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Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

Benchmark <keyword id="21922275" type="General" weightage="20" keywordseo="stock-indices" source="keywords">stock indices</keyword> <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> retracted from lifetime highs to settle lower on Friday due to profit-taking in frontline stocks <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword>. The BSE Sensex declined 264.27 points or 0.31 per cent to settle at 85,571.85. During the day, it climbed 142.13 points or 0.16 per cent to reach a new record intra-day peak of 85,978.25. The NSE Nifty dipped 37.10 points or 0.14 per cent to 26,178.95 after rising 61.3 points or 0.23 per cent to an all-time intra-day high of 26,277.35 during the day. From the 30 Sensex firms, Power Grid, ICICI Bank, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, Larsen &amp; Toubro, Adani Ports and UltraTech Cement were among the laggards. Sun Pharma, Reliance Industries, Titan, HCL Technologies and Bajaj Finserv were among the biggest gainers. "Following the recent impressive surge, the benchmark indices experienced a sideways movement today as investors engaged in profit booking at elevated levels," Vinod Nair, Head of Research, Geojit Financial Services said. In <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword>, Tokyo, Shanghai, and Hong Kong settled sharply higher while Seoul ended lower. European markets were trading in the green. The US markets ended in positive territory on Thursday. <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) turned buyers on Thursday as they bought equities worth Rs 629.96 crore, according to exchange data. <keyword id="20234284" type="General" weightage="20" keywordseo="Domestic-Institutional-Investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) also bought equities worth Rs 2,405.12 crore. Global oil benchmark <keyword id="20025497" type="General" weightage="20" keywordseo="Brent-crude" source="keywords">Brent crude</keyword> dipped 0.03 per cent to USD 71.58 a barrel. The BSE benchmark jumped 666.25 points or 0.78 per cent to settle at an all-time high of 85,836.12 on Thursday. During the day, it reached a record intra-day peak of 85,930.43, surging 760.56 points or 0.89 per cent. The Nifty climbed 211.90 points or 0.81 per cent to close at a record high of 26,216.05. During the day, it soared 246.75 points or 0.94 per cent to hit a fresh intra-day lifetime peak of 26,250.90.

Sensex, Nifty draw back from lifetime highs on profit taking; HDFC Bank, ICICI major drag

In March 2023, Citigroup CEO Jane Fraser anointed Anand Selva, as the bank's chief operating officer. His mandate: oversee a deeply unsexy yet crucial initiative to regain compliance with regulators. At the time, she praised his "long track record of delivering results."So far, Selva's tenure has been rocky.In July, two regulators <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulatory-citigroup-transformation-2024-7">fined Citi $135.6 million</a> for failing to make enough progress in fixing its data-management issues. The bank had agreed in 2020 to work on this problem and others, including poor risk controls, after <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citigroup-slammed-400-mln-fine-longstanding-deficiencies-regulation-occ-fed-2020-10-1029660295">paying $400 million</a> in fines to the Federal Reserve and the Office of the Comptroller of the Currency. The OCC said in July that the bank had made "meaningful progress overall" but that the agency wanted to ensure Citi allocated enough resources to address the "persistent weaknesses" regarding data.These new fines are despite Citi dedicating massive resources to a firmwide initiative to overhaul the bank's technology. This program, called the <a target="_blank" href="https://www.businessinsider.com/citi-transformation-citigroup-regulatory-fine-anand-selvakesari-2024-7">"Transformation"</a> and overseen by Selva, has about 13,000 employees. Citi spent $7.4 billion on the endeavor from 2021 through 2023. This year's budget has been increased by $250 million, to more than $3 billion.The pressure is on, with Sen. Elizabeth Warren urging the OCC to "impose growth restrictions" on Citi, arguing that it has grown "too big to manage." The regulator and Citi declined to comment."We've always said that progress wouldn't be linear," Fraser said after the latest fines, "and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our Transformation."For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. Selva, who goes by the shortened version of his last name, Selvakesari, joined Citi as an assistant operations manager in Chennai, India, in 1991. He rose through the ranks in Asia before taking over the US consumer bank in 2019. When Fraser was made CEO in 2021, she chose Selva, who's now 57, to replace her as the global head of consumer banking.In his current role, his mandate is to make the bank safer, not to turn a profit. To do so, he has to solve for Citi's <a target="_blank" href="https://www.businessinsider.com/inside-real-reasons-behind-citi-mike-corbat-early-retirement-2020-9">decades of underinvestment</a> in its infrastructure, which affects every business line of the bank.Business Insider talked to 14 current and former Citi employees who have worked under Selva to get a picture of the challenge facing him and why he was put in charge of the bank's No. 1 priority. All but two spoke on the condition of anonymity, citing fear of reprisal or the sensitivity of regulatory matters. Three senior executives pointed to his experience navigating regulation and working with technology from running Citi's consumer bank. Gonzalo Luchetti, Selva's successor as the head of the US consumer business, told BI that serving 70 million customers required handling tremendous operational risk."If we mess it up, usually you don't mess it up for one; you mess it up for hundreds of thousands, if not millions," he said. "You have to be super good at process orientation and making sure that there's high discipline and rigor."Luchetti also emphasized Selva's longevity at Citi and experience across regions."He knows the fabric of the firm very well," Luchetti said. "The Transformation is about really repiping the machine. He's touched a lot of the machine himself."But touching the machine isn't the same as fixing it. Eight employees told BI that they were surprised that Selva was made the head of the Transformation given that he had never held a leadership role in technology or compliance. They described Citi's culture as a cliquey environment that rewards managing up over results, noting that the COO promotion followed dismal performance for the wealth unit he oversaw."The biggest job was given to a guy who with 1 ½ years in wealth wasn't able to do anything," a former managing director said.Selva has also come under scrutiny for a lawsuit filed against him and the bank by an ex-Transformation executive in May. Kathleen Martin, a former interim data chair, alleged that Selva pressured her to hide information from the OCC that would make Citi "look bad" and that she was fired in September 2023 after multiple refusals. Citi denied the accusations and filed a counterclaim in late August, alleging that Martin was fired for underperformance. Citi has recently made leadership changes to Selva's unit. The bank tapped its new tech head, <a target="_blank" href="https://www.businessinsider.com/citi-data-tim-ryan-anand-selva-memo-transformation-regulators-2024-9">Tim Ryan</a>, to lead the data effort alongside Selva and take over management of the 800-employee data team. The work on data, along with risks and controls, is paramount to the Transformation.Splitting the burden may expedite the massive task, which requires coordinating work from employees across the entire bank. Citi declined to specify a timeline, citing the confidential nature of regulatory matters. A managing director in the Transformation estimated that the work required would take about two decades.Mike Mayo, a Wells Fargo analyst, said that until Citi meets the requirements of the OCC and the Federal Reserve, the bank is in "regulatory purgatory.""Citi has thrown over 10,000 people and $3 billion and more at this problem," Mayo told BI in July. "They just have to get it done."Selva does have a long track record at Citi. Born in Madurai, a large city in southern India, he studied engineering and played basketball at the Coimbatore Institute of Technology. He earned his master's in business administration at Madurai Kamaraj University before joining Citi in 1991.Selva made his name at Citi by shaping its consumer-bank businesses across Asia. He led retail banking in China and India before taking over the Asia Pacific market in 2015. His approach was digital-first, eschewing branches for banking apps. Despite closing 60% of bank branches in Asia from 2016 through 2018, Selva grew deposits by 10%.<div type="image" title="Citi's Anand Selva speaking at a panel, seated and wearing a pinstripe suit and a red tie." height="3307" width="4960" msid="114093573" hostid="261" sizebytes="2310830"></div>"He's very tech and digital-oriented," Luchetti said. "We've been to China together to look at startups and firms that were disrupting the world. He was always very connected with learning more about technology, had that curiosity, and then the execution chops to get it done here."In 2019, Selva moved from Singapore to New York, where he now lives with his family, to run the US consumer bank. He assumed the global consumer-banking business from Fraser in 2021. Selva leaned on credit-card and lending offerings, launching products like Citi Custom Cash which allowed customers to pick their reward categories, and Flex Pay, a buy-now, pay-later service. Under Selva, Citi was the No. 2 issuer of credit cards in the US, and deposits grew by more than a third, to about $220 billion.In 2021, Citi started divesting itself of more than a dozen consumer-bank markets across Asia, Europe, and the Middle East. Selva was an important player on both sides of the table, according to Adora Tidalgo, the head of operational risk management at Citi. She said he helped find Asian acquirers that maximized value for Citi while keeping the businesses running smoothly with low attrition."That skill of balancing how much you want to bring in terms of revenue and the credit loss you want to take is really a skill that very much needs to be honed in the consumer space," she said. "That balancing, to me, I have seen Anand over the year been very successful in doing that."There have been some bumps in the road. As part of Fraser's reorganization of the bank in 2021, Selva gained oversight of a newly formed wealth unit and its new leader, Jim O'Donnell. Six current and former managing directors told BI that Selva's approach focused more on scale and digital offerings than high-touch client service. For instance, he didn't approve loans that failed to meet a certain threshold of return, even if it meant losing an important client, two former managing directors said."The way that every private banker on earth thinks about relationships is you need to invest in relationships, and then as you start to do more business with clients, you start getting more and more valuable opportunities with them," one of the former managing directors said. "You have to look at the relationship. You can't just look at every single transaction."Employees argued that Selva's playbook may have worked to build scale in Asia but not to satisfy well-heeled — and much more sought-after — US clients."I think Anand's decisions were comparing everything to what he knew from his time in Asia, and they are completely different markets," another former managing director said. "In Asia, Citi has a very recognizable brand, and people actually want to bank with Citi. You don't have to sell it that hard."<div type="image" title="Citi CEO Jane Fraser testifying at Congress" height="3828" width="5846" msid="114093582" hostid="261" sizebytes="314760"></div>The wealth business' revenue dropped by 6% year over year at the end of 2022. Fraser called the division's performance "disappointing." O'Donnell's reign over wealth was cut short in January 2023, and it was later placed under <a target="_blank" href="https://www.businessinsider.com/andy-sieg-citi-wealth-management-ceo-2024-6">Andy Sieg</a>, the former head of Merrill Wealth Management. With Citi on a campaign to divest itself of 14 international consumer-bank markets, Selva's remit shrank.His appointment as COO thrust him into the spotlight. Tidalgo told BI that he was no stranger to the task of dealing with regulators."When you are the head of a country, you are the face of Citi to the regulators. Good, bad, or indifferent, you have to face them," she said. "That's part of the job."Citi's Transformation and its challenges predate Selva's appointment as COO. It existed as a firmwide initiative before the October 2020 fines but was kicked into overdrive after Citi entered consent orders with the OCC and the Federal Reserve.It can be viewed as two parts. The most visible is the strategy to simplify and modernize the bank, such as divesting Asian consumer businesses, removing five layers of management, and <a target="_blank" href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">reorganizing</a> so that the five business lines report directly to Fraser.The second part is meant to address the 2020 consent orders. The initiative is separated into seven programs, including finance, compliance, and risk and controls. While some 13,000 employees are dedicated to the Transformation, much of this work is carried out by employees across the bank. Selva sits at the center, coordinating these efforts. He's in a tough position, as much of the Transformation's work is executed by employees in other divisions."The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. "The role is really coordinating and getting others to do what they need to do, which is very different from running a business where the entire team follows your lead, you own it, you have the ability to actually get them to do this stuff."When everyone is accountable, effectively no one is, a former senior vice president in the Transformation said. Matters got stuck in bureaucracy, bouncing from one department to another and being debated in committee for months.A senior executive in the Transformation acknowledged that the programs often rely on each other's work. For example, a delay in data work can lead to one for a finance project."When we are asked sometimes why it is challenging to execute on the Transformation, one of the challenges is the interconnectivity of those seven works," she said.The senior executive said the Transformation's successes had been overlooked, partly because the bank is limited in what it can say on regulatory matters. For instance, Citi has retired or replaced a quarter of its applications, halfway to its overall goal. The bank declined to specify the number of existing or terminated applications, but as of July, it had retired nearly 300 applications this year. The senior executive also touted the bank's streamlining its risk-management workflow.But the Transformation has earned a middling grade from Citi itself. The bank evaluates the initiative's success for the purposes of a bonus program applicable to about 200 senior employees, including Selva. In 2022, an internal committee gave it a score of 94%, citing targets it met, such as submitting remediation plans to regulators.For 2023, the score sank to 80%, calculated by measuring the timeliness of executing scheduled work, the percentage of work deemed complete by the bank's internal auditors, and a "qualitative consideration of Citi's cultural change" derived from the bank's employee surveys.<div type="image" title="Headshot of Citi's new tech head Tim Ryan, smiling and wearing a black suit jacket with a light blue shirt" height="739" width="985" msid="114093578" hostid="261" sizebytes="32120"></div>Bringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense. The recruiter Phil Waxelbaum argued that a more traditional candidate to help lead the Transformation would be a seasoned, high-ranking person from a regulatory agency. But someone with a nonbanking background such as consulting or technology can work, too, according to recruiter Jeffrey Warren. Ryan joined Citi in June after seven years leading the US business of PricewaterhouseCoopers."In situations like this when you are looking to drive transformation, you need someone who can work at the intersection of people, processes, and technology," said Warren, managing director at Russell Reynolds Associates. "That includes working from within and likely driving some change with new people who have experience in new technologies or new ways of doing things."Ryan is now sharing data, a significant component of the Transformation, with Selva. Another PwC alum, Citi's head of enterprise risk management, Ashutosh Nawani, will take over the chief data office from one of Selva's lieutenants, Japan Mehta, and report to Ryan. Mehta will move to another role that the bank declined to specify.Employees told BI that they thought bringing in Ryan and Nawani would help."Sure, there might be some reservation that more consultants are coming in to run Citi, but there is a positive vibe of changing senior leadership," the former senior vice president in the Transformation said. "Legacy Citi culture is what got us into this spot in the first place."While the July fines did not meaningfully move Citi's stock, they have placed the bank and the Transformation under greater scrutiny. The OCC has ordered Citi to provide a resource-review plan each quarter to ensure the bank is providing enough resources for the effort. The Securities and Exchange Commission has also required the bank to address the Transformation's progress in future filings.The outstanding issues have also impeded Citi from expanding in China. According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-23/citigroup-s-china-expansion-plan-put-on-hold-by-us-regulators">Bloomberg</a>, the bank is still waiting on a clearance letter from the Federal Reserve to set up a securities office. The bank declined to comment on the process but said it was "fully committed to supporting clients" in China.<div type="image" title="Democratic Sen. Elizabeth Warren of Massachusetts at a hearing on Capitol Hill on January 11, 2024." height="1333" width="2000" msid="114093583" hostid="261" sizebytes="96482"></div>Regulators placing an asset cap on Citi, as Senator Warren has requested, isn't out of the realm of possibility, said Timothy Coffey, an analyst with Janney Montgomery Scott."At what point do the regulators just get fed up with Citi's inability to adequately resolve these issues or stick to the timeline that they've laid out?" he said. "That's an open-ended question."But the consent orders and the lack of progress are distractions in themselves. When Fraser took over Citi nearly four years ago, she said the Transformation was her No. 1 priority and asked for patience. Now her requests for time are wearing thin. Regardless of who leads the Transformation, Fraser is still accountable."This stays out here in terms of headline risk, and I think it puts a cap on the valuation that Citi can achieve," said Stephen Biggar, an Argus Research analyst. "It's an overhang on the stock. It's an overhang on the reputation of Fraser."Do you work for Citi? Have a tip or story to share? Reach out to Hayley Cuccinello at <a target="_blank" href="mailto:hcuccinello@businessinsider.com">hcuccinello@businessinsider.com</a> or 917 740 5340, which works for calls, text, and the encrypted messaging app Signal.

Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order

<keyword id="19913110" type="General" weightage="100" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword>, the Governor of <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI), on October 26, received award for A+ grade in <keyword id="23702898" type="General" weightage="20" keywordseo="Central-Bank-Report-Cards" source="keywords">Central Bank Report Cards</keyword> 2024, for the second consecutive year. The award, presented by <keyword id="22224722" type="General" weightage="20" keywordseo="Global-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance" meta.hostid="261" meta.entityid="Global Finance">Global Finance</keyword> in <keyword id="21459434" type="General" weightage="20" keywordseo="Washington-D-C-" source="keywords">Washington D.C.</keyword>, USA, recognised RBI Governor's excellent performance and effective leadership in steering India's apex bank through complex economic challenges. In a social media post on X, RBI posted, "Governor @DasShaktikanta received the award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. Presented by Global Finance at an event held today in Washington DC, USA." The Central Bank Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management. "A" represents an excellent performance, down through "F" for outright failure. Along with Das, Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan were also accorded an A+ grade. Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Harvesh Kumar Seegolam of Mauritius, Morocco's Abdellatif Jouahri, South Africa's Lesetja Kganyago and Sri Lanka's Nadalal Weerasinghe were amongst those who received the <keyword id="22446364" type="General" weightage="20" keywordseo="A-grade" source="keywords">A grade</keyword>. European Union's Christine Lagarde was given an A- grade. "After a difficult 2023, when geopolitical pressures gathered with tight monetary conditions to create a near-stagflationary environment in the eurozone, the central bank has managed to inch much closer to its 2% target with successive consumer price index (CPI) readings under 3% since February of this year, down to 2.4% in August", Global Finance noted on Lagarde's tenure. <keyword id="19951097" type="General" weightage="20" keywordseo="US-Fed" source="keywords">US Fed</keyword> Chairman Jerome Hayden Powell received an A- grade. Per the Global Finance website, "The Fed has debated in excruciating, and at times confusing, detail throughout this year when and whether to cut its benchmark rate from a 23-year high of 5.5%, a level held since July 2023. This September, the Fed finally turned the monetary ship toward a policy of easing, with a 50-basis point cut, which was at the higher end of forecasts." "Prior to the rate cut, economists agreed that confusion in the markets was a case of bad communication by the Fed, but Powell’s overall handling of policy has been praised. It is difficult to find much fault with the Fed’s approach to policymaking over the past year. The Fed has appropriately changed its tone in response", it continued. However, it also noted that more-substantial easing in the following months will be crucial to avoid a policy mistake and to secure Powell’s legacy. Powell's term as second-time chair of the Fed Reserve ends on May 15, 2026.

Shaktikanta Das receives award for A+ grade in Central Bank Report Cards 2024 in USA

<ul class="summary-list"><li>JPMorgan and Wells Fargo kick off bank earnings on Friday.</li><li>Expect lots of questions about how lower rates will impact business going forward.</li></ul>When Wall Street's biggest banks report earnings this week, led by JPMorgan Chase, investors will be listening closely for clues about how a changing interest-rate environment could impact business in 2025.The Federal Reserve in September cut the so-called federal funds rate by 50 basis points — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interest-rate-cut-ai-stocks-nvidia-broadcom-asml-tech-2024-9?_gl=1*1ax8rwf*_ga*MzQwMzI0MDQ1LjE3MjEzMDM4ODI.*_ga_E21CV80ZCZ*MTcyODQ5MTE5OC4yOTAuMS4xNzI4NDkxMjEwLjQ4LjAuMA..">the central bank's first cut</a> in more than four years. The September 18 move took place too late to impact third-quarter results, but stock research analysts are expected to pepper executives this earnings season about what a lower interest-rate environment might mean for business going forward.Lower rates can be a mixed blessing for banks. On the one hand, the Fed's campaign to increase the cost of borrowing has contributed to an era of sky-high returns for traditional lenders like JPMorgan, which have been making more money on loans than they have been paying for deposits. But that party was never going to last forever. (Indeed, top JPMorgan exec <a target="_blank" href="https://www.ft.com/content/c11b59f6-4827-4c4e-9f24-2f075b85f665">Daniel Pinto warned last month</a> that stock analysts' so-called NII expectations were too high.)Plus, lower rates could help unleash <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">the dealmaking backlog</a> that investment bankers have been talking about since the pandemic-era M&amp;A boom started to slow in 2022. Their bonuses are counting on it.Speaking of bonuses, third-quarter results will also be closely watched on Wall Street as an indication of how well investment bankers may get paid this year.JPMorgan and Wells Fargo will kick off earnings on Friday, followed by Goldman Sachs, Citi, and Bank of America on Tuesday. Morgan Stanley will report its earnings on Wednesday. Here are the top four things to look for this bank earnings season:<h2 id="629d7158-9393-4502-a5a4-b8a898b107c5">Investment banking</h2>Investment bankers have been predicting dealmaking will return since it started slowing in 2022. But this year, there are strong signs that companies are ready to start going public and merging again.<a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">Preliminary data compiled by LSEG</a> shows 425 mergers globally so far this year valued at more than $1 billion. That's up 24% from the same period in 2023. What's more, deals valued at greater than $10 billion were recently up 39% compared with the same period last year.The number of companies going public is also soaring. 106 US companies have gone public through the third quarter, raising a total of $24.7 billion, according to IPO tracker Renaissance Capital. That's up from 71 in 2022 and 108 in 2023 and on track to beat the $27 billion raised in those two years.Third-quarter results — and commentary about 4Q dealmaking so far — will be closely watched for further signs of progress in M&amp;A, equity underwriting, and debt underwriting.<h2 id="bf745d80-abee-4488-881c-e8551a17811c">Trading</h2>At the Barclays Financial Services conference in September, big bank executives warned that trading revenues may be muted compared to 2023.Goldman Sachs CEO David Solomon described a "more challenging macro environment, particularly in the month of August," and warned that the bank's trading business "is trending down close to 10%." Solomon cited the bank's revenues for FICC, or fixed-income, currencies and commodities, saying that results were "very, very strong" in the third quarter of 2023.At the same conference, JPMorgan's president and chief operating officer, Daniel Pinto, predicted that trading revenues would be "flat to slightly up 2%." "It was a bit more challenging environment to monetize client flows, particularly in rates," he said.<h2 id="723af9a4-99cc-49fd-b909-2fc736985cbb">Lending</h2>Stock analysts will be watching what banks say about net interest income, which is how much banks earn off the difference between what they pay on deposits and what they earn on loans. When the Fed started raising rates, banks were making out like bandits because they were able to charge more for loans more quickly than they were raising rates on savings accounts.But banks have been warning that this dichotomy wouldn't last forever, and loan growth has indeed been slowing as the economy slows. Lower rates could boost lending yet again, but that could take time. In the meantime, JPMorgan's Pinto in September warned that Wall Street stock analysts' 2025 predictions for NII of between $91.5 billion and $90 billion were too high, sending the bank's stock down."I think that that number will be lower," Pinto said at the Barclays Financial Services conference. "We are not going to guide on that now, but the $90 billion is a bit too high."<h2 id="b126e3af-7e38-4ed0-b6d7-4e67905737f9">Bonuses</h2>Banks tend not to talk about bonuses on earnings calls, but how bankers will be paid will be reflected in C-Suite comments about dealing and trading generally — as well as their predictions for the rest of 2024 and into next year.In good news, compensation expert Johnson Associates sees bonuses up this year across the board, an analysis that's reflective in part of <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year">Wall Street's earnings results</a> so far this year. See here for the compensation expert's views on bonuses for debt underwriting, equity underwriting, sales and trading, and more.<div type="image" title="Wall Street bonus predictions" height="630" width="1950" msid="114096916" hostid="261" sizebytes="88820"></div>

4 trends to watch this bank earnings season

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and <keyword id="20220719" type="General" weightage="20" keywordseo="depreciated" source="keywords">depreciated</keyword> 3 paise to close at its all-time low of 83.66 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday, weighed down by strong American currency and muted trend in domestic equities. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> <keyword id="19993499" type="General" weightage="20" keywordseo="traders" source="keywords">traders</keyword> said weak domestic markets and elevated <keyword id="19900090" type="General" weightage="20" keywordseo="oil-prices" source="keywords">oil prices</keyword> pressured the rupee, however, likely <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) intervention prevented a sharp fall in the domestic unit. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an intra-day high of 83.60 and a low of 83.66 against the dollar during the trading session. It finally settled at an all-time low level of 83.66 (provisional) against the American currency, registering a loss of 3 paise from its previous close. On Thursday, the rupee depreciated 5 paise and settled at a new low of 83.63 against the US dollar. "We expect the rupee to trade with a slight negative bias on weak global markets and a strength in the US Dollar. Weak Asian and European currencies may also weigh on the rupee," Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas — said. Choudhary said Foreign Institutional Investors (FIIs) inflows and any intervention by the RBI may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of Rs 83.40 to Rs 83.90," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 104.33. Brent crude futures, the global oil benchmark, were trading marginally lower by 0.07 per cent at USD 85.05 per barrel. In the domestic equity market, the 30-share BSE Sensex tumbled 738.81 points to settle at 80,604.65 and Nifty dropped 269.95 points to 24,530.90. Meanwhile, the Asian currencies were all down after a fall in European currencies as the European Central Bank (ECB) kept rates unchanged in its meeting with a possibility of a cut in September, traders said. FIIs were net buyers in the capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore, according to exchange data.

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

<keyword id="19925636" type="General" weightage="20" keywordseo="Stock-market" source="keywords">Stock market</keyword> <keyword id="20275413" type="General" weightage="20" keywordseo="benchmark-indices" source="keywords">benchmark indices</keyword> <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> hit their fresh all-time high level on Wednesday in-tandem with a rally in Asian peers and buying in <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> and ICICI Bank. The 30-share <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword> Sensex climbed 430.03 points to hit a new all-time high of 78,483.55 during the late morning trade. The Nifty went up by 104.45 points to hit the fresh record peak of 23,825.75. Among the 30 Sensex companies, UltraTech Cement, Reliance Industries, IndusInd Bank, Hindustan Unilever, Kotak Mahindra Bank and ICICI Bank were the biggest gainers. Tata Steel, Mahindra &amp; Mahindra, Titan and JSW Steel were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong quoted with gains. US markets ended mostly higher on Tuesday. Global oil benchmark Brent crude climbed 0.45 per cent to USD 85.39 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,175.91 crore on Tuesday, according to exchange data. The BSE benchmark jumped 712.44 points or 0.92 per cent to settle at a new closing peak of 78,053.52 on Tuesday. The Nifty went up by 183.45 points or 0.78 per cent to settle at a record closing peak of 23,721.30. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank">Stanley Lifestyles IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank">OnePlus Nord CE 4 Lite vs Poco X6 – which phone should you buy under ₹25,000?</a><a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank">IPOs this week – Allied Blenders and Vraj Iron and Steel look to raise ₹1,671 crore</a>

Sensex, Nifty hit new all-time high levels as Asian markets rally

<ul><li>Equity benchmark indices tumbled nearly 1.5% on Monday due to heavy selling in large stocks.</li><li><keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> recorded heavy selling.</li><li>The BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> tumbled 1,272.07 points or 1.49% to settle at 84,299.78.</li></ul>Equity benchmark indices tumbled nearly 1.5% on Monday due to heavy selling in frontline stocks Reliance Industries, ICICI Bank and HDFC Bank amid rising geopolitical risks in the Middle East and weakness in Japanese markets. Besides, profit-taking after a record-breaking rally and foreign fund outflows added to the gloom, analysts said. The BSE Sensex tumbled 1,272.07 points or 1.49% to settle at 84,299.78. The NSE <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> tanked 368.10 points or 1.41% to 25,810.85. Among the 30 Sensex firms, Reliance Industries and Axis Bank declined over 3% each. ICICI Bank, Nestle, Tech Mahindra, Mahindra &amp; Mahindra, Maruti, Bajaj Finserv, State Bank of India and Tata Motors were the other major laggards. In contrast, JSW Steel, NTPC, Tata Steel, Titan and Asian Paints were the gainers. "Global markets turned topsy-turvy under the threat of rising geopolitical risk in the Middle-East and plausible increase in Yen interest rate which can reduce cross country investments in equity. On the contrary, the Chinese market had a resurgence due to a large stimulus package and cheap valuation. India also weakened under the global pressure and premium valuation while metals are expected to outperform in the near-term," said Vinod Nair, Head of Research, Geojit Financial Services. “The domestic benchmark indices opened negatively, aligning with weak Asian cues. Nifty started the day with a gap down, remained under pressure throughout the session, and ultimately closed on a negative note at 25,811. The volatility index, INDIA VIX, surged by 6.89%, settling at 12.79, indicating a rise in market volatility,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates. Japan's benchmark Nikkei 225 index tanked nearly 5% on Monday. The Shanghai Composite index surged 8% amid fresh stimulus measures announcement. European markets were trading lower. The US markets ended on a mixed note on Friday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,209.10 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.19% to USD 71.84 a barrel. The BSE benchmark Sensex declined 264.27 points or 0.31% to settle at 85,571.85 on Friday. During the day, it climbed 142.13 points or 0.16% to reach a new record intra-day peak of 85,978.25. The Nifty dipped 37.10 points or 0.14% to 26,178.95 after rising 61.3 points or 0.23% to an all-time intra-day peak of 26,277.35 during the session. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

Sensex, Nifty tumble nearly 1.5% as bank stocks slump on weak Japanese markets

Mumbai (Maharashtra) [India], June 27 (ANI): In a remarkable turnaround on Thursday, benchmark indices surged after a dip in early trade, with the Sensex surpassing the historic 79,000-mark for the first time ever and the Nifty setting a new <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword>. This spike follows an all-time high close in the previous trading session. The 30-share BSE Sensex climbed 339.51 points, reaching an unprecedented peak of 79,013.76, driven by strong buying in blue-chip giants Reliance Industries and ICICI Bank. Meanwhile, the Nifty rebounded impressively, adding 97.6 points to achieve a fresh all-time high of 23,966.40. Top gainers included Ultra Cement, Dr. Reddy's Laboratories, Grasim Industries, JSW Steel, and Tata Steel. Conversely, Tech Mahindra, TCS, HCL Technologies, Shriram Finance, and Nestle India were among the top losers. Ajay Bagga, banking and market expert, commented on the market's performance, saying: "Foreign Institutional Investors (FII) selling returned in a big way yesterday in the cash markets but DIIs stepped in to absorb that selling. Today we have a weak <keyword id="20542711" type="General" weightage="20" keywordseo="global-market" source="keywords">global market</keyword> handsoff. <keyword id="20577663" type="General" weightage="20" keywordseo="US-markets" source="keywords">US markets</keyword> recovered in the second half on Wednesday trading to end mildly positive but <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword> and US futures both are weak on Thursday morning." Bagga emphasised the upcoming significant events, including the U.S. Presidential Election Debate and the U.S. Personal Consumption Expenditures (PCE) inflation number, which are expected to influence the market. He added: "Two big events coming up are the US Presidential Election Debate tonight and the US PCE inflation number on Friday. Indian markets are in an overbought zone, and we expect some consolidation at these levels. The next triggers will be US inflation number based rate cut expectation anchoring and the Union Budget expectations, along with the start of the earnings announcement season in two weeks time." In the U.S., indices closed marginally higher on Wednesday, buoyed by Amazon's generative AI initiative, which pushed its valuation past USD 2 trillion. However, a disappointing outlook from Micron Technology impacted the semiconductor sector, including major player Nvidia. Chinese industrial profit growth also showed signs of slowing, with a 0.7 per cent year-on-year increase in May, down from April's 4 per cent. The Japanese yen's weakness continues, hitting a near 38-year low against the dollar, trading at 160.82. Meanwhile, U.S. home sales declined in May, with the Commerce Department reporting a decrease to 619,000, down 11.3 per cent from April's revised 698,000. Investors are now keenly awaiting the U.S. PCE price index data, the Federal Reserve's preferred measure of inflation, which is due on Friday. Varun Aggarwal, founder and managing director, Profit Idea said, "Asian markets were trading negatively on Thursday, with the Nikkei 225 down by 1.07 per cent, the Hang Seng declining by 1.56 per cent, and the Shanghai Composite falling by 0.70 per cent. Despite the bearish trend in equities, crude oil prices saw a slight uptick, with WTI crude rising to USD 80.89 per barrel, up 0.08 per cent, and Brent crude climbing to USD 85.23 per barrel, up 0.26 per cent." He added, "The U.S. Dollar Index (DXY) also saw a rise, up 0.26 per cent to 106.05, reflecting the dollar's strength amidst global economic uncertainties. U.S. stock indices ended with modest gains; the Nasdaq Composite rose by 0.49 per cent, the S&amp;P 500 increased by 0.16 per cent, and the Dow Jones Industrial Average went up by 0.04 per cent." Market participants are closely watching the developments in global economic indicators and key events. The Indian market, after achieving an all-time high, appears to be in a consolidation phase, awaiting further cues from both domestic and international arenas. The anticipated U.S. inflation data and domestic earnings announcements are expected to provide clearer direction in the coming weeks.

After flat opening to market, Sensex breaches 79,000-mark for first time; Nifty hits new lifetime high

<ul class="summary-list"><li>Europe could fall into recession in 2025 under Trump's economic proposals, a major EU bank said.</li><li>The eurozone may fall from "sluggish growth into a full-blown recession," ING analysts wrote.</li></ul>The eurozone economy faces the possibility of a looming recession as tariffs promised by President-elect Trump look set to dampen growth, according to <a target="_blank" class="" href="https://think.ing.com/articles/trump-wins-tax-cuts-come-with-a-cost/#a5">analysts at a Dutch bank.</a>"A looming new trade war could push the eurozone economy from sluggish growth into a full-blown recession," a team including James Knightley, chief international economist at ING, wrote in a note to clients.Trump pledged on the campaign trail to impose <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a fresh era</a> of trade tariffs, building on policies he enacted during his first term as president.He has vowed to impose a 60% tariff on goods imported from China and a 10% blanket tariff on all other goods entering the US.While China was the primary focus of the tariffs the first time around, Europe could be in the firing line in Trump's second term.European Union economic growth is already struggling, and has lagged behind the US in recent years. The bloc expanded by 0.2% in the most recent quarter, compared to 0.7% growth in the US.The US is Europe's largest market for exports, particularly for industries like automobiles, pharmaceuticals, and luxury goods, so any tariffs could cause further pain. <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Germany's stuttering auto industry</a>, a crucial part of Europe's largest economy, could be particularly affected."The already struggling German economy, which heavily relies on trade with the US, would be particularly hard hit by tariffs on European automotive," ING's analysts wrote in a section of the note titled "Europe's worst economic nightmare comes true."Along with potential tariffs, ING's analysts said the prospect of Trump reducing US military support for Ukraine could also create a headwind for the European economy."Uncertainty about Trump's stance on Ukraine and NATO could undermine the recently stabilized economic confidence indicators across the eurozone," they wrote.There are also worries that if Trump <a target="_blank" rel="" class="" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">reduces financial aid to Ukraine</a>, Europe will be forced to allocate more spending to the conflict."Even though tariffs might not impact Europe until late 2025, the renewed uncertainty and trade war fears could drive the eurozone economy into recession at the turn of the year," ING said.ING's view was echoed by Nigel Green, CEO of UK-based financial advisory firm deVere Group.He said Europe's economic challenges, including high energy costs, sluggish economic growth, and geopolitical instability, would <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">only get worse in the event of a tariff battle with the US.</a>"A fresh trade war with the US under Trump's presidency could exacerbate these problems, destabilizing the region's economy further," Green said.

Europe faces a 'full-blown recession' under Trump's tariffs, big bank says

New Delhi: Asian <keyword id="19900617" type="General" weightage="100" keywordseo="stock-markets" source="keywords">stock markets</keyword> on Monday plummeted early as selling pressure mounted after lower-than-expected US payroll growth and the Fed meeting date coming. The Japanese and Hong Kong markets faced high selling pressure, with major indices declining by more than 1.50 per cent. Japan's Nikkei 225 index declined by 1.84 per cent or 632 points, while Hong Kong's Hang Seng was down by 1.73 per cent or 301 points at the time of filing this report. According to experts, concerns of a slowdown in China and Germany have added fuel to the selling in stocks, which were already volatile due to <keyword id="19913707" type="General" weightage="20" keywordseo="Fed-rate-cut" source="keywords">Fed rate cut</keyword> expectations. "Eight days of volatility are assured for the markets as the Fed rate cut of September 18 comes within striking distance. The seasonality of poor September performance of markets is playing out as per expectations. On top of that, the slowdown in China and Germany is adding to global growth worries. The news of a top German car manufacturer mulling closing down car factories in Germany was symbolic of all that is troubling Germany," said Ajay Bagga, Banking and Market expert. Taiwan's markets also bled, with the country's major index, Taiwan Weighted, declining by more than 2 per cent. South Korea's KOSPI index plummeted by 1.15 per cent. Overall, a selling sentiment was witnessed among investors in the <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword>. However, experts also noted that the impact of the other Asian markets will be less on Indian stocks because of the high buying by domestic investors, but some volatility can be expected. Bagga added, "For Indian markets, the impact is coming via FII selling. The good news is that despite the net FII outflows of over Rs 5.5 lakh crore from Jan 2022 to August 2024, the Rs 11 lakh crore plus of robust domestic inflows have meant every dip has been bought into in the Indian markets. We expect a couple of weeks of this volatility, but don't expect sharp cuts in the Indian markets given the domestic liquidity sitting on the sidelines." Indian stock indices took a sharp hit on Friday, the last trading day of the current week, with all sectoral indices closing deep in the red. The sell-off was broad-based, with the banking and energy sectors taking the biggest hit. Nifty 50 dropped 292.95 points, or 1.17 per cent, to 24,852.15, while the BSE Sensex fell 1,017.23 points, or 1.24 per cent, to 81,183.93. "The recent weakness in U.S. markets has stalled the momentum in Indian markets, causing participants to become cautious ahead of the upcoming jobs data," said Ajit Mishra, SVP, Research, Religare Broking. Weakness in global markets and selling by foreign portfolio investors seemed to have hurt domestic market sentiment.

Asian markets decline amid economic slowdown fears, experts say limited impact on India

<ul><li><keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> scaled the 85,000 level and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> breached the 26,000 mark for the first time.</li><li>The markets closed flat on Tuesday after a volatile session.</li><li>While Sensex reached an all-time intra-day peak of 85,163.23, <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword> declined by 0.02%.</li></ul>Sensex scaled the 85,000 level and Nifty breached the 26,000 mark for the first time before paring gains to close flat in a volatile session on Tuesday, dragged by losses in <keyword id="19931572" type="General" weightage="20" keywordseo="FMCG" source="keywords">FMCG</keyword> and select <keyword id="20560617" type="General" weightage="20" keywordseo="banking-shares" source="keywords">banking shares</keyword>. The 30-share BSE benchmark declined by 14.57 points or 0.02% to settle at 84,914.04, snapping its three-day record-breaking run. China announcing stimulus measures to bolster its economy fuelled metal shares. In the morning trade, the 30-share BSE Sensex scaled the 85,000 level, jumping 234.62 points or 0.27% to scale a new all-time intra-day peak of 85,163.23. The index, however, hit a low of 84,716.07 in the afternoon session due to profit-taking at record levels. Selling in <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword>, Kotak Mahindra Bank and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords">ICICI Bank</keyword> dragged the key index from the day's highs. The Nifty eked out gains of 1.35 points or 0.01% to close at a fresh high of 25,940.40. During the day, it climbed 72.5 points or 0.27% to hit a new record intra-day high of 26,011.55. Vinod Nair, Head of Research, Geojit Financial Services said, "Domestic benchmarks are attempting to sustain new highs, driven by the US Fed's aggressive rate cut. Meanwhile, the Chinese central bank's rate cut, and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks." Conversely, FMCG and banking stocks exhibited declines due to profit-booking at higher levels, he said, adding that in the near term, strong inflows from FIIs, driven by the US Fed's dovish outlook and expectations of a rate cut by the RBI in October, are expected to maintain momentum. From the 30 Sensex firms, Hindustan Unilever, UltraTech Cement, Kotak Mahindra Bank, IndusInd Bank, Titan, Nestle, Bajaj Finance and Asian Paints were among the biggest laggards. Tata Steel, Power Grid, Tech Mahindra, HCL Tech, Mahindra &amp; Mahindra and JSW Steel were among the gainers. The BSE midcap gauge climbed 0.21% while the smallcap index dipped 0.04%. Among the indices, FMCG declined by 0.75%, telecommunication (0.57%), services (0.45%), financial services (0.40%), consumer durables (0.31%) and bankex (0.30%). “Technically, the index is oscillating within a rising channel and is trading near the upper trend line resistance of the channel pattern, which is around the range of 25,900-26,000 levels, making them a strong hurdle in the short term. Therefore, on the upside, 26,000 will act as an immediate hurdle for Nifty. If the index sustains above 26,000 it could test the levels of 26,200. On the downside, 25,600 will serve as strong support for the index,” said Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates. Metal surged 2.78%, power jumped 1.38%, utilities (1.18%), commodities (0.95%) and industrials (0.47%). "Although markets ended on a lacklustre note after a volatile session, key benchmark indices hit new milestones signifying that liquidity flows has remained strong as investors are confident of India's long term growth story," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. "Nifty ended on a flat note in a volatile session on Tuesday after crossing 26,000 for the first time. Asian stocks rose on Tuesday to their highest in more than two and half years, heartened by broad stimulus measures from China while expectations for more US rate cuts kept risk sentiment up," Deepak Jasani, Head of Retail Research, HDFC Securities, said. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. Shanghai and Hong Kong markets ended significantly higher. European markets were trading in the green. The US markets ended higher on Monday. Foreign Institutional Investors (FIIs) bought equities worth ₹404.42 crore on Monday, according to exchange data. S&amp;P Global Ratings on Tuesday retained India's growth forecast at 6.8% for the current fiscal and said it expects the RBI to start cutting interest rates in its October monetary policy review. Global oil benchmark Brent crude jumped 2.35% to $75.64 a barrel. Rallying for the third day running on Monday, the BSE benchmark jumped 384.30 points or 0.45% to settle at an all-time high of 84,928.61. The NSE Nifty climbed 148.10 points or 0.57% to close at a record peak of 25,939.05. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a> <a href="https://www.businessinsider.in/stock-market/webstories/manba-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113585986.cms">Manba Finance IPO – Price band to risk factors, all you need to know</a>

Sensex hits 85,000 level but closes flat as FMCG, banking shares drag

Benchmark <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> jumped over 550 points to revisit the 82,000-level in morning trade on Wednesday after the Reserve Bank of India changed its monetary policy stance to stance to 'neutral', a move that may lead to a rate cut in the forthcoming policies. The 30-share BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> soared 556.97 points, or 0.68 per cent, to 82,191.78 in early trade. The broader Nifty of NSE rose 78.70 points, or 0.31 per cent, to 25,091.85. Buying in banking and IT stocks added to the positive trend in markets, traders said. Among the 30 Sensex companies, State Bank of India, Axis Bank, Bajaj Finance, Tata Motors, Bharti Airtel, PowerGrid and HCL Technologies were among the major gainers. On the contrary, Nestle India, ITC, HUL, HDFC Bank, Mahindra &amp; Mahindra were among the laggards. The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month. The central banks of some developed nations have also reduced their interest rates. Announcing the fourth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent. The RBI has maintained the status quo on benchmark interest rates since February 2023. Das said RBI will remain watchful of elevated food inflation even when India GDP growth remains strong. "As anticipated, the RBI's Monetary Policy Committee (MPC) has kept interest rates unchanged in its policy announcement today. While there were hopes for a rate cut in line with the US Fed, the RBI has taken a prudent approach by focusing on key indicators like domestic inflation and financial stability, particularly in light of the declining individual savings as a percentage of GDP, which poses a financial stability risk," said Suresh Darak, Founder of Bondbazaar. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,729.60 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 7,000.68 crore, according to exchange data. In Asian markets, Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note. Global oil benchmark Brent Crude climbed 0.95 per cent to USD 77.91 a barrel in futures trade. US markets ended with gains in overnight deals on Tuesday. On Tuesday, the 30-share BSE Sensex rose by 584.81 points or 0.72 per cent to close at 81,634.81. The <keyword id="19950205" type="General" weightage="20" keywordseo="NSE-Nifty" source="keywords">NSE Nifty</keyword> jumped 217.40 points or 0.88 per cent to finish at 25,013.15. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms" target="_blank">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a><a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms" target="_blank">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a><a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms" target="_blank">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

You Searched For "asian banking in challenging times" and got 13 results

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

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Shaktikanta Das receives award for A+ grade in Central Bank Report Cards 2024 in USA

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Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

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Sensex, Nifty hit new all-time high levels as Asian markets rally

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Sensex, Nifty tumble nearly 1.5% as bank stocks slump on weak Japanese markets

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After flat opening to market, Sensex breaches 79,000-mark for first time; Nifty hits new lifetime high

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Asian markets decline amid economic slowdown fears, experts say limited impact on India

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Sensex hits 85,000 level but closes flat as FMCG, banking shares drag

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Sensex revists 82,000-level as RBI changes monetary policy stance to 'neutral'

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