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Business News/ Markets / Live Blog/ Sensex tops 60,100, Nifty gains 100 pts; IT, Realty, Consumer Durable shine

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Sensex tops 60,100, Nifty gains 100 pts; IT, Realty, Consumer Durable shine

30 min read . Updated: 12 Sep 2022, 03:50 PM IST

Vijay Kishore

Share Market Close: Indices gained 0.5% on Monday in which Sensex jumped around 300 points and Nifty 100. All indices ended in green with IT and Realty leading the rally. Coal India stock was underwhelming while Adani Ports and Titan jumped.

Stock Market Today: Positive sentiments intact despite the impending Fed rate hike (PTI) — Stock Market Today: Positive sentiments intact despite the impending Fed rate hike **(PTI)**

Nikkei closed higher on Monday with technology stocks boosting the market. Europe also opened in green in the morning despite hints at another interest rate hike. Markets in China, Hong Kong and South Korea are closed today for holidays.

12 Sep 2022, 08:09:47 AM IST

Why retail inflation rate in India is soaring despite ease in wholesale price?

Indian consumers expecting retail inflation to cool in tandem with easing wholesale prices are in for disappointment.

That’s because the consumer price index, currently hovering above the central bank’s 2%-6% target band, has shown little correlation with the wholesale measure in the past decade. And if historical trends are any indication, the two indices have had an inverse relationship for the most part of that period, which analysts attribute to the pricing power of most businesses.

As the gap between WPI and CPI narrows, firms will be reluctant to pass on the benefits of falling global commodity prices to retail consumers because they will likely look to recoup their margins, said Rahul Bajoria, an economist with Barclays Bank Plc. (Full Story)

12 Sep 2022, 07:55:31 AM IST

Adani to shake up ACC and Ambuja Cement boards

Gautam Adani, chairman of Adani Group and Asia’s richest man, his son Karan and nephew Pranav, will join the boards of two of India’s oldest cement companies, ACC Ltd and Ambuja Cements Ltd, in an overhaul of the top management and board of the two cement makers, two people directly familiar with the matter said.

Some long-serving board members of the two cement makers will step down following the takeover of Holcim India’s ownership in the two firms by Adani Group in a $10.5 billion acquisition, the people said, requesting anonymity.

“The boards of ACC and Ambuja Cements are likely to witness the change in their composition on 16 September, following board meetings," one of the two people said. (Full Report)

12 Sep 2022, 07:53:54 AM IST

India's rice export curbs trap 1 million T at ports as buyers refuse to pay duty

Rice loading has stopped at Indian ports and nearly one million tonnes of grain are trapped there as buyers refuse to pay the government's new 20% export levy on top of the agreed contract price, five exporters told Reuters on Friday.

India banned exports of broken rice and imposed a 20% duty on exports of various other types on Thursday as the world's biggest exporter of the grain tries to boost local supplies and calm prices after below-average monsoon rainfall curtailed planting. (Full Report)

12 Sep 2022, 07:52:33 AM IST

Asian equities extend risk rally as dollar weakens

Asian shares climbed Monday to build on gains made on Wall Street, while the euro advanced as investors weighed the prospect of Europe following the Federal Reserve with more outsized interest-rate hikes.

Japanese and Australian equities climbed about 1% and US futures edged higher after the S&P 500 and Nasdaq 100 snapped three-week losing streaks on Friday. Profitless tech firms, meme shares and Bitcoin all rallied into the end of the week. Markets in China, Hong Kong and South Korea are closed for holidays Monday.

Investors will also be digesting the potential impact of Ukraine’s counter-offensive, after its forces continued their rapid advance in the Kharkiv region, exploiting an extraordinary collapse of Russian defenses. (Bloomberg)

12 Sep 2022, 07:43:31 AM IST

India demonstrated resilience in face of global energy crisis: Hardeep Puri

India has demonstrated great resilience in the face of the global energy crisis, said Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, adding that the government's measures to minimize and mitigate the volatility served the purpose.

Speaking about fuel prices at a media event, minister Puri said prices in India have been contained in comparison to an exponential rise in developed countries. Most of the developed nations have witnessed significant inflation rise in gasoline prices - an increase of almost 40% from July 2021 to August 2022.

In India, gasoline prices have been reduced by 2.12%. (ANI)

12 Sep 2022, 07:42:46 AM IST

Indian Railways revenue up 38% to ₹95,486.58 crore till Aug-end

The overall revenue of Indian Railways at the end of August 2022 was ₹95,486.58 crore, showing an increase of ₹26,271.29 crore or 38 per cent over the corresponding period of last year, an official statement said on Sunday.

The revenue from passenger traffic was ₹25,276.54 crore, an increase of ₹13,574.44 crore (116 per cent) year-on-year.

Passenger traffic also increased compared to last year in both the segments -- reserved and unreserved. The growth from the long distance reserved mail express trains has been sharper than the same in passenger and suburban trains, the Railways said. (PTI)

12 Sep 2022, 07:31:33 AM IST

RBI nod for Yes Bank stake sale likely by Nov, says CEO

Yes Bank Ltd is hoping to receive approval from the Reserve Bank of India (RBI) in the next two months for its proposed stake sale to infuse ₹8,898 crore, said chief executive Prashant Kumar.

The regulator’s approval is the only one pending as the bank’s board and shareholders have voted in favour of the stake sale, Kumar said in an interview.

“RBI never gives you a timeline (on approvals), but definitely, as a regulator, they have to do their due diligence processes, which they are doing. It should happen in a month or two," said Kumar. (Full Story)

12 Sep 2022, 07:28:33 AM IST

Tamilnad Mercantile Bank IPO share allotment today. Here's how to check status

Share allotment of the public issue of Tamilnad Mercantile Bank Ltd can be announced any time today as tentative Tamilnad Mercantile Bank IPO allotment date is 12th September 2022 i.e. today. After announcement of the share allotment, an applicant would be able to check Tamilnad Mercantile Bank IPO allotment status online by logging in at the official BSE website — bseindia.com or at the website of the official registrar of the IPO. The official registrar of the public offer is Link Intime India Private Ltd and its official website is linkintime.co.in. However, for convenience, an applicant can log in at direct BSE link — bseindia.com/investors/appli_check.aspx or at direct Link Intime web link — linkintime.co.in/MIPO/Ipoallotment.html. (Full Report)

12 Sep 2022, 07:28:33 AM IST

Wall Street stocks end broadly higher on Friday, breaking a 3-week losing streak

Wall Street added to its recent gains Friday with a broad rally that broke the market's three-week losing streak.

The S&P 500 closed 1.5% higher, its third straight increase, and ended with a 3.7% gain for the week. That makes it the benchmark index's best week going back to July.

Big gains for technology companies pushed the Nasdaq composite to a 2.1% gain, while the Dow Jones Industrial Average rose 1.2%. Both indexes also notched their first weekly gain in four weeks.

The latest gains punctuated a holiday-shortened week of trading on Wall Street during which the market regained some of the ground it lost after a mid-August slump that wiped away the much of the gains from a mid-summer rally. (AP)

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Sensex tops 60,100, Nifty gains 100 pts; IT, Realty, Consumer Durable shine

Share Market Close: Indices gained 0.5% on Monday in which Sensex jumped around 300 points and Nifty 100. All indices ended in green with IT and Realty leading the rally. Coal India stock was underwhelming while Adani Ports and Titan jumped.

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Sensex tops 60,100, Nifty gains 100 pts; IT, Realty, Consumer Durable shine

Share Market Close: Indices gained 0.5% on Monday in which Sensex jumped around 300 points and Nifty 100. All indices ended in green with IT and Realty leading the rally. Coal India stock was underwhelming while Adani Ports and Titan jumped.

Why retail inflation rate in India is soaring despite ease in wholesale price?

Adani to shake up ACC and Ambuja Cement boards

India's rice export curbs trap 1 million T at ports as buyers refuse to pay duty

Asian equities extend risk rally as dollar weakens

India demonstrated resilience in face of global energy crisis: Hardeep Puri

Indian Railways revenue up 38% to ₹95,486.58 crore till Aug-end

RBI nod for Yes Bank stake sale likely by Nov, says CEO

Tamilnad Mercantile Bank IPO share allotment today. Here's how to check status

Wall Street stocks end broadly higher on Friday, breaking a 3-week losing streak

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