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Market Opening - An Overview
Nifty futures on the Singapore Exchange traded 12 points, or 0.08 per cent, lower at 14,670.50 in signs that Dalal Street was headed for a flat start on Tuesday.
Wall Street, the Dow Jones Industrial Average index rose 0.7 per cent and the S&P500 gained 0.27 per cent. The Nasdaq Composite index dropped 0.48 per cent. A slide in high-flying tech and related stocks – including Amazon.com Inc, Tesla Inc and Salesforce.com Inc, pressured the Nasdaq, as growth-oriented shares slid and cyclical stocks sensitive to the recovery rose.
The rupee rose by 14 paise to close a nearly one-month high of 73.95 against the US dollar on Monday following losses in the American currency in the global markets.
Shares in News today:
IDBI Bank: LIC-owned IDBI Bank reported a nearly four-fold jump in its standalone profit after tax to Rs 512 crore in the March quarter compared to Rs 135 crore in the year-ago period on the back of an impressive 38 per cent growth in its net interest income (NII).
M&M: Utility vehicles major Mahindra & Mahindra said it has advanced the annual maintenance plant shutdown of its automotive division to this month in the wake of the second wave of the coronavirus pandemic across the country. The maintenance of four working days was originally scheduled for June 2021, M&M said in a regulatory filing.
JSW Energy: The Company said its arm JSW Renew Energy has inked a power purchase agreement for supply of 540 MW from a total blended wind capacity of 810 MW, which was bagged through a competitive bidding process.
Kotak Mahindra Bank: The board of Kotak Mahindra Bank is cognisant of succession planning and will take a call at the appropriate time, Asia’s richest banker Uday Kotak said on Monday. Kotak who’s tenure as the chief of Kotak Mahindra Bank would end in December 2023 after RBI capped tenure of private bank CEOs, said the board will ensure and maintain long term stakeholder value.
ICICI Bank: The RBI has imposed a monetary penalty of Rs 3 crore on ICICI Bank for “contravention of certain directions issued by the RBI contained in Master Circular on ‘Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks’ dated July 1, 2015”, the central bank said in a statement.