaways

RBI to conduct OMO for sale and purchase of govt securities
The Reserve Bank of India (RBI) on March 10 announced it will purchase and sell Government of India dated securities for Rs 10,000 crore each via an open market operation (OMO) on March 18.

“The Reserve Bank has decided to conduct simultaneous purchase and sale of Government securities under open market operations (OMO) for an aggregate amount of Rs 10,000 crore each on March 18, 2021,” the central bank said.

Suryoday Small Finance Bank to launch IPO on March 17
Suryoday Small Finance Bank will open its initial public offering of 1,90,93,070 equity shares on March 17 with a price band of Rs 303-305 per share. The issue will close on March 19.

The anchor book subscription (if any) will open for a day on March 16. The offer consists of a fresh issue of 81.50 lakh equity shares and an offer for sale of 1,09,43,070 equity shares by existing shareholders.

Rupee Updates
Indian rupee erased some of the intraday gains but ended higher by 13 paise at 72.81 per dollar, amid selling saw in the domestic equity market. It opened 25 paise higher at 72.66 per dollar against Wednesday’s close of 72.91 and traded in the range of 72.62-72.85.

On March 10, the domestic unit ended flat at 72.91 per dollar versus the previous close of 72.93. On Thursday the currency market was shut on account of Mahashivratri.

Wall Street closes on higher mark
The S&P 500 and the Dow closed at all-time highs on Thursday as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong economic recovery.

The Dow Jones Industrial Average rose 188.57 points, or 0.58%, to 32,485.59, the S&P 500 gained 40.53 points, or 1.04%, to 3,939.34 and the Nasdaq Composite added 329.84 points, or 2.52%, to 13,398.67



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Morgan Stanley, BFSI News, ET BFSI

Banking & Finance

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Indian state-owned lenders are expected to see additions to bad loans moderate, but structural issues at the banks could cap returns on their stocks, Morgan Stanley said on Thursday.

Some of the country’s state-owned banks have long struggled with a pile of bad loans, prompting the government to pump in more funds to shore up their balance sheets.

“Over the past few years, state-owned enterprise banks have seen significant capital infusion by the government, lower risk-weighted assets density, higher provisioning and some large recoveries,” the brokerage said in a report, adding that as slippages moderate, fresh additions to bad loans, credit costs will also moderate over the next few years.

The brokerage preferred India’s largest lender State Bank of India, as well as large private banks, expecting them to play a major role in the corporate recovery cycle.

In February, SBI said its asset quality has remained largely stable and the lender revised its credit cost guidance to lower than 2% for the financial year. A return to pre-pandemic levels of retail growth drove the bank’s third-quarter profit well past estimates.

But weak underwriting practices, diminishing loan market and deposits share in the sector will weigh on the stocks of many other public sector banks even as cheap valuations make them look attractive, Morgan Stanley said.

“We think state-owned enterprise banks will continue to lose loan market share given technology changes, strong competition and a weak internal rate of capital generation,” analysts at the brokerage said.

The Nifty public sector bank index was down 0.4% on Thursday. The index has risen nearly 39% so far this year against a drop of about 31% in 2020.



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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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Markets lose upward rally and closes flat; Nifty and sensex suffer minimal loss, BFSI News, ET BFSI

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The benchmark indices erased all the intra day gains and ended with marginal losses, breaking the six day winning momentum. The Sensex was down at 51,329.08, and the Nifty was down 0.04% at 15,109.30. Nifty Bank ended at Rs 36,065 adding 0.20% while BSE Bankex ended at Rs 40,724 adding 0.16%.

Amongst the top Gainers were- PNB at Rs 39 adding 2.76% followed by IDFC First Bank at Rs 50 adding 1.73%, Axis Bank at Rs 742 (0.86%), ICICI Bank at Rs 633 (0.60%), HDFC Bank at Rs 1,661 (0.41%). Major Indices that traded in the red were Induslnd Bank at Rs 1,025 (-0.90%), Bandhan Bank at Rs 328 (-0.71%), SBI at Rs 394 (-0.57%).

Nifty Financial Services ended at 16,905 adding 0.25%. Amongst the biggest losers were Bajaj Finance at Rs 5,400 (-1.77%) followed by Power Finance at Rs 125 (-1.68%), Bajaj Finserv at Rs 9,941 (-0.79%), Cholamandalm at Rs 459 (-0.34%). while all other major indices traded in Red, few managed to remain in the Green including HDFC at Rs 2,747 adding 0.50% and Indiabulls Hsg at Rs 218 (0.05%).

Other key takeaways

Fitch Ratings
India’s 2021-2022 budget has proposed relaxing foreign-ownership caps on insurers and listing India’s largest state-owned insurer, measures that Fitch Ratings says will help the industry attract foreign capital, strengthen solvency and promote competition.

The proposals could encourage global insurers to enter the fast-expanding Indian market, while international insurers already holding minority stakes in domestic companies may try to increase their ownership over the medium term.

Bitcoin jumps to new highs
Bitcoin extended gains on Tuesday to a record high as the afterglow of Tesla Inc’s investment in the cryptocurrency had investors reckoning it would become a mainstream asset class for both corporates and money managers.

Bitcoin has more than doubled over two months as institutional investors search for alternative wealth stores and retail traders ride the wave. Monday’s leap after Tesla’s announcement was its largest daily rise in more than three years. It climbed to a new peak of $48,216 late in the Asian afternoon on Tuesday. Rival cryptocurrency ethereum had struck a record high of $1,784.85 in the early morning.

Central Bank Of India Q3
Net profit was up 6.5 percent at Rs 165.4 crore against Rs 155.3 crore (YoY). NII was up 10.2 percenat Rs 2,228.1 crore against Rs 2,021.9 crore (YoY). Gross NPA at Rs 29,486.1 crore against Rs 30,785.4 crore (QoQ). Net NPA at Rs 7,514.7 crore against Rs 8,683.6 crore (QoQ). Provisions at Rs 743.7 crore against Rs 1104.9 crore QoQ and against Rs 1,249.2 crore YoY.

Gold Updates
International gold and silver rose on Monday as expectations of a large US economic stimulus package bolstered bullion’s appeal. Domestic gold and silver prices rose on Monday tracking overseas prices. Domestic bullion traded flat to higher this Tuesday morning, tracking the overseas markets.

Technically, MCX Gold April resistance now is at 47950-48280 level. Support is at 47600-47350 levels. MCX Silver March witnessed a bounce back from 21-DMA at 67300 level & ended above 70000 indicating a sideways to upside momentum upto 70800-71500 levels.

Rupee Updates
Indian rupee ended higher by 8 paise at 72.88 per dollar, amid profit booking seen in the domestic equity market. It opened 8 paise higher at 72.88 per dollar against previous close of 72.96 and remained in the range of 72.84-72.93. The fund inflow from USA keeps dollar prices at check from rising, which helps rupee appreciation, along with no weakness in capital markets



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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

Personal Finance

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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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