Kotak Securities downgrades the rating on Canara Bank and Punjab National Bank. The brokerage firm has downgraded the rating of Canara Bank to “Reduce” while that of Punjab National Bank to “Sell”. However, it iterates a “Buy” rating on the stock of State Bank of India, said preferred stock among PSU banks. Kotak has maintained the “Add” rating for Bank of Baroda and Union Bank.
The brokerage house said that it sees the banking sector as attractive. The rational brokerage gave was that the banks’ profitability has increased due to lower provisions and higher revenue recovery from bad loan resolutions. Now, this has supported asset quality for PSU banks and instilled confidence in the brokerage house. The Tier-2 PSU banks’ net NPA ratio came down to …
The combined market valuation of five of the top-10 most valued firms jumped Rs 86,234.73 crore in a holiday-shortened last week, with Tata Consultancy Services (TCS) emerging as the biggest gainer. While TCS, HDFC Bank, Infosys, Hindustan Unilever and Bajaj Finance were the gainers, Reliance Industries, ICICI Bank, ITC, State Bank of India and Bharti Airtel emerged as the laggards. Last week, the BSE benchmark climbed 167.22 points or 0.25 per cent.
The market valuation of TCS rallied Rs 32,730.22 crore to Rs 13,24,649.78 crore, the most among the top-10 firms. Bajaj Finance added Rs 21,697.96 crore taking its valuation to Rs 4,94,884.37 crore.
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By Gaurav Arora
The April series Nifty futures is currently trading with a premium of around 70 points which was >150 at the start of the series.
For the Index futures, FII Net Index Long exposure is at 45% which is more or less stagnant since the start of Mar series.
After a good run-up, some profit taking or time-wise correction can’t be ruled out, however we believe Index may continue finding support around lower levels.
Nifty Rejig: Trent, BEL to replace Divi’s Lab, LTI Mindtree on Nifty from Sep 30 Markets see strong recovery in last hour! Nifty near 24,800, Sensex above 80,900 Are Nifty bulls ready to reclaim the 25,000 mark? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty continue to s…