Benchmark Indices are expected to open on a positive note as trends on SGX Nifty indicates a gap up opening with 81 points gain. US Markets rallied on Monday, with the Dow completing its strongest session in over three months. Fed officials said that faster withdrawal from the central bank’s bond purchase program could keep options open on rate hike. SBI gets central board’s nod to raise Rs.14,000 crore via Basel-III complaint Boards, said Mohit Nigam, Head, PMS - Hem Securities.
Wall Street rallied on Monday with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic.
The Dow Jones Industrial Average rose 1.76 percent to end at 33,876.97 points, while the S&P 500 gained 1.40 percent to 4,224.79. The Nasdaq Composite climbed 0.79 percent to 14,141.48.
Asian markets up
Asian markets rose in Tuesday morning trade, with shares in Japan leading gains among the region's major markets. Nikkei 225 jumped 2.33 percent in morning trade. The Topix index gained 2.53 percent.
Trwo regional Federal Reserve officials said on Monday that a faster withdrawal from the central bank's bond purchase program could give it more leeway in deciding when to raise interest rates.
SBI to raise up to Rs 14,000 cr
The country's largest lender, SBI, on Monday said its central board has approved a proposal to raise up to Rs 14,000 crore by issuing Basel-III compliant bonds. The bonds are proposed to be raised in Indian or US currency.
Bank credit up
Bank credit grew by 5.74 percent to Rs 108.43 lakh crore and deposits rose by 9.73 percent to Rs 153.13 lakh in the fortnight ended June 4, 2021, according to RBi data. Bank advnces stood at Rs 102.55 lakh crore and deposits at Rs 139.55 lakh crore in the fortnight ended June 5,2020, according to RBI's Scheduled Banks' Statement of Position in India on June 4, 2021 released on Monday.
Quarterly results today
Key companies announcing their quarterly results today include Bharat Electronics, Max India, Sobha and Religare Enterprises. Immediate support and resistance for Nifty 50 are 15,500 and 15,900 respectively. We expect the markets to be volatile for a few more sessions but with limited downside
Fuel prices at record high
Petrol and diesel prices were raised by 25 to 28 paise. In Mumbai, petrol is at an all-time high of Rs 103.63 a litre, up 27 paise. Diesel is up 28 paise at Rs 95.72 per litre.
In Delhi, petrol is up 28 paise at 97.50 and and diesel is up 26 paise at Rs 88.23. In Chennai, fuel prices are up 25 paise each. Price of petrol is Rs 98.65 per litre and diesel was Rs 92.83 per litre. In Kolkata, petrol is retailed at Rs 91.08 in West Bengal’s capital. Diesel is up by 26 paise at Rs 97.38 per litre.