Home / Business / Money / Nifty hovers around record high, Sensex soars over 200 pts

Nifty hovers around record high, Sensex soars over 200 pts


The News International Team

1:50 pm Rate cut? The Reserve Bank’s move asking banks to notify the base rate, or the minimum lending rate, at least once in every three months based on cost of funds is seen as a nudge to lenders to pass on changes in policy rate to borrowers.The apex bank had cut repo rate by 25 bps last week when the world was least expecting it. Will state lenders bite the bullet and pass on the rate cut benefits to customers? In an interview to CNBC-TV18, P Pradeep Kumar, MD Corporate Banking, SBI and Ram Sangapure, Executive Director at Punjab National Bank clarify their positions.

1:40 pm Market outlook: With the Nifty hitting all time high of 8629, Ajay Srivastava of Dimensions Consulting says the market currently is in such a momentum that anything is possible – the Nifty scaling further highs cannot be ruled out.

The market currently is discovering new stories to take it up but banking will continue to be the driving force. “The stock market theory is rested on the banking sector and no other sector is likely to take it up,” says Srivastava. UR Bhatt, MD of Dalton Capital says long-term investors need to stay invested because in case the Budget delivers on the reform front then the market is sure to have a good trajectory for the rest of the year. However, short-term investors may have to deal with a bit of volatility in the very short-term.

1:30 pm Result: Kotak Mahindra Bank’s third quarter standalone profit after tax surged 36.6 percent year-on-year to Rs 464.5 crore, aided by strong other income and lower provisions. Standalone numbers include only banking operations.

Net interest income, the difference between interest earned and interest expended, grew 16 percent to Rs 1,059.4 crore in the quarter ended December 2014 from Rs 912.7 crore in same quarter last year.

The bank, which is going to be the fifth largest private sector bank in India after merger of ING Vysya Bank, matched street expectations on Tuesday.

Net interest margin declined 10 basis points on yearly basis (down 30 bps sequentially) to 4.7 percent in the quarter gone by.

Don’t miss: Indiabulls Housing at new high; CLSA rates buy post Q3 nos

The market is rejoicing with some stellar gains as the Nifty hit all-time high 8629. The 50-share index is up 73.20 points or 0.9 percent at 8623.90 while the Sensex is up 254.75 points or 0.9 percent at 28516.76. About 1549 shares have advanced, 1195 shares declined, and 298 shares are unchanged.

HDFC, Sesa Sterlite, Tata Steel, Axis Bank and Hindalco are top gainers in the Sensex. GAIL, HUL, Maruti, Hero and BHEL are among the laggards.

The problem of a lack of confidence in the euro zone has been overcome, German Finance Minister Wolfgang Schaeuble said during a visit to India. “In financial issues we have overcome the lack of confidence we have suffered in the last couple of years,” Schaeuble said in New Delhi, adding that stability had returned to financial markets.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...