On Thursday, Indian stock markets saw severe selling pressure, fuelled by new SEBI futures and options (F&O) regulations and rising geopolitical concerns. The Nifty 50 index dipped 1.33 per cent, or 344 points, to open at 25,452.85. The BSE Sensex also fell sharply, shedding 1,264.20 points, or 1.50 per cent, to start at 83,002.09, reported ANI. According to the news agency report, market analysts cited global factors such as the Federal Reserve's recent interest rate decrease, increased geopolitical tensions, and foreign investors fleeing from Indian markets in favour of other areas such as China as important reasons for the sell-off. Ajay Bagga, a banking and market expert, commented: "China is drawing more investment from emerging markets, Japan’s market is showing relief, and the US is realising that the recent Fed rate cut may not have been necessary. Meanwhile, India is dealing with the impact of SEBI’s new regulations to curb speculation in the derivatives market, while geopolitical tensions between Israel and Iran add to global market uncertainty." Bagga further added that India is experiencing significant outflows from foreign institutional investors (FIIs), and needs stronger policy measures to attract global capital. "The RBI’s Monetary Policy Committee meets next week, but no major changes are expected. At best, we may see a more dovish policy stance. Indian markets remain volatile, and investors should exercise caution," he said. The Nifty Next 50 index experienced the greatest decrease in the broader market, plunging 1.27 per cent. The volatility index of Indian stock markets soared by more than 9 per cent, the ANI report added. Nifty Auto led the sectoral index decrease with a drop of more than 2 per cent, followed by Nifty FMCG and Nifty Realty, both of which fell by more than 1.5 per cent. However, Nifty Metal was the only sector to show an increase, climbing by 0.43 per cent. Other Asian markets remained mixed on Thursday. The Japanese market rose by more than 2 per cent, while Hong Kong's Hang Seng index fell by more than 4 per cent. On Wednesday, US markets closed flat, with only small advances in the S&P 500 and Nasdaq.
03 October,2024 01:36 PM IST | Mumbai | mid-day online correspondentIndian stock markets rebounded in early trade on Tuesday after a steep drop the previous day, boosted by advances in IT sectors and a recovery in Japanese markets. The BSE Sensex jumped 348.1 points to 84,647.88, while the NSE Nifty gained 96.75 points to 25,907.60, reported PTI. According to the report, among the 30 Sensex businesses, Tech Mahindra, Larsen & Toubro, State Bank of India, Bajaj Finserv, Infosys, and Power Grid all saw significant gains. Asian Paints, JSW Steel, Tata Steel, and Titan were among the underperformers. Tokyo markets rose, but South Korea, Hong Kong, and mainland Chinese markets were closed due to public holidays, with China being closed for the remainder of the week, the report added. On Monday, Foreign Institutional Investors (FIIs) sold shares worth Rs 9,791.93 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 6,645.80 crore. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, FII selling is expected to be countered by DII purchasing, preventing long-term market damage. "FII selling is likely to be absorbed by DII buying and, therefore, it is unlikely to do serious long-term damage to the market. The unusual volatility in stock markets is reflected in the 8 per cent spike in Shanghai Composite index and the 4.8 per cent crash in Nikkei index yesterday," Vijayakumar told PTI. He added, "This extreme volatility is likely to stabilise soon." Meanwhile, Brent crude oil prices fell by 0.29 per cent to USD 71.77 per barrel. Rupee falls 2 paise to 83.81 against US dollar In early trade on Tuesday, the rupee dropped 2 paise to 83.81 against the US dollar, following a significant outflow of foreign funds amidst erratic international markets. Forex traders claimed that the US dollar's strength versus the country's main competitors was hurting the Indian rupee, although the rupee's sharp decline was tempered by falling crude oil prices and a rebound in home equities markets. They argued that investors chose the more successful Chinese markets, and that China's announcement of monetary and fiscal stimulus caused the outflow of international capital. The INR began at 83.81 versus the US dollar at the interbank foreign exchange, down 2 paise from its closing level. The rupee ended the day 10 paise weaker than the US dollar, at 83.79. With PTI inputs
01 October,2024 12:12 PM IST | Mumbai | mid-day online correspondentIndian stock markets opened flat on Wednesday, with the Nifty 50 and BSE Sensex falling slightly as their monthly and quarterly expiry dates approached. Despite this, many believe the markets are still in a long-term bull period. The Nifty 50 index opened at 25,899.45 points, down 40.95 points (0.16 per cent), while the BSE Sensex opened at 84,836.45 points, down 77 points (0.09 per cent), reported ANI. Ajay Bagga, a banking and market expert, noted, "Given the monthly/quarterly expiry on Thursday, we expect the markets in India to be volatile and flat as the September series ends with indices near or at all-time highs. The next key market drivers will be the US PCE data on Friday and the September US jobs report on 4th October. Additionally, the RBI's monetary policy decision on 9th October will be crucial for the future trajectory of Indian markets. We advise staying fully invested and buying on dips, as we foresee a decades-long bull market in India." On the National Stock Exchange, the Nifty Metal index led advances with a 0.84 per cent increase in the opening session, while the Nifty Bank, Nifty Auto, and Nifty IT indices fell slightly. In the Nifty 50, 23 stocks opened higher, while 18 dropped. Reportedly, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, "The strong domestic liquidity that is driving India's market rally is likely to keep the market resilient." For Nifty to convincingly reach the 26,000 level, it will require support from the Bank Nifty, which still has room to climb." He also pointed out that Chinese monetary stimulus measures had lifted Chinese and Hong Kong markets the previous day. "If this rally continues, it's possible that foreign investors will shift more funds to these markets, which are currently very attractive due to their valuations. In India, metal stocks rallied in response to the Chinese stimulus measures," Vijayakumar further told ANI. Elsewhere in Asia, Japan's Nikkei index rose 0.07 per cent, while Hong Kong's Hang Seng rose 2.03 per cent. Taiwan's index rose 1.30 per cent, while South Korea's markets stayed steady at the time of the report, said ANI.
25 September,2024 10:51 AM IST | Mumbai | mid-day online correspondentIn early trading on Thursday, the major equity indices, Sensex and Nifty, surged to all-time highs in response to the US Federal Reserve's decision to lower its benchmark interest rate for the first time in more than four years. At 83,684.18, the 30-share BSE Sensex reached an all-time high, rising 735.95 points. Comparably, the NSE Nifty experienced a gain of 209.55 points, culminating in a new high of 25,587.10, reported PTI. "The big Fed rate cut by 50 bps has the potential to take equity markets into a consolidation phase with an upward bias. The rate cuts by the Fed will pave the way for rate cuts in India, too," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, told PTI. According to the report, NTPC, Axis Bank, Tata Motors, Tata Consultancy Services, Bharti Airtel, Tech Mahindra, Infosys, and HDFC Bank were the top gainers among the 30 Sensex companies. The only company to report a decline was Bajaj Finserv. Asia's markets experienced increases in Tokyo, Shanghai, and Hong Kong, and minor declines in Seoul. On Wednesday, the US markets ended the day lower, the report added. Based on information from exchanges, Foreign Institutional Investors (FIIs) bought stocks on Wednesday for a total of Rs 1,153.69 crore. "The 50 bps rate cut is a bold stance by the US Fed to revitalise their subdued economy, which will in turn open the door for other global central banks, including RBI to kick-start the softer interest rate regime," said Wallfort Financial Services Ltd. founder Vijay Bharadia. In the meantime, the benchmark for global oil prices, Brent crude, fell by 0.07 per cent to USD 73.60 per barrel. The NSE Nifty declined 41 points to 25,377.55 on Wednesday, while the BSE Sensex fell 131.43 points to close at 82,948.23, stated the PTI report. Rupee rises 6 paise to 83.70 against US Dollar following Fed rate cut In early trade on Thursday, the Indian rupee gained 6 paise to 83.70 against the US dollar, helped by optimistic market sentiment in the wake of the US Federal Reserve's interest rate cut. Forex dealers attributed the rupee's advances to lower crude oil prices, an increase in domestic equity markets, and foreign investment inflows. Nonetheless, additional Indian rupee gains were constrained by the higher US dollar. The rupee started trading at 83.70 in the interbank foreign exchange market and briefly rose to 83.69 before closing at 83.70, up 6 paise from its previous closing level. The rupee strengthened by 10 paise on Tuesday, closing at 83.76 against the US dollar. Because Wednesday was a public holiday in Maharashtra, the FX market was closed. With PTI inputs
19 September,2024 10:05 AM IST | Mumbai | mid-day online correspondentThe Indian benchmark market indices dipped in early trading on Wednesday, following a record surge. The decrease was driven by losses in IT equities and muted global market trends, as investors awaited the US Federal Reserve's interest rate announcement, reported PTI. According to the report, the 30-share BSE Sensex declined 130.24 points to 82,949.42, and the NSE Nifty dropped 37.75 points to 25,380.80. The biggest decliners among Sensex corporations were Tech Mahindra, Infosys, Tata Consultancy Services, HCL Technologies, Asian Paints, and Sun Pharma. In contrast, Bajaj Finance, ITC, Bajaj Finserv, and HDFC Bank experienced growth. Asian markets produced mixed outcomes, with Tokyo rising and Shanghai falling. The US markets closed with mixed results on Tuesday, reflecting cautious sentiment ahead of the Fed's rate announcement, the report stated. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the market is eagerly anticipating the Fed's comments, which are expected to be as crucial as the rate decision itself. "The significance of the Fed rate decision expected tonight is evident from the wait and watch market mood across the globe yesterday. Perhaps more important than the Fed action would be the Fed commentary and the message," V K Vijayakumar told the news agency. Reportedly, Foreign Institutional Investors (FIIs) became net buyers on Tuesday, purchasing equities worth Rs 482.69 crore, according to exchange data. Meanwhile, the global oil benchmark Brent crude fell by 0.46 percent to USD 73.36 a barrel. Meanwhile, on Tuesday, the benchmark Sensex rose by nearly 91 points and closed at a fresh high while Nifty settled above the 25,400 mark for the first time in a rage-bound trade, stated another PTI report. The 30-share BSE Sensex continued its record-breaking day by rising 90.88 points, or 0.11 per cent, to close at a new high of 83,079.66 on Tuesday. For the first time, the main index settled over the 83,000 mark. It increased to 83,152.41 during the day by 163.63 points or 0.19 per cent. At 25,418.55, its record closing high, the NSE Nifty settled over the 25,400 barrier for the first time, gaining 34.80 points, or 0.14 per cent.
18 September,2024 09:53 AM IST | Mumbai | mid-day online correspondentThe rupee appreciated by 5 paise to 83.87 against the US dollar in early trade on Monday supported by weakening of the American currency in the overseas market and significant foreign fund inflows. Forex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday, with a rate cut all but certain. However, the magnitude of the cut remains uncertain. Moreover, the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added. At the interbank foreign exchange market, the local unit opened at 83.89, then inched further to touch 83.87, registering a rise of 5 paise from its previous close. On Friday, the local unit settled higher by 4 paise at 83.92 against the US dollar. "Despite a significant drop in the dollar index and crude oil prices remaining under control in recent sessions, alongside inflation figures staying below the Central Bank's 4 per cent target for the second consecutive month, the rupee has held steady," CR Forex Advisors MD Amit Pabari said. Pabari further added that this stability is largely due to the RBI's persistent intervention on the buying side, reflected in the build-up of reserves, which have now reached an all-time high of around USD 690 billion. India's forex reserves jumped USD 5.248 billion to a new all-time high of USD 689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by USD 2.299 billion to a record USD 683.987 billion for the previous reporting week. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.26 per cent to 100.85 points. Brent crude, the international benchmark, gained 0.15 per cent to USD 71.72 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex advanced 128.95 points, or 0.16 per cent, to 83,019.89 points, while the Nifty was up 46.00 points, or 0.18 per cent, to 25,402.50 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 2,364.82 crore, according to exchange data. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
16 September,2024 09:53 AM IST | Mumbai | PTIIndia's equity benchmark indices declined in early trade on Wednesday following two days of gains, driven by selling pressure in Tata Motors and weak trends in Asian markets. The 30-share BSE Sensex dropped by 111.85 points to 81,809.44, while the NSE Nifty slipped 39.2 points to 25,001.90. Among the major laggards were Tata Motors, ICICI Bank, Titan, HDFC Bank, JSW Steel, Tech Mahindra, UltraTech Cement, and Axis Bank. On the other hand, Asian Paints, Bharti Airtel, ITC, and Hindustan Unilever were among the gainers, reported PTI. According to the news agency report, across Asia, markets in Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. In contrast, US markets ended with gains on Tuesday. Foreign Institutional Investors (FIIs) continued to invest, buying equities worth Rs 2,208.23 crore on Tuesday, according to exchange data. Meanwhile, the global oil benchmark, Brent crude, rose by 0.59 per cent to USD 69.60 per barrel, the report added. On Tuesday, the BSE Sensex gained 361.75 points to settle at 81,921.29, while the NSE Nifty surged 104.70 points to 25,041.10. On Wednesday, the rupee moved in a narrow range, rising 2 paise to 83.96 against the US dollar on lower crude oil prices and matching its Asian rivals. Forex traders said foreign institutional inflows, combined with major corrections in asset classes like as the dollar index and crude oil prices, supported the rupee, while the Reserve Bank's strong intervention held it in a tight range. On the interbank foreign exchange market, the local currency fluctuated in a narrow range. It opened at 83.97 per US dollar and was at 83.96 in early trade, up 2 paise from the previous close. On Tuesday, the rupee fell 3 paise to settle at 83.98 against the US dollar. Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.21 per cent to 101.42 points. Brent crude, the worldwide benchmark, was up 0.48 per cent to USD 69.52 a barrel in futures trade. Forex traders believe that crude oil at USD 69 per barrel will help the home currency since India, the world's third-largest oil importer, will profit from lower oil prices. With PTI inputs
11 September,2024 10:05 AM IST | Mumbai | mid-day online correspondentIndia's key equity indices, the Sensex and Nifty, fell sharply in early trade on Wednesday after a record-breaking rise fuelled by negative trends in global markets. The BSE Sensex slid 721.75 points to 81,833.69, while the NSE Nifty dropped 196.05 points to 25,083.80. Major decliners among the 30 Sensex corporations included JSW Steel, Infosys, Larsen & Toubro, State Bank of India, Tata Steel, Mahindra & Mahindra, Bharti Airtel, and Axis Bank. However, Asian Paints, Bajaj Finserv, Bajaj Finance, and Hindustan Unilever all posted rises. Key indices in Seoul, Tokyo, Shanghai, and Hong Kong all fell sharply. This comes as US markets fell sharply on Tuesday, fuelled by concerns about growth and signs that US manufacturing may be contracting. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the possibility of a soft landing in the US economy, which has previously underpinned global markets, now appeared to be jeopardised. "The selloff in US markets yesterday (Tuesday) was triggered by growth concerns. There are indications of US manufacturing moving into contraction, thereby threatening the soft landing expectation, which has been the pillar of support for the mother market the US and consequently for other markets, too," said VK Vijayakumar. On Tuesday, the BSE Sensex fell 4.40 points to close at 82,555.44, bringing an end to a 10-day surge. Meanwhile, the Nifty gained 1.15 points to close at 25,279.85, its highest level ever. Over the last ten days, the BSE Sensex has risen by 2,135 points, or 2.61 per cent, while the Nifty has gained nearly 1,141 points, or 4.59 per cent, over 14 consecutive days of gains. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,029.25 crore on Tuesday, according to exchange data. In currency markets, the Indian rupee rose 2 paise, finishing at 83.96 against the US dollar in early trade Wednesday. This was aided by a weaker dollar against key foreign currencies and a decline in crude oil prices. The dollar index, which measures the greenback against six major currencies, was down 0.14 per cent to 101.67, while Brent crude oil, the worldwide benchmark, fell 0.62 per cent to USD 73.29 a barrel in futures trading. On the interbank foreign exchange market, the rupee began at 83.96, up 2 paise from its previous close of 83.98 versus the US dollar on Tuesday. Amit Pabari, Managing Director at CR Forex Advisors, stated that a dramatic drop in oil prices, combined with the impact of US job data, contributed to the market's volatility.
04 September,2024 10:09 AM IST | Mumbai | mid-day online correspondentInflation in the 20 European Union countries that use the euro fell sharply to 2.2 per cent in August, opening the door for the European Central Bank to cut interest rates as the ECB and the US Federal Reserve prepared to lower borrowing costs to support growth and jobs. The August figure was down from 2.6 per cent in July, according to figures on Friday from European Union statistics agency Eurostat. Energy prices fell in August by 3 per cent, helping lower the overall figure, while inflation fell to 2 per cent in Germany, the eurozone's largest economy. The monthly figure is now close to the ECB's target of 2 per cent, the level considered best for the economy. The central bank is charged with maintaining stable prices under the treaty that set up the European Union. Not all of the EU's 27 countries use the euro. Economists expect the ECB to cut its key rate by a quarter point from 3.75 per cent at its September 12 meeting, while the Fed is expected to cut rates from a 23-year high of 5.25 per cent - 5.5 per cent at its September 17-18 policy meeting. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
30 August,2024 02:53 PM IST | Frankfurt | PTIThe Chairman and Managing Director of Reliance Industries Ltd (RIL) Mukesh Ambani on Thursday outlined an ambitious growth strategy for the conglomerate at the company’s annual general meeting as he announced the launching of "Jio AI-Cloud Welcome Offer," which will provide Jio users with up to 100 GB of free cloud storage. The offer, set to launch around Diwali. Mukesh Ambani on Thursday unveiled the next phase of growth at Reliance Industries Ltd, with retail and telecom worth over USD 100 billion each, doubling revenues and pre-tax profit in 3-4 years, new energy business becoming profitable by 2031, and core oil and chemical business continuing to be the robust growth engine. The sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecoms, retail, and media is on track to more than double in size before the end of the decade, Ambani, chairman and managing director of Reliance, told company shareholders. Mukesh Ambani highlighted that Reliance is not focused on short-term gains but on creating long-term value and energy security. He highlighted the company’s remarkable growth, noting that Reliance has become one of the world’s top 50 most valuable corporations and is on track to achieve its goal of doubling its value by 2027. The company is also progressing on several fronts, including its retail business, which now operates 19,000 stores across over 7,000 cities and is among the top global retailers. Jio, with 490 million users, has completed its 5G rollout and aims to expand its broadband services to 100 million homes. Key highlights of Ambani's roadmap include: - Reliance plans to double its revenues and pre-tax profits within the next 3-4 years. The retail and telecom sectors, each valued over USD 100 billion, are expected to play pivotal roles in this growth. - Reliance's new energy business is projected to become profitable by 2031. This sector will focus on green fuels and AI-driven solutions, which are anticipated to become major growth drivers. - The company's core oil and chemical business, which remains a robust growth engine, will see increased AI adoption. The launch of ‘Jio Brain’, a suite of AI tools and platforms, and the development of gigawatt-scale data centers in Jamnagar are part of this innovation push. - In a move likely to disrupt the telecom market, Reliance’s Jio will offer up to 100 GB of free cloud storage to its users. This follows Jio’s history of shaking up the market with its low-cost data and free voice services. - Reliance will invest Rs 75,000 crore in establishing a new energy ecosystem. This includes solar photovoltaic module production, advanced battery manufacturing, and electrolyser facilities. The company has also secured land for green fuel production and infrastructure development. - Reliance's board will consider issuing bonus shares in a 1:1 ratio, marking the first bonus issue since 2017. This is seen as a reward for shareholders who have supported the company’s growth.
29 August,2024 09:13 PM IST | Mumbai | mid-day online correspondentEquity benchmark indices Sensex and Nifty hit their all-time high levels on Thursday, driven by a rally in index majors Reliance Industries and Tata Motors. The 30-share BSE Sensex jumped 349.05 points or 0.43 per cent to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. During the day, it soared 500.27 points or 0.61 per cent to hit a lifetime intra-day peak of 82,285.83. Rallying for the 11th straight session, the NSE Nifty surged 99.60 points or 0.40 per cent to settle at a new closing high of 25,151.95. During the trade, the benchmark climbed 140.55 points or 0.56 per cent to hit a fresh record intra-day peak of 25,192.90. Among the 30 Sensex firms, Tata Motors jumped over 4 per cent, followed by Bajaj Finserv, Bajaj Finance, HCL Technologies, ITC, Reliance Industries, Tech Mahindra, Maruti and State Bank of India. Reliance Industries climbed nearly 2 per cent after Mukesh Ambani, chairman and managing director of the firm, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1. "When Reliance grows, we reward our shareholders handsomely," Ambani said. Mahindra & Mahindra, Sun Pharma, JSW Steel, Kotak Mahindra Bank, Infosys and Tata Steel were among the biggest laggards. In Asian markets, Seoul, Tokyo and Shanghai settled in the negative territory, while Hong Kong ended higher. European markets were trading in the positive zone. The US markets ended lower on Wednesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,347.53 crore on Wednesday, according to exchange data. Global oil benchmark Brent crude declined 0.60 per cent to USD 78.27 a barrel. Rising for the tenth straight session on Wednesday, the NSE Nifty went up by 34.60 points or 0.14 per cent to settle at a new closing high of 25,052.35. The benchmark surged 111.85 points or 0.44 per cent to hit a fresh intra-day all-time peak of 25,129.60. Extending its winning run to the seventh day in a row, the BSE benchmark climbed 73.80 points or 0.09 per cent to settle at 81,785.56. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
29 August,2024 05:41 PM IST | Mumbai | PTIADVERTISEMENT
