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Share Market Today | GIFT Nifty Flat, Nasdaq Dips Over 1%

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Synopsis:

Today’s latest market updates: MSCI Index rejig to bring $2B in India, GIFT Nifty archives record turnover of $88.10B in May, IDFC First plans to raise ₹3,200 Cr, Aditya Birla Sun AMC promoters to sell up to 0.32% stake, plus other global market news.

Latest Market News

  1. MSCI Index rebalancing on May 31 is expected to bring $2 billion into Indian equities.
  2. GIFT Nifty achieved a record monthly turnover of $88.10 billion in May 2024.
  3. IDFC First Bank plans to raise ₹3,200 crore from LIC, SBI General, and others.
  4. Jio Financial Services launched the 'JioFinance' app in beta, integrating digital banking, UPI, bill payments, insurance advisory, and account management.
  5. Aditya Birla Sun AMC Promoters will sell up to a 0.32% stake from May 31 to October 10 to meet MPS norms.
  6. The US Q1 GDP growth rate is estimated at 1.3%, lower than the expected 1.6%.
  7. US initial jobless claims for the week ending May 25 increased to 2.19 lakh from 2.16 lakh the previous week.
  8. FIIs sold a net ₹3,050.15 crore in equities yesterday, while DIIs bought a net ₹3,432.92 crore.

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  • 1. Performance Overview:

    On Thursday, the US stocks took a dip, especially the Nasdaq which dropped over 1%, mainly due to tech shares sliding following a less-than-expected forecast from Salesforce.

    2. Economic Indicators:

  • The US economy grew by 1.3% annually from January to March, slightly lower than the initial estimate of 1.6%. This adjustment came as consumer spending and a key measure of inflation saw minor decreases.

  • Investors also analysed data that indicated slower-than-anticipated economic growth in Q1.

  • Another report revealed a higher-than-anticipated increase in weekly jobless claims.

  • Meanwhile, investors await April's personal consumption expenditure report for further insights.

  • 3. Sector-Specific Movements:

  • The S&P 500 dropped by 0.60% to 5,235.48, the Nasdaq lost 1.08% at 16,737.08, and the Dow Jones fell 0.86% to 38,111.48.

  • US stocks are poised for a robust finish this month, with major indices eyeing their sixth positive month in seven. The Dow is up 0.8%, the S&P 500 by 4%, and the Nasdaq Composite, with a gain of about 7%, is set for its best month since November 2023, when it surged 10.70%.

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    1. Treasury Yields:

    On Thursday, the US Treasury yields fell as investors awaited key economic data and evaluated the economy. The 10-year Treasury yield dropped over 7 basis points to 4.55%, dipping below the 4.6% level reached on Wednesday for the first time in a month.

    2. Currency:

    The dollar fell after revised data revealed slower-than-expected GDP growth in the first quarter. The US dollar index reached 105.18 overnight, the highest since May 14, but later dropped 0.37% to 104.74.

    3. Commodities:

  • US crude oil dropped over 1%, heading for its worst month of the year amid weak gasoline demand at the start of the summer driving season. It's down 4.9% in May, the biggest decline since December. Brent crude has fallen 6.8% this month, marking its first negative month in five.

  • Gold prices edged up on Thursday as the dollar and Treasury yields slipped, following US economic data that boosted hopes for a Fed rate cut this year. Spot gold rose 0.13% to $2,341.89 per ounce, while US gold futures closed 0.1% higher at $2,366.50.

  • Asian Markets

    1. General Trends:

    Asia-Pacific markets opened higher in Friday’s morning session as investors analysed the recent economic data from major countries across the region.

    2. Specific Index Performance:

  • Japan’s Nikkei 225 rose 0.23%, and the Topix index increased by nearly 0.7%.

  • South Korea’s Kospi led gains in Asia, climbing 1.07%, while the smaller-cap Kosdaq added 0.73%.

  • India Market Outlook

    1. GIFT Nifty Projection:

    GIFT Nifty indicates a flat to positive opening for the Indian market. After a 700-point drop over the last four sessions, Nifty appears oversold, suggesting a potential pullback today. If the Nifty spot holds above last week's low of 22,400, it could rise to 22,650-22,700.

    2. Nifty Short-Term Outlook:

  • Benchmark indices extended their decline for the fourth consecutive session on Thursday, influenced by weak global cues. The Nifty fell by 0.95% to 22,488, while the Bank Nifty rebounded slightly, gaining 0.4% to 48,682.

  • The broader market saw significant declines, with the Nifty Midcap and small-cap indices down by 1.3% and 1.6%, respectively.

  • The market's corrective phase, marked by four consecutive bearish candles, is expected to persist with high volatility due to the upcoming General Election.

  • However, if the Nifty holds above the 22,000-21,900 range, the short-term trend remains positive, potentially rising to 23,300-23,500 in the coming weeks.

  • 3. Intraday Levels:

  • Nifty: Intraday resistance is situated at 22590, followed by 22670 levels. Conversely, downside support is located at 22410, followed by 22330.

  • Bank Nifty: Intraday resistance is positioned at 48990, followed by 49250, while downside support is found at 48480, followed by 48300.

  • Fin Nifty: Intraday resistance is positioned at 21690, followed by 21800, while downside support is found at 21530, followed by 21450.

  • Derivative Market Analysis

    1. Nifty:

  • The highest call OI addition for Nifty is at the 23,000 level, indicating it as a key resistance, with 22,500 as an immediate resistance. If Nifty sustains above 22,500, it may move towards 23,000.

  • Major put OI additions are at 22,000 and 22,500, suggesting that if the price stays below 22,500, it could decline towards 22,000. The 22,500 level, with significant call-and-put OI accumulation, is critical for today's movement.

  • The immediate range for Nifty is between 22,000 and 23,000, and the put-call ratio has risen by 0.33 to 1.12.

  • 2. Bank Nifty:

    Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on the events in the domestic and global stock markets. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

    Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

    This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

    For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

  •  
    • On Thursday, the US stocks took a dip, especially the Nasdaq which dropped over 1%, mainly due to tech shares sliding following a less-than-expected forecast from Salesforce.
    • The US economy grew by 1.3% annually from January to March, slightly lower than the initial estimate of 1.6%. This adjustment came as consumer spending and a key measure of inflation saw minor decreases.
    • Investors also analysed data that indicated slower-than-anticipated economic growth in Q1.
    • Another report revealed a higher-than-anticipated increase in weekly jobless claims.
    • Meanwhile, investors await April's personal consumption expenditure report for further insights.
    • The S&P 500 dropped by 0.60% to 5,235.48, the Nasdaq lost 1.08% at 16,737.08, and the Dow Jones fell 0.86% to 38,111.48.
    • US stocks are poised for a robust finish this month, with major indices eyeing their sixth positive month in seven. The Dow is up 0.8%, the S&P 500 by 4%, and the Nasdaq Composite, with a gain of about 7%, is set for its best month since November 2023, when it surged 10.70%.
    • On Thursday, the US Treasury yields fell as investors awaited key economic data and evaluated the economy. The 10-year Treasury yield dropped over 7 basis points to 4.55%, dipping below the 4.6% level reached on Wednesday for the first time in a month.
    • The dollar fell after revised data revealed slower-than-expected GDP growth in the first quarter. The US dollar index reached 105.18 overnight, the highest since May 14, but later dropped 0.37% to 104.74.
    • US crude oil dropped over 1%, heading for its worst month of the year amid weak gasoline demand at the start of the summer driving season. It's down 4.9% in May, the biggest decline since December. Brent crude has fallen 6.8% this month, marking its first negative month in five.
    • Gold prices edged up on Thursday as the dollar and Treasury yields slipped, following US economic data that boosted hopes for a Fed rate cut this year. Spot gold rose 0.13% to $2,341.89 per ounce, while US gold futures closed 0.1% higher at $2,366.50.
    • Asia-Pacific markets opened higher in Friday’s morning session as investors analysed the recent economic data from major countries across the region.
    • Japan’s Nikkei 225 rose 0.23%, and the Topix index increased by nearly 0.7%.
    • South Korea’s Kospi led gains in Asia, climbing 1.07%, while the smaller-cap Kosdaq added 0.73%.
    • GIFT Nifty indicates a flat to positive opening for the Indian market. After a 700-point drop over the last four sessions, Nifty appears oversold, suggesting a potential pullback today. If the Nifty spot holds above last week's low of 22,400, it could rise to 22,650-22,700.
    • Benchmark indices extended their decline for the fourth consecutive session on Thursday, influenced by weak global cues. The Nifty fell by 0.95% to 22,488, while the Bank Nifty rebounded slightly, gaining 0.4% to 48,682.
    • The broader market saw significant declines, with the Nifty Midcap and small-cap indices down by 1.3% and 1.6%, respectively.
    • The market's corrective phase, marked by four consecutive bearish candles, is expected to persist with high volatility due to the upcoming General Election.
    • However, if the Nifty holds above the 22,000-21,900 range, the short-term trend remains positive, potentially rising to 23,300-23,500 in the coming weeks.
    • Nifty: Intraday resistance is situated at 22590, followed by 22670 levels. Conversely, downside support is located at 22410, followed by 22330.
    • Bank Nifty: Intraday resistance is positioned at 48990, followed by 49250, while downside support is found at 48480, followed by 48300.
    • Fin Nifty: Intraday resistance is positioned at 21690, followed by 21800, while downside support is found at 21530, followed by 21450.
    • The highest call OI addition for Nifty is at the 23,000 level, indicating it as a key resistance, with 22,500 as an immediate resistance. If Nifty sustains above 22,500, it may move towards 23,000.
    • Major put OI additions are at 22,000 and 22,500, suggesting that if the price stays below 22,500, it could decline towards 22,000. The 22,500 level, with significant call-and-put OI accumulation, is critical for today's movement.
    • The immediate range for Nifty is between 22,000 and 23,000, and the put-call ratio has risen by 0.33 to 1.12.
    • The highest call OI addition for Bank Nifty is at the 50,000 level, indicating major resistance, with immediate resistance at the 49,000 level.
    • Major put OI addition is at the 48,500 level, providing strong support. Thus, the immediate range for Bank Nifty is between 48,500 and 49,000.
    • A break outside this range could trigger a directional move. The put-call ratio has decreased by 0.05 to 0.88.

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What are the tax implications of investing in government bonds in India?

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Interest from government bonds is taxed according to the investor’s income bracket. However, some bonds may offer tax benefits. Understanding these implications helps optimise returns when considering how to invest in government bonds.

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Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

DISCLAIMER

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects. 

This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.  

The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.

ADDITIONAL DISCLAIMER FOR U.S. PERSONS

Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

DISCLAIMER FOR REPORT

DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.