Friday February 15, 12:30 PM
Fancy for finance... |
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By Equitymaster.com
The markets are moving higher on strong buying interest in finance and PSU stocks. Software stocks in general are out of flavour. In the derivatives market all the three series of Nifty futures are trading at a discount of 9 points compared to spot.
The BSE Sensex is at 3,597 (up 40 points) and the NSE Nifty is at 1,161 (up 11 points). The rupee is trading at Rs 48.70 per US dollar.
EIH is up by 2% on news of its promoters' plans to raise their stake in the company from 41% to 51% through creeping acquisition. As per SEBI regulations promoters can raise their stake annually by 10% without having to make an open offer.
Finance stocks are witnessing strong rally for the second consecutive day. IDBI (IDBI.BO, news) is up by 7%. The RBI has turned down the government's request for granting prudential norms exemption to IDBI in the process of its transformation into a universal bank. However, the RBI stated that the waiver could be granted only if the government is willing to take responsibility for ensuring the safety of public deposits.
ICICI (ICIC.BO, news) group companies are the key gainers (up by 10%). Both ICICI and ICICI Bank (ICBK.BO, news) gained sharply last night on the NYSE also, in expectation of increase in foreign investment limit.
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