Tit - bits
Photo: IIFL
In the afternoon trade the Nifty is hovering around 10,650 level. IT and pharma shares supported the indices while banks and FMCG shares are showing negative performance.

At 02.50 IST, the barometer index, the S&P BSE Sensex, was trading at 36,244.88 up 193.07 points (+0.54%) and NSE is seen at 10,666.70 up 48.50 points (+0.46%).

The broader market was mixed. The S&P BSE Mid-Cap index was up 0.02% while the S&P BSE Small-Cap index was down 0.66%.

On the BSE, 824 shares rose while 1631 shares fell. A total of 138 shares remained  unchanged. In Nifty 50 index, 18 stocks advanced while 32 stocks declined. 

Yesterday, the Foreign portfolio investors (FPIs) sold shares worth Rs.221.70 crore. The domestic institutional investors (DIIs), were net sellers to the tune of Rs 899.37 crore as per provisional data.

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#Buy 23000 Bank Nifty 30July, 2020 call options at around Rs.159/160. T: Rs.210. SL: Rs.130.
It is pertinent to mention here that it is true that the banking sector could see an unprecedented number of bad loans due to Covid  - 19 crisis. And various analysts have already expressed their concerns that in a couple of years, the proportion of stressed assets in the banking system could jump to as high as 18% from around 11% at present. 
Hence, to tackle this upcoming challenge, the banking industry has proposed the setting up of a government-backed bad bank. This positive sentiment is likely to propel the bank scrips to higher levels in the coming days.

#Those who have bought the shares of Texmo Pipes and Products Ltd (Rs.12.75), should only average after the scrip price stabilizes.  The company has high profile clients. 

Comments

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