The 1PM Update – Banknifty survives Canara cranking, goes to new Bahai’s

Banknifty’s not so new found love for numbers and edge of the seat targets for its club of 12 banks caused some consternation to the bank index and to Banknifty in the afternoon with Canaraa Bank reporting only INR775 crores in profits but the last growing NPAsNet NPAs above 2% for Caanara Baank and SBBJ half an hour ago still worring participants though it was the last of the NPA recognition rush and provision coverage at both is good to great above 90% of non performing/ dubious loans

Tata Global enjoyed a good pop on 153 rores in profits after finance charges from 98 crores as the unit gets ready top roll out Starbucks to a coffee happy indian diletantte hether in Delhi and Mumbai or in Bangalore

Banknifty though has a new religion of probably being shorn of the sloth of July as market sentiment has distinctly improved after earlier misinformed reports of Sales growth stunted or profit stunted from the first 114 reporting companies. Misinformed in the selection of the universe, one can see a distinct trend of good candidates managing a good result and that has also mean adding confidence and esp in the Banknifty, ready to lead the charge and even expiry , depending on ho things look at every instant could keep moving to respectable elvels as shorts have to exit this market (totally tech adds: ” and sell puts till expiry instead…”)

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