Stock Market LIVE Updates: Indian equity benchmarks BSE Sensex and NSE Nifty50 suffered minor cuts in early deals on Tuesday as losses in financial stocks offset gains in auto, IT and consumer names.
The government is in touch with bankers and advisers for LIC’s red herring prospectus , sources tell CNBC-TV18.
Retail auto sales in the country increased seven percent on a year-on-year basis in FY22, according to the Federation of Automobile Dealers Association , a grouping of auto dealers.
Rana Gupta, Senior Portfolio Manager-India Equity Specialist at Manulife Investment Management, believes the HDFC-HDFC Bank merger underlines the significance of stability on the books.
Going forward, we would see that the competition for low cost deposit to rise and outside this merger, even some of the other deals that have happened in the financial space also show that the long duration asset like mortgages are there and also the companies are focusing on high yielding short-term businesses like credit cards, and something like wealth management.
JC Parets of All Star Charts likes ICICI Bank, and wants to be long on HDFC Bank if it is above Rs 2,500 for a target near Rs 4,000.
Speaking on ICICI Bank, he says: “There is an ADR that trades in the US…
Elixir Equities Director Dipan Mehta is of the view that small banking names as well as NBFCs should be gradually discarded from the portfolio and replaced with HDFC, ICICI Bank, Axis Bank and SBI.
He says the country’s financial and banking system, dominated by 8-9 lenders, is looking good.
The HDFC twins — HDFC and HDFC Bank — drop nearly two percent, following Monday’s surge after the companies announced a merger.
Sun Pharma, UPL, Tata Consumer, Maruti Suzuki and TCS also among the top gainers.
Wall Street’s three main indices rose on Monday, boosted by tech and growth stocks, and a surge in Twitter after Elon Musk revealed his stake in the company.
Indian equity benchmarks rose to their highest levels in almost 11 weeks on Monday amid broad-based gains led by the HDFC twins, which jumped after the companies announced a mega merger.