Whalesbook
Mixed Signals Ahead
Indian equity futures on GIFT Nifty hovered near 25,600, suggesting a subdued start for domestic benchmarks after Monday's decline. The NSE Nifty 50 shed 0.42% and the BSE Sensex lost 0.39% in the prior session. While Asian shares posted modest gains, global sentiment is increasingly cautious.
Punjab National Bank Under Scrutiny
Brokerage houses offered divergent outlooks on Punjab National Bank (PNB). Citi maintained a 'Sell' rating, raising its target price to Rs 115, citing contracting Net Interest Margins (NIM) and trimmed FY26 NIM guidance. Conversely, Jefferies reiterated a 'Buy' stance, increasing its target to Rs 150, acknowledging margin pressures but highlighting stable slippages and benign core credit costs. Kotak Securities also upheld an 'Add' rating with a hiked target of Rs 140, noting steady overall profitability despite a slight NIM decline.
Global Headwinds Mount
International markets showed signs of strain. Gold prices soared to a record above $4,670 per ounce as trade disputes between the United States and Europe intensified. US equity futures slid sharply, with S&P 500 futures down nearly 0.9%, while European equities recorded their steepest drop in two months. US cash markets remained closed for a public holiday. The US Dollar Index saw a marginal dip.