Financial Trading Concept with Green UP Arrow and a Stock Market Chart as a Background. 3D Render
NIFTY started the day at 19,976 with a gap-up of 86 points. Even after the big gap up, the index continued moving up with a lot of strength to 20,100 levels— making a 150-point upward rally. Niftyclosed at 20,096, up by 206 points or 1.04%.
BANK NIFTY (BNF) started the day at 44,081 with a gap-up of 201 points. After initial consolidation near 44,000 levels, the index gave a breakout and moved up with strength to 44,630 levels— making an intraday movement of more than 600 points. BNF closed at 44,566, up by 685 points or 1.56%.
All indices except Nifty Realty (-0.5%) and Nifty Media (-0.13%) closed in the green. Nifty Auto (+1.63%) moved up the most.
Major Asian markets closed mixed. European markets are currently trading flat-to-green.
Today’s Moves
Axis Bank (+3.82%) was NIFTY50’s top gainer. The bank has entered into a credit card point conversion partnership with Air India.
Aster DM Health (+18.8%) surged after the company said its subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for ~₹8,125 crore).
Adani Total Gas (+13.7%) moved up with strength after the company launched its green hydrogen production and blending pilot in Ahmedabad.
Adani Ent (-1.1%) was NIFTY50’s top loser.
Aether Industries (-8.41%) crashed after the company reported a fire at its Surat facility early that injured 25 people.
Markets Ahead
The Indian stock markets are looking strong, which is evident in today’s closing. Opting option buying trades could be a good strategy in the upcoming days, especially during market dips or corrections. The all-time high (ATH) in Nifty and Bank Nifty can be expected before the state election results kick in!
Nifty:The immediate support for the index is near the round levels of 20,000. The resistance will be near 20,200 (ATH levels). So if there’s a gap down or gap up tomorrow, there could be buying seen again after some retracement. On the other hand, a flat opening may lead to a continuation of the up-move.
Bank Nifty: The index is at an interesting breakout resistance level of 44,600, also forming a cup and handle pattern. A breakout could take the index up to 46,000 levels (as it’s still far from ATH when compared to Nifty). Meanwhile, the key support to watch is near 44,400 levels. A breakdown from there may take BNF down to 44,000 levels.
As per reports, the Indian stock markets are expected to see an inflow of around ₹30,000 crore from a major US pension fund from 2024 onwards, which could give a boost to local stocks!
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NIFTY started the day at 19,027 with a gap-down of 95 points. Then, it fell sharply by 195 points to 18,850 levels. Post 11:30 AM, the index mostly consolidated in a nearly 70-point range. Nifty closed at 18,857, down by 264 points or 1.39%.
BANK NIFTY (BNF) started the day at 42,708 with a gap-down of 124 points. Initially, the index crashed 610 points to 42,105. For the rest of the day, BNF traded in a 270-point zone (with a positive bias) to close at 42,280, down by 551 points or 1.29%.
All major indicesclosed in the red. Nifty Metal (-1.6%), Nifty Auto (-1.59%), and FIN NIFTY (-1.57%) fell the most.
Major Asian markets closed in the red (Japan’s Nikkei fell 2.1%). European markets are currently trading up to 1% in the red.
Today’s Moves
Axis Bank (+1.7%) was NIFTY50’s top gainer. The lender reported a 10% YoY rise in net profit to ₹5,863 crore in Q2; beating street estimates.
Prism Johnson (+12.02%) jumped on the back of strong volumes.
Sonata Software (+8.2%) hit a 52-week high after the IT services provider announced its Q2 FY24 earnings.
Mahindra & Mahindra (-4.06%) was NIFTY50’s top loser. It fell amid huge selling pressure in auto stocks.
Bajaj Finance (-3.54%) and Bajaj Finserv (-3.16%) fell today. Bajaj Finserv Mutual Fund launched its banking and PSU fund today.
Delta Corp (-5.45%) fell sharply after yesterday’s strong up-move. The Bombay High Court provided interim relief to the company by retraining tax notices worth over ₹16,000 crore it received from the Directorate General of GST Intelligence (DGGI).
Markets Ahead
Nifty has fallen for the sixth straight session, its longest losing streak since February 2023! India VIX, a measure of market volatility, jumped by 10% on the monthly F&O expiry day, signalling a sense of unease in our markets.
As long as Nifty stays below 19,000, we can expect bearish sentiments to continue, possibly reaching levels between 18,800 and 18,725. However, if the index manages to break through the 19,000 mark, there could be a small bounce back, potentially pushing it towards 19,100-19,150.
The Israel-Hamas conflict remains a significant challenge for geopolitical stability, which can impact global stock markets. Elevated US Treasury bond yields are also posing a major threat.
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Here are some of the major updates that could move the markets tomorrow:
Axis Bank Q2 Results: Net profit rises 10% YoY to ₹5,863 crore
Axis Bank reported a 10% YoY increase in net profit to ₹5,863.56 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 18.8% YoY to ₹12,315 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 1.96% in Q2 FY23 to 1.73% in Q2 FY24.
Indian Oil Corporation Ltd (IOCL) has begun producing specialised ‘reference’ petrol and diesel that are used for testing automobiles. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India.
Tech Mahindra Q2 Results: Net profit falls 28% YoY to ₹505 crore
Tech Mahindra reported a 28.1% YoY decline in net profit to ₹505.3 crore for the quarter ended September (Q2 FY24). The IT company’s revenue fell 2.25% YoY to ₹12,863.9 crore during the same period. Earnings before interest & tax (EBIT) stood at ₹457.1 crore, down 48.7% YoY. Tech Mahindra’s board has declared a dividend of ₹12 per share.
TVS Motor Company is extending its partnership with Singapore-based tech startup ION Mobility to enter Indonesia’s sports scooter segment. The entry will be through Project Dynamo, ION Mobility’s conceptual adaptation of TVS Motor’s premium flagship crossover electric two-wheeler TVS X.
Network18 Media & Investments Ltd reported a net loss of ₹61 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹34.5 crore in Q2 FY23. Its revenue from operations rose 20.4% YoY to ₹1,865.5 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY. Total expenses were up 38.61% YoY to ₹2,206.77 crore.
GMR Airports, affiliates to buy 11% extra stake in Hyderabad airport
GMR Airports Infrastructure Ltd and its affiliates will buy an additional 11% stake in GMR Hyderabad International Airport Ltd (GHIAL) from Malaysia Airports Holding Berhad’s unit. The deal is likely to be completed within 135 days from the date of execution of the agreement. GMR Airports currently holds a 63% stake in GHIAL. The acquisition will raise its stake to 74%.
Vi Business launches IoT in collaboration with C-DOT
Vodafone Idea’s enterprise arm Vi Business has launched the Internet of Things (IoT) lab-as-a-service through the telco’s collaboration with the Centre for Development of Telematics (C-DOT). The Vi C-DOT IoT lab is equipped to test 175+ scenarios that include network & functional testing, field testing, application testing, and compatibility testing.
Jubilant FoodWorks Q2 Results: Net profit falls 26% YoY to ₹97.2 crore
Jubilant FoodWorks reported a 26% YoY decline in net profit to ₹97.2 crore for the quarter ended September (Q2 FY24). The company’s revenue rose 5.2% YoY to ₹1,301.49 crore during the same period. This growth was driven by Domino’s delivery channel sales, which increased by 7.9%. Jubilant FoodWorks opened 60 new outlets across various brands in Q2.
Hinduja Group eyes $35-40 billion valuation in BFSI business
Hinduja Group is betting big on the Banking, Financial Services, and Insurance (BFSI) sector, targeting to have a value creation of $35-40 billion in the next 5-7 years by adding more verticals to fill up the gaps. The group is also looking at the mobility and energy sectors as the growth driver for the next decade.
Cabinet approves NPK fertiliser subsidy for 2023-24 rabi season
The Union Cabinet has approved a ₹22,303-crore subsidy for phosphatic and potassic (P&K) fertilisers and the nutrient-based subsidy (NBS) rates for nitrogen, phosphorus and potassium (NPK) fertilisers for the 2023-24 Rabi season amid falling international prices. The subsidy on P&K fertilizers will be based on approved rates to ensure adequate availability and affordable prices for farmers.
NIFTY started the day at 19,654 with a gap-down of 140 points (near the 19,650 support levels, which also coincides with the 38% Fibonacci retracement levels). It moved up 100 points and then gave a 70-point fall. After some consolidation, the index rallied nearly 140 points to 19,800 levels and took rejection there. Nifty closed at 19,751, down by 42 points or 0.22%.
BANK NIFTY (BNF) started the day at 44,322 with a gap-down of 276 points. The index consolidated near 44,200 levels and then tried moving up gradually. But at 2 PM, the index gave a strong breakout of the day’s high and moved up to 44,550 levels. Then, BNF fell sharply by 360 points to close near the day’s low. BNF closed at 44,287, down by 311 points or 0.7%.
All indices except Nifty Auto (+0.8%), Nifty Realty (+0.43%), Nifty Pharma (+0.3%), and Nifty FMCG (+0.3%) closed in the red. Nifty PSU Bank (-1.39%) fell the most.
Major Asian markets closed in the red. European markets are currently trading up to 0.9% in the red.
Today’s Moves
Tata Motors (+4.7%) was NIFTY50’s top gainer. The shares hit a fresh 52-week high of ₹669 as investors cheered Jaguar Land Rover’s highest-ever sales performance in H1FY24.
Midcap telecom stock ITI Limited (+19.98%) hit a new 52-week high of ₹271.1 amid high volumes.
Ircon International (+10.23%) surged after the Department of Public Enterprise granted ‘Navratna’ status to the company.
Axis Bank (-2.4%) was NIFTY50’s top loser. UBS has downgraded the stock to ‘Neutral’.
Infosys (-2.34%) fell over 4.4% as several leading brokerages did not support the company’s decision to reduce its revenue guidance for the third consecutive quarter.
Markets Ahead
The Indian markets were dragged by banking and IT stocks today, and inflation concerns in the U.S. also weighed on investor sentiment. While Nifty was trying to move higher, Bank Nifty faced strong selling pressure and is currently at a crucial support zone. If Bank Nifty moves further down, it can pull down Nifty as well.
On a weekly time frame, Nifty has crossed the hammer high from last week’s candle. However, Bank Nifty is looking weak and moving in a zone.
Nifty: The immediate support for the index is near 19,720 levels and there’s a major support near 19,640 levels. A breakdown from 19,720 may give us targets of 19,680, 19,640, and 19,600 eventually. A major resistance to watch out for is near 19,800 levels. A breakout from there could take the index up to 19,840 and 19,880 (gap-filling levels).
Bank Nifty: The immediate support to watch out for is near 44,200 levels. A breakdown from there might take the index down to 44,000 and 43,850 levels. BNF has an immediate resistance near 44,350 levels, and a breakout can be slowed up to 44,500 and 44,750 levels.
How did this week go? Are you in net profit or loss? Let us know in the comments section below!
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NIFTY started the day at 19,446 with a gap-down of 82 points. The index continued the fall till 19,375, gave a small retracement, and fell further to 19,330 levels. It then gave a strong rebound of nearly 115 points— reaching the day’s high of 19,460 levels. Niftyclosed at 19,436, down by 92 points or 0.47%.
BANK NIFTY (BNF) started the day at 44,108 with a gap-down of 290 points. After opening, the index fell to 43,900 levels— breaching the important round level support of 44,000. Then, BNF tried moving up, but the round levels acted as resistance and pushed the index down to 43,850 levels. Post 12 PM, the index mostly consolidated. BNF closed at 43,964, down by 435 points or 0.98%.
All indices except Nifty IT (+0.3%) and Nifty FMCG (+0.22%) closed in the red. Nifty PSU Bank (-2.83%) fell the most.
Major Asian markets closed flat-to-red (Japan’s Nikkei fell 2.28%). European markets are currently trading mixed.
Today’s Moves
Adani Enterprises (+3.2%) was NIFTY50’s top gainer. Abu Dhabi-based IHC has increased its stake in the company to over 5%.
Shares of Tata Investment Corp (+6.3%) are up 40% so far for the year, which is its best annual performance since 2009.
Adani Wilmar (+5.8%) snapped its 4-day fall. The shares jumped up to 9% today on the back of strong volumes.
Axis Bank (-4.3%) was NIFTY50’s top loser. A report suggested that the bank is likely to raise up to ₹10,000 crore through a QIP in the coming weeks. Axis Bank called the report speculative and incorrect.
Indiabulls Housing (-7.1%) fell sharply. The stock came under NSE’s F&O ban for October 4. In other news, the company will be renamed Samman Capital soon.
Maruti Suzuki (-2.1%) moved down after the automaker received a draft assessment notice for unpaid dues worth ₹2,160 crore from the Income Tax department for FY2019-20.
Markets Ahead
Markets are looking weak. It gave a decent fall without much retracement. Now, the markets are holding major long-term support zones. Nifty made a hammer candlestick in the daily time frame, whereas Bank Nifty looks bearish. So if the indices breach the important levels discussed below, they may turn into a bearish trend for the rest of the quarter.
Nifty: The immediate resistance for the index is near 19,480-500 levels. The important support level is near today’s low of 19,300 levels. Looking at the reversal from the bottom, the index could move a little higher tomorrow. If 19,500 is crossed, Nifty may be choppy and volatile till 19,560 levels are crossed. After that, 19,640 and 19,700 could be targets on the upside. A breakdown of 19,400 may give us targets of 19,340 and 19,280 eventually.
Bank Nifty: The immediate resistance to watch out for is near 44,000, and the next resistance is at 44,200 levels. A breakout from these levels could give us targets of 44,370 and 44,500 eventually. A breakdown from today’s low may give us targets of 43,720 and 43,630.
The 3-day meeting of the RBI’s Monetary Policy Committee (MPC) to deliberate on interest rates started today. Its outcome is due on October 6 (Friday).
How did BNF expiry go? Let us know in the comments below!
Do tune in to The Stock Market Show at 7 PM on our YouTube channel!
Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.
Here are some of the major updates that could move the markets on Wednesday:
India’s retail inflation surges to 7.44% in July
India’s retail inflation (measured by the Consumer Price Index) surged 7.44% on an annual basis in July, compared to 4.81% in June. The consumer food price index (CFPI) rose from 4.49% in June to 11.51% in July. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.
ITC Q1 Results: Net profit rises 17.5% YoY to ₹4,902 crore
ITC reported a 17.5% YoY rise in net profit to ₹4,902.74 crores for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations fell 7.23% at ₹16,995.4 crore during the same period. EBITDA stood at ₹5,083 crore in Q1, up 10% YoY. Revenue from ITC’s core cigarette business grew 13% to ₹7,465.27 crore.
In other news, ITC’s board has approved the scheme of arrangement for the demerger of its hotels business into a separate listed subsidiary. Shareholders of ITC will get 1 share in the demerged hotels business for every 10 shares held in the parent company.
Axis Asset Management (the mutual fund arm of Axis Bank) has launched a private credit alternative investment fund (AIF) and is aiming to raise nearly ₹1,250 crore from investors. The private credit fund is part of Axis Mutual Fund’s alternative assets business, which includes late-stage private equity and real estate AIFs on the private markets side and portfolio management services and long-only equity AIFs on the public markets side.
Divi’s Labs Q1 Results: Net profit falls 49% YoY to ₹356 crore
Divi’s Laboratories reported a 49% YoY decline in consolidated net profit to ₹356 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 21% YoY to ₹1,778 crore during the same period. Total expenses stood at ₹1,367 crore in Q1, down 8% YoY.
SEBI seeks 15-day extension to complete probe in Adani-Hindenburg case
The Securities and Exchange Board of India (SEBI) has requested the Supreme Court to grant 15 more days to conclude the investigation into allegations made by US short-seller Hindenburg Research against the Adani Group. SEBI has completed investigating 17 out of the 24 transactions it had taken up for probe. The regulator has sought more information from other regulators and foreign jurisdictions to plan a further course of action.
SpiceJet Ltd reported a consolidated net profit of ₹197.64 crore for the quarter ended June (Q1 FY24). The airline reported a loss of ₹783.72 crore in Q1 FY23. its revenue from operations fell 19% YoY to ₹2,371.53 crore during the same period. The company’s profit was on the back of a 36% Yoy decline in total expenses to ₹2,069.24 crore in Q1.
According to the Directorate General of Civil Aviation (DGCA), India’s domestic air passenger traffic volume rose 25% year-on-year (YoY) to 1.21 crore passengers in July. IndiGo carried 76.75 lakh passengers, securing a market share of 63.4% during July. SpiceJet flew 5.04 lakh passengers in July, with a market share of 4.2%.
Ramkrishna Forgings secures $13.65 million order in North America
Ramkrishna Forgings has secured a $13.65 million (~₹107 crore) order from clients in the North American region. The order is for the supply of rear axle and transmission components. The company said it is strategically expanding its footprint in North America and strengthening its position within the light vehicle sector.
Ashok Leyland will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd. The automaker will invest ₹300 crore into the acquired entity. The acquisition is a part of the company’s EV strategy to engage in the business of e-Mobility as a Service (eMaaS). OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS.
L&T secures contract to build international cricket stadium
Larsen & Toubro (L&T) Construction has secured an order from the Uttar Pradesh Cricket Association to construct a cricket stadium in Varanasi on a Design & Build Turnkey basis. The scope of work for L&T includes the main ground as per ICC standards, display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen & dining areas, and a practice ground.
Here are some of the major updates that could move the markets today:
Banking and financial services, real estate, and auto sectors will be in focus around the RBI Interest Rate decision at 10 AM.
Stocks
ZEEL reported a 97% YoY fall in profit to Rs 3.87 crore due to exceptional losses. Revenue increased by 7.6% and subscription revenue also increased.
Axis Bank’s board has approved for fresh capital infusion of Rs 1,612 crore in Max Life, taking total stake to over 19%.
Tata Power reported a 22% YoY increase in consolidated profit to Rs 972.5 crore.
Eicher has announced a partnership with Amazon. The e-commerce giant has committed to buying 1,000 electric trucks.
BSE reported 10x growth in consolidated profit to Rs 442.66 crore, due to a 5% stake sale in CDSL and other income. Revenue grew by 15.4% on-year to Rs 215.62 crore.
Major results today: Hero Motocorp, Manappuram, Grasim, LIC, Apollo Tyres, SAIL
What Happened Yesterday?
NIFTY started the day flat at 19,578. Yesterday’s low was broken immediately and there was consolidation near 19,470. But after noon, a crazy rally was seen even crossing the day-high. NIFTY closed at 19,632, up by 61 points or 0.32%.
BANK NIFTY started the day flat at 44,973 and fell. Banks also rallied up in the second half and the index moved back up 400 points. However, the day’s high was not broken. BANK NIFTY closed at 44,880, down by 83 points or 0.19%.
Even with the crazy moves, important levels were respected in the market.
What to Expect Today?
US markets closed in the red after high volatility.The European markets closed in green.
The Asian markets are trading mixed.
The U.S. Futures are trading in the green.
GIFT NIFTY is trading flat at 19,604.
All the factors combined indicate a flat opening in the market.
NIFTY has support at 19,617, 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720.
BANK NIFTY has support at 44,800, 44,520, 44,277 and 44,000. Resistances are at 44,900, 45,100, 45,229 and 45,472.
NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,500. PCR is at 1.09.
BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is also at 45,000. PCR is at 0.71.
U.S. markets had a highly volatile day again but closed in the red again. Futures are in the green, there is a higher chance for our markets to open flat.
NIFTY technicals indicate consolidation with a bearish bias. There are once again heavy call sellers in the market.
Bank Nifty put sellers had exited positions even with the afternoon rally. This gives some breathing space for the index on the lower side. However, there are 4 lakh call contracts at 45,000. If the 45,100 is crossed, I expect a good rally in the index as FIIs have returned as buyers.
NIFTY’s technical data is indicating bullishness, with a strong green candle yesterday. We will need to watch 19,650.
RBI Interest Rate Decision Today:
All eyes will be on the RBI Monetary Policy decision to be announced at 10 AM today by Shaktikanta Das. Expect some volatility around the time of the announcements.
2 factors will play out today: increased vegetable inflation and surplus liquidity in the banking system reaching a 14-month high(this leads to high inflation). But the expectation is that RBI will keep interest rate the same for now.
Just like we expected, Wednesday’s trading session was a dhamaka. Today, it would be best to trade with levels and your strategy with strict stop-losses, rather than trying to predict where the market will go.
Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!
Ensure you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!
People often have money they want to save for later instead of spending it right away. A savings bank account allows you to deposit your money safely with the bank, so you don’t have to carry it around or hide it in that rusted old steel safe at home. It is the most basic account that you can open at any bank. In this article, we will discuss a few of the best savings bank accounts available in India that can provide a seamless banking experience.
How to Choose a Savings Bank Account?
Here are some of the key factors to consider before opening a savings bank account:
1. Interest rates
Compare the interest rates offered by different banks. Look for accounts that offer competitive or relatively high interest rates to maximise your savings.
2. Minimum Balance
Check the minimum balance requirement for each account. Choose an account that aligns with your financial situation and can be easily maintained to avoid penalties.
3. Fees and charges
Take note of any fees and charges associated with the savings account, including maintenance, ATM, or transaction fees. Choose an account with minimal or no charges, particularly if you plan to conduct regular transactions.
4. Withdrawal and transaction limit
Transaction and withdrawal limits on savings bank accounts refer to the maximum amount of money that can be transacted or withdrawn from the account within a specified period. The banks set these limits to ensure security, manage liquidity, and prevent misuse or fraudulent activities.
Look out for daily withdrawals, transactions, and other transfer limits before you open an account.
5. Customer service
Evaluate the quality of customer service provided by the bank. Check online reviews and ratings to gauge customer satisfaction and responsiveness to queries or complaints. Opting for a bank with an extensive network of branches can enhance your banking experience. Additionally, ensure the availability of a nearby branch for your convenience.
6. Bank’s financial health
Before opening a savings account, assess the bank’s financial health. Look for indicators like capital adequacy, asset quality, profitability, and liquidity. Consider credit ratings, regulatory compliance, reputation, and track record to ensure the safety and growth of your funds.
Best Savings Bank Accounts in India
1. State Bank of India (SBI)
State Bank of India (SBI) is a multinational public sector bank and the largest bank in India. SBI offers a variety of savings accounts with different interest rates. The interest rate on SBI savings accounts ranges from 2.70% to 4.25%, depending on the balance. Furthermore, SBI offers several other features, such as free ATM withdrawals, online banking, and mobile banking.
As of March 31, 2023, the State Bank of India (SBI) has 28,802 branches in India. SBI also has a network of over 62,617 ATMs and 71,968 Business Correspondent (BC) outlets across India. Additionally, SBI has a market share of 27.24% as of FY23, making it the largest bank in India.
The various types of saving accounts offered by SBI are:
Basic Savings Account (under Pradhan Mantri Jan Dhan Yojna)
Savings Bank Account
Basic Small Savings Account
Savings Account for Minors
Savings Plus Account
Insta Plus Video KYC Savings Account
Interest rate offered by SBI savings account
Balance
Interest Rate (per annum)
Less than ₹10 crore
2.70%
₹10 crore & Above
3.00%
2. HDFC Bank
HDFC Bank is the largest private-sector bank in India by assets. The bank offers a savings account with an interest rate of 3%. HDFC Bank has branch networks across several countries outside India, including the United States, the United Kingdom, Singapore, and the United Arab Emirates. The bank’s international presence is growing, and it plans to open more branches in other countries in the coming years.
As of March 31, 2023, HDFC Bank has 7,821 branches in India. HDFC Bank also has a network of over 19,727 ATMs and 5,200 Business Correspondent (BC) outlets across India. HDFC Bank has a market share of 18.71% in the Indian banking sector. After the State Bank of India (SBI), it is the second-largest bank in India in terms of market share.
The various types of saving accounts offered by HDFC Bank are:
Regular Savings Account
Women’s Savings Account
Savings Max Account
Specialé Gold and Specialé Platinum
DigiSave Youth Account
Senior Citizen’s Account
Kids Advantage Account
Basic Savings Bank Deposit Account
Super Kids Savings Account
Instant Savings Account Online
Interest rate offered by HDFC Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh & Above
3.50%
3. Axis Bank
Axis Bank is a private-sector bank and is the fourth-largest bank in India by market capitalization and the fifth-largest bank in India by assets. The bank’s market share in the Indian banking sector is 5.64% as of March 31, 2023. This makes it the fourth-largest bank in India by market share.
The bank has 5,238 branches in India. The bank also has a network of over 15,953 ATMs and cash recyclers across India.
Axis Bank’s market share has been growing steadily over the past few years. In 2018, the bank’s market share was 3.9%. This growth is due to several factors, including the bank’s strong financial performance, a wide range of products and services, and strong brand reputation.
The various types of saving accounts offered by the bank are:
EasyAccess Savings Account
Prime Savings Account
Future Stars Savings Account
Senior Privilege Savings Account
Pension Savings Account
Insurance Agent Account
Basic Savings Account
Small Basic Savings Account
Liberty Savings Account
Prestige Digital Savings Account
Priority Digital Savings Account
Burgundy Digital Savings Account
Government Scholarship Savings Account
Interest rate offered by Axis savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh to ₹800 crore
3.50%
4. ICICI Bank
ICICI Bank is a multinational banking and financial services company headquartered in Mumbai, India. It is the third-largest bank in India by market capitalization and the second-largest private-sector bank in India by assets.
As of March 31, 2023, ICICI Bank has 6,612 branches, over 15,589 ATMs, and 13,135 Business Correspondent (BC) outlets across India. ICICI Bank has a 14.01% market share.
The various types of saving accounts offered by ICICI Bank are:
Insta Save Account
Advantage Woman Aura Savings Account
Advantage Woman Savings Account
Seniors Club Savings Account
Young Stars Savings Account
Smart Star Savings Account
Retire Happy Savings Account
Family Savings Account
Regular Savings Account
Silver Savings Account
Basic Savings Bank Account (BSBDA)
Easy Receive Savings Account
Professional Savings Account
ICICI Bank@Campus Savings Account
Interest rate offered by ICICI Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh & Above
3.50%
5. Kotak Mahindra Bank
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in personal finance, investment banking, life insurance, and wealth management.
Kotak Mahindra Bank’s market share in the Indian banking sector is 3.51% as of March 31, 2023. The bank has 1,780 branches and 2,963 ATMs across India.
Interest rate offered by Kotak Mahindra Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 crore
3.50%
₹50 lakh & Above
4.00%
In conclusion, several top savings bank accounts in India offer various benefits and features suited to different individuals’ needs. It is essential to consider factors such as interest rates, minimum balance requirements, customer service, fees, and digital banking facilities while choosing the best savings account. Moreover, every savings account has account-specific minimum balance requirements, withdrawal, and transaction limits. Overall, the best savings bank account is the one that best meets all your needs!
Here are some of the major updates that could move the markets tomorrow:
Axis Bank Q1 Results: Net profit rises 40% YoY to ₹5,797 crore
Axis Bank reported a 40% year-on-year (YoY) increase in consolidated net profit of ₹5,797 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 27% YoY to ₹11,959 crore during the same period. The bank’s operating profit grew 50% YoY to ₹8,814 crore. The gross non-performing assets (GNPA) ratio declined by 80 basis points to 1.96% in Q1 FY24.
M&M acquires 3.53% stake in RBL Bank for ₹417 crore
Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank Ltd for ₹417 crore. The automaker said it will consider further investment subject to regulatory approval and required procedures, but won’t acquire more than a 9.9% stake. While the exact date of the transaction remains unclear, RBL Bank had not mentioned M&M in its June shareholding data.
Tech Mahindra Q1 Results: Net profit falls 39% YoY to ₹693 crore
Tech Mahindra reported a 39% YoY decline in consolidated net profit to ₹693 crore for the quarter ended June (Q1 FY24); missing street estimates. Its consolidated revenue rose 4% YoY to ₹13,159 crore during the same period. EBITDA fell 29% YoY to ₹1,338 crore in Q1. The new deal wins in the June quarter more than halved to $359 million.
Embassy Office Parks REIT expects to lease 6 million sq ft of office space in FY24
Embassy Office Parks REIT expects to lease 6 million sq. ft. of office space in FY24, despite global financial turmoil and corporates reassessing their real estate portfolio. The company leased 1.1 million sq. ft. across 22 deals, encompassing 4 lakh sq. ft. of new leases and pre-leasing of 4.48 lakh sq. ft., at premium rates to market rents. In Q1 FY24, Embassy REIT achieved a net operating income (NOI) of ₹738 crores, marking a 9% YoY growth.
Cipla Q1 Results: Net profit rises 45% YoY to ₹996 crore
Cipla Ltd reported a 45% YoY increase in consolidated net profit to ₹996 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations stood at ₹6,329 crore during the same period, up 18% YoY. EBITDA grew 31% YoY to ₹1,494.02 crore in Q1. The 12% growth in its Indian business was led by growth across branded prescription, trade generics, and consumer health.
BHEL synchronises 660 MW Unit-2 of Maitree thermal power project
Bharat Heavy Electricals Ltd has synchronised 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters. Maitree STPP is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL).
Dr Reddy’s Labs Q1 Results: Net profit rises 18% to ₹1,405 crore
Dr Reddy’s Labs reported an 18.2% YoY increase in consolidated net profit to ₹1,405 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations rose 29% YoY to ₹6,758 crore during the same period. The growth in the consolidated revenue of Dr Reddy’s was primarily on account of new product launches, continued momentum in existing products, and favourable forex rates movement.
Shree Cement to invest ₹7,000 crore on capacity expansion
Shree Cement said it will invest ₹7,000 crore for capacity expansion in the next phase of capacity augmentation. The company will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. It will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh.
Tata Consumer Q1 Results: Net profit rises 30% YoY to ₹359 crore
Tata Consumer Products Ltd reported a 30% YoY increase in consolidated net profit to ₹359 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 12% YoY to ₹3,741 crore during the same period. The revenue growth is mainly driven by a strong 16% uptick in India Business, 3% in international business, and 5% in non-branded business. EBITDA stood at ₹547 crore in Q1, up 19% YoY.
Tata Motors to convert DVR shares to ordinary shares
The board of Tata Motors approved the cancellation of its entire DVR or ‘A’ ordinary shares. Holders of the DVR will get seven ordinary shares for every 10 DVRs held. This marks a premium of 23% over the previous day’s close of the DVR shares and a 30% discount to Tata Motors’ ordinary shares. The proposed scheme to cancel DVR shares will lead to a reduction in Tata Motor’s outstanding equity shares by 4.2%.
Bajaj Finance Q1 Results: Net profit rises 32% YoY to ₹3,437 crore
Bajaj Finance reported a 32.4% YoY increase in consolidated net profit to ₹3,437 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 35% YoY to ₹12,498 crore during the same period. Net interest income (NII) for the quarter increased by 26% YoY to ₹8,398 crore. The company’s assets under management (AUM) as of June 30 stood at ₹2.70 lakh crore, up 32% from the year-ago period.
Wipro Ltd reported a 0.4% YoY fall in consolidated net profit to Rs 3,074 crore for Q4 FY23. Its revenue from operations rose 11% YoY to 23,190 crore during the same period. Revenue from IT Services rose 4% YoY to $2,823 million in Q4. Total order wins for the fourth quarter was up 29% YoY to $4.1 billion.
The IT company’s board has approved a buyback of shares through the tender offer at Rs 445 per share. Wipro will buy back nearly 26.9 crore shares from shareholders.
Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer
IndusInd International Holdings (part of the Hinduja Group) was the sole bidder for Reliance Capital in a bankruptcy auction, offering ₹9,650 crore in upfront cash. Other potential bidders, Torrent Investments and Oaktree Capital, did not submit bids despite indicating earlier that they would participate. The auction process ended with no counteroffers. Hinduja’s offer represents a 41% recovery for lenders.
Tech Mahindra Q4 Results: Net profit falls 25.8% YoY to Rs 1,118 crore
Tech Mahindra reported a 25.8% YoY decline in consolidated net profit to Rs 1,118 crore and an operating revenue of Rs 13,718 crore, up 13.2% YoY, for Q4 FY23. EBITDA declined 3.2% YoY to Rs 2,021 crore. The company’s board has approved a dividend of Rs 32 per share.
Axis Bank reported a loss of 5,278 crore for Q4 FY23 due to the acquisition of Citi India’s retail consumer business. The bank’s net interest income (NII) rose 33.1% YoY to Rs 11,742.2 crore. The gross non-performing asset (GNPA) ratio improved to 2.02% in Q4 FY23, compared to 2.3% in Q3 FY23. The board has recommended a dividend of Rs 1 per share.
GCPL signs pact to buy Raymond Consumer Care’s FMCG business
Godrej Consumer Products Ltd (GCPL) has signed an agreement to acquire Raymond’s Consumer Care business for Rs 2,825 crore in cash. The acquisition is expected to be completed by May 10, 2023. It will help increase GCPL’s presence in the male grooming space and foray into the sexual wellness category. The deal includes the trademarks of Park Avenue (for FMCG), KS, KamaSutra, and Premium through a slump sale.
LTIMindtree reported a net profit of Rs 1,114 crore for Q4 FY23, which is flat compared with the same period last year. Revenue from operations rose 22% YoY to Rs 8,691 crore in Q4 FY23. Its order inflow for the quarter came in at $1.35 billion. The company’s board has recommended a final dividend of Rs 40 per equity share.
Mahanagar Gas Ltd (MGL) plans to diversify its portfolio beyond the city gas distribution (CGD) business and enter the compressed biogas (CBG) segment, electric vehicles market, equipment manufacturing for CGD companies, and retailing LNG as fuel for long-haul transportation. The move is aimed at expanding its business and reducing its dependence on CGD.
Dilip Buildcon wins order worth Rs 1300 crore from NHAI
Dilip Buildcon’s two wholly owned subsidiaries have executed a concession agreement worth Rs 1,373.6 crore with the National Highways Authority of India (NHAI). The agreement includes two projects for building highways in Andhra Pradesh worth Rs 599.5 crore and Rs 774.10 crore. The company has committed to completing the projects within 24 months and operating them for 15 years.
IOCL signs pact with Tesla Power USA to provide automotive batteries
Indian Oil has formed a strategic alliance with Tesla Power USA to provide automotive batteries at fuel stations in India. Tesla Power batteries will initially be available at select Indian Oil fuel stations in the National Capital Region (NCR) and subsequently in other states. The partnership aims to bring convenience to customers and leverage Indian Oil’s extensive network of 36,000 petrol pumps.
Reliance JV signs content streaming deal with Warner Bros
Reliance’s Viacom18 has signed a deal with Warner Bros Discovery to bring the latter’s content onto its streaming platform JioCinema, in a move to compete with rivals such as Netflix and Amazon. As per the deal, HBO Original, Max Original and Warner Bros. Television series will premiere on JioCinema on the same day as the US. The development comes almost a month after all HBO content left its long-time home Disney+ Hotstar.
Bharti Airtel’s 5G service now available in 3,000 cities
Bharti Airtel’s 5G service is now accessible to customers in 3,000 cities and towns across India. The telecom company is steadily expanding its 5G coverage and adding 30-40 new cities to its 5G roadmap every day. After Jio, Airtel also launched unlimited 5G data for its customers.
Here are some of the major updates that could move the markets tomorrow:
India’s manufacturing PMI hits a three-month high of 56.4 in March
India’s manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in March, compared to 55.3 in Feb. Foreign demand for Indian goods increased as well, with new export orders rising in March.
PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.
Maruti Suzuki India wholesale sales remained flat at 1.70 lakh units in March 2023. Sales of its mini & compact vehicle segment fell 14% YoY to 83,714 units. Exports rose 13.7% YoY to 30,119 units.
Tata Motors Ltd registered a 4% YoY increase in passenger vehicle sales to 44,225 units in March. The automaker’s commercial vehicle sales remained flat at 46,823 units.
Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 35,997 units in March, an increase of 30% YoY. M&M’s tractor sales rose 18% YoY to 35,014 units.
TVS Motor Company’s total sales stood at 3.17 lakh units in March, up 3% YoY.
Axis Bank launches business management solution for merchants
Axis Bank, in partnership with Visa, launched an app that will empower merchants to accept payments through various digital modes and enable them to manage their day-to-day business digitally. The app (Digital Dukaan) has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing.
The Indian government is considering selling NTPC Ltd’s two hydropower firms to NHPC Ltd to create a single hydropower company. This move will improve efficiency, cut costs, and help meet high demand at night when solar projects do not run. NTPC acquired the projects (THDC India Ltd and NEEPCO) three years ago for about $1.34 billion under a consolidation plan by the Indian government.
Steel Authority of India (SAIL) has reported a 5.3% year-on-year rise in crude steel production to a record 18.28 million tonnes (MT) in the financial year 2022-23, with hot metal production up 3.6% YoY to 19.40 MT. SAIL, the country’s largest steel producer, has been focusing on value-added and special-steel production. It has five integrated and three special steel plants across India.
SpiceJet hives off cargo and logistics business into separate entity
SpiceJet Ltd has separated its cargo and logistics business, SpiceXpress, into a separate entity named SpiceXpress and Logistics Pvt Ltd. The move has resulted in a one-time gain of Rs 2,555.77 crore for SpiceJet. The separation also enables SpiceXpress to raise funds independently. SpiceXpress, which reported a net profit of Rs 51.4 crore for the April-December period of FY23, is expected to attract more investments and partnerships to further grow its business.
Yulu and Zomato announce tie-up for last-mile deliveries
Yulu, a shared electric Mobility-as-a-Service (MaaS) platform, has partnered with food delivery platform Zomato to use Yulu DeX EVs for intra-city deliveries. Yulu will provide about 25,000-35,000 Yulu DeX to delivery partners onboarded on Zomato’s platform for last-mile deliveries on custom-made rental plans. Once deployed, these Yulu DeX have the potential of serving 3 lakh green deliveries every day by 2026.
TCS secures contract from Norwegian rail network operator Bane NOR
Tata Consultancy Services (TCS) has won a contract from Bane NOR to enable secure access to its digital systems. As TCS’ strategic partner, the company will provide identity governance and administration, access management, identity lifecycle management, and application management operations in a managed services model. Bane NOR is the government agency responsible for maintaining and developing the Norwegian railway network.
Tejas Networks has received an advance purchase order worth Rs 696 crore from Bharat Sanchar Nigam Limited (BSNL) to upgrade its pan-India IP-MPLS-based Access and Aggregation Network (MAAN). The company will supply, install, and commission over 13,000 of its TJ1400 series of next-generation routers for a converged multi-service packet network being rolled out nationwide.
Oil prices surge 8% after OPEC+ announces surprise output cut
Oil prices surged nearly 8% today morning, with Brent Crude making a high of $86.44 after Saudi Arabia and OPEC+ announced a surprise cut in production of around 1.16 million barrels per day. West Texas Intermediate or WTI Crude prices also surged up to 7.5% to $81.58 per barrel. The cuts will begin in May and go on till the end of the year.
Here are some of the major updates that could move the markets tomorrow:
India set to unveil new foreign trade policy 2023-28
The Indian government is set to unveil a new Foreign Trade Policy 2023-28 tomorrow to boost exports amid slowing global trade. Minister for Commerce and Industry Piyush Goyal will announce the policy, which is expected to outline the vision statement for taking India’s goods and services exports to $2 trillion by 2030. The country is likely to end this financial year with total exports of $760 billion, up from $676bn in 2021-22. The new policy is likely to incorporate WTO-compliant export promotion measures and is expected to boost India’s position in the global trade arena.
Adani Group aims 20% earnings growth every year to repay $23 billion in debt
The Adani Group plans to achieve a 20% growth in earnings across its various businesses to repay its debt of about $23 billion over the next 3-4 years. The business group, which has been severely impacted by US short-seller Hindenburg Research’s report that wiped off $135 billion in market value of its listed companies, has been meeting with stakeholders to address their concerns. Adani’s businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres.
Axis Bank, Shriram Housing Finance announce partnership for co-lending
Axis Bank and Shriram Housing Finance Ltd (SHFL) have partnered under the co-lending model through the Yubi Co.Lend platform to offer secured micro, small & medium enterprise (MSME) and home loans to middle and low-income borrowers in rural and semi-urban regions. The partnership will use the loan processing technology of SHFL and the financial expertise of Axis Bank to assess the credit profiles of borrowers and offer them loans at competitive interest rates.
HDFC Bank has announced the launch of its 500th branch in Tamil Nadu’s Madurai district, with plans to expand further in semi-urban and rural areas of the state. The bank opened its first branch in Tamil Nadu in 1995 in Anna Salai, and it now has a nationwide distribution network of 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities/towns as of December 31, 2022. The new branch at Arasaradi was inaugurated by the state Finance Minister Palanivel Thiaga Rajan.
Tata Power approves re-appointment of Praveer Sinha as CEO and MD
Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years starting May 1, 2023. Sinha currently chairs the CII Western Region council and co-chairs the CII National Committee on Power. He has held several leadership positions across the power sector value chain and was instrumental in driving the turnaround of Tata Power Delhi Distribution Limited. He has also contributed towards promoting innovations in the clean energy space by setting up the first international incubator in India.
Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to purchase and sell hydrogen at their refineries. The partnership aims to minimize valuable hydrogen flaring, improve environmental impact and promote cooperation and collaboration in hydrogen exchange between both refineries to sustain operations and ensure uninterrupted product availability.
Indian pharma firm Granules opens packaging facility in US
Granules India Ltd has opened a new packaging facility in Virginia, US, to expand its capacity for essential drugs and strengthen the biopharma supply chain. The pharma company has invested more than $100 million in the US and was one of the first Indian pharmaceutical firms to receive FDA authorisation to export to the US. The company employs nearly 200 people in Virginia, a majority of whom are first-generation Indians.
Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution in the US. The solution is used to treat high fluid pressure in the eye. According to IQVIA data, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.
