Stock Market Today: The domestic indices NSE Nifty 50 and BSE Sensex had a strong start today as the GIFT Nifty is trading up 83 points and reached at 24,328. As markets considered statistics indicating a consistently tight labour market and the possibility of interest rate decreases after remarks made by Federal Reserve Chair Jerome Powell, global stocks slightly increased while U.S. Treasury yields decreased. Powell said at a conference in Portugal that the Fed needs more data before reducing rates to make sure the recent lower inflation readings accurately reflect underlying price pressures.
Stock Market Today: Stocks in focus
HDFC Bank
The Indian banking and financial services firm HDFC Bank Limited, or simply HDFC, has its main office in Mumbai. According to the June 2024 quarter shareholding statistics, FII shares in the bank decreased from 55.54% at the end of the March quarter to 54.83%, which suggests that the bank’s weighting in the MSCI indices will probably increase. Reports from CNBC-TV18 state that analysts anticipate the lender to get FII inflows of $3 billion to $4 billion.
Yes Bank
Yes Bank, often known as YES BANK, is a Mumbai-based private sector bank that serves corporate, MSMEs, and retail clients in India. For Q1FY25, the private sector lender reported loans and advances growing by 14.8% year over year to Rs 2.29 lakh crore. According to preliminary figures, deposits increased by 20.8% YoY to Rs 2.64 lakh crore during the quarter.
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