New Delhi, Aug 24: The United Forum of Bank Unions (UFBU) on Monday announced a nationwide strike on September 11 over the delay in implementing five-day banking, differences over the performance-linked incentive (PLI) scheme and several pending demands, including pension-related issues.

Sharing a post on the social media platform X, the UFBU — an umbrella body of nine bank employees’ and officers’ unions — has threatened a three-day nationwide strike from September 28 coinciding with the half-yearly closure.

Moreover, it further decided to launch an indefinite strike from October 26 if its demands are not addressed by the government and bank management.

The decisions were taken at a meeting on Sunday following what the UFBU described as the government’s negative attitude towards major demands.

If it goes ahead, the strike is expected to affect banking services, particularly in public sector banks for several days in parts of the country.

In addition, September 11 falls on a Friday followed by two bank holidays, while September 14 is also a holiday in some states on account of Ganesh Chaturthi.

On five-day banking, the unions said the Indian Banks’ Association had agreed to the proposal as part of the 12th Bipartite Settlement/9th Joint Note signed on March 8, 2024.

Under the proposal, working hours would increase by 40 minutes from Monday to Friday. The proposal was subsequently recommended to the government but has remained pending for more than two years, the UFBU said.

In addition, the unions have also opposed the government’s PLI scheme for bank officers in Scale IV and above and said it differs from the understanding reached with the IBA on linking incentives to the overall performance of individual banks and maintaining uniformity across cadres.

According to the UFBU, officers in Scale IV and above could receive PLI of up to 365 days of basic pay under the government scheme, based on individual performance, while workmen employees and officers up to Scale III would receive a maximum of 15 days’ basic pay plus dearness allowance.

Other unresolved demands include pension updation, a uniform dearness allowance formula for pensioners and an option for NPS-covered employees to switch to the old pension scheme.

Mumbai, Aug 24: Domestic equity markets opened higher on Monday after two straight weekly losses amid decline in crude oil prices, though investors awaited clarity on potential US sanctions on Iran later in the session amid elevated geopolitical tensions.

Nifty opened at 24,285.05, up 33.05 points or 0.14 per cent, while Sensex started at 77,629.56, higher by 88.73 points or 0.11 per cenet.

Metal stocks led sectoral gains with Nifty Metal index rising nearly 1 per cent. Nifty Media gained 0.72 per cent and Nifty Oil & Gas rose 0.59 per cent, while Nifty IT advanced 0.4 per cent. Auto, private banks and financial services indices also were trading positively in early trade.

Meanwhile, Nifty Healthcare fell 0.5 per cent, while Nifty Pharma declined 0.5 per cent. Similarly, consumer durables, realty and FMCG shares were also in negative territory.

Analysts said Nifty could remain range-bound between 24,200 and 24,600 in the near term. While a resilient domestic economy and improving earnings growth provide fundamental support for a rally, elevated crude oil prices and geopolitical risks could cap gains.

“With Brent around $93 and escalating geopolitical tensions associated with the West Asian crisis and the Russia-Ukraine war, any rally is likely to be met with increased selling at higher levels,” they said.

However, the broader continues to see strong investor activity, particularly in companies reporting robust results and offering favourable forward guidance.

Segments such as CDMO, healthcare, precision engineering and power infrastructure are attracting buying interest, although investors have been cautioned against chasing stocks at elevated valuations, the market experts said.

Technically, analysts said a weekly hammer candle on the Nifty reinforced key support levels and kept the reversal setup intact. The headline index could move towards 24,317-24,380 and subsequently 24,400-24,545, provided the 24,060-24,000 support zone holds. Volatility could rise ahead of Tuesday’s F&O expiry.

In the previous session on August 21, domestic institutional investors extended their buying streak to nine consecutive sessions and purchased equities worth Rs 2,124 crore. Foreign institutional investors remained net sellers for a second straight session and offloaded shares worth Rs 543 crore.

Additionally, Asian equities fell on Monday ahead of key events this week, including Nvidia’s earnings announcement and the Federal Reserve’s annual symposium.

In addition, crude oil prices declined up to 2 per cent as investors awaited details of fresh US sanctions on Iran. Tehran has played down the prospect of tighter economic measures. Brent crude was trading around $92 a barrel, down more than 2 per cent, while US WTI slipped below $85 a barrel.

New Delhi, Aug 23: Foreign portfolio investors (FPIs) are likely to sustain the buying trend amid India’s improving GDP growth and earnings growth perspective, according to analysts.

Total FPI buying stood at Rs 23,543 crore this month (till August 22), of which, Rs 14,117 crore was through exchanges and Rs 9,426 crore was through “primary market and others category”.

The factors that are driving the FPIs back to the Indian market are earnings growth revival as reflected in Q1 results, FPI withdrawal from the ‘chip trade’, rupee stability and the impressive growth prospects of companies in the broader market, said market experts.

“A significant trend in the market is that FPIs are not buying attractively valued leading large banking or IT stocks. Instead, they are selectively buying mid-caps despite elevated valuations,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

A headwind, however, is the high bond yields in the US which is negative for equities, he mentioned.

Indian equity markets ended the week on a cautious note, extending their recent corrective phase as elevated crude oil prices, rising global bond yields and persistent geopolitical uncertainty weighed on investor sentiment.

Markets remained volatile, with benchmark indices recovering during the week before ending Friday largely flat as investors continued to assess the global risk environment.

Investors are closely monitoring the US Federal Reserve’s policy outlook, particularly ahead of the Jackson Hole symposium, where monetary policy guidance is expected to remain a key global market catalyst, according to Ajit Mishra–SVP, Research, Religare Broking Ltd.

Sectoral performance remained mixed, with defensive positioning and stock-specific buying dominating market activity. Realty, metal and banking performed relatively well, supported by improving sentiment towards these segments.

In contrast, IT stocks remained under pressure, declining around 2.6 per cent during the week amid concerns over US inflation, elevated bond yields and the global technology spending environment. FMCG and energy stocks also remained subdued.

On the domestic front, investors will track crude oil prices, rupee movements, foreign institutional flows and domestic liquidity conditions, said analysts.