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Jefferies maintained its buy rating on IndusInd Bank post the December quarter results with a target price of Rs 1600.

Analysts flagged multiple reasons for the FPI selloff – expensive valuations due to the recent outperformance of Indian equities over their global peers, reallocation of funds to China and Taiwan for their relatively cheaper valuations, the reopening trade in China and global growth concerns.

The Fed’s benchmark overnight lending rate currently sits in a target range of 4.25% to 4.50%, and investors expect the Fed to lift that rate by a quarter of a percentage point at the end of its Jan. 31-Feb. 1 meeting.

Sectorally, buying was seen in metals, capital goods, telecom, and consumer durables while selling was seen in utilities, auto and power stocks.

April was another possibility, she added, since by then the BOJ would have a new governor. “My guess would be that more speculators would look to build positions going into these meetings.”

The needle indicating so-called animal spirits moved right after holding steady for five straight months — indicating stronger overall economic activity as 2022 drew to a close. Consumer spending boosted tax collection and manufacturers signaled optimism about the future, while services sector saw expansion of new businesses.

At the end of the December quarter, the combined foreign ownership of HDFC-HDFC Bank stood at roughly 61%, according to Nuvama Alternative & Quantitative Research. This translates into an additional investible room available to foreign funds at 17.5%, it said.

The total OFS size (base size + green shoe) stood at 1 crore shares, representing 5.27% of outstanding equity shares of the company. The floor price was fixed at ₹270 per share.

The bank has reported a net interest income, or core income, growth of 18% to ₹4,495 crore versus ₹3,793 crore a year ago. The net interest margin for the December quarter stood at 4.27%.

India’s P/E contracted by around 5% from the peak of 19.9 times at the beginning of the year as stock prices remained subdued across some of the key sectors, reflecting an uncertain demand environment though the 12-month forward earnings per share (EPS) showed improvement. The P/E contraction was higher in Continue Reading