Equity Tips

header ads

INDIAN EQUITY MARKET OUTLOOK - 25 Oct 2017

Equity Tips
Banks lift benchmark indices to record high; Nifty above 10,300, Sensex up 500 pts

Equity benchmarks hit historic highs in opening trade on Wednesday, driven by banks after the government announced Rs 2.11 lakh crore recapitalisation for PSU banks on asset quality worries.

The 30-share BSE Sensex was up 456.55 points or 1.40 percent at 33,063.89 and the 50-share NSE Nifty rose 104.80 points or 1.03 percent to 10,312.50.

HCL Technologies, Infosys, HDFC Bank, Kotak Mahindra Bank and Asian Paints were under pressure in early trade.

Can Fin Homes, M&M Financial, L&T Finance and Bharat Financial were down 1-2 percent.

UCO Bank, Bank of Baroda, Bank of India, Corporation Bank, Bank of Maharashtra and Union Bank rallied 15-20 percent.

Shipping Corporation, KNR Construction, J Kumar Infra, Ashoka Buildcon, Sadbhav Engineering and Electrosteel Steels rallied up to 8 percent.

The Indian rupee has drifted lower in early trade. It has opened at 65.14 against the US dollar, down 7 paise compared with 65.0675 level in previous session.

Software firm HCL Technologies said the second quarter (July-September) consolidated profit grew 0.8 percent sequentially to Rs 2,188 crore and has raised its full year dollar revenue guidance but retained constant currency revenue guidance.

Consolidated rupee revenue and dollar revenue during the quarter increased 2.3 percent each quarter-on-quarter to Rs 12,434 crore and USD 1,928 million.

The IT services provider has maintained its full year constant currency revenue growth guidance at 10.5-12.5 percent and EBIT margin guidance at 19.5-20.5 percent, but has raised full year dollar revenue guidance to 12.1-14.1 percent from 11.3-13.3 percent earlier.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on IDFC Bank Limited for contravention of regulatory restrictions pertaining to loans and advances.

The RBI in a release said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

The status report of the bank based on its financial position as on December 31, 2016, revealed, inter alia, non- adherence with certain directions pertaining to sanction / renewal of loans and advances, the central bank said.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Post a Comment

0 Comments