Though the market has corrected over the past couple of week, the Nifty has managed to hold on to the 9,100-level. This, according to Gaurav Ratnaparkhi, technical analyst at Sharekhan, was a sign of strength.
“So long as the index stays above 9,000 on a closing basis, the trend both from a short to medium-term perspective remains on the upside,” he told BloombergQuint over phone. On the higher side, he expects the index to touch 9,300-9,340 in the short-term i.e. two or three weeks.
Shares of the country largest private bank rose over 2 percent after its fourth quarter earnings met street expectations.
The lender posted a net profit of Rs 3,990 crore for quarter-ended March, which was in-line with the Rs 3,940 crore anticipated by analysts in a Bloomberg poll. However, the provisions for the period stood at Rs 1,261.8 crore versus Rs 715.78 crore for the previous quarter.
Gross bad loans 1.05 percent end-March, unchanged QoQ
Interest income Rs 18,110 crore versus Rs 16,000 crore; expense Rs 9,060 crore versus Rs 8,540 crore
Shares of the cement maker dropped as much as 2.8 percent after private equity firm KKR exited the company.
According to a Bloomberg News report, KKR Mauritius Cement Investment Ltd. has sold their entire 8.4 percent stake in Dalmia Bharat in open market. About 49 lakh shares, or 5.6 percent, changed hands via two block deals on the BSE, as per Bloomberg data.
Shares of Sun Pharma dropped to a 2-month low after the drug regulator made public 11 observations it made on its Dadra unit this month.
The U.S. Food and Drug Administration noted incomplete laboratory records among potential manufacturing violations it observed during an inspection of Sun Pharma’s Dadra unit, according to Bloomberg News.
Other observations included failure to create accurate duplicates of key records, and to properly investigate drug batches that didn’t meet specifications, according to the FDA’s report on a Form 483 obtained by Bloomberg via a Freedom of Information request.
New debut on NSE – Dollar Industries trades 5% higher at Rs 1,379.7 Peer Group Stocks Reaction: Lux Industries: +2.7% Rupa & Company: +8.5% pic.twitter.com/8xGdvztamT
The rupee weakened by 9 paise to 64.65 against the dollar in early trade on increased demand for the American currency from importers and banks.
Dealers said a firm dollar against some global currencies overseas also weighed on the rupee but a higher opening of the domestic equity market capped the fall.
The rupee edged higher by 2 paise against the American unit to close at 64.56 in yesterday's trade on emergence of mild selling of the American greenback by banks and exporters.
India's sovereign bonds will fall today. The reason: minutes of the RBI policy meeting that revealed a possible rate increase is now on the table.
One of the six policy makers went to the extent of suggesting a 25 basis points raise as a preemptive measure to contain inflation, which now seems to be a key concern for the central bank.
In fact, the governor suggested a close vigilance of inflationary pressures on the economy. Two key themes to keep a close watch includes pay panel revisions and GST.
Asian currency markets are mixed today, with the Taiwanese dollar leading the charts. Investors will be cautious ahead of some global events, including the French presidential election this weekend.
Max Financial Services holder seeks around $94 million selling 1 crore share sale (Terms). Offering can be increased by around 30 lakh shares
National Aluminium OFS’s retail portion gets 584 percent demand, as per NSE data. Government revised offer to 9.2 percent stake, retain oversubscription
It looks like Indian stocks are likely to extend their rebound for another day.
The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, gained 0.15 percent to 9,172.
Asian stocks gained in early trade, after Bank of Japan's Governor Haruhiko Kuroda maintained an accommodative monetary policy and on optimism for a U.S. tax overhaul.
Speaking a week before the BOJ monetary policy, Kuroda said that while the Japanese economy was doing better than a few months ago, the inflation rate was still sluggish.
Odds for a rate hike in June climbed toward 60 percent after Dallas Federal Reserve President Robert Kaplan reiterated that three increases this year remain appropriate. The stock market also took solace from U.S. Treasury Secretary Steven Munich’s comments that Trump administration’s plan to reform taxes have progressed.
Oil snapped a four-day losing streak triggered by report that showed U.S. gasoline supplies increased for the first time since February, while crude output kept rising.
