Monday, 15 May 2017

15th May 2017- OPENING BELL >> Markets Consolidation At Higher Levels

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Last week, Indian Benchmark Index Nifty made new record high of 9451, the index opened at 9311 and made low of 9298 and finally closed at 9401.

Bank Nifty too made a record high of 22978, the index opened at 22678 and made low of 22578 and closed at 22672. On Friday Fitch has submitted its report on Prospects for Bad Loan Clean-Up at Indian Banks Improving. Banks are likely to be affected adversely by amendments made by RBI to tackle Bad Loans for Indian Banks. This move will be favorable in long term but in short term, provisioning cost will shoot up and have pressure on banks profit; this may also lead to breaching of minimum capital requirements for weaker banks.

Last week Small Cap index made a new record high of 7679 and closed at 7561 after making low of 7469.

Nifty Future to open gap up by 24 points today, at 9444.50 against yesterday's close of 9420.45 as per SGX Nifty.

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