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Business News/ Markets / Live Blog/ Indices end flat; Consumer Durable shine; IT, FMCG, Oil & Gas lag

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Indices end flat; Consumer Durable shine; IT, FMCG, Oil & Gas lag

27 min read . Updated: 07 Oct 2022, 03:42 PM IST

Vijay Kishore

Share Market Close: Benchmark indices ended flat on Friday after remaining in the red for most of the session. Sensex ended 30 points lower while Nifty shed 17 points. Titan soared 5%, while Power Grid and NTPC also ended in the green. Tata Consumer and BPCL dragged.

Stock Market Today: Inflation still remains in focus - Lam Yik Fie/Bloomberg (Bloomberg) — Stock Market Today: Inflation still remains in focus - Lam Yik Fie/Bloomberg **(Bloomberg)**

Most of the Asian markets ended in red as investors decided to wait for the US jobs data scheduled to be released today. A strong jobs report could give Fed more reasons to keep its focus intact on inflation. Europe was also trading lower in the morning.

07 Oct 2022, 07:32:59 AM IST

World Bank cuts India growth estimate by 1 percentage point

The World Bank on Thursday lowered its FY23 growth forecast for India by one percentage point to 6.5% from its June estimate in line with its downward revision for entire South Asia’s growth.

The multilateral agency lowered the regional growth to an average of 5.8% this year, a downward revision of one percentage point from the forecast it made in June, against a 7.8% growth in the year before when most countries were rebounding from the pandemic slump. (Read More)

07 Oct 2022, 07:32:13 AM IST

Sebi cancels Brickwork’s licence, orders wind-up by April

The Securities and Exchange Board of India (Sebi) on Thursday cancelled the licence of Brickwork Ratings, prohibited it from taking up new clients and directed it to wind up operations in six months, in the toughest regulatory action against any credit rating firm. The Sebi action followed successive lapses in the ratings of several issuers, including Welspun, IDFC First, Adani Rail.

The Sebi order listed various violations by Brickwork, including failure to document meetings with the management, lack of independent analysis of financial projections given by companies, delay in recognizing defaults and conflict of interest. Mint was the first to report on 12 October 2021 that the regulator has decided to revoke the licence of the Bengaluru-based company promoted by Canara Bank. (Read More)

07 Oct 2022, 07:30:27 AM IST

FMCG sales remained subdued in Q2; cos expect recovery in coming months

The country's FMCG industry continued to face challenges of retail inflation and slowdown in rural areas in the second quarter but expects demand to improve in the second half of this fiscal.

Leading makers such as Marico, Godrej Consumer Products Ltd (GCPL) and Dabur in their quarterly updates said demand across categories in the industry continued to remain soft during the second quarter on account of continued impact on unprecedented inflation.

However, the companies expect that in the remaining two quarters of the fiscal, moderating inflation and the festive season should support consumption growth in the second half.

"With the moderation in inflationary pressures due to correction in commodity prices, and the monsoon largely being on track (apart for a few states), we expect consumption to improve in the second half of the year," GCPL said in its quarterly updates.

GCPL, which owns brands such as Good Knight, Hit, Cinthol and Protekt, expects a "mid-single-digit volume drop, with a low single-digit 3-year volume CAGR". (PTI)

07 Oct 2022, 07:29:44 AM IST

Rupee tanks 55 paise to close below 82 mark for 1st time on rate hike concerns

The rupee plunged by 55 paise to close at an all-time low of 82.17 against the US currency on Thursday due to a stronger dollar in overseas markets and firm crude oil prices.

The Indian currency for the first time closed below the 82 level against the US greenback as heavy dollar demand from oil importers and growing expectations of a Fed rate hike weighed on the local unit.

At the interbank foreign exchange market, the local currency opened on a positive note at 81.52, but pared all the gains later as the dollar extended gains.

During the day, the local unit witnessed an intra-day high of 81.51 and a low of 82.17 against the greenback. The rupee finally settled at the day's lowest level of 82.17, showing a loss of 55 paise over the previous close. (PTI)

07 Oct 2022, 07:29:15 AM IST

Stocks close lower again on Wall Street, still up for week

A choppy day of trading ended with stocks broadly lower on Wall Street Thursday, though indexes have managed to hold onto most of their sizeable gains from a big rally at the start of the week.

The S&P 500 fell 1% after having been up 0.4% in the early going. The benchmark index is up 4.4% for the week following its best two-day rally since the spring of 2020.

The selling was widespread, with roughly 80% of the stocks in the S&P 500 ending in the red. The Dow Jones Industrial Average fell 1.1%, while the Nasdaq composite lost 0.7%. The Russell 2000 index of smaller company stocks closed 0.6% lower.

Treasury yields gained ground and put more pressure on stocks. The yield on the 10-year Treasury, which helps set rates for mortgages and many other kinds of loans, rose to 3.81% from 3.75% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for Federal Reserve action, rose to 4.22% from 4.14% late Monday. (AP)

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Indices end flat; Consumer Durable shine; IT, FMCG, Oil & Gas lag

Share Market Close: Benchmark indices ended flat on Friday after remaining in the red for most of the session. Sensex ended 30 points lower while Nifty shed 17 points. Titan soared 5%, while Power Grid and NTPC also ended in the green. Tata Consumer and BPCL dragged.

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Indices end flat; Consumer Durable shine; IT, FMCG, Oil & Gas lag

Share Market Close: Benchmark indices ended flat on Friday after remaining in the red for most of the session. Sensex ended 30 points lower while Nifty shed 17 points. Titan soared 5%, while Power Grid and NTPC also ended in the green. Tata Consumer and BPCL dragged.

World Bank cuts India growth estimate by 1 percentage point

Sebi cancels Brickwork’s licence, orders wind-up by April

FMCG sales remained subdued in Q2; cos expect recovery in coming months

Rupee tanks 55 paise to close below 82 mark for 1st time on rate hike concerns

Stocks close lower again on Wall Street, still up for week

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