Street signs: Outlook improves for Bank Nifty; Maheshwari's move, and more

Outlook improves for Bank Nifty
 

The Bank Nifty closed the July series with a gain of over four per cent and made a new lifetime high of 27,661 points. The index gained nearly 2.5 per cent just in the last three days. The rollover was higher than the three-month average, indicating continued momentum in heavyweight private sector banks, said experts. Also, analysts believe that public sector banks seem to have bottomed out. Bank Nifty has to hold above 27,440 zones to extend its momentum towards 28,000. On the downside, 27,165-27,000 levels offer support.

Ashley Coutinho 

Investors sidestep physical settlement

Stocks that were headed for physical settlement for the first time during July expiry witnessed high rollover. According to sources, brokers advised their clients to either roll over their positions two or three days before expiry or square off their positions to avoid risk of taking stock delivery. A total of 46 stocks went for physical settlement this month and all of them saw rollovers between 90 per cent and 99 per cent. “We wanted to ensure that all the open positions taken in these stocks were either carried forward or closed well before expiry to avoid any last minute complication,” said a broker. 

Pavan Burugula

Anup Maheshwari’s next move  

Anup Maheshwari, ex-chief investment officer of DSP Blackrock Mutual Fund, has narrowed down a couple of companies to resume his career in the asset management industry. According to people in the know, IIFL group is one of the options he is evaluating. Sources suggest it would be difficult to gauge where he finally ends up given several variables such as remuneration structure and the position offered. While Maheshwari did not respond to Business Standard’s queries, it was earlier believed that he would join a private equity firm or pursue his own entrepreneurial opportunities

Jash Kriplani