Tuesday, March 17
Nomura remains positive on CG Power despite margin concerns in its railway business, while Citigroup is bearish on PNB due to profitability and asset quality issues. Citi is optimistic about HPCL, revising EBITDA estimates upwards. Motilal Oswal upgraded Aurobindo Pharma, citing diversification and growth potential. Elara Securities suggests accumulating Larsen & Toubro, highlighting international projects and new ventures.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on India-Pakistan ceasefire and US-China trade deal progress. Both indices rallied over 3.5% cheered by domestic stability and favourable global news to register their biggest single gain in 4 years.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on India-Pakistan ceasefire and US-China trade deal progress. Both indices rallied over 3% cheered by domestic stability and favourable global news
Banks across multiple Indian cities, including Delhi and Mumbai, are closed today, May 12, for Buddha Purnima. While over-the-counter services are unavailable, online banking, mobile apps, and ATMs remain operational. Normal banking activities will resume on Tuesday, May 13. Looking ahead, banks will also be closed on various dates later in May for state-specific holidays and weekends.
Yes Bank's shares surged following Sumitomo Mitsui Banking Corporation's agreement to acquire a 20% stake for Rs 13,483 crore. This significant deal, five years after Yes Bank's rescue, involves SBI and other private banks offloading portions of their holdings. SMBC's strategic move signals a major expansion in the Indian market, potentially leading to majority control in the future.
SEBI is concerned about high individual activity in index options trading, despite earlier restrictions aimed at curbing speculation. While there's been a slight year-on-year decrease, trading volumes remain significantly higher than two years ago. The regulator is re-examining the situation to ensure investor protection and systemic stability, hinting at potential further actions.
Indian stock markets are poised to react to geopolitical developments, macroeconomic data, and corporate earnings this week. The recent India-Pakistan agreement to halt military actions is expected to positively influence investor sentiment. Focus will be on CPI, WPI data, Q4 results of major companies, and FII activity, with experts advising a long-term investment outlook despite recent market pressures.
