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Monday, March 28, 2011
January Month Performance
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Plan to set up 350 more branches by next March
Chennai, Mar 28 (PTI) Private sector Axis Bank plans to set up 350 branches in the 2011-12 fiscal to take its products and services to more customers across the country, a top bank official said here today.
"Axis Bank is focused on taking its products and services into the farthest corners of the country. The Bank, to grow its network plans to open 350 branches across the country by this fiscal end and we are well on course to achieve the target", Axis Bank Deputy Managing Director S K Chakrabarti said in a statement.
By end of this fiscal, ending March 31, Axis Bank would have 1,300 branches and over 5,900 ATMs across the country.
Chakrabarti said the bank plans to open 22 branches in Tamil Nadu, taking the total number of branches to 124 by this month end.
Currently, Axis Bank has a customer base of 1.50 crore. Its market capitalisation as of March 28 was Rs 56,711 crore.
The bank also has a presence in Singapore, Hong Kong, Shanghai and Dubai.
"Axis Bank is focused on taking its products and services into the farthest corners of the country. The Bank, to grow its network plans to open 350 branches across the country by this fiscal end and we are well on course to achieve the target", Axis Bank Deputy Managing Director S K Chakrabarti said in a statement.
By end of this fiscal, ending March 31, Axis Bank would have 1,300 branches and over 5,900 ATMs across the country.
Chakrabarti said the bank plans to open 22 branches in Tamil Nadu, taking the total number of branches to 124 by this month end.
Currently, Axis Bank has a customer base of 1.50 crore. Its market capitalisation as of March 28 was Rs 56,711 crore.
The bank also has a presence in Singapore, Hong Kong, Shanghai and Dubai.
5682-5692 crucial level for Nifty today:
The Nifty is above 200 DMA, how crucial is that and could this really be the turning point?
We tested the 200 day simple moving average yesterday and closed just below that, and today the crucial levels would be 5682 to about 5692. The Nifty needs to sustain above this 10-point range. Even if there was to be an initial dip, it must move up to suggest that there would be an upswing further. But going forward, there is a minor resistance at 5710 to 5715, and a huge resistance between 5740 and 5760 levels. I would, however, not like to write an obituary of this short-term uptrend just now for the simple reason if you look at the March 5700 puts, they have added 23,59,100 shares yesterday and this kind of put writing 5700, the closing is below that, yet 23,60,000 shares have been written and the premium is a poultry, 40.4, that means you have a very small premium, yet you have written such puts.
Therefore, there is an expectation that the market can move up from here and I would not like to ride the momentum so early. So, there is a possibility that you can fall to 5660 to about 5640, but unless you fall below 5660 decisively, you are not going much down and if you go further down 5620, there could be a short-term top around 1st or 4th of April as there would be auto numbers coming up then. After that, this humungous upswing that we have seen in the past five days might well be corrected. Now, there could be a minor consolidation, bias still is up but there is a possibility of a throw back corrective swing on the downside.
We tested the 200 day simple moving average yesterday and closed just below that, and today the crucial levels would be 5682 to about 5692. The Nifty needs to sustain above this 10-point range. Even if there was to be an initial dip, it must move up to suggest that there would be an upswing further. But going forward, there is a minor resistance at 5710 to 5715, and a huge resistance between 5740 and 5760 levels. I would, however, not like to write an obituary of this short-term uptrend just now for the simple reason if you look at the March 5700 puts, they have added 23,59,100 shares yesterday and this kind of put writing 5700, the closing is below that, yet 23,60,000 shares have been written and the premium is a poultry, 40.4, that means you have a very small premium, yet you have written such puts.
Therefore, there is an expectation that the market can move up from here and I would not like to ride the momentum so early. So, there is a possibility that you can fall to 5660 to about 5640, but unless you fall below 5660 decisively, you are not going much down and if you go further down 5620, there could be a short-term top around 1st or 4th of April as there would be auto numbers coming up then. After that, this humungous upswing that we have seen in the past five days might well be corrected. Now, there could be a minor consolidation, bias still is up but there is a possibility of a throw back corrective swing on the downside.
Sensex hits 19,000 mark, Nifty crosses 5,700
The Indian markets seem in no mood to relent and buckle under global pressure. The BSE benchmark index hit the 19,000 level in early trade today while the Nifty crossed the 5,700 mark.
Frontliner stocks, Hero Honda, Reliance Infrastructure, Reliance Communications, Bajaj Auto, Suzlon Energy, ONGC, L&T, SBI, Wipro, HCL Tech and Bharti Airtel led the markets higher.
The Wall Street closed lower in trade yesterday, while Asian markets continue to slip as the nuclear and supply concerns soured market sentiment.
In early trade, today the Asian markets have been a mixed bag with the Nikkei down 1.51% and the Shanghai composite shed 0.62%. The silver lining, however, is that crude prices have begun abating and analysts believe the markets are unlikely to plummet once crude prices stabilize.
The Sensex, however is still down 7.6 percent in 2011, weighed down by foreign funds' withdrawal of $1.7 billion from Indian equities.
Frontliner stocks, Hero Honda, Reliance Infrastructure, Reliance Communications, Bajaj Auto, Suzlon Energy, ONGC, L&T, SBI, Wipro, HCL Tech and Bharti Airtel led the markets higher.
The Wall Street closed lower in trade yesterday, while Asian markets continue to slip as the nuclear and supply concerns soured market sentiment.
In early trade, today the Asian markets have been a mixed bag with the Nikkei down 1.51% and the Shanghai composite shed 0.62%. The silver lining, however, is that crude prices have begun abating and analysts believe the markets are unlikely to plummet once crude prices stabilize.
The Sensex, however is still down 7.6 percent in 2011, weighed down by foreign funds' withdrawal of $1.7 billion from Indian equities.
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