Don’t miss the latest developments in business and finance.

Street signs: Global tech leader in 30 yrs, Nifty50 near key support & more

Benchmark indices fell nearly 4 per cent last week, following interest rate hikes by the Reserve Bank of India and the US Federal Reserve

nse, National Stock Exchange
National Stock Exchange
Samie Modak
2 min read Last Updated : May 09 2022 | 2:17 AM IST
A global tech leader in 30 yrs

Finance Minister (FM) Nirmala Sitharaman wants Indian markets to take the lead over global peers when it comes to the use of technology (tech).

Speaking at an event marking 25 years of the National Securities Depository, she said, “In the next 30 years, India should be moving much ahead of the world. We should be setting new benchmarks. The Securities and Exchange Board of India (Sebi) is here for this purpose by being a lot more open-minded, progressive, and forward-thinking regulator.”

The FM hailed the markets regulator’s move to shift to a T+1 settlement cycle and embrace the distributed ledger tech (DLT).

At the same event, Sebi Chairperson Madhabi Puri Buch gave a powerful presentation around the benefits and concerns of DLT. She termed the tech pure energy and said “it was up to us how we wanted to manifest it”.

NSE’s ironclad Q4 showing

The National Exchange (NSE) has clocked stellar performance in 2021-22 (FY22), with 54 per cent jump in standalone net profit to Rs 4,401 crore and 55 per cent rise in revenue to Rs 8,164 crore on the back of healthy increase in volumes.

The performance for January-March FY22 was even stronger, with a fourfold jump in profit.

Strong performance notwithstanding, shares of NSE have remained stagnant around Rs 3,400-levels this year, said market players.

They said the uncertainty around its listing and appointment of a new managing director (MD) and chief executive officer (CEO) could weigh on the stock.

Current MD and CEO Vikram Limaye’s tenure ends on July 16. Selection process for a new NSE chief is on, with Limaye deciding not to seek reappointment.

Nifty50 near key support

Benchmark indices fell nearly 4 per cent last week, following interest rate hikes by the Reserve Bank of India and the US Federal Reserve. The Nifty50 Index ended at 16,411.

Technical analysts say the Nifty has formed a bearish candle, which would see stocks extend losses.

“The Nifty closed last week above its immediate support of 16,400. If the index fails to sustain above this level, it could test the next key support of 16,000,” said an analyst.

How investors react to the January-March quarter earnings of index heavyweight Reliance Industries and global cues will dictate market course, early next week, he added.

Topics :Nirmala SitharamanNational Stock ExchangeNifty50

Next Story