Indian markets are expected to start new series and last day of the week on positive note. US stocks closed lower. S&P 500 lost 0.19% to 1,849 on selling in shares of banking and information. Asian markets are trading mixed. Back home, RBI extended the deadline for Indian banks to meet capital requirements under the so-called Basel III norms by a year to 31 March 2019.The extension offers relief to an industry burdened by bad loans. FIIs data yesterday too was very encouraging as they bought Rs 2192 crs in cash market and Rs 740 crs & Rs 284 crs in index and stock futures. However, breaking four straight sessions of gain, the rupee on Thursday dropped 15 paisa to close at 60.32 against the dollar due to demand for the US currency from banks and importers. RBI's suspected intervention in the forex market by way of dollar purchasing also weakened the rupee. Nifty garnered 40.35 points or 0.61% to settle at 6,641.75, a record closing high. Foreigners have bought $8.8 billion of local shares and bonds this year, the highest among eight Asian markets. Banking, Oil & Gas, Capital Goods and Realty stocks witnessed smart rally. Tech and Pharma stocks declined. Continued FIIs buying, USDINR at near 8-month low and hope of stable government boosted the market sentiment. PSU Banks witnessed smart rally on upgradation of rating by Goldman Sachs. SBI gained 4% to close at Rs1837. Others like PNB, BOB, Allahabad Bank, Canara Bank gained 2-4. Oil and gas stocks like ONGC gained 3% to close at Rs332. BPCL, IOC and HPCL gained 2-3%. Realty stocks recorded smart rally. HDIL surged 8% to close at Rs54. Prestige Realty and India Bull Real gained 3% and 2% respectively. Lupin declined by 1% to close at Rs934. The company's acquisition of Mexican Pharma Company. Dr Reddy declined by 2% to close at Rs2588; Among tech stocks TCS, Infosys and HCL Tech witnessed profit booking. Nifty ended the March series on a strong note up by 6.46% from its previous expiry. Opening at 6613 with an upward gap, Nifty moved up to register fresh all time high at 6674 & eventually ended the session at 6641 up by 40 points. Nifty continues its higher top higher bottom structure on the intraday scale as well. On the medium term scale the undercurrent stays positive until Nifty stays above 6430 but upside may remain capped until 6660 is not breached convincingly. On downside support exists at 6624 & 6600 level.
Talwalkars Better Value Fitness: Shares in Talwalkars Better Value Fitness surged 8.74% to Rs 173.50 on media reports that UK’s health and fitness group The David Lloyd eyes minority stake in the company.The stock opened at Rs 167 and touched a 52-week high of Rs 182 on the BSE.UK's health and fitness group The David Lloyd has begun talks with the management of Talwalkars Better Value Fitness to acquire around 20% stake in the company, media report suggests.In 2012, the company has entered into an agreement with David Lloyd Leisure Limited for consulting, execution, management and operations of leisure and sports clubs in India.David Lloyd Leisure Limited, which started its operations in 1982, is Europe's leading premium sports, health and leisure group.
SBI Banking shares mainly public sector undertakings (PSUs) gained on Thursday after Goldman Sachs upgraded ratings of state-owned banks.State Bank of India (SBI), Oriental Bank of Commerce, Indian Overseas Bank, Bank of Baroda and Punjab National Bank closed up .Syndicate Bank, Canara Bank, Bank of India, Union Bank of India, IDBI Bank, Allahabad Bank and Andhra Bank are up 1% each.The NSE PSU bank index CNX PSU Bank index, the largest gainer among sectoral indices, up 1.8% compared to 0.5% rise each in benchmark CNX Nifty and Bank Nifty at 1035 hours.A global investment bank expects that the stress asset quality should reduce for public sector banks including SBI, Bank of Baroda and Punjab National Bank. Hence they should see a gradual reduction in stress loans on lower slippages as well as higher recoveries.Goldman Sachs says state-owned banks may see bad loans fall by 3ppt in fiscal yr 2016 after increasing to 17.5% of total in fiscal year 2015, the Bloomberg report suggests.Goldman Sachs raised its rating on SBI and Bank of Baroda to buy from neutral, while Punjab National Bank raised to neutral from sell, added report.
Jet Airways : Shares of Jet Airways soared 3.09 % on Thursday as Compat dismissed plea against Jet-Etihad deal. In a major relief, Competition Appellate Tribunal dismissed the appeal challenging fair trade watchdog CCI's approval for the Rs 2,060 crore Jet-Etihad deal. It said that the appellant does not have locus standi" to file the plea. Former Air India ED Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment. Meanwhile, other aviation stock SpiceJet too jumped 3.53 % as RBI extended ECBborrowing window for airlines. The
central bank has extended the deadline for aviation sector to raise funds through ECBs route till March 2015. The scheme was valid till December 31, 2013. "On a review, it has been decided that this scheme of raising ECB for working capital for Civil Aviation Sector will continue till March 31, 2015”, the RBI notification said.
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Talwalkars Better Value Fitness: Shares in Talwalkars Better Value Fitness surged 8.74% to Rs 173.50 on media reports that UK’s health and fitness group The David Lloyd eyes minority stake in the company.The stock opened at Rs 167 and touched a 52-week high of Rs 182 on the BSE.UK's health and fitness group The David Lloyd has begun talks with the management of Talwalkars Better Value Fitness to acquire around 20% stake in the company, media report suggests.In 2012, the company has entered into an agreement with David Lloyd Leisure Limited for consulting, execution, management and operations of leisure and sports clubs in India.David Lloyd Leisure Limited, which started its operations in 1982, is Europe's leading premium sports, health and leisure group.
SBI Banking shares mainly public sector undertakings (PSUs) gained on Thursday after Goldman Sachs upgraded ratings of state-owned banks.State Bank of India (SBI), Oriental Bank of Commerce, Indian Overseas Bank, Bank of Baroda and Punjab National Bank closed up .Syndicate Bank, Canara Bank, Bank of India, Union Bank of India, IDBI Bank, Allahabad Bank and Andhra Bank are up 1% each.The NSE PSU bank index CNX PSU Bank index, the largest gainer among sectoral indices, up 1.8% compared to 0.5% rise each in benchmark CNX Nifty and Bank Nifty at 1035 hours.A global investment bank expects that the stress asset quality should reduce for public sector banks including SBI, Bank of Baroda and Punjab National Bank. Hence they should see a gradual reduction in stress loans on lower slippages as well as higher recoveries.Goldman Sachs says state-owned banks may see bad loans fall by 3ppt in fiscal yr 2016 after increasing to 17.5% of total in fiscal year 2015, the Bloomberg report suggests.Goldman Sachs raised its rating on SBI and Bank of Baroda to buy from neutral, while Punjab National Bank raised to neutral from sell, added report.
Jet Airways : Shares of Jet Airways soared 3.09 % on Thursday as Compat dismissed plea against Jet-Etihad deal. In a major relief, Competition Appellate Tribunal dismissed the appeal challenging fair trade watchdog CCI's approval for the Rs 2,060 crore Jet-Etihad deal. It said that the appellant does not have locus standi" to file the plea. Former Air India ED Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment. Meanwhile, other aviation stock SpiceJet too jumped 3.53 % as RBI extended ECBborrowing window for airlines. The
central bank has extended the deadline for aviation sector to raise funds through ECBs route till March 2015. The scheme was valid till December 31, 2013. "On a review, it has been decided that this scheme of raising ECB for working capital for Civil Aviation Sector will continue till March 31, 2015”, the RBI notification said.
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