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Indian markets are becoming attractive after a dip in performance compared to other emerging markets, says Jonathan Schiessl, Deputy CIO of Westminster Asset Management. IT stocks have held up and the broader market is now undervalued, particularly in regard to Indian banks which benefit from good regulation and high quality franchises. The financial sector globally is under a lot of pressure, but Indian banks are domestically focused and have little overseas operations, shielding them from most of the issues affecting global banks. Old business models in IT sectors must adapt to the current financial crisis for their earnings to improve.

“Options data suggests a broader trading range in between 16600 to 17300 zones while an immediate trading range in between 16700 to 17150 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

The dollar index, which measures the currency against six rivals, was up 0.078% at 103.060, having gained 0.5% on Friday amid banking jitters, with shares of Deutsche Bank sliding nearly 9%.

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Lenders of bankrupt Reliance Capital fear their loan recovery could fall below the liquidation value of `12,500-13,000 crore for the financial services company since both bidders, Hinduja Group and Torrent Investments, are reluctant to improve their offers, bankers dealing with the matter said.

Nagpur-based Sarda Energy & Minerals, Delhi-based Jindal Power, public-sector utility NTPC, Gujarat-based Torrent Power, and Singapore-based Vantage Point Asset Management have submitted revised bids to take over SKS under the corporate insolvency resolution process.

The all-cash sale indicates a recovery of 73 paise on a rupee of the principal amount outstanding for SBI. The bank had informed interested bidders that it would auction the loan under the Swiss challenge method based on an anchor bid. CFM ARC made the anchor bid and there were no counter bids, two people close to the development said.

Public sector banks (PSBs) assured finance minister Nirmala Sitharaman at a review meeting on Saturday that the Indian banking system remains robust and there is no cause for worry.

The sharp rally in prices was also associated with the uncertainty about the US Fed’s rate hike moves. There were speculations that the crisis in the US banking sector would refrain Fed from further rate hikes, which are usually supportive for gold-like nil-interest yielding assets.

The steadily rising number of Demat accounts across both depositories aptly indicates this trend. The number of active Demat accounts reached a record high of 11 core in January this year. Multiple factors have contributed to this surge, including the ease of access to market information, availability of online brokerages, increase in financial savings and the potential for good returns.