Nifty futures were trading 60.50 points or 0.42 per cent lower at 14,496 on Singaporean Exchange, suggesting a negative opening for BSE Sensex and Nifty 50 on Wednesday
Technical analyst says that the market is heading for 14580/49600 levels, which is a crucial hurdle point for the market.
Nifty futures were trading 60.50 points or 0.42 per cent lower at 14,496 on Singaporean Exchange, suggesting a negative opening for BSE Sensex and Nifty 50 on Wednesday. After yesterday’s rally, Indian stock markets are in the overbought zone as Nifty 50 index closed the previous session with a P/E multiple of 39.22. In the early trade, Asian stocks were trading mixed following the release of China’s latest benchmark lending rate. Moreover, Joe Biden will sworn in as 46th US President and Kamala Harris as the Vice President. Harris will also be the first African American and India-origin person to occupy the second most powerful position in the US. According to Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, the market is heading for 14580/49600 levels, which is a crucial hurdle point for the market. On the decisive break of 14580/49600 levels, it would result in retesting of 14650/49800 levels, which is an all-time highest level.
IRFC IPO: The initial public offer of Indian Railway Finance Corporation was subscribed 1.22 times on the second day of subscription. The category reserved for non-institutional investors was subscribed 24 per cent and retail individual investors (RIIs) 2.33 times.
SBI, ICICI Bank, HDFC Bank: The Reserve Bank of India (RBI) on Tuesday said State Bank of India, along with private sector lenders ICICI Bank and HDFC Bank continue to be domestic systemically important banks (D-SIBs) or institutions which are ‘too big to fail’. SIBs are subjected to higher levels of supervision so as to prevent disruption in financial services in the event of any failure.
Bank of Maharashtra: BoM reported 13.91 per cent on-year growth in net profit for the quarter ended December 2020 to Rs 154 crore, driven by 10.12 per cent on-year growth in net interest income to Rs 1,306 crore coupled with net interest margin (NIM) improving to 3.06 per cent.
CSB Bank: CSB Bank posted 89 per cent on-year increase in its third quarter net profits to Rs 53.05 crore on higher interest and treasury income. The company had reported a net profit of Rs 28.1 crore in Q3 FY20 and Rs 68.9 crore in the second quarter of the current fiscal year.