Benchmark Indian equity indices closed around 1% lower on Friday, losing the gains from the previous three trading sessions this week. Selloffs were seen in most sectors, with auto, financials being the top drags.
Benchmark Indian equity indices on Friday lost the gains of the previous three trading sessions, with the Sensex closing 487 points lower and the Nifty just above the 15,000 mark.
12 Mar 2021, 03:54:46 PM IST
The Sensex closed down 487.43 points or 0.95% at 50,792.08, while the Nifty was at 15,030.95, down 143.85 points, or 0.95%. The 30-stock gauge ended the day in red, except for Power Grid, ONGC, Titan and Infosys. Among broader indices the BSE Small Cap and Nifty 100 Small Cap indices outperformed the benchmark indices.
12 Mar 2021, 03:25:42 PM IST
Investors dump bonds and gold, pile into equities: BofA
Investors piled into equities, while pulling money out of gold and bonds in the week up to March 10, data from BofA Global Research showed. BofA's weekly flows report showed investors put $31.5 billion into equities, while taking $1.8 billion out of gold and $15.4 billion out of bonds. Bond yields spiked higher last week on inflation fears, while high-flying tech stocks sold off as investors rotated into cheaper value stocks. Citing data from EPFR Global, BofA said last week saw the third-largest flows into emerging market stocks ever, and second-largest into value stocks. (Reuters)
12 Mar 2021, 03:12:34 PM IST
Bitcoin intraday trading pattern emerges
Bitcoin has shown a tendency lately to clock its intraday low in the Asian or European session, and end near daily highs in the U.S.
For example, the low on Monday was after 3 am New York time and the high around 4 pm Tuesday’s low was right at the start of the Asia session before a run higher and steadying out near $54,000. Somewhat similar patterns were evident Wednesday and Thursday. A theory has emerged that this may be due to tokens being mined and sold in Asia, and then buyers come into the market in US hours. Bitcoin was trading around $56,800 as of 8:51 am in London on Friday. Its hit a record high of $58,350 last month and is up nearly 10-fold in the past year. (Bloomberg)
12 Mar 2021, 03:02:15 PM IST
India may join global bond index
India is confident of getting included in a global bond index by October but it will not be able to raise funds in the coming financial year as the actual listing could take around 12 months after its inclusion, said two senior people familiar with the discussions.
Since 2019, India has been working toward getting included in global bond indexes as rising government borrowing has necessitated opening the largely domestic bond market to a broader investor base.
India was hopeful of completing the listing in the upcoming financial year, starting on April 1, as it would help bring down borrowing costs, which have been rising in recent weeks due to a lack of appetite amid high supply, one of the people said. (Reuters)
12 Mar 2021, 02:46:01 PM IST
India Glycols, Clariants form JV
Green technology-based chemical company India Glycols (IGL) on Friday announced setting up of a joint venture (JV) with Clariant International to carry out the business of ethanol-based-ethylene oxide derivatives.
Uttar Pradesh-based IGL will have 49% shareholding, while Clariant will have a 51% stake in the proposed JV. The partnership is subject to regulatory approvals, IGL said in a BSE filing. (PTI)
12 Mar 2021, 02:21:58 PM IST
Auto sector in red
Except Escorts, all auto stocks on the sectoral index were in red at 2:21 pm.
12 Mar 2021, 02:11:35 PM IST
RIL, ICICI Bank, Kotak Mahindra top drags
12 Mar 2021, 02:05:51 PM IST
Bharat Dynamics' board approves dividend
Bharat Dynamics Ltd's board of directors approved payment of
interim dividend for FY21 at ₹6.70 per share of the face value of ₹10
each. The company's share was trading at ₹362.55 per share, up 0.71% at 2:05 pm.
Amazon has infused over ₹ 225 crore into its payments unit in India, Amazon Pay, according to regulatory documents.
The fresh infusion is expected to help the company compete more aggressively against rivals like PhonePe, Google Pay and Paytm.
The board has approved "allotment of 22,50,00000 equity shares... aggregating to ₹225 crore to the existing shareholder on rights basis", regulatory documents sourced by business intelligence platform Tofler showed. The shares were allotted to Amazon Corporate Holdings Private Ltd and Amazon.com.Inc Ltd, the documents filed with the corporate affairs ministry showed. Amazon did not respond to queries. (PTI)
12 Mar 2021, 01:21:46 PM IST
Saudi cuts April crude for some Asian refiners, maintains India supply
Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four Asian buyers by up to 15%, while meeting the normal monthly requirements of Indian refiners, people familiar with the matter said.
The producer, however, has rejected Indian refiners' requests for extra supplies in April, three Indian refining officials said. (Reuters)
12 Mar 2021, 01:09:19 PM IST
BSE Smacaps shine
12 Mar 2021, 01:08:46 PM IST
Hatsun Agro up 3.5%; co inks power purchase pact with Swelect Sun Energy
Hatsun Agro signs power purchase agreement with Swelect Sun Energy. Co will also enter in to biz of generation of power via solar energy
Also, it will be setting up dairy plant in northern Andhra Pradesh
According to a Bloomberg report, long-standing promoter BNP Paribas Cardiff has launched a share sale to offload at least 3.5% of its stake in the life insurer.
12 Mar 2021, 12:39:16 PM IST
Nifty Bank up 0.5%, RBL Bank, HDFC Bank best gainers
12 Mar 2021, 12:27:10 PM IST
12 Mar 2021, 12:19:20 PM IST
Bank boards across the world lack digital fluency: Accenture report
There is a continued lack of technological expertise among board members of some of the world’s largest banks, even as these lenders ramp up their investments in technology to cater to customer demand, a report by Accenture said on Friday.
Accenture analysed the professional background of nearly 2,000 executive and non-executive directors of 107 of the largest banks by assets in the world. The analysis included banks in Australia, Belgium, Brazil, Canada, China, Denmark, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Norway, Russia, Spain, Sweden, Switzerland, the United Kingdom and the United States. (Read more)
12 Mar 2021, 11:52:32 AM IST
Finance ministry asks Sebi to withdraw circular on AT1 bonds
The Department of Financial Services (DFS), under the finance ministry, has purportedly sent a memorandum to the chairman of the Securities and Exchange Board of India (Sebi) asking the regulator to withdraw a rule treating AT1 bonds (perpetuals) as having 100-year maturity. The memorandum was sent on Thursday
12 Mar 2021, 11:36:22 AM IST
Small, Mid caps indices lead benchmark
12 Mar 2021, 11:23:30 AM IST
Rupee surges to 72.71 against US dollar
The Indian rupee jumped 20 paise to trade at 72.71 against the US dollar in opening deals on Friday, taking cues from positive equity markets. At the interbank foreign exchange, the Indian unit opened at 72.66 but parted with some gains as trade progressed and quoted higher by 20 paise at 72.71 to the dollar. In the previous session on Wednesday, the domestic currency had edged marginally higher by 2 paise to end at 72.91 a dollar. Forex market was closed on Thursday on account of ‘Mahashivratri’. (PTI)
12 Mar 2021, 11:10:56 AM IST
Ramco Cements' board approves dividend
The cement company's board of directors declared a dividend of ₹3 per equity share of ₹1 each for FY2021. The record date for payment of the dividend is March 23, 2021.
The IT major was trading at ₹1,386.70, up 1.36%, at 10:59 am. On Thursday, Infosys said that it has extended its strategic collaboration with Newmont Corporation, the world's largest gold mining company, by five years. This association between Infosys and Newmont will help standardize and digitize delivery models across its mine sites, Infosys BPM said in a statement.
Credit growth picks up as retail loans turn cheaper
Supported by growth in retail loans, non-food credit growth in February was at levels last seen in the initial period of the covid-19 pandemic. At 6.61%, credit growth was a tad lower than 6.71% seen in April last year, showed data from the Reserve Bank of India (RBI). Lending rates have significantly dropped over the last few months with home loan rates as low as 6.65%, leading to higher demand from borrowers.
12 Mar 2021, 10:27:34 AM IST
SBI Life’s valuation comes under brief pressure
SBI Life Insurance Company Ltd’s shares recently touched their 52-week high after having gained 5% since January. One of the reasons has been the healthy recovery in business growth reported by the life insurer. But a stake sale from its long-standing promoter BNP Paribas Cardiff is putting a brief pressure on valuations. According to a 10 March Bloomberg report, BNP Paribas Cardiff has launched a share sale to offload at least 3.5% of its stake in the life insurer. But the valuation even at the upper end of the price band of ₹870-917 per share is lower than the market value as of Wednesday.
12 Mar 2021, 10:11:19 AM IST
Street cheers Prestige Estates' debt cut
Shares of real estate company Prestige Estates Projects Ltd rose around 3% on the NSE in Friday's opening trade, reacting to the company's update on its much-awaited deal with the Blackstone group.
In a disclosure to the exchanges on 10 March, the company said that it has concluded phase 1 of the proposed transaction with US private equity giant Blackstone Group worth Rs7,467 crore. It should be noted that the total enterprise value of this deal is approximately Rs9,160 crore.
The Sensex opened at 51,660.98, up +381.47 points, or +0.74%, while the Nifty was at 15,321.15, up 146.35 points, or 0.96% on Friday. The 30-share gauge saw 28 stocks in green at opening. HDFC, Axis Bank, IndusInd Bank and ICICI Bank led gains. Meanwhile, Nestlé India and Sun Pharma opened in red.
12 Mar 2021, 09:07:20 AM IST
The Sensex was up 191.94 points, or 0.37%, to 51,471.45 at markets pre-opening, while the Nifty was at 15,174.80, up 76.40 points or 0.51%, at 9:05 am.
12 Mar 2021, 09:02:45 AM IST
Stocks to Watch
Tata Motors, HPCL, Infosys and IDBI Bank are among the top 10 stocks likely to be in the news today.
12 Mar 2021, 08:43:17 AM IST
Suryoday Small Finance Bank's IPO set to open on 17 March
Suryoday Small Finance Bank's initial public offering will open on 17 March and its price band has fixed at ₹303-305 a share. The offer will close on 19 March.
The IPO of up to 19.09 million shares comprising a fresh issue of 8.15 million shares and an offer for sale of upto 10.94 million shares by its existing promoters and shareholders. On upper end price band, the lender may raise over ₹582 crore
12 Mar 2021, 08:32:35 AM IST
Markets are likely to be volatile while trends in SGX Nifty suggest a flat opening of Indian benchmark indices on Friday. Markets were shut on Thursday. The Sensex closed up 254.03 points, or 0.50%, at 51,279.51, while the Nifty was at 15,174.80, up 76.40 points or 0.51% on Wednesday. Asian stocks saw a strong start on Friday, following firm overnight leads from Wall Street and Europe as a further retreat in bond yields eased concerns about rampant inflation, restoring appetite for battered tech stocks.
12 Mar 2021, 08:17:22 AM IST
Gold edges higher
Gold prices inched up on Friday and were on course to mark their best week in seven, as easing U.S. Treasury yields and dollar lifted the metal's appeal. FUNDAMENTALS * Spot gold rose 0.2% to $1,724.80 per ounce by 01:01 GMT. Prices were up 1.4% for the week so far, their biggest jump since the week ended 22 January. * U.S. gold futures was steady at $1,723.10. * Benchmark U.S. Treasury yields pulled further down from a more than one-year peak hit last week, reducing the opportunity cost of holding non-interest paying gold.
12 Mar 2021, 08:04:40 AM IST
Rakesh Jhunjhunwala backed Nazara Tech's IPO set to open
Big bull Rakesh Jhunjhunwala backed Nazara Technologies Ltd's initial public offerring will open on 17 March and the price band has fixed at ₹1100-1101 a share. The issue will close on 19 March.
The IPO comprises an offer for sale of upto 5.29 million shares by current promoter and shareholders. On the upper end of price band, the IPO will be at around ₹583 crore.
The company is backed by big bull Rakesh Jhunjhunwala and as of September he holds 11.51% stake in the company.
12 Mar 2021, 07:55:30 AM IST
Brent crude slips
Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support. Brent crude futures for May slipped 17 cents, or 0.2%, to $69.46 a barrel by 0109 GMT while U.S. West Texas Intermediate crude for April was at $65.79 a barrel, down 23 cents, or 0.4%.
12 Mar 2021, 07:44:54 AM IST
Asian markets open strong
Asian stocks climbed Friday after stronger risk appetite swept their U.S. peers to an all-time high on the passage of Washington’s $1.9 trillion stimulus package. The dollar held losses.
MSCI Inc.’s Asia-Pacific gauge rose, with South Korea outperforming and Japanese shares fluctuating. U.S. equity futures edged up after broad-based gains pushed the S&P 500 to a historic close on Thursday. The Nasdaq 100 rebounded more than 2% from losses that had pulled it 11% below its February record. Korean e-commerce giant Coupang Inc. popped 41% in its equity-market debut.
SGX Nifty was up 3 points, or 0.02% to 15,423.80.
S&P 500 futures were up 0.2% as of 10:44 a.m. in Tokyo. The S&P 500 Index gained 1%.
Nasdaq 100 futures rose 0.3%, after the index rebounded more than 2%.
Australia’s S&P/ASX 200 Index climbed 0.9%
Japan’s Topix index advanced 0.6%.
South Korea’s Kospi index added 1.5%.
Shanghai Composite fell 0.1%
12 Mar 2021, 07:33:19 AM IST
Wall Street indices closes at record highs
The S&P 500 and the Dow closed at all-time highs on Thursday as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong economic recovery. The blue-chip Dow scaled a new record for the fourth straight session, while the tech-heavy Nasdaq is now less than 5% below its 12 February peak after slumping over 10% to confirm a correction at the beginning of this week. The Dow Jones Industrial Average rose 188.57 points, or 0.58%, to 32,485.59, the S&P 500 gained 40.53 points, or 1.04%, to 3,939.34 and the Nasdaq Composite added 329.84 points, or 2.52%, to 13,398.67.
The yield on 10-year Treasuries was steady at 1.53%.
Never miss a story! Stay connected and informed with Mint.
our App Now!!