"With a view to promote central clearing of standardised OTC derivative products through a Central Counter Party (CCP), it has been decided that as an interim measure, a standalone PD's clearing exposure to a Qualifying CCP (QCCP) will be kept outside of the exposure ceiling of 25 per cent of its net owned funds applicable to a single borrower/counterparty," the RBI said in a statement on Thursday.
The Reserve Bank of India (RBI) will allow the standalone primary dealer's exposure limit to a qualifying central counter party (QCCP) for an over-the-counter derivative transaction, to be outside of the existing 25 percent limit of its net owned funds from April 1.
"With a view to promote central clearing of standardised OTC derivative products through a Central Counter Party (CCP), it has been decided that as an interim measure, a standalone PD's clearing exposure to a Qualifying CCP (QCCP) will be kept outside of the exposure ceiling of 25 per cent of its net owned funds applicable to a single borrower/counterparty," the RBI said in a statement on Thursday. When deadline becomes an issue for a problem, what does one do find an excuse to extend the dead line.This is what RBI has done.
The Reserve Bank of India (RBI) extended the deadline for banks to implement Basel III capital planning rules by a year to March 31, 2019, due to concerns from the industry on potential stress to asset quality, the central bank said on Thursday. "Of late, industry-wide concerns have been expressed about the potential stresses on the asset quality and consequential impact on the performance/profitability of the banks," the RBI said. Lupin said on Thursday it has agreed to buy eye-treatments maker Laboratorios Grin S.A. De C.V for an undisclosed amount, moving into Mexico's $275 million ophthalmic market.
Grin, which makes branded generic drugs and had full-year 2013 revenues of $28 million, is the fourth largest player in Mexico's ophthalmic segment, according to Lupin. The acquisition marks Lupin's entry into Latin America, a market the company has previously said it expects will contribute a large part to its future growth. Grin is Lupin's second acquisition this year.In February, the company said it bought Netherlands-based Nanomi BV, which has technology to develop complex injectable products - a space many Indian generic drugmakers have increased focus on. U.S. stocks opened flat to negative today as the latest economic data pointed to improving conditions, though investors were reluctant to make big bets amid tensions in Ukraine and a drop in Citigroup shares.
The Dow Jones industrial average fell 2.96 points or 0.02 percent, to 16,266.03, the S&P 500 lost 3.48 points or 0.19 percent, to 1,849.08 and the Nasdaq Composite dropped 9.178 points or 0.22 percent, to 4,164.401. State Bank of India and Bank of Baroda closed higher after Goldman Sachs upgraded the stocks. Goldman upgraded SBI and BOB to "buy" from "neutral", and Punjab National Bank to "neutral" from "sell", saying neglected PSUs are poised for a rally on emerging macroeconomic and political clarity.
"We believe Indian banks, especially high-beta PSU banks, could be at the cusp of re-rating given improving macro and likely political clarity post the upcoming elections," the Wall Street bank said in a note to the clients on Thursday. Macro recovery and potential for post-election reforms could lead to a gradual reduction in stressed loans, it said. Significant reforms under a stable government could lead to valuation re-rating in particular for PSU banks, that could provide a 66 percent average upside in our view as stressed loans could fall sharply to 4.7 percent from 10.5 percent by FY18, Goldman says. Return on assets could move up to 1.0 percent by FY18 from 0.5-0.6 percent now, it said. Shares in SBI closed 3.9 percent higher, Bank of Baroda was up 2.4 percent and Punjab National Bank rose 3.8 percent. The Reserve Bank of India (RBI) relaxed some of the forex hedging rules for importers and exporters, to allow greater operational flexibility, the central bank notified on Thursday.
Importers and exporters can cancel up to 75 percent of their hedged FX exposures, as against 25 percent earlier, the RBI said. In addition, the profit or loss from these cancellations will be borne by the importer/exporter instead of passing it on to the customers as was mandated earlier. The rupee broke its four-day run today as month-end dollar demand from importers, particularly oil firms, hurt while concerns about central bank intervention also prompted investors to refrain from shorting the dollar.
The Reserve Bank of India has been suspected to have bought dollars aggressively over the last two trading sessions to shore up its foreign exchange reserve and prevent a massive appreciation in the local unit which could be detrimental to export growth. Analysts say though the near-term bias is for the rupee strength, investors must remain cautious. The stability and INR appreciation is good news, but be on close guard against an INR weakness which can happen if there is a pull-out of hot FII money and on the back of any election-related negative news. Foreign fund inflows into domestic shares, which hit record highs for a fourth consecutive session on Thursday, have been a key factor helping the rupee. The rupee closed at 60.31/32 per dollar compared with 60.14/15 on Thursday. The rupee had hit an eight-month high of 60.04 on Wednesday. Gains in the domestic share market and other Asian currencies limited further losses in the local unit. Emerging currencies held near multi-week highs to the dollar, buoyed by Chinese stimulus hopes and stable U.S. yields.These are beginning to look like a distant dream. In the offshore non-deliverable forwards, the one-month contract was at 60.58 while the three-month was at 61.24.re to edit. The markets rose to record highs for a fourth straight session on Thursday, as psu banks including State Bank of India (SBI) extended recent gains on broker upgrades and on hopes of some easing at the central bank's policy review on Tuesday.
Higher rollovers on an absolute basis coupled with high roll cost during the expiry of March derivative contracts also lent support and indicates market participants are bullish for the April series. The Reserve Bank of India's policy review on April 1, is expected to keeps rates unchanged, investors say the forthcoming general elections would act as the next key catalyst for markets. fii'S have helped underpin gains, with net purchases in shares reaching $2.75 billion so far this month, according to sebi data. The Nifty rose as much as 1.1 percent to an all-time high of 6,673.95, while the Sensex gained 0.96 percent to a lifetime high of 22,307.74.The Sensex closed 0.54 percent higher, while the Nifty ended up 0.61 percent. Shares in PSU banks gained after Goldman Sachs upgraded the stocks, saying neglected lenders are poised for a rally on emerging macroeconomic and political clarity.State Bank of India rose 3.9 percent, Punjab National Bank ended higher 3.8 percent, and Bank of Baroda gained 2.4 percent.Non-banking state-run infrastructure lender IDFC Ltd also rose 5.2 percent. Reliance Industries gained 1.1 percent, while ITC ended 0.2 percent higher.Airline shares gained after the central bank on Wednesday extended the deadline for raising working capital via external commercial borrowings by domestic airlines to March 2015 from December 2013. Jet Airways (India) Ltd gained 2.6 percent, while SpiceJet Ltd surged 3.5 percent. Talwalkars Better Value Fitness Ltd surged as much as 12.8 percent to 182.40 rupees, its highest in more than 13 months, after the Economic Times daily reported UK health and fitness group The David Lloyd is looking to buy around 20 percent in the company.The stock ended 8 percent higher after the company said in a clarification to exchanges that there have been no negotiations for sale of any equity. However, exporters continued to fall on fears of margin erosion as the rupee was holding around its eight-month high. Among pharmaceutical exporters, Sun Pharmaceutical Industries Ltd fell 1.1 percent and Dr.Reddy's Laboratories Ltd lost 1.7 percent.In IT. stocks, Infosys Ltd fell 0.55 percent and HCL Technologies Ltd ended 0.6 percent lower. Such are the vagaries of the market and the sentiment which goes long with it. Less than a month ago, the psu banks were nearly written off. Worsening NPA's, droppng NIIMs, eroding capital, restructuring, NPA sell offs and many more reasons were given for the poor performance.Overnight the FII's came in pumped in nearly 3 billion dollars into the market. Modi was portrayed as the savior of the nation everything changed.Now the question is did the fundamentals of the psu banks or for that matter other banks change over night? It seems so when you look at the way the market is behaving.Sentiment is something that can change once again, election can be fickle and give a result which is not palatable, the FII's can disappear faster than they appeared. Geopolitics can change over night. Fundamentals do not. A market rallying on fundamentals sustains, others do not.
The index of state-run lenders on the National Stock Exchange outperformed the broader markets on Thursday. The CNX PSU Bank Index on the NSE traded 1.5 per cent higher as of 10.10 a.m. as compared to a 0.5 per cent gain in the broader Nifty. State Bank of India (SBI), was among the top gainers on the 50-share Nifty benchmark in early trade, rising over 2 per cent. PSU lenders are on track for a sixth straight day of gains. Today's gains have come on the back of a Goldman Sachs report that says macroeconomic recovery in India will help reduce stressed loans of state-run banks. PSU banks are expected to outperform in this bull run. CLSA says better economic growth can drive recovery of bad loans. Expect 20 per cent upside to adjust net worth of PSU banks for FY 2016, it added Investors have been accumulating PSU banks amid a strong rally in Indian markets. The BSE Sensex and the Nifty are trading at record highs. Cyclicals have been the biggest gainers in the current rally. While private banks have already run up sharply, PSU lenders have also seen buying interest over the last month. The PSU banks index is up 6.41 per cent in last one week and 20.32 per cent in last one month against Nifty's one week gain of 2 per cent and one month gain of 6.68 per cent. Bank of Baroda (BoB) shares are up 28 per cent over the last one month. Punjab National Bank shares are up 27 per cent, Bank of India has gained 24 per cent and SBI has risen 19 per cent in the last one month. Smaller PSU lenders such as Union Bank and Canara Bank have also outperformed the broader markets with gains of 18 per cent and 15 per cent over the last month respectively. Strong buying interest in PSU banks is surprising considering these stocks have been out of favour over the last one year. Continuous selloff in these stocks has meant that their valuations had come down sharply too. A sharp deterioration in asset quality amid the economic slowdown has badly hit balance sheets of state-run banks. Goldman on Thursday upgraded SBI (target Rs. 2060) and Bank of Baroda (target Rs. 840) to buy. CLSA says Union Bank of India, SBI and BoB may see higher upsides to net worth on better recoveries. "PNB, Canara Bank & SBI have superior track record of recoveries," the brokerage added. The Reserve Bank of India is expected to keep its key interest rate steady at 8 percent on April 1 as inflation has eased, but there is always room for surprises.
In his fight to lower stubbornly high inflation, RBI chief Raghuram Rajan has hiked interest rates thrice since he took over in September, surprising markets on two of those occasions.He may surprise once again if he want to shake of the core inflation, by increasing rates now given the buoyant state of the markets. RBI is expected to hold fire next week after February wholesale price inflation slowed to below the central bank's commonly perceived 5 percent comfort level for the first time in 9 months and retail price rises eased to a 25-month low.This drop is it temporary or a genuine one will be seen when the april figures do come out. The RBI may keep the repo rate unchanged at 8.0 percent until at least October while the cash reserve ratio won't be changed from 4.0 percent until July 2015 at the earliest - the end of the forecast horizon. A status quo looks likely, given that the RBI is under no immediate pressure to take action given the dip in both CPI and WPI. Indeed, the rupee has been touching seven-month highs while the stock market has set successive records, with foreign investors particularly heavy buyers of shares. Banking shares have led the gains on optimism about a looming recovery in the economy, which is expected to have grown at its slowest pace in a decade, and bets the RBI would keep interest rates on hold for now. Despite the market euphoria in the run-up to the elections, analysts cautioned that inflation, high borrowing rates, weak industrial output and subdued demand are among the main economic risk facing the next government. Gold was steady just above $1,300 this morning, but gains were limited by a second day of outflows from gold funds.
Spot gold was up less than 0.1 percent at $1,304.36 an ounce . Japanese and Australian shares fell following a late dip on Wall Street, although stocks in South Korea, Taiwan and Singapore managed minor gains. The metal fell to a six-week low of $1,298.29 in the previous session, trading below the $1,300 level briefly before moving back up. The technical outlook for gold is bearish, and barring sudden changes in fundamentals, this technical bearishness is likely to prevail over even slightly more optimistic sentiments from the fund side.There is a chance for the gold price to break below $1,300 per ounce soon. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.80 tonnes to 816.97 tonnes on Wednesday after losing 2.70 tonnes in the previous session. Gold has been under pressure recently, after hitting a six-month high of $1,391.76 earlier this month.Physical demand from key consumer Asia has also been weak.With India not buying much and Chinese demand faltering Among other precious metals, platinum rose 0.4 percent on worries over supply constraints. South Africa's government mediator met with the striking Association of Mineworkers and Construction Union on Wednesday to restart talks aimed at ending a crippling platinum strike now entering its tenth week. Palladium was also supported by geopolitical tensions in Russia - the world's biggest producer of the metal. Asian markets were indecisive on Thursday following a late dip on Wall Street, with Tokyo stocks slipping as investors counted down to a rise in sales tax that is expected to swat consumer spending and test the market's faith in Abenomics.
The Nikkei fell 1.2 per cent to threaten major chart support around 14,203, a break of which could trigger a retreat to 14,000. The sales tax rises to 8 per cent from 5 per cent on April 1, which is also the start of the new financial year in Japan. Following its usual inverse relationship with stocks, the yen briefly pushed to the highest in a week against the US dollar at 101.71. Talk of possible stimulus in China had been supporting Asian stocks in recent sessions, but the effect was starting to fade given the lack of any concrete steps.This was never on cards any way it was nothing but wishful thinking on the part of the investors. The Australian market shed 0.9 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent. Stocks in South Korea, Taiwan and Singapore all managed minor gains. Wall Street's slipped on the news that the United States and the European Union had agreed to work together to prepare possible tougher economic sanctions in response to Russia's behavior in Ukraine. The Dow ended down 0.60 per cent, while the S&P 500 fell 0.70 per cent. Nasdaq Composite Index lost 1.43 per cent to a low. The US losses were led by technology stocks, with Facebook off almost 7 per cent a day after announcing a $2 billion takeover of Oculus VR Inc, a maker of virtual-reality glasses for gaming. Shares in Citigroup Inc fell after hours when the Federal Reserve rejected its plans to buy back $6.4 billion of stock and boost its dividends, citing deficiencies in the bank's ability to plan for stressful situations. Others blocked by the Fed in their plans for higher dividends or share buy backs included the US units of HSBC, RBS and Santander. In debt markets, the talk was all about Wednesday's auction of new US five-year notes that drew such stellar demand from investors that it left dealers with the lowest share of an offer on record. That drove five-year yields down a sharp 7 basis points to 1.74 per cent, unwinding some of the rise seen since Federal Reserve Chair Janet Yellen last week spooked markets with talk of rate hikes next year. Yields in Europe have been falling even more as policymakers there hint at radical stimulus measures. Some of the European Central Bank's most conservative policymakers have said the bank could adopt more unconventional measures to tackle a surging euro and ward off deflation. As a result the premium that US two-year notes offer over German debt hit a 15-month high on Wednesday, making the euro relatively less attractive against the dollar. The Euro slipped to $1.3783, well off the week's peak of $1.3875. The biggest loss came against the Australian dollar where the euro sank 0.9 percent to a four-month trough at A$1.4910. The US dollar was a little lower against a basket of major currencies at 79.999. In precious metals trading, spot gold was subdued at $1,304.96 an ounce after hitting a 5-week low of $1,298.29 on Wednesday. US crude oil was holding at $100.18 a barrel having gained a dollar on Wednesday as inventories at the future's delivery point dropped for the eighth straight week. Brent for May delivery was down by 19 cents at $106.84 a barrel. Asian stocks fell as bond risk in the region climbed and the yen extended gains amid concern President Barack Obama will step up pressure on Russia. Japanese share indexes were dragged lower by dividend payments and platinum rebounded. The MSCI Asia Pacific Index slipped 0.4 percent by 11:03 a.m. in Tokyo with Japan’s Topix index sliding 1.3 percent as most stocks traded without the right to their latest dividend. Australian shares fell. Standard & Poor’s 500 Index futures rose 0.1 percent after the gauge fell 0.7 percent in New York. The yen climbed to a one-week high versus the dollar. A guage of credit-default swap prices for Asia climbed 2 basis points. Platinum snapped a three-day drop. Obama said after a meeting with European leaders that there were consequences for being complacent over Russia’s annexation of Crimea from Ukraine. China reported industrial profits climbed 9.4 percent year to date as data from manufacturing to overseas trade stokes concern over the slowdown in Asia’s largest economy. The U.K. releases retail sales data before the U.S. publishes initial jobless claims figures and a final reading for fourth-quarter economic growth. NIFTY
The EOD chart of the Nifty suggests tiredness among the bulls; at least, they are less unenthusiastic about taking fresh positions. It could be just that they did book some profits close to the settlement. Today, again the same range between 6603 – 6620 would act as a supply zone while the range between 6582 and 6564 would be the demand zone for the day. The option game--for strike prices from 6550 through 6650--on the expiry day could be played with the Nifty oscillating between 6564 and 6630.
BANK NIFTY We should see narrow range bound movement again today or a spike towards 12646—the key resistance level for the day. However, we do not envisage the index to post any major rally taking it beyond 12650 and closing there unless, of course, bank stocks become hot favorites for the FIIs across the globe. Barring such a scenario, the clearing day of the March settlement for bank stocks may not see any fireworks. Even for profit taking, we do not expect much of a downside there since the bullish overtone seems to be very much operative to bring in fresh commitments if the index were to come down below 12473, a key support level now for this index.
The S&P 500 ended the day 13.06 points, or 0.7%, lower at 1,852.56. The Nasdaq composite finished the day 60.69 points, or 1.4%, lower at 4,173.58 and turned negative for the year. The Dow Jones Industrial Average dropped 98.89 points, or 0.6%, to 16,268.99.The DIJA ftures is currently down by 121 points.
The Federal Reserve on Wednesday said it rejected the capital plans of Citigroup and four other lenders, and Bank of America and Goldman Sachs were forced to adjust their plans to get approval. Citi's plan was rejected because there was not sufficient improvement in capital-planning practices that supervisors had previously identified as needing improvement. Three new firms to the testing -- the U.S. arms of HSBC Holdings , the Royal Bank of Scotland and Santander were also rejected due to significant deficiencies in their capital-planning processes, with Santander's problems also labelled "widespread." Zions was rejected on quantitative grounds that were identified last week, and no qualitative problems were found. The remaining 23 banks including J.P. Morgan Chase and Morgan Stanley had their initial capital plans approved.Citibank shares fell 4 percent on after hours market.
Orders for U.S. durable goods rose 2.2% in February largely because of higher bookings for autos and aircraft, but a broader measure of business investment fell for the fourth time in six months, according to new government data. Economists polled by MarketWatch had expected durable-goods orders to be unchanged. Stripping out the volatile transportation sector, orders rose a smaller 0.2% in February, the Commerce Department said Wednesday. Orders for core capital goods - a measure of business investment - fell 1.3% last month and the increase in January was revised lower. Shipments of core capital goods, a category used to calculate quarterly economic growth, advanced 0.5%. Orders for January, meanwhile, were revised to show a 1.3% drop instead of a 1.0% decline.
The euro was under pressure against the U.S. dollar Wednesday, dragged lower as European monetary policy officials indicated willingness toward supporting more stimulus measures to aid the regional economy.
The euro traded at $1.3805, less than the $1.3827 that the shared currency bought late Tuesday. During that session, the euro was hurt after the Ifo Institute said its German business-climate index fell in March from February, snapping a fourth-month rise. Investors on Wednesday continued to assess comments from European officials who signaled that a worrisome low level of inflation in the euro zone may prompt them to take action. Bundesbank President Jens Weidmann on Tuesday didn’t rule out large-scale asset purchases, known as quantitative easing. U.K.’s stock index closed near the flat line on Wednesday as solid advances for insurers were offset by a slide for Lloyds Banking Group PLC after the U.K. government reduced its stake in the lender.The FTSE 100 index closed marginally higher at 6,605.30, after a solid 1.3% advance on Tuesday.
On a downward note, shares of Lloyds Banking Group fell 4.9% to 75 pence after the U.K. government said it has sold a 7.8% stake in the part state-owned bank at 75.5 pence a share. The government now owns about 25% of the company. Mining firms also added pressure in London, tracking metals prices lower. Shares of BHP Billiton PLC UK: lost 0.7% and Anglo American PLC dropped 0.6%. U.S. stocks extended losses on Wednesday after President Barack Obama warned against “casual indifference” toward Russia over military escalation in Crimea and urged more economic sanctions.
Early morning gains on the back of a strong headline number for durable-goods orders, as well as hopes for additional European and Chinese stimulus measures, had evaporated by mid afternoon in the US. The S&P 500 was last down 4 points, or 0.2%, to 1,861.33. The Nasdaq Composite shed 33.71 points, or 0.8%, to 4,200.53. The tech-heavy index’s year-to-date gain of 0.6% is trailing the benchmark’s 0.7% gain since the start of the year.The Dow Jones Industrial Average dropped 50.11 points, or 0.3%, to 16,317.09. Oil prices rose, but gold was slightly lower. The dollar index which measures the U.S. unit against a basket of six major rivals,is higher BHEL Buy above 198 for 199 and 202 sl 195
Sell below 195 for 193 and 191 sl 194 DLF Buy above 178 for 180 and 185 sl 178 Sell below 174 for 172 and 169 sl 177 HCL TECH Buy above 1403 for 1408 and 1420 sl 1400 Sell below 1391 for 1385 and 1374 sl 1397 AXIS Buy above 1434 for 1443 and 1456 sl 1429 Sell below 1418 for 1411 and 1393 sl 1425 ICICI Buy above 1263 for 1266 and 1276 sl 1252 Sell below 1254 for 1249 and 1242 sl 1249 SBI Buy above 1771 for 1780 and 1793 sl 1766 Sell below 1755 for 1748 and 1729 sl 1761 INFY Buy above 3259 for 3268 and 3288 sl 3254 Sell below 3240 for 3230 and 3211 sl 3249 TCS Buy above 2126 for 2139 and 2184 sl 2120 Sell below 2091 for 2061 and 2042 sl 2111 REL CAP Buy above 337 for 339 and 343 sl 336 Sell below 334 for 332 and 328 sl 336 RELIANCE Buy above 897 for 902 and 914 sl 894 Sell below 886 for 881 and 870 sl 892 LNT Buy above 1277 for 1286 and 1296 sl 1273 Sell below 1264 for 1259 and 1241 sl 1269 Tata Motors Buy above 402 for 405 and 408 sl 401 Sell below 398 for 397 and 391 sl 400 Tata Steel Buy above 375 for 377 and 379 sl 375 Sell below 373 for 371 and 368 sl 374 Apollo Tyres Buy above 157 for 158 and 161 sl 157 Sell below 155 for 153 and 151 sl 156 Airtel Buy above 299 for 300 and 302 sl 298 Sell below 297 for 296 and 293 sl 298 Idea Buy above 136 for 136 and 138 sl 136 Sell below 135 for 134 and 132 sl 135 ZEEL Buy above 284 for 287 and 294 sl 283 Sell below 278 for 274 and 270 sl 282 TechMah Buy above 1832 for 1845 and 1874 sl 1826 Sell below 1805 for 1791 and 1766 sl 1820 SSLT Buy above 184 for 186 and 190 sl 182 Sell below 179 for 178 and 173 sl 181 Rcom Buy above 123 for 124 and 126 sl 123 Sell below 122 for 121 and 119 sl 123 JP Associates Buy above 48.9 for 49.2 and 50.4 sl 48.7 Sell below 47.9 for 47.3 and 46.5 sl 48.5 Cipla Buy above 391 for 392 and 397 sl 390 Sell below 386 for 384 and 381 sl 389 Ranbaxy Buy above 357 for 359 and 364 sl 356 Sell below 353 for 351 and 347 sl 355 Lupin Buy above 953 for 961 and 986 sl 949 Sell below 933 for 921 and 904 sl 945 Biocon Buy above 429 for 432 and 441 sl 428 Sell below 422 for 417 and 412 sl 427 PNB Buy above 681 for 684 and 689 sl 679 Sell below 675 for 672 and 665 sl 677 Canara Bank Buy above 248 for 250 and 253 sl 248 Sell below 245 for 244 and 241 sl 247 Bank of Baroda Buy above 680 for 685 and 691 sl 678 Sell below 673 for 670 and 660 sl 676 Yes Bank Buy above 402 for 409 and 416 sl 399 Sell below 392 for 388 and 375 sl 396 HDFC Bank Buy above 751 for 754 and 761 sl 750 Sell below 745 for 741 and 737 sl 749 ITC Buy above 361 for 364 and 369 sl 363 Sell below 356 for 354 and 349 sl 362 HUL Buy above 595 for 598 and 604 sl 594 Sell below 590 for 587 and 582 sl 593 WIPRO Buy above 552 for 554 and 563 sl 550 Sell below 545 for 540 and 535 sl 549 HINDALCO Buy above 126 for 127 and 129 sl 125 Sell below 123 for 122 and 119 sl 124 CAIRN Buy above 334 for 334 and 336 sl 333 Sell below 332 for 331 and 330 sl 333 Nifty future levels
The Pivot will be at 6613 R1 6640 S1 6587 R2 6667 S2 6562 R3 6719 S3 6509 Bank Nifty Futures The Pivot will be at 12555 R1 12608 S1 12498 R2 12666 S2 12444 R3 12775 S3 12333 CAPITAL MARKETS DATA - FII and DII
------------------------------------- Category Buy Value Sell Value Net Value FII 3965.79 2961.27 1004.52 DII 1644.44 2000.55 -356.11 FII FNO DATA -------------- INDEX FUTURES 884.78 INDEX OPTIONS 903.47 STOCK FUTURES - 554.26 STOCK OPTIONS -88.67 Nifty outlook
Nifty closed up 11.65 points (0.18%) at 6601.40 while Nifty Future closed at 6612.55, premium of 11.15 points.
Buy Nifty Future above 6619 - 6636 - 6555 - 6685 SL - 6606 Sell Nifty Future below 6603 - 6590 - 6570 - 6540 SL - 6618 Option Call Buy Nifty 6600CE above 33 for targets of 48, 68 SL - 27 Buy Nifty 6600PE above 19 for targets of 27, 38 SL - 14 Bank Nifty Outlook Bank Nifty closed up 68.35 points (0.55%) at 12518.35 while Future closed at 12551.20, premium of 32.85 points. Buy Bank Nifty Future above 12564 - 12600 - 12660 - 12710 SL - 12549 Sell Bank Nifty Future below 12528 - 12500 - 12450 - 12395 SL - 12562 . Tata Consultancy Services (TCS), India's largest outsourcer, has inked a pact with a leading Saudi Arabian lender - National Commercial Bank - to implement a new core banking software platform that is likely to "transform" its customer service delivery system.
The state-of-the-art banking platform - TCS BaNCS - will replace the existing software systems and support the bank's entire core banking operations, including ATMs and online channels. "Today's announcement reflects the decision of the bank's board and management to invest heavily in the future," NCB chairman Mansour Al-Maiman said. "We have chosen TCS as our partner to implement software that will allow NCB to provide new products and services much faster, and to more customers, while continuing to deliver reliable services through all our banking channels," he said. Mr Al-Maiman also said the platform's first new module will be deployed over the coming months. "Customers will soon see new products, less paper, faster service and less waiting time." "By embarking on a digital re-imagination for NCB, a most valued TCS BaNCS customer, we will help transform significant aspects of the customer experience at the bank - beginning from the front-office to core applications, processes and data," TCS chief executive and managing director N Chandrasekaran said. |