PSUs asked to issue LoCs based on their financial strength
“In view of requirements, it has been decided that CPSUs may issue LoCs on its own financial strength and all such LoCs shall only be issued after specifically inserting the following clause–under no circumstances, the liability under this Letter of Comfort shall devolve on the Government of India,” the memorandum said.
Tech View: Nifty forms a hammer pattern on daily charts. What traders should do on Tuesday
Now, it has to cross and hold above 17,071 zones to witness a bounce towards 17,171 and 17,250 zones, while on the downside supports are seen at 16,850 and 16,800 levels, said Chandan Taparia of Motilal Oswal.
Tamil Nadu revenue deficit down by Rs 3,000 crore, says FM Palanivel Thiaga Rajan
“In accordance with the mandate of the Fiscal Responsibility Act of achieving zero-revenue deficit, the State will adopt a smooth glide path without compromising on our welfare initiatives and developmental priorities,” he said.
Cash is king now! Mutual funds hoarding Rs 63,000 crore, Buffett $130 billion
After hitting a record high on December 1 last year, Sensex and Nifty have been on a losing streak. The sell-off which started with concerns over valuations and FII outflows amid rate hikes and China re-opening, got extended due to a crisis in Adani stocks and banking turmoil in the US.
These 12 foreign banks have exited or scaled down India ops since 2011. Have a look
As many as 12 foreign institutions have exited or scaled down their operations in India since 2011.
Red Alert! 136 stocks on Nifty 500 hit 52-wk lows since Dec; RIL, Adani cos in list
Volatility in the market is expected to remain in the near term as Dalal Street will eagerly await the US Federal Reserve’s monetary policy decision in the aftermath of the collapse of 3 major banks in the country.
Udayshivakumar Infra IPO subscribed 18% so far on Day 1 as GMP rises
According to market sources, Udayshivakumar Infra shares are commanding a premium of Rs 10 in the unlisted market, which is higher than the previous day.
Hot Stocks: Brokerage firms on Godrej Consumer, DLF, Zydus Life and Biocon
The stock traded off recently, making short-term valuations much more compelling. The stock has corrected by over 28% on a year-to-date basis compared to the 2.8% fall seen in the S&P BSE Sensex.
Sectoral Spotlight: IOC, HPCL may gain on crude oil’s weakness
The movement in crude oil prices also has a bearing on the upstream companies line Reliance Industries Limited, Oil & Natural Gas Corporation Limited. Gupta said that a rising price trend is beneficial for these companies and they gain from unsold inventory as margins go up.
Momentum Pick: 8-13% upside likely for LTIMindtree despite current underperformance; here’s why
Momentum indicators RSI and MFI are in a medium range at 41.6 and 34, Trendlyne data further revealed. A number below 30 indicates that the stock is trading in the oversold zone while above 70 suggests it is in the overbought territory.