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PSU Banks rally
Mon, 17 Aug 01:30 pm

The Indian Indices have trimmed losses after opening the day on a pessimistic note. Sectoral indices are trading mixed with stocks from the oil and gas and capital goods sectors witnessing selling pressure. However stocks from banking and metal sector are witnessing buying interest.

The BSE-Sensex is trading down by 117 points (0.4%) and the NSE-Nifty is trading down by 21 points (0.2%). The S&P BSE Midcap and S&P BSE Smallcap index is trading up by 0.4% & 0.3% respectively. Gold per 10 grams, is trading at Rs 25,960 levels. Silver price, per kilogram is trading at Rs 35,651 levels. Crude oil is trading in red at Rs 2,748 per barrel. The rupee is trading at 65.29 to the US dollar.

Most of the stocks in telecom sector are trading on a positive note. As per an article in economic times, the telecom tower companies could save around Rs 15 bn a year on their diesel bills if petroleum products are added to the list covered under the proposed Goods & Service Tax (GST) regime. The potential saving might be too small to pass on to the customers. However the same may be used to improve the infrastructure of the telecom majors. Estimates put the telecom industry's diesel consumption at 2 billion litres a year and the same costs approximately Rs 85bn.

Most of the stocks in banking sector are trading on a positive note. As per a leading financial daily, Housing Development Finance Corporation (HDFC), the country's largest mortgage lender, has agreed to sell 17,95,39,209 equity shares of Rs 10 each of HDFC Standard Life Insurance Company (HDFC Life) to Standard Life (Mauritius Holdings) at a price of Rs 95 per share aggregating to 9% of the issued and paid-up share capital of HDFC Life, subject to receipt of requisite approvals. Post the said sale of stake in HDFC Life, the company's holding in HDFC Life will be 61.65% and that of Standard Life (Mauritius Holdings) will be 35%.HDFC offers a whole gamut of products like loans to individuals, loans to corporate, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services. Stock of HDFC is trading down by 0.83%.

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Mar 20, 2018 (Close)