Latest Stock Market News

From the Sensex pack, Axis Bank, NTPC, Sun Pharma, TCS, HDFC Bank, and Tech Mahindra opened with cuts, while Bajaj Finance, M&M, ITC, Wipro, Infosys, and HUL opened with gains.

India VIX was up by 0.50% from 10.45 to 10.51 levels in the previous trading session. Volatility witnessed some swings throughout the session and kept the index under pressure at higher zones.

Gold and silver futures ended with sharp declines in the previous session. While gold fell by over Rs 500 or 0.84%, silver futures fell by 2.05% or by Rs 1,545. On the Comex, Gold futures were trading at $1,949.20 per troy ounce on Friday, up by $3.50 or 0.54% while Silver futures trading at $24.285, lower by $0.082 or 0.340%.

FIIs have been steadily increasing their stake in Axis Bank in the last few quarters. In September quarter last year, they were holding 46% stake in the bank, and their current holding is likely at an all-time high.

Canara Bank, incorporated in the year 1906, is a banking company (having a market cap of Rs 62551.21 Crore).

HSBC maintained a buy rating on Shriram Finance with a target price of Rs 228. A 4% profit beat was led by lower provisions despite higher-than-estimated operating costs.

The stock quoted a 52-week high price of Rs 131.75 and low of Rs 87.0.

I feel that banking sector can deliver anywhere between 15% to 20% return compounding over next five, six years as long as the economic growth continues.

The Nifty Bank index was trading 0.47 per cent down at 45465.5.

A total of 162,011 shares changed hands on the counter till 10:30AM (IST)