The RBI's suspected intervention prompted short speculative dollar positions to exit and importers to step up hedges for near maturities, a trader at a private sector bank said.

When it comes to banks, we are dealing with the problem of plenty. What is happening is that most of the banks are delivering good numbers and the issue is because of the over ownership.

The overall numbers look good. They were above estimates, mainly the beat was due to the higher NIMs expansion and also if we look they have scaled up the contingent provisions which was a key positive. In terms of key negative which you have highlighted that the deposit mobilisation moderated bit on YoY basis as well as on a quarter-on-quarter basis.

​Now some people might be happy not to create wealth but most people in my generation, most of my client base want to create a degree of wealth for themselves and I am afraid that is not going to come from investing in fixed deposits in a country like India, that is only going to come from investing in high quality equities.

Also, a meeting of the banks board of directors will be held on Tuesday, January 24, 2023, to consider, approve and take on record its financial results for the quarter and nine months ended December 31, 2022, the bank said in a BSE filing

The bank has been improving its core operating profitability led by strong sector tailwinds along with improvement in the credit cycle that is resulting into lower credit cost which should augur well for earnings trajectory and return ratios going ahead.

​So it is our base case that this sector will continue to do well and it is amply reflected in our model portfolio where PSU banks have been the single largest overweight for us for more than a year running now.

Sharekhan recommended Hold rating on Bank of India with a target price of Rs 102 in its research report dated January 17, 2023.

Meanwhile, the net NPA ratio stood at 1.61% for the quarter under review. The provision coverage ratio (PCR) came in at 90.27% at the end of the December quarter against 88.96% in the September quarter.

However, NBFCs are unable to borrow from the market or from the banking system. By reintroducing the partial credit guarantee scheme, banks can extend financial support to the NBFCs for onward lending and extend much-needed credit to the MSME sector.

The Nifty Auto index was trading 0.37 per cent down at 12774.35.

Credit Suisse maintained an outperform rating on Bank of India with a target price of Rs 110. Core profitability has improved, and the provisioning remains elevated, it said.

The Nifty Pharma index was trading 0.35 per cent up at 12692.05.

The Nifty Bank index was trading 0.49 per cent up at 42441.15.

The Nifty Realty index was trading 0.36 per cent down at 429.25.

"The domestic market is attempting to gain, in comparison to its weak YTD performance, which was caused in anticipation of a soft Q3 result & Union Budget. We started the third quarter results on a shaky note, but the latest set of financial announcements from IT and banking blue chips are encouraging

The Nifty Bank index closed 0.16 per cent up at 42235.05.

The Nifty IT index closed 0.8 per cent up at 29498.0.

The Nifty Pharma index closed 0.09 per cent down at 12648.0.

The Nifty Auto index closed 0.57 per cent up at 12821.85.

The Nifty Realty index closed 1.17 per cent up at 430.8.

Total income increased to Rs 14,159.60 crore in the latest December quarter from Rs 11,211.14 crore in the year-ago period, BoI said in a regulatory filing.

The bank has made provisions (other than tax) and contingencies to the tune of Rs 1,878 crore, an increase of 462% over Rs 334 crore provisioned during the same period last year. On the business front, domestic deposits increased marginally to Rs 5.56 trillion in the December quarter, while domestic advances increased 12% to Rs 4.26 trillion.

Net interest income,or the income a bank earns by giving loans, jumped 64% year on year to Rs 5596 crore. Meanwhile, Other income dropped nearly 22% year on year to Rs 1432 crore from Rs 1835 crore.

2023 will be a strong year of earnings for Indian banks, Morgan Stanley said in a note. Traders can deploy a Barbell strategy that could bring better outcomes this year, said the global brokerage.

Union Bank of India, incorporated in the year 1919, is a banking company (having a market cap of Rs 56762.58 Crore).

Public sector banks remained the darling of the Street as they gained by a majority. UCO Bank, Central Bank of India, Indian Overseas Bank, Bank of Maharashtra, Bank of India, Bank of Baroda, Punjab National Bank, Indian Bank, and IDBI Bank joined the gainers list.

"On the global front, the US market will remain shut on Monday on account of Martin Luther King Jr Day. However, we will have lots of macro numbers from the US, Europe and China. Apart from this, movement in crude oil prices, US bond yields and the dollar index will be other important factors," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

We still think that the RBI would not turn too restrictive. But we reckon the situation is fluid and the extent of global disruption and disinflation will remain key to the RBIs reaction function ahead,” economist Madhavi Arora at Emkay Global Financial Services said.

The reading remained within the central bank's tolerance level of 2%-6% for the second consecutive month amid cooling food prices. Benign November-December inflation prints could lead to a 40-50 bps downward revision in the Reserve Bank of India's inflation forecast, Citi Research said in a note.

The rupee finished the session at 81.55 per dollar to recoup mild losses, versus its previous close of 81.5750. The currency had gained 1.40% over the past three sessions after four weeks of range-bound movement.

In the Sensex pack, Titan was the top performer, up over 1%. Infosys and HCL Tech also gained marginally ahead of their quarterly earnings today. Power Grid, Tata Motors, NTPC, ITC, SBI and Maruti were among other index gainers in early trade.

These include reduction in excess liquidity, higher value for CASA deposits, and shift towards relatively higher-margin loans and lower slippages driving lower interest income reversals,” Morgan Stanley said.

"The issue is the first one from India since March 2022 so in a way a landmark. Interest rates have risen across the board with the US Federal Reserve on a rate-hiking spree which has made fundraising for entities from emerging markets much more expensive," said a person familiar with the issue.

Global bourses reversed their recent gains as Fed officials stated that policymakers would raise the rate beyond 5% and hold on for a while. Sentiments in the domestic market were further dampened by the muted start to the IT earnings season, along with their cautious commentary on the demand environment

“Depending upon different transactions, the due diligence process time is different. In the case iof IDBI Bank also, it will depend much on how the things pan out in the due diligence virtual data room and what additional information is required. Usually it would be three to four months at least.”

After opening with an upside gap of 91 points, the market shifted into further upside with range bound movement in the early- to mid-part of the session. Intraday weakness of mid-part has been used as a buy on dips opportunity.

The clarification came after stock exchanges and market participants sought clarification as to whether payment mechanisms other than RTGS provided by banks or payment aggregators can be permitted for settlement of trades executed on the RFQ platform.

With inflation continuing to stay high globally and the risk of sustained rate hikes from global central banks pushing economies into a recession, 2023 is likely to be challenging for equity markets.

The market for perform-to-earn cryptocurrencies is rapidly growing, with numerous projects entering the space in recent years. According to a report by Frost & Sullivan, the global market for perform-to-earn cryptocurrencies is expected to reach $31.9 billion by 2025, growing at a compound annual growth rate of 33.5% from 2020 to 2025.

"Sundararaman Ramamurthy has assumed charge as Managing Director and Chief Executive Officer of BSE," the exchange said in a release on Wednesday.

Hindustan Construction Company has been forming higher tops and higher bottoms on the daily charts. The stock price is placed above all important moving averages. Indicators and oscillators have tuned bullish on daily and weekly charts.

Now the market is betting that this will be enough for the economy to see significant slowdown and that shall prompt the Fed to cut rates soon. Also, I think disinflation is already on the way unless we have another oil price shock or something like that. We will see significant disinflation over the next year.

Now the market is betting that this will be enough for the economy to see significant slowdown and that shall prompt the Fed to cut rates soon. Also, I think disinflation is already on the way unless we have another oil price shock or something like that. We will see significant disinflation over the next year.

As per the order, the regulator conducted a thematic inspection of BOI AXA Mutual Fund for the period August 2018 to February 2019 to verify the books of accounts, records and other documents pertaining to the mutual fund with respect to Inter Scheme Transfers (ISTs) and valuation of downgraded debt securities.

Returns of the same magnitude may be difficult to match in 2023, but the domestic consumption story is a big plus and a lot will also depend on the macro environment, corporate headwinds amid recessionary trends overseas.

The board of directors considered and approved raising capital through the issuance of non-convertible redeemable unsecured Basel III compliant tier II bonds for an amount up to Rs 1,500 crore, the bank said in a regulatory filing.