Sensex 29524.91 -46.13 -0.16%
Nifty 8915.8 5.3 0.06%
Yes Bank (up 2.24%), IndusInd Bank (up 1.99%), State Bank of India (up 1.91%), Bank of Baroda (up 1.89%), Bank of India (up 1.78%), IDBI Bank (up 1.77%), Union Bank of India (up 1.33%), ICICI Bank (up 1.31%), Axis Bank (up 1.25%), Kotak Mahindra Bank (up 1.15%), Punjab National Bank (up 0.92%) and Canara Bank (up 0.41%), edged higher.
The BSE Bankex was up 0.91% at 14,215.07. It outperformed the Sensex, which was up 0.44% at 19,314.47.
The BSE Bankex had outperformed the market over the past one month till 13 December 2012, rising 6.27% compared with the Sensex's 3.28% rise. The index had also outperformed the market in past one quarter, gaining 20.36% as against Sensex's 6.70% rise.
The annual rate of inflation based on the monthly wholesale price index (WPI) eased at 7.24% in November 2012 from 7.45% in October 2012, data released by the Ministry of Commerce & Industry today, 14 December 2012, showed.
The government revised upwards WPI inflation for September 2012 to 8.07% from 7.81% reported on 15 October 2012. Build up inflation in the financial year so far was 4.84% compared to a build up of 5.28% in the corresponding period of the previous year, the Ministry of Commerce & Industry said in a statement.
The Reserve Bank of India (RBI) Governor D Subbarao, on 6 December 2012, said that current rate of inflation at 7.5% is still high while economic growth has slowed sharply. Subbarao said he expects inflation to start moderating from the January-March 2013 quarter, reiterating the guidance the central bank had given at its rate-setting meeting on 30 October 2012.
RBI undertakes mid-quarter monetary policy review on Tuesday, 18 December 2012. After Second Quarter Review of Monetary Policy 2012-13 on 30 October 2012, RBI kept its key policy rate viz. the repo rate unchanged at 8% citing high inflation. At that time, the central bank announced a reduction in cash reserve ratio (CRR) requirement of scheduled commercial banks by 25 basis points to 4.25%. The baseline scenario suggests a reasonable likelihood of further policy easing in Q4 March 2013, RBI said on 30 October 2012. RBI said that the policy guidance will, however, be conditioned by the evolving growth-inflation dynamic.
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India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.