With global economic uncertainity at all high and US economy in shatter mode, Indian stock markets are also following it's peers and is in downward mode.
If Nifty Breaks 5466-88 level will create panic and next good support should be available at 5177 level. Closing below 5177 will take down nifty to unexpected levels. any growth above 5511 will put nifty in range bound for rest of this week. so bulls have to keep 5444-spot as stoploss for all longs.
keep this stoploss also for the longs in stock future and banknifty. If we talk about bears, who have initiated shorts have to keep 5488 as stoploss. the downside targets are 5355/5266/5177. Rest depends on how US Stocks behave today, If it ends lower then Indian markets shall remain subdued tomorrow.
Tuesday, August 2, 2011
HDFC Bank hikes lending rate by 50 basis points
NEW DELHI: The country's leading housing finance company HDFC on Tuesday hiked retail prime lending rate by 50 basis to 16.50 per cent.
The revised rate is with effect from August 1 and is in line with recent hikes in rates in the economy, Housing Development and Finance Corporation (HDFC) said in a statement.
"HDFC has revised its retail prime lending rate by 50 basis points on its loans with effect from August 1. This is in line with interest rates in the economy, which have hardened due to increase in policy rates by 75 basis points since June 2011," it said.
Under the new rate structure, a new loan borrower will be charged an interest of 10.75 per cent per annum for loans up to Rs 30 lakh, 11 per cent for loans over Rs 30 lakh but under Rs 75 lakh and 11.5 per cent to those above that, a company spokesman said.
On Monday five banks, including Indian Bank, Andhra Bank and Bank of Maharashtra, had raised lending rates by up to 50 basis points.
More than a dozen banks and other lending agencies have revised upwards their lending rates after RBI last week raised the short-term lending (repo) rate by 50 basis points to 8 per cent and the short-term borrowing (reverse repo) rate by a same margin to 7 per cent in a bid to tame inflation.
RBI has hiked its key policy rates 11 times since March 2010 as a means of taming inflation.
Subsequently, the interest rate under the Marginal Standing Facility, an additional borrowing window, has gone up to 9 per cent from the earlier level of 8.5 per cent.
The revised rate is with effect from August 1 and is in line with recent hikes in rates in the economy, Housing Development and Finance Corporation (HDFC) said in a statement.
"HDFC has revised its retail prime lending rate by 50 basis points on its loans with effect from August 1. This is in line with interest rates in the economy, which have hardened due to increase in policy rates by 75 basis points since June 2011," it said.
Under the new rate structure, a new loan borrower will be charged an interest of 10.75 per cent per annum for loans up to Rs 30 lakh, 11 per cent for loans over Rs 30 lakh but under Rs 75 lakh and 11.5 per cent to those above that, a company spokesman said.
On Monday five banks, including Indian Bank, Andhra Bank and Bank of Maharashtra, had raised lending rates by up to 50 basis points.
More than a dozen banks and other lending agencies have revised upwards their lending rates after RBI last week raised the short-term lending (repo) rate by 50 basis points to 8 per cent and the short-term borrowing (reverse repo) rate by a same margin to 7 per cent in a bid to tame inflation.
RBI has hiked its key policy rates 11 times since March 2010 as a means of taming inflation.
Subsequently, the interest rate under the Marginal Standing Facility, an additional borrowing window, has gone up to 9 per cent from the earlier level of 8.5 per cent.
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