The 2:30 PM pre closing update

Markets are ruling at almost never before kin of euphoria at 5180 rising 80 points after expiry on Thursday pushed out the sails. The repopulating of the Active board of stocks on the exchanges threw up a finer concentration of banks on Friday and then today when remaining PSU banks like Allahabad Bank and BOB, OBC and even Syndicate Bank profits were faster, higher and stronger for India Inc which went back on the weekend with 15% Sales increase and 8% profit increase on year (yoy) among reporting companies

The Dollar taking the time to run at every gap in the rally on the NSE now at 55.55 in Spot and much hiugher in the August series premium but not an easy winning trade for thos ebuying the rupee at its near bottom. Credit Policy is likely to be seen with even chances of a rate cut/CRR cut tomorrow and that coupled with its being a recovery rally means tomorrow could be 2 parts cataclysmincal and1 part optimistic not unlike today markets which are 2 parts hope and the third part already over cataclysm in the July series

OBC Q1 Gross NPAs are down to below 3% and its the only one apart from BOB to plot the downward trajectory of NPLs expected to begin from the next quarter..Gross NPAs are now as low as INR 34 B

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