08:49 PM
Top realty stock picks with up to 77% upside potential
08:42 PM
1 month since Hindenburg attack: 10 Adani stocks crash up to 81%
08:27 PM
US stocks tumble at open as inflation data fuels Fed worries
Wall Street’s main indexes opened sharply lower on Friday as a surge in consumer spending and inflation in January sparked concerns that the Federal Reserve will stick to its hawkish stance for longer.
The Dow Jones Industrial Average fell 154.72 points, or 0.47%, at the open to 32,999.19. The S&P 500 opened lower by 39.08 points, or 0.97%, at 3,973.24, while the Nasdaq Composite dropped 186.22 points, or 1.61%, to 11,404.18 at the opening bell.
07:35 PM
Warner Bros Discovery shares fall as ad woes weigh
Warner Bros Discovery shares fell 4.2% before the bell on Friday as Wall Street worried it would see more profit pain after losing more than $2 billion in the fourth quarter as ad market weakness persists.
Executives at the company echoed the tensions shared by other large media and tech firms such as Paramount Global and Google-parent Alphabet Inc about the uncertainty of ad market recovery.
“The biggest unknown continues to be in the ad sales environment,” Gunnar Wiedenfels, chief financial officer of Warner Bros Discovery, told analysts on an earnings call.
07:12 PM
U.S. consumer spending surges in January; inflation accelerates
US consumer spending rebounded sharply in January amid strong income growth, while inflation accelerated, which could add to financial markets fears that the Federal Reserve could continue raising interest rates through summer.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, the Commerce Department said on Friday. Data for December was revised higher to show spending dipping 0.1% instead falling 0.2% as previously reported. Economists polled by Reuters had forecast consumer spending rebounding 1.3%.
07:11 PM
SAT reduces Sebi’s penalty on Jindal Cotex to Rs 25 lakh in GDR issuance case
The Securities Appellate Tribunal has slashed the penalty imposed by Sebi on Jindal Cotex Ltd (JCL) to Rs 25 lakh from Rs 10.3 crore in a case related to manipulation in the issuance of global depository receipts. Also, the appellate tribunal reduced the fine on JCL’s Managing Director Sandeep Jindal to Rs 10 lakh from Rs 20 lakh.
However, it affirmed the penalty imposed on Rajinder Jindal and Yash Paul Jindal who was Whole Time Director and Chairman of JCL, respectively, saying the fines were neither arbitrary nor excessive.
06:40 PM
Financial crime agency attaches assets worth $37 million from Joyalukkas’ chairman
India’s financial crime agency said on Friday it conducted searches and attached assets worth Rs 306 crore belonging to Joy Alukkas Verghese, the chairman of jeweller Joyalukkas, in a money laundering case.
06:06 PM
Investors’ wealth plunges Rs 8.30 lakh crore in 6 trading sessions
Stock market investors became poorer by Rs 8.30 lakh crore as equities continued their slide for the sixth consecutive day on Friday. The BSE Sensex has tumbled 1,855.58 points or 3 per cent since February 16.
During this period, the combined market capitalisation of BSE-listed firms has tanked Rs 8,30,322.61 crore to reach Rs 2,60,00,662.99 crore.
“The domestic market is broadly demonstrating a lack of confidence, registering its sixth consecutive day of losses despite global markets turning green.
“Continued selling in the domestic market by FIIs is acting as an overhang in sustaining the early gains. Crude oil prices rallied as the prospect of lower Russian exports outweighed rising US inventory,” Vinod Nair, Head of Research at Geojit Financial Services, said.
On Friday, the BSE benchmark fell 142 points or 0.24% to settle at 59,464 points.
05:51 PM
India’s forex reserves at 11-week low, down for third week
India’s foreign exchange reserves fell for the third straight week to hit an eleven-week low of $561.27 billion as of the week ended Feb. 17, the Reserve Bank of India’s (RBI’s) statistical supplement showed on Friday.
The reserves fell by $5.68 billion at the end of last week, data showed. The reserves stood at $566.95 billion in the week to February 10, down $8.3 billion from the previous week.
The central bank intervenes in the spot and forwards market to prevent exchange rate volatility. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.
05:50 PM
Bond yields up as debt auction adds to supply, rise for third week
Indian government bond yields ended higher on Friday, as the financial year’s last debt auction added to supply, propelling yields to rise for the third consecutive week.
The 10-year benchmark 7.26% 2032 bond yield ended at 7.4181%, after closing lower at 7.3905% on Thursday. The yield rose three basis points this week, after rising nine and three basis points in the previous two.
“Underlying sentiment remains bearish, as we have a huge supply lined up next year. Liquidity has also tightened,” said Soumyajit Niyogi, director, core analytical group, at India Ratings and Research.
05:48 PM
Goldman sees Corporate India’s 2023 profit growth below consensus
Goldman Sachs said on Friday it expects major Indian companies to post earnings growth of 17% this calendar year, below the consensus estimate of 18%, saying demand from middle-income consumers was slowing due to inflationary pressures.
The brokerage’s expectation for profit growth of 15% next year was also lower than the consensus estimates of 16%.
“A slowdown in middle-income consumption is underway,” Goldman said in a note.
“Companies are facing a slowdown in middle-income consumption across key categories such as QSR (quick service restaurants), food delivery, paints, and durables, reflecting the adverse impact of inflation on disposable incomes.”
05:01 PM
Tech View: Nifty forms a long bear candle. What should traders do next week
Indicating a downtrend continuation pattern, a long bear candle was formed on Nifty’s daily chart today.
Negative chart pattern like lower tops and bottoms were formed on the weekly chart and Nifty is currently on the way down to form a new lower bottom of the sequence (below 17353), said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He said Nifty is now placed near the crucial support of 17450-17500 levels and that there is no sign of any reversal pattern unfolding at the lows. New swing low has been formed at 17421 levels.
The Nifty has fallen back into the falling channel, heightening the chances of further downsides. The 50DMA and 14DMA are in a bearish crossover. Also, the current value is sitting well below the critical near-term moving averages, with the momentum oscillator RSI (14) slipping below the reading of 50. The current set-up is likely to keep the Nifty under pressure, with a potential downside towards 17150–17200 over the short term. On the higher end, crucial resistance is placed at 17800.
– Rupak De, Senior Technical Analyst at LKP Securities
04:31 PM
Rupee sidesteps fall in Asian peers on likely RBI intervention
The Indian rupee was largely flat on Friday and for the week versus the U.S. dollar, having avoided the decline in other Asian currencies due to a likely intervention by the country’s central bank.
The rupee was little changed at 82.75 per dollar, and was slightly up from last Friday’s 82.83.
The local currency held a narrow 82.61 to 82.85 range during the week, with the one-month volatility expectations hovering near the lowest level in seven months.
In contrast to the rupee’s performance, it was another challenging week for most of the major Asian currencies. The offshore Chinese yuan, the South Korean won and the Singapore dollar were down between 0.7% and 1.2% for the week.
03:59 PM
NTPC pays Rs 4,121.08 crore as interim dividend for FY23
State-owned NTPC Ltd has paid an interim dividend of Rs 4,121.08 crore to its shareholders for the financial year 2022-23. The dividend paid is 42.50 per cent of the paid-up equity share capital of the company, NTPC Ltd said in a statement on Friday.
03:34 PM
Closing Bell: Sensex extends losses to 6th session, ends 142 pts lower; Nifty below 17,500; SpiceJet soars 12%, Hindalco plunges 5%
02:52 PM
Spicejet Q3 Results: Profit at Rs 107 billion vs Rs 23280 million
02:33 PM
ECB could still need big rate hike beyond March, says Nagel
The European Central Bank may still need to raise interest rates significantly beyond March as inflation, particularly underlying price growth, remains too high, Bundesbank President Joachim Nagel said on Friday.
Although headline inflation is well below its peak, underlying price growth, a key indicator of the durability of inflation, rose to a record high 5.3% last month, raising the risk that price growth will get stuck above the ECB’s 2% target.
02:30 PM
Counting on RBI support, offshore investors build Indian rupee crosses positions
Foreign investors are wagering that the rupee will do well against other non-US dollar currencies on the non-deliverable forward market, thanks to the Reserve Bank of India’s currency intervention, traders said on Friday.
The rupee will hold up better in an environment where the dollar is likely to receive support from the hawkish U.S. Federal Reserve, they said.
Buying the rupee against other non dollar currencies “looks straightforward to us with the narrative on the Fed having changed,” an analyst at a Singapore-based asset management company, who did not want to be named on account of the fund’s policies, said.
01:41 PM
GLOBAL MARKETS | Asian markets led lower by China, but relief over Ueda ruling out BOJ tightening
Asian share markets were dragged lower by the slide in Chinese stocks on Friday, though investors took heart from the incoming head of Japan’s central bank ruling out an early end to super-easy monetary policy, nudging bond yields lower globally.
European share markets are set to open higher, with the pan region Euro Stoxx 50 futures up 0.4%. The S&P 500 futures, however, was flat, while Nasdaq futures were off 0.2%.
During a lower house confirmation hearing, Kazuo Ueda, who will take over as governor of the Bank of Japan (BOJ) in April, said the central bank must maintain ultra-low interest rates to support the fragile economy, warning of the dangers of responding to cost-driven inflation with monetary tightening.
“Overall Ueda is working hard to present himself as delivering continuity – at least to start with,” said Sean Callow, senior currency strategist at Westpac.
01:04 PM
Check out the top losers from metals pack!
12:41 PM
Sector Watch: Nifty Metal, Auto trades under pressure
12:27 PM
Crypto Price Today: Bitcoin falls below $23,900; Cardano, Polygon shed up to 4%
New Delhi: The cryptocurrency markets were trading in the red on Friday. Bitcoin (BTC) fell 2.17% to $23,868, whereas Ethereum (ETH) was below the $1,650 level. BTC volume in the last 24 hours stood at approximately $28.71 billion, falling 0.91% in the last 24 hours.
“Bitcoin traded sideways in the past 24 hours as investors continued evaluating US monetary policy and jobs data. BTC is trading below the US$24,000 level, although it has increased by 74% since its lowest point last month. Its support level lies at US$23,800, while resistance is US$24,200,” Edul Patel, CEO and Co-founder of Mudrex said.
12:19 PM
JUST IN | NCLAT puts on hold insolvency proceedings initiated against Zee Entertainment
12:06 PM
India’s NSE unit launches first Municipal Bond Index
NSE Indices Ltd, the subsidiary of India’s National Stock Exchange (NSE), has launched the country’s first ever Municipal Bond Index in the backdrop of rising appetite for such instruments among investors.
The company launched the Nifty India Municipal Bond Index at a workshop conducted by markets regulator Securities and Exchange Board of India in Bengaluru, the exchange said in a release on Friday.
The index will track the performance of municipal bonds issued by Indian civic bodies across maturities with an investment-grade credit rating. It currently has 28 municipal bonds issued by 10 issuers rated AA.
The Municipal Bond Index will act as a benchmark for passive funds, providing more investment choices to fixed income investors and creating an impetus for asset managers to consider investing in such bonds, Mukesh Agarwal, chief executive officer of NSE Indices said in the statement.
11:55 AM
Tokyo shares close higher
Tokyo stocks closed higher on Friday after US gains, with comments from the next Bank of Japan chief in support of current policies leading to relief among traders.
The benchmark Nikkei 225 index gained 1.29 percent, or 349.16 points, to end at 27,453.48, while the broader Topix index climbed 0.67 percent, or 13.15 points, to 1,988.40.
11:45 AM
Smallcap realty stock Mahindra Lifespace Developers tumbled 8% to Rs 348.3 in Friday’s intraday trade on BSE after the company announced the resignation of its current MD and CEO, Arvind Subramanian, with effect from May 22, 2023. Arvind Subramanian has been heading the company’s operations since May 2020.
11:36 AM
Take a look at the top losers from auto pack
11:02 AM
Shares of electric bus manufacturer Olectra Greentech zoomed 15% to Rs 463 in Friday’s trade on BSE after the company in a technical partnership with Reliance unveiled a hydrogen bus, which is a carbon-free alternative to traditional public transportation.
11:01 AM
Morgan Stanley maintained an overweight on Axis Bank with a target price of Rs 1200. The proposed Citi acquisition by Axis has been progressing in line.
10:50 AM
“Brokers not equipped to handle risk, upstreaming funds is to derisk systems,” says a SEBI Member
10:49 AM
SEBI wants money flow into exchange platforms without brokers: Member
10:38 AM
Bond yields seen little changed ahead of debt supply
Indian government bond yields are likely to be little changed in the early session on Friday, as traders await the last central government debt auction for this financial year later in the day.
The 10-year benchmark 7.26% 2032 bond yield is expected to trade in the 7.37%-7.41% band till the auction, a trader with a private bank said, after closing lower at 7.3905% on Thursday.
New Delhi will raise 260 billion rupees ($3.15 billion)through the sale of bonds, and the auction includes liquid seven-year and 14-year bonds.
“After last week’s devolvement, there is some bit of caution. The market may not be very aggressive in terms of bidding today,” the trader said.
10:23 AM
Adani Total to start operations at Indian LNG terminal by mid-June: The company will receive its first liquefied natural gas (LNG) cargo at the Dhamra terminal on India’s east coast in April and expects to start commercial operations 30 to 45 days after receiving the shipment, the Adani Group told Reuters.
10:12 AM
Zee Entertainment extends fall after insolvency admission
10:11 AM
RattanIndia’s Revolt Motors expands its dealership footprint – opens new dealerships in 3 new cities .
09:59 AM
Strides flagship facility in Bangalore receives USFDA inspection closure.
09:57 AM
Nikkei rebounds from one-month low on chip stocks, BOJ outlook
Japan’s Nikkei share average rose the most in a month on Friday, rebounding from a one-month low hit in the previous session, as chip-related stocks surged and the incoming Bank of Japan governor backed the current easy policy.
The Nikkei had gained 1.09% to 27,398.78 by the midday recess, after earlier rising as much as 1.33%. That followed a dip to the lowest since Jan. 23 at 27,046.08 on Wednesday. Japanese markets were closed on Thursday for a national holiday.
Friday’s gains were lopsided, with chip industry giants Tokyo Electron and Advantest contributing about half of the Nikkei’s total 294-point gain. Tokyo Electron and Advantest advanced 6.12% and 7.82%, respectively, after U.S. peer Nvidia forecast better-than-expected quarterly sales.
Of the Nikkei’s 225 components, 166 rose, 54 fell and five were flat.
09:51 AM
Redington has 24.1% of equity change hands in a bunched trade
09:40 AM
PineBridge looks past Adani saga to load up on stocks in India
US asset manager PineBridge Investments is using India’s recent market selloff to start buying stocks for its multi-asset portfolios, wagering that explosive corporate governance allegations against the Adani conglomerate won’t derail a growth and manufacturing boom.
While short-seller Hindenburg Research’s Jan. 24 report about the business empire of tycoon Gautam Adani has been one reason why investors have pulled billions of dollars out of Indian markets, Michael Kelly, who oversees Pinebridge’s $17.8 billion global multi-asset portfolios, is among those going the other way.
09:24 AM
Rupee falls 5 paise to 82.69 against US dollar in early trade.
09:23 AM
Market commentary by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Fifth straight day of losses happening in the third consecutive monthly losing streak has made the market distinctly weak. The bearish grip on the market has been assisted by negative global cues, FII selling and the sentimental fallout of the Adani crisis. Even though there are no clear visible positive triggers for the market now, a mild reversal is possible, going forward, culminating in positive returns in March. This view has the backing of history: Nifty never had four consecutive months of negative returns during the last 20 years. The selling in Bank Nifty is overdone. The fears of the Adani crisis impacting the Indian banking system are exaggerated. Some high quality banking stocks are attractively valued now and, therefore, banking stocks have the potential to stage a turnaround. The strength in the US economy augurs well for IT stocks too even though concerns of a US recession might weigh down heavily on the IT segment. Capital goods will continue to do well. Long-term investors can accumulate high quality stocks in this weak environment.
09:23 AM
Top movers in morning trade
09:20 AM
Opening Bell: Sensex jumps 200 pts, Nifty above 17,500; Adani Ent rises 2%, ZEEL falls 3%
09:10 AM
Pre-open session: Sensex rises 250 points; Nifty above 17,590
07:49 AM
Asian markets breath sigh of relief amid Ueda hearing
Asian markets breathed a sigh of relief on Friday as the incoming head of Japan’s central bank soothed fears of an early end to super-easy monetary policy, nudging bond yields lower globally.
07:23 AM
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 50 points, or 0.28 per cent, higher at 17,641, signaling that Dalal Street was headed for a positive start on Friday.
07:22 AM
Tech View: Nifty ends Feb series with a red candle
Headline index Nifty, which has been making lower-highs and lower-lows for the last five trading days, today formed a bearish candle on the daily charts on expiry of February F&O series.
07:22 AM
Tokyo stocks open higher
Tokyo stocks opened higher on Friday after Wall Street gains, with investors watching an appearance in parliament by Bank of Japan chief nominee Kazuo Ueda.The benchmark Nikkei 225 index was up 0.22 percent, or 58.40 points, at 27,162.72 in early trade, while the broader Topix index added 0.12 percent, or 2.43 points, to 1,977.68.
07:22 AM
Wall Street finishes topsy-turvy day higher, S&P snaps losing run
Wall Street ended a topsy-turvy Thursday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how interest rate policy might affect the U.S. economy.
07:22 AM
Rupee gains 15 paise to close at 82.73 against US dollar
The rupee appreciated by 15 paise to close at 82.73 (provisional) against the US dollar on Thursday, tracking its regional peers and lower crude oil prices.
07:21 AM
Sensex, Nifty on Thursday
The 30-share BSE benchmark Sensex declined 139 points or 0.23% to settle at 59,605.80. The broader NSE Nifty fell 43 points or 0.25% to end at 17,511.
07:21 AM
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