India's top bankers had gathered in Pune during the weekend to discuss long-pending reforms vital to improving the health of ailing public sector banks in Asia's third-largest economy. Prime Minister Narendra Modi, Finance Minister Arun Jaitley and RBI governor Raghuram Rajan attended the 2-day retreat which ended on Saturday.
Gauri Shankar, ED at Punjab National Bank and who attended the meet, said that banking reforms are in the mind of the government. Banking stocks were flat today on profit-taking after last week's rally.
TS Harihar, Chief Executive and Founder of HRBV Client Solutions Private, said that though the undertone of Indian markets are positive, investors need to be watchful of global events such as ECB meet, Greece elections and dollar's strength vs Euro. Besides, the management commentary from Infosys will also closely followed by the markets, he added. Infosys kicks off the earnings season on Friday.
Capital goods, metal and IT stocks were among the gainers today. JSPL, L&T, Tata Steel, Tata Power and Maruti Suzuki were up between 1-2 per cent.
Japanese stocks began 2015 on a down note on Monday as investors showed little taste for risk given weak prospects for global growth and a sombre Wall Street performance on Friday, but the mood towards Japan's outlook remained upbeat after last year's gains.
US crude and Brent futures dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets. US crude slid as low as $51.40 a barrel, its lowest since May 2009, and at 0312 GMT was just a tick above that at $51.59 a barrel, still down $1.10. February Brent crude dropped as low as $55.36 a barrel, also its lowest since May 2009, before edging back to $55.42, still down a dollar.
At 9:50 am, Nifty was up 20 points to 8,416 while Sensex rose 76 points to 27,964.
(With Agency Inputs)