Tag: best intraday tips advisor in India

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

SBI to raise Rs 50,000 crore in FY24

The decision in this regard was taken by the central board of the bank, the country’s largest lender said in a stock exchange filing.

State Bank of India on Friday said it will raise up to Rs 50,000 crore through debt instruments from Indian as well as overseas markets in the current fiscal. The decision in this regard was taken by the central board of the bank, the country’s largest lender said in a stock exchange filing.

SBI board has accorded approval for raising funds in INR or any other convertible currency by issue of debt instruments including, “but not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, Basel III compliant Tier 2 Bonds, up to an amount of Rs 50,000 crores through private placement mode to Indian and/or Overseas investors during FY24…”

SBI’s March quarter net profit zoomed nearly 90 per cent to Rs 18,094 crore on a consolidated level, helped by a robust performance on the core income front and an improvement in asset quality to the decadal best. On a standalone basis, it reported an 83 per cent jump in its net profit at Rs 16,695 crore, while the same for FY23 came 58 per cent up at Rs 50,232 crore. Both the quarterly and fiscal year profits were the highest ever.

Eqwires Research Analyst

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

Markets continue to trade higher post RBI policy decision.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.

Equity indices continued their rally in morning trade on Thursday after the Reserve Bank of India opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.

Fresh foreign fund inflows in the domestic equity market also added to the optimism.

The 30-share BSE Sensex climbed 174.2 points to 63,317.16 in morning trade after the monetary policy announcement. The NSE Nifty advanced 49.2 points to 18,775.60.

From the Sensex pack, NTPC, Power Grid, Larsen & Toubro, HDFC Bank, IndusInd Bank, HDFC, State Bank of India, ICICI Bank, UltraTech Cement, Tata Steel and Reliance Industries were the major gainers.

Kotak Mahindra Bank, Mahindra & Mahindra, Tata Consultancy Services, Nestle, Axis Bank, HCL Technologies, Wipro, Tech Mahindra and Hindustan Unilever were among the laggards.

The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.

“RBI staying on a pause and maintaining its stance was in line with expectations,” said Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The US markets ended mostly lower on Wednesday.

“The MPC maintained unchanged interest rates, as expected. The market had already factored in this policy, maintaining its bullish momentum,” Santosh Meena, Head of Research, Swastika Investmart Ltd said.

Global oil benchmark Brent crude dipped 0.27 per cent to USD 76.74 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,382.57 crore on Wednesday, according to exchange data.

The Sensex had climbed 350.08 points or 0.56 per cent to settle at 63,142.96 on Wednesday. The NSE Nifty advanced 127.40 points or 0.68 per cent to end at 18,726.40.

Eqwires Research Analyst

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

Bank Nifty F&O expiry day change may benefit brokers, NSE, govt, but not traders as much; may reduce volatility.

Except for Monday, NSE will now have an F&O expiry on every day from next week. There is the Nifty Financial expiry on Tuesday, Nifty Midcap Select on Wednesday, Nifty 50 on Thursday and now Bank Nifty on Friday.

NSE’s move of shifting Bank Nifty’s Futures and Options (F&O) expiry from Thursday to Friday has surprised traders. The changes will be effective from the trade date of Friday, July 7, 2023; accordingly, all existing contracts with Thursday expiry will be revised to Friday by the end of the day on July 6, 2023. The first Friday expiry will be on July 14, 2023, according to NSE. With this change, NSE will now have an F&O expiry on every day of the week except Monday, with effect from the week starting July 9. There is the Nifty Financial expiry on Tuesday, Nifty Midcap Select on Wednesday, Nifty 50 on Thursday and now Bank Nifty on Friday.

Earlier last month, BSE also changed the expiry day of Sensex and Bankex monthly, weekly and long-dated futures and options contracts to Fridays from Thursdays. Analysts believe that NSE has taken this decision to counter BSE while noting that changing the expiry day alone won’t increase the attractiveness of Bank Nifty as transaction charges will also play a significant role. Nifty 50 and Bank Nifty take cues from each other, especially during expiry days, resulting in heightened volatility, the move may help reduce volatility.

NSE shifted expiry day to counter BSE
“The NSE’s decision to shift the expiry of Bank Nifty to Friday can be viewed from two perspectives. Firstly, BSE F&O contracts, which expire on Friday, have gained popularity among traders due to lower charges than NSE. To counter this competition, NSE introduced the idea of shifting the expiry day. Secondly, NSE’s previous successful experiment with the Finnifty’s new expiry day may have influenced this decision,” said Santosh Meena, Head of Research, Swastika Investmart Ltd. He further said that expiry alone may not be the sole factor determining attractiveness; transaction charges will also play a significant role, especially considering the appeal of BSE Sensex F&O contracts.

Different expiry days will help in reducing volatility

“Though Bank Nifty is a thematic index while Nifty is a broad-based index, and though both differ in terms of volatility and price ranges, they are often traded in tandem, with each taking cues from the other, especially during expiry day fluctuations. However, once expiry days become different, it is possible that such a link might diminish. This move is more significant than any of the other similar changes wart expiry days brought in for Fin nifty or that of BSE indices etc., as Nifty and Bank Nifty constitute the lion’s share of derivative volumes,” said Anand James, Chief Market Strategist at Geoje Financial Services. He further said that one could argue that too much may not be good, as now one would have to spare the heightened allocation of resources in terms of attention, research, time etc. to yet another day.

Same expiry day will make it easier for investors to adjust their trading positions

“As NSE looks to gain a competitive advantage over BSE, the Nifty Bank expiry has been shifted to Friday. This will not impact Nifty Bank traders in any way but if both BSE & NSE had the same day as the expiry day would have surely made it easier for investors to remember and accordingly adjust their trading positions,” said A R Ramachandran from Tips2trades.

Brokerages, exchange and government will gain from different day expiry

“Traders will utilize their capital in a more efficient manner if Nifty and Bank Nifty expire on different days; brokers will earn more brokerages, exchange and government will earn more transaction charges and STT,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.

Eqwires Research Analyst

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555