Nifty Ends Up Even as Banks Go Through Volatility; Dow Futures In Green

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Nifty Ends Up Even as Banks Go Through Volatility; Dow Futures In Green

By Aditya Raghunath -- As the possibility of a Vodafone Idea Ltd (NS: VODA ) collapse grew, the banking sector got the jitters causing a lot of volatility in markets today. However, Nifty 50 and the BSE Sensex 30 closed up 0.22% and 0.23% respectively.

Banks like SBI, IDFC (NS: IDFC ) First Bank Ltd (NS: IDFB ), Yes Bank Ltd (NS: YESB ) and IndusInd Bank have exposure in the thousands of crores to the telecom company, and they all ended lower today. State Bank Of India (NS: SBI ), down 3.28%, IndusInd Bank Ltd. (NS: INBK ) down 2.33% and ICICI Bank Ltd (NS: ICBK ) down 1.84% were the top losers on Nifty today. They were followed by Bajaj Finance (NS: BJFN ) and Bajaj FinServ who lost 1.75% and 1.3% respectively.

Bharti Airtel Ltd. (NS: BRTI ) gained 3.86% as its rival continues to hurt. Eicher Motors Ltd. (NS: EICH ) and ITC Ltd (NS: ITC ) gained over 3% each as well. Tech Mahindra Ltd (NS: TEML ) closed 2.75% up.

US stocks are set to open marginally higher, with recent corporate earnings and economic data having been generally strong. As of this report, Dow Jones 30 Futures was up 0.2%, while S&P 500 Futures was, 0.27%, and Nasdaq 100 Futures was up 0.26%.

Asian markets were mixed with Nikkei 225 closing up 0.52% while KOSPI 50 and the Shanghai Composite closed down 0.13% and 0.31% respectively.

Crude oil continues to remain below $69. China tightened travel restrictions in order to try and curtail the country’s worst Covid-19 outbreak in months, cancelling some domestic flights and suspending a number of rail lines.

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