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“After reaching 1.22%, we would like to see ROA remaining sustainable. With ROE at 25%, hopefully we should be in a position to keep it around this level. Also, we have got very well-oiled machinery on ground to take care of any stress book.”

Plenty of data to be announced by the US this week including those on trade balance, CPI, initial jobless claims, wholesale inventories and consumer sentiments. The UK will declare industrial production, manufacturing production and GDP data. China will announce its FDI, CPI, producer price index (PPI) and trade balance data

"The Indian mutual fund industry grew by 6.4 per cent quarter-on-quarter (Q-o-Q) to reach Rs 43.8 lakh crore in AUM and is well-positioned for future growth. Our assets under management grew by 6.8 per cent Q-o-Q, ahead of the industry, to cross the Rs 30 lakh crore mark,' Anuj Kumar, Managing Director of CAMS Ltd, said.

Explaining the reason for the decline in profit, Punjab & Sind Bank managing director Swarup Kumar Saha said the bank has made a Rs 57 crore provision towards the wage revision under negotiation and Rs 450 crore in fresh slippages, including a mid-corporate of Rs 92 crore in the quarter.

From a technical perspective, the high point of 19,991 has now become an intermediate top for the markets. In the process of retracement from higher levels, Nifty has also dragged its resistance down to 19,750 levels. This makes the zone of 19,750-19,900 a strong resistance area for the markets unless taken out comprehensively.

India Shelter Finance looks to raise Rs 1,800 crore via its IPO. The public offer comprises a fresh equity issue worth Rs 1,000 crore and an offer for sale (OFS) of Rs 800 crore.

The broader market is showing a different picture as Nifty is in corrective move. And we still feel that midcap, smallcap space is going to further rise higher. And we are seeing that stock-specific action is taking place in the market on the buying side. So, sentiment is on the bullish side. Some corrective move could be there for the index but stock-specific action is likely to continue.

Overall, banking will contribute a huge chunk of the Nifty profits this year. Metals were weak as anticipated, cement was weak. But cement is coming back stronger so I think interest is growing there.

Technically speaking, there is clearly a very intense tussle going on between the bull and the bear camp, as evident on the charts. At the same time, there are some bearish patterns on weekly charts, both on Nifty & Bank Nifty, indicating that for now, the bulls will have to be content with the recent tops not being breached easily. However, the saving grace is that the downside also appears to be strongly supported around last week’s low.

Earlier, the bank, in its disclosure filed with the stock exchanges on May 28, 2023, had communicated that its Board of Directors had approved an increase in the shareholding in ICICI Lombard in multiple tranches by up to 4%.