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Home / Markets / Live Blog /  Sensex drops 185 pts, Nifty ends below 16,550; TechM, Nestle bleed, M&M shines

Sensex drops 185 pts, Nifty ends below 16,550; TechM, Nestle bleed, M&M shines

Market Closing: Indian indices ended lower on Wednesday, slipping around 0.33% after giving up early gains (Photo: Mint)Premium
Market Closing: Indian indices ended lower on Wednesday, slipping around 0.33% after giving up early gains (Photo: Mint)

  • Market Closing: Indian indices on Wednesday registered losses for the second straight day after paring all the initial gains amid mixed Asian trends in a choppy trading session.

Indian indices on Wednesday extended losses for the second consecutive day as both the Sensex and Nifty declined, tracking mixed trends from Asian peers. Asian markets fluctuated following losses on Wall Street and data reminding traders that inflation shows no sign of easing. Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its Covid-19 lockdown in Shanghai. Shares rose in Japan and Australia, while it wavered in Hong Kong, South Korea, and Shanghai.

01 Jun 2022, 03:45:06 PM IST

Sensex slips 185 pts, Nifty ends below 16,550; IT, realty, power, pharma crack

Indian indices on Wednesday closed lower amid volatility with heavy losses recorded in power, IT, and pharma sectors as data showed that the country's economic growth slowed to the lowest in a year in the first three months of 2022..

The Sensex lost 185.24 points, or 0.33%, to close at 55,381.17, while Nifty50 declined 61.80 points to end at 16,522.75. Sectorally, IT, realty, power, pharma, among others, came under heavy selling pressure, while metals, capital goods, and banks ended in the green.

On the 30-stock index, the most gains were made by M&M, HDFC, and Kotak Bank, among others, while Nestle India, Bajaj Finserv, TechM, and HCL Tech were among the biggest losers.

On Nifty50, JSW Steel, Coal India, and HDFC Life made the most gains, while Bajaj Auto, Apollo Hospital, Hindalco and TechM were among the biggest laggards.

Sensex at close
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Sensex at close
01 Jun 2022, 03:27:40 PM IST

FMCG volumes down 4.1% in March quarter, says report

Volumes of goods sold by fast moving consumer goods companies fell 4.1% year-on-year in the March-ended, even as the industry reported a 6% year-on-year rise in value terms, driven by aggressive price increases undertaken, researcher NielsenIQ said in its quarterly snapshot on the sector released Wednesday.

01 Jun 2022, 03:20:58 PM IST

CV volumes continue the uptrend: Prabhudas Lilladher on Ashok Leyland

Our Views: Ashok Leyland remains our preferred pick in the CV space, as the company is benefitting from the CV upcycle. The demand for tippers and haulage are support MHCV volumes. Whereas, LMDs, E-com and AL's entry into the CNG space is supporting LCV volumes. We believe this positive trend to continue led by government spending on infrastructural activities. Also, AL will benefit from the growth in bus volumes, schools and offices open-up; and state transportation.

01 Jun 2022, 03:19:17 PM IST

Crude oil futures decline on low demand

Crude oil futures on Wednesday dropped marginally by 0.28 per cent to 9,001 per barrel as participants trimmed their positions on low demand.

On the Multi Commodity Exchange, crude oil for June delivery fell by 25 or 0.28 per cent to 9,001 per barrel with a business volume of 10,112 lots.

Globally, West Texas Intermediate crude oil was trading 1.38 per cent up at USD 116.25 per barrel and Brent crude was up at USD 122.84 per barrel in New York.

01 Jun 2022, 03:08:59 PM IST

Cottonseed oil cake futures rise on fresh bets

Cottonseed oil cake prices on Wednesday marginally increased by 6 to 2,808 per quintal in futures trade as speculators created fresh positions driven by a firm spot demand.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for June delivery traded up by 6 or 0.21 per cent at 2,808 per quintal with an open interest of 84,470 lots.

Marketmen said raising of positions by participants amid a rising demand from cattle-feed makers mainly influenced cottonseed oil cake prices.

01 Jun 2022, 03:05:04 PM IST

Rakesh Jhunjhunwala cuts stake in Delta corp; stock down over 4%

Ace investor Rakesh Jhunjhunwala has trimmed stake in Delta corp to 6.2% from 7.5%, according to an exchange filing.

01 Jun 2022, 02:45:56 PM IST

Asian markets mixed on inflation worry, oil bounces after drop

Asian markets fluctuated Wednesday following losses on Wall Street and data reminding traders that inflation shows no sign of easing.

Oil rallied after seeing a sharp drop earlier on reports that OPEC was considering suspending Russia from an output deal, which observers said could allow producers to pump more.

Regional equities have enjoyed a largely healthy run of late on hopes that inflation could be nearing a peak and a sell-off across markets may have run its course, while the easing of some lockdown measures in China added to the optimism.

However, investors were brought down to earth with a bump Tuesday with figures showing eurozone inflation hit a record high in May owing to rocketing energy costs.

01 Jun 2022, 02:39:52 PM IST

Vodafone Idea forays into multibillion dollar ad-tech industry with Vi Ads

Vodafone Idea has launched its ad-tech platform called Vi Ads, driven by artificial intelligence (AI) and machine learning (ML), aimed at giving marketers a programmatic media buying platform.

01 Jun 2022, 02:34:39 PM IST

Hong Kong shares fall amid lingering worries about China's economy

Hong Kong stocks fell on Wednesday, despite eased coronavirus restrictions on the mainland, as concerns linger over the economic impact from Beijing's tough zero-COVID policy.

** Hong Kong's Hang Seng Index lost 0.6%, while the Hang Seng Tech Index fell 1.1%.

** China's financial hub Shanghai sprung back to life on Wednesday after two months of bitter isolation under a ruthless COVID-19 lockdown.

** It comes after China's cabinet announced a package of 33 measures covering fiscal, financial, investment and industrial policies on Tuesday to revive its pandemic-ravaged economy.

01 Jun 2022, 02:10:32 PM IST

Anand Rathi sees 70% upside in this fashion stock in long term

Arvind Fashions share price has been trading range-bound with negative bias for near 6 months. However, the fashion stock has given some sharp upside move in last one week, which has attracted attention of various stock market analysts. Brokerages have have become bullish on Arvind Fashions shares include Anand Rathi as well. The brokerage believes that Arvind Fashions shares are out of consolidation phase and it can give upside moves from current levels of around 265 and can go up to 453 apiece levels in long term. Means the brokerage report believes that the fashion stock will surge around 70 per cent in long term.

01 Jun 2022, 02:02:52 PM IST

May GST collections at ₹1.40 lakh crore, up 44% YoY

The gross GST revenue collected in the month of May 2022 has come above 1.40 lakh crore, government data showed on Wednesday. The revenues for the month of May 2022 are 44% higher than the GST revenues in the same month last year of 97,821 crore, however, is down 16% from the previous month. GST collection in April had touched an all-time high of over 1.67 lakh crore.

01 Jun 2022, 01:45:18 PM IST

Sensex at 1:45 pm: Drops over 200 points; NTPC, HDFC lead, Nestle India, Bajaj Finserv drag 

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BSE
01 Jun 2022, 01:34:53 PM IST

ATF price cut by 1.3%, commercial LPG rate reduced by ₹135

Jet fuel prices on Wednesday were cut by 1.3 per cent -- the first reduction after 10 rounds of price hikes -- on softening international crude oil rates.

Simultaneously, prices of commercial LPG - used by business establishments such as hotels and restaurants - were reduced by 135 per 19-kg cylinder.

The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- has been reduced by 1,563.97 per kilolitre, or 1.27 per cent, to 1,21,475.74 per kl ( 121 per litre) in the national capital, according to a price notification of state-owned fuel retailers.

This is the first reduction after 10 rounds of price increases this year. Rates were hiked by 6,188.25 per kl, or 5.29 per cent, on May 16, to a record high level of 1,23,039.71 per kl.

Commercial LPG rates were reduced to 2,219 per 19-kg cylinder, from 2,354, the notification showed.

Prior to the cut, rates of commercial LPG had risen by 355.5 per cylinder this year.

However, prices of cooking gas LPG used in households remained unchanged at 1,003 per 14.2-kg cylinder. Rates had been hiked by 3.50 a cylinder on May 19. Prior to that prices were hiked by 50 per cylinder on March 22 and again by the same quantum on May 7.

01 Jun 2022, 01:15:14 PM IST

Top BSE losers: Ahluwalia Contracts, PTC , Indiabulls Real Estate crack

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BSE
01 Jun 2022, 12:57:57 PM IST

Top BSE gainers: Polyplex Corporation, Rhi Magnesita India lead

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01 Jun 2022, 12:52:40 PM IST

BSE indices weak in afternoon trade amid volatility

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BSE
01 Jun 2022, 12:36:36 PM IST

eMudhra share price: Should you buy, sell or hold after positive debut?

eMudhra shares made a positive debut on the Dalal Street today as it listed at 271 per share on BSE, giving near 6 per cent premium to the lucky allottees. However, after listing, eMudhra shares retraced from its intraday high of 279 on BSE and made today's low of 256 per share. It listed at at 270 per equity share on NSE.

01 Jun 2022, 12:26:30 PM IST

Tokyo stocks close higher

Tokyo stocks closed higher on Wednesday, with investors buying shares of exporters on the back of a weaker yen.

The benchmark Nikkei 225 index was up 0.65 percent, or 178.09 points, to end at 27,457.89, while the broader Topix index rose 1.36 percent, or 25.97 points, to 1,938.64.

01 Jun 2022, 12:10:34 PM IST

Rakesh Jhunjhunwala earns ₹720 crore from this Tata stock in one week

Rakesh Jhunjhunwala net worth: Amid relief rally shown by Indian stock market last week, a good number of quality stocks have shown sharp upside move in last few sessions. Rakesh Jhunjhunwala stock Titan Company shares are one of them. In last 5 trade sessions, this Rakesh Jhunjhunwala portfolio stock has risen from around 2134 to 2295 levels, helping Big Bull to earn around 720 crore in this period.

01 Jun 2022, 12:03:29 PM IST

Prabhudas Lilladher on Aurobindo Pharma

Rating: ACCUMULATE | CMP: Rs534 | TP: Rs635

We cut our FY23E EPS est. by 13% and FY24E EPS est. by 15% to factor in lower margins and US sales. Aurobindo Pharma’s (ARBP) performance was weak in FY22, given cost headwinds and lower US sales. We believe cost pressures to remain in near term and margin trajectory should improve from H2FY23. However, pick up in US sales hinge on timely niche approvals along with stabilization of pricing pressure in base business. ARBP has multiple growth drivers in place with investments in vaccines, injectables, biosimilars and PLI, which are expected to be reflected from FY24. At CMP, stock is trading at 10x FY24E P/E. We recommend ‘Accumulate’ with TP of Rs635 based on 12x FY24E earnings. Value unlocking in injectable business will be key trigger.

01 Jun 2022, 11:48:24 AM IST

90% investors prefer digital gold to diversify portfolio: Report

With an increase in digitalization, the share of new age investments like digital gold has gone up and is slowly paving its way into the portfolio of investors, according to a survey by SafeGold, a platform accelerating the digital gold ecosystem in India released today.

01 Jun 2022, 11:37:31 AM IST

Bajaj Auto reports marginal rise in total vehicle sales at 2,75,868 units in May

Bajaj Auto on Wednesday reported a marginal growth in its total vehicle sales at 2,75,868 units in May, as against 2,71,862 vehicles sold in the year-ago period.

Total domestic sales, including commercial vehicles, surged 85 per cent to 1,12,308 units, as against 60,830 vehicles sold in May 2021, while exports declined 22 per cent to 1,63,560 units, compared to 2,11,032 units in May 2021, Bajaj Auto said in a statement.

Two-wheelers total sales rose 4 per cent to 2,49,499 units in the previous month, as against 2,40,554 units in May 2021, the company said.

Total commercial vehicle sales during the reporting month stood at 26,369 units, 16 per cent down from 31,308 vehicles sold in May last year.

Total domestic sales of the two-wheelers grew a whopping 59 per cent in May 2022 to 96,102 units, as compared to 60,342 vehicles sold in India in the same month of 2021, as per the statement.

The company, however, saw its two-wheeler exports declining 15 per cent to 1,53,397 units in May, as against 1,80,212 units in the same month last year, as per the company's statement.

01 Jun 2022, 11:25:35 AM IST

Shanghai braces for long road to recovery as lockdown ends

Shanghai faces weeks, if not months, of slow recovery until economic activity can fully bounce back from the crippling Covid lockdown that began in March.

Based on the experiences of other Chinese cities like Wuhan in 2020 and Jilin earlier this year, it will take time for shops to reopen or factories to secure supplies and ramp up production. Labor shortages could emerge and the knock to business and consumer confidence will likely linger.

Even though the majority of Shanghai’s 25 million people are able to move freely in the city from Wednesday and some shops are resuming, many factories and businesses are still closed or operating below capacity. The world’s largest port in the city remains backed up and truck traffic is at about a quarter of pre-pandemic levels.

01 Jun 2022, 11:18:22 AM IST

China's real estate mess put global economy on crutches

The deep recession in China's real estate companies is becoming a major problem for the country as well as for the world's economy.

The property market was one of the few cherished destinations for household savings. The developers and homebuyers were also willing to take the loans from the banks but these good days for China ended last year. The household debt touched over USD 10 trillion. And around 27 per cent of bank loans in China are tied to real estate, reported a think tank, Policy Research Group (POREG).

This industry was known to be the biggest job creator in China but now it is termed as "Lehman moment", in comparison to the 2008 bankruptcy of Lehman Brothers, which was a trigger for the global financial crisis. More so, when the number of empty homes has crossed the 65 million mark (90 million according to some estimates) - enough to house the population of France, and raised the spectre of a global economy on crutches.

01 Jun 2022, 11:16:51 AM IST

Oil prices nudge higher on EU's Russian oil ban, end of Shanghai lockdown

Oil prices gained slightly on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai.

Brent crude for August delivery was up 28 cents, or 0.2%, at $115.88 a barrel at 0338 GMT. The contract settled down 1.7% on Tuesday.

The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%.

U.S. West Texas Intermediate (WTI) crude rose 30 cents, or 0.3%, to $114.97 a barrel.

Both benchmarks ended May higher, marking the sixth straight month of rising prices.

01 Jun 2022, 11:14:51 AM IST

Asia's factory activity slows in May as China COVID curbs weigh

Asia's factory activity slowed in May as China's heavy-handed coronavirus curbs continued to disrupt supply chains and dampen demand, adding to woes for some of the region's economies that are already under strain from surging raw material costs.

Manufacturers slowed activity last month in countries ranging from Japan to Taiwan and Malaysia, business surveys showed on Wednesday, a sign of the challenge policymakers face in combating inflation with tighter monetary policy - without crippling growth.

China's Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) stood at 48.1 in May, improving slightly from 46.0 the previous month but staying below the 50-point threshold that separates contraction from expansion, a private survey showed.

The outcome was in line with Tuesday's official data that showed China's factory activity fell at a slower pace in May. While COVID curbs are being rolled back in some cities, they continue to weigh heavily on confidence and demand.

01 Jun 2022, 11:13:34 AM IST

Gautam Adani latest bet is this multibagger sector. Key stocks to track now

Stocks in focus: With the announcement of new drone policy in July 2021, the central government has been continuously liberalising the drone policy to maximise the utility of drones. The latest sensation to enter this multibagger sector is Indian billionaire Gautam Adani.

01 Jun 2022, 11:09:33 AM IST

India's May factory activity remained strong despite inflation worries

India's factory activity expanded at a better-than-expected pace last month as overall demand remained resilient despite persistently high inflation, encouraging firms to hire at the fastest rate since January 2020, according to a private survey.

The survey comes just a day after official data showed Asia's third-largest economy expanded at an annual rate of 4.1% during the January-March quarter, its weakest in a year, amid rising risks from price pressures.

Still, the Manufacturing Purchasing Managers' Index, compiled by S&P Global, came in at 54.6 in May, slightly lower than April's 54.7 but above the 50-level separating growth from contraction for an eleventh month.

01 Jun 2022, 11:00:17 AM IST

Weak show; Entering in to weak earnings cycle: Prabhudas Lilladher on Jindal Steel & Power

Rating: REDUCE | CMP: Rs378 | TP: Rs405

Jindal steel & Power (JSP) reported weak set of earnings for Q4FY22. EBITDA declined 7% QoQ to Rs30.7bn, below our/consensus estimates (CE) by 15%/20%. Higher costs in steel operations and slow pick-up in operational performance of overseas coal mining subsidiaries (despite strong coal prices) led the miss.

The recent imposition of export duty by GOI escalated the downtrend in steel prices. Steel prices dipped by 6% since levying of export duty on 21st May, adding to 12% fall during last one month prior to duty imposition. Global steel markets were spooked due to Russia-Ukraine war, depressed market conditions in China and record high inflation. Imposition of export duty by India would further destabilise already weak demand in anticipation of lower supplies from Indian mills. We believe that odds are more inclined towards weakness due to likely sluggishness in global demand and prolonged stay of export duty in case of revival in Chinese markets. In wake of weak macro outlook, we maintain Reduce rating with revised TP of Rs405 (earlier Rs490) on lower assigned EV/EBITDA of 5x FY23e.

01 Jun 2022, 10:46:31 AM IST

Adani group shares hit by selloff amid MSCI index rejig

Some shares part of billionaire Gautam Adani’s conglomerate took a beating on Tuesday as investors adjusted their holdings to reflect changes in the composition and weighings in the MSCI India Index, according to an analyst who publishes at Smartkarma.

01 Jun 2022, 10:40:37 AM IST

LIC market cap dips below ICICI Bank to 7th spot among top-10 valuable companies

ICICI Bank overtook Life Insurance Corporation (LIC) of India to become India's 6th most valuable company in terms of market capitalization. LIC market cap now stands at 7th spot in the list of top 10 most valuable Indian companies. Housing Development Finance Corporation Limited or HDFC Limited stands at 8th spot whereas State Bank of India (SBI) is placed at 9th spot in the big boys club.

01 Jun 2022, 10:32:19 AM IST

Vodafone Idea issues clarification on reports of Amazon's investment

Vodafone Idea (Vi) on Wednesday issued clarification on reports of the telecom firm being in talks with Amazon, private equity firms (PEs) for 20,000 crore investment in the company, saying that there is no proposal currently as reported by the media that is being considered by the board.

01 Jun 2022, 10:26:42 AM IST

'No airline can survive with these high fuel prices if you don't raise airfares': IndiGo CEO

Amid the rise in fuel prices, IndiGo CEO Ronojoy Dutta said that the government should consider increasing the upper limits on domestic airfares. "If anything, the higher band needs to be moved up because, you know, we just need to keep the fares at pace with fuel prices and fuel prices are a real problem. I mean, every month they're going up 11 per cent, six per cent and so forth. So, no airline can survive with these high fuel prices if you don't raise fares," IndiGo CEO Ronojoy Dutta told PTI.

01 Jun 2022, 10:11:56 AM IST

eMudhra shares rise on market debut, list at premium

Shares of eMudhra made a positive stock market debut on Wednesday with the stock listing at 270 apiece on the NSE, a premium of more than 5% as compared to its IPO issue price of 256 per share. On the BSE, eMudhra shares started trading at 271.

01 Jun 2022, 10:02:58 AM IST

Rupee recovers from record low, rises 14 paise against US dollar in early trade

Recovering from its record low, the rupee rose by 14 paise to 77.57 against the US dollar in early morning trade on Wednesday.

At the interbank foreign exchange, the rupee opened at 77.58 against the American dollar, then inched higher to quote at 77.57, registering a rise of 14 paise from the last close.

On Tuesday, the rupee declined by 17 paise to close at its all-time low of 77.71 against the US currency as surging US bond yields dampened the appeal of riskier assets.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent higher at 101.92.

Global oil benchmark Brent crude futures rose 0.96 per cent to USD 122.84 per barrel.

01 Jun 2022, 09:47:20 AM IST

IndiGo to conduct internal study on how to better handle specially abled passengers: CEO

01 Jun 2022, 09:47:08 AM IST

Govt should consider increasing upper limits on domestic airfares amid rising fuel prices: IndiGo CEO Ronojoy Dutta (PTI)

01 Jun 2022, 09:46:35 AM IST

IndiGo likely to have business class on certain international flights: CEO Ronojoy Dutta

01 Jun 2022, 09:46:14 AM IST

Buying wide-body aircraft is "just a matter of time" once Indian airports become hubs: IndiGo CEO Ronojoy Dutta

01 Jun 2022, 09:32:11 AM IST

Stagflationary risk low for India compared to others, says CEA

Chief Economic Adviser V Anantha Nageswaran on Tuesday ruled out the risk of stagflation for India, saying the economy is better placed than other nations.

Stagflation is the phase when an economy faces moderation in GDP growth as well as high inflation.

"Compared to the experience of many developed and developing countries, India is somewhat better placed and more importantly both central bank and the government are seized of the problem under addressing them. I would at this stage say that stagflationary risks for India are quite low compared to the rest of the world," he said.

The Indian economy grew at its slowest pace in a year during January-March at 4.1 per cent, pulling down the GDP growth in the full fiscal 2021-22 to 8.7 per cent, official data showed on Tuesday.

01 Jun 2022, 09:31:36 AM IST

Gold falls to nearly 2-week low as U.S. yields, dollar strengthen

Gold hit its lowest in nearly two weeks on Wednesday, although prices were confined to a tight range as safe-haven demand for bullion helped offset some sustained pressure from a firmer dollar and elevated U.S. Treasury yields.

A stronger dollar makes bullion more expensive for buyers holding other currencies, while gains in benchmark U.S. 10-year Treasury yields reduce the appeal of zero-yield gold.

Spot gold was flat at $1,835.28 per ounce, as of 0216 GMT, after hitting its lowest since May 20 at $1,832.41 earlier in the session. U.S. gold futures fell 0.6% to $1,838.20.

01 Jun 2022, 09:30:32 AM IST

Dollar hits two-week peak to yen amid U.S. yield rise

The dollar rose to a two-week high versus the yen on Wednesday, lifted by higher Treasury yields as global inflation worries flared anew.

The dollar index, which measures the currency against six major peers, including Japan's, rose 0.19% to 101.94, extending a 0.38% rally from Tuesday, when data showed euro-area consumer inflation soaring to a record.

The greenback climbed 0.28% to 129.07 yen, and earlier touched 129.185 for the first time since May 18.

Benchmark 10-year Treasury yields touched 2.884% overnight, the highest since May 19.

01 Jun 2022, 09:23:42 AM IST

Nifty50 at open: Trades above 16,600 led by Titan, Tata Consumer Products, NTPC; Hindalco, DRL, Wipro top laggards

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NSE
01 Jun 2022, 09:21:17 AM IST

Sensex at open: Jumps over 100 points; Titan, NTPC top performers in early trade, DRL sheds 1%

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01 Jun 2022, 09:16:36 AM IST

Nifty50 at pre-open: Slips below 16,600; Titan, Sun Pharma gain, SBI Life, Apollo Hospital drop

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01 Jun 2022, 09:12:32 AM IST

Sensex at pre-open: Trades flat; Sun Pharma, Titan, HUL shine,  Kotak Bank slips

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01 Jun 2022, 08:54:36 AM IST

Day trading guide for Wednesday

6 stocks to buy or sell today — 1st June

01 Jun 2022, 08:53:50 AM IST

Dish TV writes off Rs203 crore investment in Watcho

Dish TV India Ltd decided to write off about 15% of its investments in its OTT streaming app Watcho, a move which some shareholders said underscores the argument made by the largest shareholder Yes Bank Ltd, which was peeved over these investments and started its fight to push for a promoter change in the satellite-TV provider in September last year.

01 Jun 2022, 08:48:37 AM IST

‘VI won’t hesitate to lead next round of tariff hikes’

Vodafone Idea Ltd won’t hesitate to lead the next round of tariff hikes, chief executive officer and managing director Ravinder Takkar said, as India’s third-largest telco aims to achieve average revenue per user (Arpu) levels of 350-400 over the next three to five years.

01 Jun 2022, 08:47:20 AM IST

Sovereign Gold Bonds to Gold Mutual Funds: How your paper gold is taxed

Buying gold is an age old tradition in India. The love for the yellow metal has refused to ebb for generations. Many investors now prefer to invest in paper or digital gold over physical one. The reason is primarily safety and convenience. Even the taxation rules are different for different modes of investing in gold.

01 Jun 2022, 08:42:58 AM IST

Gold falls to nearly 2-week low as U.S. yields, dollar strengthen

Gold hit its lowest in nearly two weeks on Wednesday, although prices were confined to a tight range as safe-haven demand for bullion helped offset some sustained pressure from a firmer dollar and elevated U.S. Treasury yields.

A stronger dollar makes bullion more expensive for buyers holding other currencies, while gains in benchmark U.S. 10-year Treasury yields reduce the appeal of zero-yield gold. 

Spot gold was flat at $1,835.28 per ounce, as of 0216 GMT, after hitting its lowest since May 20 at $1,832.41 earlier in the session. U.S. gold futures fell 0.6% to $1,838.20.

The outlook for interest rates and the dollar, and geopolitical concerns are important factors for gold, and "those competing interests are holding gold in a vice," said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.

01 Jun 2022, 08:37:27 AM IST

LIC books profit of ₹42,000 crore from stock market

Life Insurance Corp. (LIC) of India booked profit of 42,000 crore from its investments in the stock market during FY22, compared to 36,000 crore in 2020-21, the state-owned insurance behemoth said on Tuesday.

01 Jun 2022, 08:29:24 AM IST

Oil prices open higher on EU Russian oil ban, end of Shanghai lockdown

Oil prices rose in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China ended its COVID-19 lockdown in Shanghai.

Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel at 0037 GMT.

The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%.

U.S. West Texas Intermediate (WTI) crude rose 63 cents, or 0.6%, to $115.30 a barrel.

Both benchmarks ended the month of May higher, marking the sixth straight month of rising prices.

EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago, which Moscow calls a "special military operation".

Once fully adopted, sanctions on crude will be phased in over six months and on refined products over eight months. The embargo exempts pipeline oil from Russia as a concession to Hungary.

01 Jun 2022, 08:22:54 AM IST

Stocks slip on Wall Street as messy May comes to a close

Stocks closed lower Tuesday and the market eked out a tiny gain for May, a fitting end to a tumultuous month as worries about a possible recession, inflation and rising interest rates bruised Wall Street.

The S&P 500 fell 0.6%, having recouped about half of its loss from earlier in the day. The Dow Jones Industrial Average fell 0.7%, while the Nasdaq composite slid 0.4%. Both also pared some of their losses after falling at least 1.4%.

Such swings should perhaps be no surprise given Wall Street’s action this month, amid some of the wildest trading since the early days of the pandemic. The S&P 500 finished the month with a gain of less than 0.1%, which followed an 8.8% slump in April. The index is now 13.9% below its record set early this year. But the slight move for the month belies sharp lurches down and up that shook investors along the way.

01 Jun 2022, 08:22:00 AM IST

Hong Kong shares open lower

Hong Kong stocks fell at the start of trade Wednesday morning as traders eased back after a healthy run-up in recent sessions and following a negative lead from Wall Street.

The Hang Seng Index fell 0.35 percent, or 75.00 points to 21,340.20.

The Shanghai Composite Index slipped 0.34 percent, or 10.93 points, to 3.175.50, while the Shenzhen Composite Index on China's second exchange retreated 0.30 percent, or 5.95 points, to 2,001.00.

01 Jun 2022, 08:21:12 AM IST

Bonds tremble as inflation hits new records

Stocks steadied in Asia on Wednesday as Shanghai emerged blinking from two months of lockdown and a dip in oil prices dangled the prospect of a respite from rising energy prices, but nerves about inflation kept investors and bond markets on edge.

Soaring food and energy costs drove eurozone inflation to a record-high 8.1% in May, overnight data showed, beating market expectations and stoking concern about rate rises not just in Europe but globally.

Two-year German bund yields hit their highest in over a decade as investors sold out. Benchmark 10-year Treasury yields rose 10 basis points (bps) and were up a further 2.5 bps to 2.8749% early in the Asia session.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1% and Japan's Nikkei rose 0.5%.

S&P 500 futures bounced 0.5% after the index slid 0.6% on Tuesday. The U.S. dollar, meanwhile, has steadied after sliding in the second half of May and it rose slightly against the euro and the yen in early trade on Wednesday.

01 Jun 2022, 08:18:24 AM IST

Stocks fluctuate, yields rise on inflation debate

Stocks in Asia were mixed Wednesday and bond yields extended their advance amid a debate about the scale of monetary tightening to fight inflation.

Equities climbed in Japan as the yen weakened. A pullback in technology stocks and reopening challenges were a drag in Hong Kong. Sluggish Chinese manufacturing data and the government’s pursuit of Covid Zero weighed on shares and the yuan. US futures climbed after benchmarks retreated Tuesday.

Treasuries extended a decline, pushing 10-year yields closer to 2.9% as traders raised bets on Federal Reserve interest-rate hikes. Euro-zone consumer prices jumped 8.1% to a record from a year earlier in May, further spooking investors.

Oil rose to near $115 a barrel as investors assessed the future of OPEC+ unity, just as ministers from the group prepare to meet on Thursday to discuss its supply policy for July. Crude rose after advancing about 10% in May, stoking inflation worries.

01 Jun 2022, 08:17:34 AM IST

Asia's factory activity slows in May as China COVID curbs weigh

Asia's factory activity slowed in May as China's heavy-handed coronavirus curbs continued to disrupt supply chains and dampen demand, adding to woes for some of the region's economies that are already under strain from surging raw material costs.

Manufacturers slowed activity last month in countries ranging from Japan to Taiwan and Malaysia, business surveys showed on Wednesday, a sign of the challenge policymakers face in combatting inflation with tighter monetary policy - without crippling growth.

China's Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) stood at 48.1 in May, up from 46.0 the previous month but staying below the 50-point threshold that separates contraction from expansion, a private survey showed.

The outcome was in line with Tuesday's official data that showed China's factory activity fell at a slower pace in May. While COVID curbs are being eased in some cities, they continue to weigh heavily on confidence and demand.

01 Jun 2022, 08:17:16 AM IST

High prices, Asian markets could blunt EU ban on Russian oil

The European Union’s groundbreaking decision to ban nearly all oil from Russia to punish the country for its invasion of Ukraine is a blow to Moscow’s economy, but its effects may be blunted by rising energy prices and other countries willing to buy some of the petroleum, industry experts say.

European Union leaders agreed late Monday to cut Russian oil imports by about 90% over the next six months, a dramatic move that was considered unthinkable just months ago.

The 27-country bloc relies on Russia for 25% of its oil and 40% of its natural gas, and European countries that are even more heavily dependent on Russia had been especially reluctant to act.

European heads of state hailed the decision as a watershed, but analysts were more circumspect.

01 Jun 2022, 07:30:33 AM IST

Asia stocks waver as bonds slide on inflation woes

Stocks in Asia were steady Wednesday and US futures rose, while bond yields extended their advance amid a debate about how aggressive monetary tightening will need to be to fight inflation.

Equities climbed in Japan, but a pullback in Chinese technology stocks after the nation’s US-listed shares posted their first monthly gain since October, weighed in Hong Kong and China. S&P 500 and Nasdaq 100 contracts climbed, indicating US stocks may steady after benchmarks retreated Tuesday.

Treasuries extended a decline, pushing 10-year yields closer to 2.9% as traders raised bets on Federal Reserve interest-rate hikes. Swaps show traders have almost fully priced in two half-point rate increases in June and July, with even odds of a third such hike in September. Euro-zone consumer prices jumped 8.1% to a record from a year earlier in May, further spooking investors.

Oil rose to near $115 a barrel as investors assessed the future of OPEC+ unity, just as ministers from the group prepare to meet on Thursday to discuss its supply policy for July. Crude rose after advancing about 10% in May, stoking inflation worries.

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