Home / Markets / Live Blog /  Sensex ends sub-58,000, Nifty down 111 pts; PSU Bank, IT, Metal drag

Sensex ends sub-58,000, Nifty down 111 pts; PSU Bank, IT, Metal drag

Stock Market Today: Global cues to dictate investor sentimentsPremium
Stock Market Today: Global cues to dictate investor sentiments

  • Share Market Close: Benchmark indices ended in the red amidst high volatility with Sensex closing 340 pts down and Nifty ending below 17,050. Adani stocks and M&M dragged, while Titan, BPCL and L&T gained. Most sectoral indices ended lower with IT, Metal and PSU Bank sectors shedding the most.

Bank stocks globally remain under pressure on Tuesday and investors await the key US inflation data later in the day. Domestically, retail inflation remained above RBI's upper tolerance level for the second straight month. Government data on Monday wed Consumer Price Index pegged at 6.44%.

14 Mar 2023, 03:41:16 PM IST

Indices feed off of negative global cues to end around 0.6% lower as Sensex closes 340 pts lower and Nifty 111 pts

The Indian equity market on Tuesday continued to tumble tracking weak global cues and domestic inflationary pressure.

Retail inflation in India remained above RBI's 6% upper tolerance band for the second straight month in February 2023. Government data on Monday showed CPI pegged at 6.44%.

On Tuesday, Sensex went down 337 points to close below 58,000, at 57,900. Nifty lost 111 points to end at 17,043.

Adani Enterprises and Adani Ports were the biggest laggards among stocks shedding around 8% and 4%, respectively. M&M, TCS and HDFC Life also dropped in today's session. BPCL, Titan and L&T made marginal gains.

All sectoral indices except Media and Pharma ended in the red with PSU Bank shedding almost 2% followed by IT with a 1.65% drop and Metal 1.22% drop. Pharma and Media remained in the flat-to-green zone.

Asian markets sank Tuesday, with banks bearing the brunt of the selling on fears of contagion in the sector after the collapse of two regional US lenders.

Tokyo stocks ended sharply lower Tuesday with investors following the risk-averse sentiment that spread on Wall Street. The benchmark Nikkei 225 index was down 2.19%, while the broader Topix index plunged 2.67%.

China and Hong Kong stocks fell to their lowest in more than two months on Tuesday, as fears about contagion from the collapse of Silicon Valley Bank (SVB) lingered.

China's blue-chip CSI300 Index closed down 0.6%, after touching its lowest since early January. The Shanghai Composite Index lost 0.7%. Hong Kong's benchmark Hang Seng index and the China Enterprises index both slumped 2.3%.

Rate-sensitive real estate and technology stocks lifted the wider European benchmark on Tuesday after a three-day selloff in the wake of Silicon Valley Bank's collapse. The pan-European STOXX 600 index stayed flat after plunging 2.4% a day earlier in its worst sell-off of the year.

UK's FTSE 100 opened lower on Tuesday as fears of SVB collapse continued to knock down bank stocks, while energy stocks tracked declines in oil prices. The blue-chip FTSE 100 dropped in the morning extending declines after a 2.6% tumble on Monday, which was its biggest single-day drop in more than eight months.

Sensex at Close
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Sensex at Close
14 Mar 2023, 03:25:07 PM IST

Gold climbs ₹480; silver zooms ₹2,150

Gold prices climbed 480 to 57,380 per 10 grams in the national capital on Tuesday amid strong global trends, according to HDFC Securities.

The precious metal had ended at 56,900 per 10 grams in the previous trade.

Silver also zoomed 2,150 to 66,900 per kg.

"Spot gold price in the Delhi markets was at 57,380 per 10 grams, up 480 per 10 grams," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the overseas markets, gold and silver traded higher at USD 1,909 per ounce and USD 20.80 per ounce, respectively. (PTI)

14 Mar 2023, 03:17:46 PM IST

Banks may increase loan interest rate by 100-150 bps in FY24 amid tightening liquidity: Ind-Ra

India Ratings and Research (Ind-Ra) on Tuesday said it expects bank marginal cost of funds-based lending rate (MCLR) to increase by 100-150 bps year-on-year (yoy) in FY24. The rating agency opines that the transmission of monetary policy in the banking system could intensify in FY24 driven by the sharp rise in bank's marginal cost of funding.

MCLR is the minimum lending rate below which a bank is not permitted to lend.

The drawdown from the reverse repo in FY23 to the tune of 5 trillion has enabled banks to address a surge in the gap between incremental credit and deposit, and this will not be available in FY24, the rating agency said. Therefore, MCLR will show a significant rise. (Read More)

14 Mar 2023, 03:06:49 PM IST

Spike in India Inflation Spurs Calls for Urgent Data Revision

An unexpected acceleration in India’s inflation in the last two months has reignited the debate on data collection practices that ignore changes in the economy and rely on obsolete items for collecting prices.

Consumer prices rose 6.44% in February, breaching the Reserve Bank of India’s target ceiling as well as analysts’ expectations for a second straight month. That has boosted the chances of another rate increase in April.

Economists are worried the RBI’s rate decision would be based on a number that doesn’t fully reflect the digitalization of the economy, possibly leading to a policy misstep. This adds to concerns around the quality of India’s data which  has often been questioned in recent years for being inadequate and delayed.

“Much of the data collated for inflation calculation has innate structural issues, distorting the figures by over-reliance on select non-essential parts," said Soumya Kanti Ghosh, Chief Economic Adviser with the State Bank of India. It doesn’t take into account rising share of locally-made smartphones and online shopping at steeply discounted prices, he said. (Bloomberg)

14 Mar 2023, 02:54:24 PM IST

Credit Suisse Says Outflows Not Reversed, at Lower Levels

Credit Suisse Group AG said that outflows at the bank have continued into this month, even after it started a huge campaign to win back client deposits.

Clients outflows, at unprecedented levels in early October, haven’t reversed as of this month, though have stabilized at much lower levels, according to the bank’s annual report released Tuesday.

In November the bank announced outflows of about 84 billion Swiss francs ($92 billion) in the core wealth management business after a social media firestorm about the bank’s financial health spooked clients. While Chairman Axel Lehmann said in early December outflows had “basically" stopped, the total loss of assets rose to 110.5 billion francs in the fourth quarter. (Bloomberg)

14 Mar 2023, 02:53:07 PM IST

HPCL to manufacture, distribute Chevron’s lubricants in India

Hindustan Petroleum Corporation Ltd (HPCL) has entered into an agreement to manufacture, distribute and market lubricants of global supermajor Chevron in India.

“Chevron Brands International LLC (Chevron), a subsidiary of Chevron Corporation, has entered into a long-term trademark licensing agreement with HPCL. This collaboration encompasses the licensing, production, distribution, and marketing of Chevron’s lubricant products under the Caltex brand, including Chevron’s proprietary Havoline and Delo branded lubricant product," the company said in a statement. (Read More)

14 Mar 2023, 02:16:56 PM IST

Auto index sheds a per cent with most stocks in the index trading lower

Auto index
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Auto index
14 Mar 2023, 02:13:28 PM IST

India may have a ‘bad’ news for Apple, Samsung, Xiaomi, and smartphone makers

The Indian government may soon force smartphone makers to allow users to remove pre-installed apps, a Reuters report says. Citing two people and a government document seen by Reuters, the report says that India may soon propose new security rules, mandating screening of major operating system updates.

The report says that India's IT ministry is considering these new rules amid concerns about spying and abuse of user data, said a senior government official, one of the two people, declining to be named as the information is not yet public. (Read More)

14 Mar 2023, 02:05:32 PM IST

Multibagger stock hits upper circuit for 6th day in a row ahead of stock split

Shares of Vivanza Biosciences are one of the circuit to circuit stocks on Dalal Street. The small-cap stock has delivered a 1500 per cent return to its loyal shareholders in post-Covid bounce back. In the last three years, this BSE-listed stock has risen from around 12.45 to 197.95 apiece levels, turning from a penny stock to a multibagger stock in this period.

However, it seems that the uptrend in this multibagger penny stock is still not over. The small-cap stock has been hitting 5 per cent upper circuit for the last six straight sessions. As per the information available on the BSE website — bseindia.com, this multibagger stock has been locking in 5 per cent upper circuit since 6yh March 2023. In these six straight sessions, this multibagger small-cap stock has risen from 147.85 to 197.95 apiece levels delivering around 35 per cent return in the last six sessions. (Read More)

14 Mar 2023, 01:52:57 PM IST

Ladderup Wealth Management reaction on WPI figures: The easing of WPI is in line with the recent CPI number for February at 6.44%

Raghvendra Nath, MD, Ladderup Wealth Management Pvt. Ltd: “WPI inflation eases to 3.85% in February from 4.73% in January and 4.95% in December. It has now stayed below 5% for the 3rd consecutive month. The easing of inflation was primarily due to fall in prices of crude petroleum & natural gas, non-food articles, food products etc. Inflation in primary articles was down to 3.28% from 3.88% in January, Fuel & power inflation moderated slightly to 14.82% from 15.15% & manufactured products saw inflation easing to 1.94% from 2.99% in January. Change in WPI on MoM basis was 0.20%. The easing of WPI is in line with the recent CPI number for February at 6.44% (although above RBI’s upper limit of 6%). Future MPC decisions remain susceptible to FED’s announcement next week."

14 Mar 2023, 01:44:42 PM IST

Cipla shares hit 52-week low as I-T dept investigates firm for alleged tax violations

Shares of Cipla touched a 52-week low of 853.5, down 2.47 per cent on BSE in Tuesday's trading session on reports of the income tax (I-T) department investigating the drugmaker over potential tax violations and tax avoidance.

Market cap of the drugmaker fell to 70,532 crore as the shares succumbed to selling pressure. The stock was trading 0.22 per cent lower at 873.20 at 12:09 pm against the previous close of 875.15. Cipla shares hit an all-time high of 1185.2 on 1 November 2022. (Read More)

14 Mar 2023, 01:12:44 PM IST

IndusInd Bank shines as it gains more than a per cent after tumbling in yesterday's session 

IndusInd Bank
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IndusInd Bank
14 Mar 2023, 01:09:00 PM IST

India to continue on expected rate hike path, despite global cenbank rethink - analysts

India's monetary policy committee is likely to deliver the expected 25-basis point (bps) rate hike in April, even as global markets lowered rate hike bets from the U.S. next week following the banking crisis, economists said on Tuesday.

India's headline and core inflation has been unrelenting, with data post market close on Monday showing annual retail inflation remained above the Reserve Bank of India's (RBI) upper limit, easing only slightly from January's 6.52%.

"We expect the focus to remain on reducing inflation, both globally and in India," Gaura Sen Gupta, economist with IDFC First Bank, said on Tuesday.

"Policymakers are likely to use other tools to ringfence financial institutions and use rate hikes to tame inflation."

Globally, investors scrambled to pull down rate expectations on Monday and abandoned bets on the Federal Reserve pushing through bigger hikes, reckoning the biggest American bank failure since the 2008 financial crisis will make policymakers think twice. (Reuters)

14 Mar 2023, 12:51:09 PM IST

Vedanta's Anil Agarwal urges India to focus on domestic exploration to fight poverty

Anil Agarwal, the founder of Vedanta Resources, has taken to Twitter to emphasize the importance of boosting India's domestic exploration and production.

According to him, such an increase would create more jobs and help in the fight against poverty.

In a series of tweets, Vedanta's founder asserted that India currently spends $122 billion on oil and gas imports, which make up 90% of our needs. "By increasing our domestic exploration and production, we will create jobs and help eradicate poverty ." (Read More)

14 Mar 2023, 12:39:04 PM IST

Crypto-related crimes cross ₹950 crore mark: FM Sitharaman

Crimes related to cryptocurrencies amounted to 953.70 crore so far, union finance minister Nirmala Sitharaman told Parliament on Monday.

The Finance Minister, Nirmala Sitharaman, has informed the Parliament that the Financial Action Task Force (FATF) has made several amendments to address the increasing use of virtual assets for money laundering and terrorist financing.

This was in response to concerns raised by Dravida Munnetra Kazhagam (DMK) MP Velusamy P about the growing use of virtual assets for criminal activities, and how the government was detecting and monitoring such activities. (Read More)

14 Mar 2023, 12:32:10 PM IST

India's Feb WPI inflation eases to 3.85% y/y

India's annual wholesale price-based inflation (WPI) eased in February to 3.85% year-on-year, government data showed on Tuesday.

The reading was lower than the Reuters forecast of 4.00% and the 4.73% recorded in the previous month. (Reuters)

14 Mar 2023, 12:28:56 PM IST

Glenmark Pharma receives USFDA approval for generic antibiotic drug

Glenmark Pharmaceuticals on Tuesday said it has received approval from the US health regulator to market a generic antibiotic drug.

The company has received final approval from the US Food & Drug Administration (USFDA) for Clindamycin Hydrochloride Capsules, a generic version of Pfizer's Cleocin capsules, Glenmark Pharma said in a statement.

Glenmark's Clindamycin Hydrochloride Capsules in strengths of 75 mg, 150 mg, and 300 mg, will be distributed in the US by Glenmark Pharmaceuticals Inc, it added. (PTI)

14 Mar 2023, 12:22:33 PM IST

Realty index sheds a per cent with most stocks trading in the red in today's session

Realty Index
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Realty Index
14 Mar 2023, 12:13:04 PM IST

Jaguar Land Rover partners with Tata Technologies for digital transformation

Tata Motors-owned Jaguar Land Rover on Tuesday said it is partnering with Tata Technologies to accelerate its digital transformation.

As part of the collaboration, Tata Technologies will deliver end-to-end integrated Enterprise Resource Planning (ERP) to transform Jaguar Land Rover's manufacturing, logistics, supply chain, finance and purchasing modules by bringing data and knowledge from multiple departments into one single source.

The first phase will include Jaguar Land Rover's (JLR) UK core production facilities, with solutions subsequently deployed to other global locations. (PTI)

14 Mar 2023, 12:01:22 PM IST

Noon Update: Indices continue to tumble as Sensex goes below 58,000 and Nifty is at around 17,050

Sensex at Noon
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Sensex at Noon
14 Mar 2023, 11:53:41 AM IST

Buying or selling? What mutual funds are doing with Adani stocks since Hindenburg rout

Adani Enterprises, Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Total Gas and Ambuja Cements are the four Adani Group stocks that mutual funds (MFs) have trimmed stake in during the month of February 2023, as per mutual fund monthly data analysed by brokerage and research firm ICICIDirect. Other largecap stocks that saw MFs selling included Vedanta, Tata Power, Bank of Baroda, UPL, among others.

Adani Group stocks took a beating on the exchanges after US-based short seller Hindenburg Research on January 24 made a litany of allegations, including fraudulent transactions and share price manipulation, against it in a report. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. The conglomerate had also called of its 20,000 crore follow-on public offer last month despite it being fully subscribed. (Read More)

14 Mar 2023, 11:47:53 AM IST

China to fully reopen borders to foreigners but near-term hurdles remain

China will reopen its borders to foreign tourists for the first time in the three years since the COVID-19 pandemic erupted by allowing all categories of visas to be issued from Wednesday.

The removal of this last cross-border control measure imposed to guard against COVID-19 comes after authorities last month declared victory over the virus.

Tourist industry insiders do not expect a massive influx of visitors in the short run or significant boost to the economy. In 2019, international tourism receipts accounted for just 0.9% of China's gross domestic product.

But the resumption of visa issuance for tourist marks a broader push by Beijing to normalise two-way travel between China and the world, having withdrawn its advisory to citizens against foreign travel in January. (Reuters)

14 Mar 2023, 11:31:39 AM IST

Pfizer agrees to buy Seagen for USD 43 bn

Pfizer has agreed to pay USD 43 billion for biotech Seagen and its pioneering class of targeted cancer drugs, The Wall Street Journal reported.

Under the terms, Pfizer would pay USD 229 a share in cash, the drugmaker said on Monday. The companies expect the deal, which includes debt, to close late this year or early next year.

However, it is likely to face scrutiny from antitrust regulators, who have stepped up their reviews of healthcare and other deals.

The agreement is an early sign that, despite the threat of close antitrust examinations and higher interest rates, big pharmaceutical companies are poised for heavy deal-making this year, WSJ said.

The drugmakers had in recent years backed off from what had been a torrid deal pace, after potential targets came to cost too much. Yet, they now need to inject new drugs--and their sales--into aging lineups, and price tags have dropped after some research failures and interest rates rose.

Also on Monday, French drugmaker Sanofi said it would buy Provention Bio, which sells diabetes treatment Tzield, in a deal valued at USD 2.9 billion, WSJ said. (ANI)

14 Mar 2023, 11:13:38 AM IST

Adani Enterprises is the biggest laggard in Nifty 50 in today's session as it sheds 7%

Adani Enterprises
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Adani Enterprises
14 Mar 2023, 10:49:48 AM IST

IMF deal in jeopardy, only China can bailout Pakistan: Report

A US bank said that China can rescue crisis-hit Pakistan because of its close ties with the country, while the International Monetary Fund (IMF) and Pakistan are still in tough negotiations on financial aid for economic recovery, according to a report by Dawn news.

“As China and Pakistan have close ties, the hope is rising for China to provide a backstop to its long-term ally. China holds the relief key in the near future as it is the largest creditor," the Bank of America said, adding that Pakistan will need to pause debt repayments if it isn’t able to secure funding from IMF quickly enough. (Read More)

14 Mar 2023, 10:38:36 AM IST

Metal index struggles as it sheds more than a per cent with most stocks trading lower

Metal index
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Metal index
14 Mar 2023, 10:34:32 AM IST

Gold price can peak to ₹60,000 this year. Here's when, say experts

Gold rates today witnessed some profit-booking in early morning deals but remained above the psychological 57,000 levels, which it climbed on Monday evening deals. Gold future contract for the month of April on Multi Commodity Exchange (MCX), gold price today opened lower at 57,483 per 10 gm levels and went on to hit an intraday low of 57,424 levels within a few minutes of market opening.

According to commodity market experts, gold has started to attract a 'safe haven' appeal after the Silicon Valley Bank crisis, which has jeopardised return from other assets, especially from equities, mutual funds, treasuries, bonds and other assets. (Read More)

14 Mar 2023, 10:31:12 AM IST

Geojit Financial Services on today's market: A positive fallout of the SVB crisis is that the Fed will go slow on rate hikes.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Markets have a tendency to overreact- both on the upside and downside. What we are witnessing now is an overreaction on the downside. Concerns of a financial contagion are overdone. A positive fallout of the SVB crisis is that the Fed will go slow on rate hikes. The most likely rate action from March 22 meet is a 25 bp hike or, perhaps, no hike. An important factor that investors should keep in mind is that the Indian banking system is strong and least vulnerable to a financial crisis even though sentimental impact is possible. Investors can wait for this storm to pass. But long-term investors with higher risk appetite can certainly slowly accumulate high quality stocks, particularly in the domestic economy facing segments like banking and capital goods.

14 Mar 2023, 10:14:54 AM IST

PSU Bank comes under pressure as it sheds a per cent with  stocks in red

PSU Bank
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PSU Bank
14 Mar 2023, 10:10:47 AM IST

New listing: Divgi TorqTransfer Systems shares rise on premium market debut

Shares of Divgi TorqTransfer Systems made their positive market debut on Tuesday with the stock listing at 620 apiece on the NSE, a premium of more than 5% as compared to its IPO issue price of 590 per share. On the BSE, Divgi TorqTransfer shares started trading at 600 a piece.

Automotive component manufacturer Divgi TorqTransfer Systems' initial public offering (IPO) was subscribed 5.44 times on the last day of offer on Friday, March 3, 2023. The 412 crore-offer received bids for 2,08,87,225 shares against 38,41,800 shares on offer. (Read More)

14 Mar 2023, 10:00:30 AM IST

Tech Mahindra drags in early trading as it sheds 2% and is among the biggest laggards

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14 Mar 2023, 09:57:56 AM IST

Rupee falls 12 paise to 82.35 against US dollar in early trade

The rupee depreciated by 12 paise to 82.35 against the US dollar in early trade on Tuesday, amid stronger dollar and foreign fund outflow from the domestic equity market.

At the interbank foreign exchange, the domestic unit opened lower at 82.27 against the dollar and rose to 82.24 before slipping to 82.35.

On Monday, the rupee settled at 82.23 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies rose 0.26 per cent to 103.86.

Global oil benchmark Brent crude futures fell 1.08 per cent to USD 79.90 per barrel.

On the domestic equity market front, the 30-share BSE Sensex was trading 36.50 points or 0.06 per cent higher at 58,274.35 points while the broader NSE Nifty was up 38.85 points or 0.23 per cent to 17,193.15 points. (PTI)

14 Mar 2023, 09:41:31 AM IST

Oil prices fall $1 as SVB collapse spooks financial markets

Oil prices fell more than $1 on Tuesday, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.

Brent crude futures were down 87 cents, or 1.1%, at $79.90 a barrel at 0345 GMT. U.S. West Texas Intermediate crude futures (WTI) dropped 85 cents, or 1.1%, to $73.93 a barrel. On Monday, Brent fell to its lowest since early January, while WTI dropped to its lowest since December.

The sudden shutdown of SVB Financial triggered concerns about risks to other banks resulting from the U.S. Federal Reserve's sharp interest rate hikes over the last year. It also spurred speculation on whether the central bank might slow the pace of its monetary tightening.

U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after fears of contagion from the failure of Silicon Valley Bank led to a sell-off in U.S. assets at the end of last week and state regulators closed New York-based Signature Bank on Sunday.

Beyond the Silicon Valley Bank shockwaves, oil prices were also under pressure due to signs of a weaker-than-expected economic recovery in China, despite the lifting of its strict COVID-19 restrictions, said Leon Li, an analyst at CMC Markets. (Reuters)

14 Mar 2023, 09:38:07 AM IST

Titan gains in early trading as it adds 1.5% and leads the stock charts

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14 Mar 2023, 09:35:51 AM IST

Sun Pharma shares: Jefferies bullish post recent acquisition, recommends as top stock pick

Sun Pharma's acquisition of Concert adds a complementary derma product to the existing specialty portfolio, said global brokerage Jefferies. The grug major has completed the acquisition of US-based Concert Pharmaceuticals. In January, the Mumbai-based company inked a pact to acquire Concert in a $ 576 million deal.

“An unmet medical need, strong efficacy vs competing drugs and leveraging existing infrastructure should result in peak global sales of $850 m by 2031 translating into pre-tax NPV of INR64/share. Incremental R&D spend is unlikely to be a major drag on FY24-25 profitability," the note stated. (Read More)

14 Mar 2023, 09:24:10 AM IST

Indices open flat as Adani stocks and Auto index struggle at the start

Sensex at Open
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Sensex at Open
14 Mar 2023, 09:14:45 AM IST

India proposes additional net expenditure of 1.48 trillion rupees for 2022/23

The Indian government has proposed an additional net expenditure of 1.48 trillion rupees ($18.06 billion) for the fiscal year ending this month, a government statement said on Monday.

The additional gross expenditure for the same period will be 2.71 trillion rupees ($33.06 billion), the statement said.

An additional amount of 363.25 billion rupees has been sought for fertiliser subsidy and 337.18 billion rupees have been earmarked to meet the pension liabilities of defence forces.

The government has also sought extra spending of 250 billion rupees to provide telecom services in rural and remote areas.

The Indian government will spend 41.87 trillion in 2022/23, according to the Union budget it presented on Feb. 1. (Reuters)

14 Mar 2023, 09:07:36 AM IST

Sensex in red at the preopen session; Divgi TorqTransfer Systems to debut today

Sensex at Preopen
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Sensex at Preopen
14 Mar 2023, 08:58:17 AM IST

Silicon Valley Bank parent, CEO, CFO are sued by shareholders for fraud

SVB Financial Group and two top executives were sued on Monday by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, "particularly susceptible" to a bank run.

The proposed class action against SVB, Chief Executive Greg Becker and Chief Financial Officer Daniel Beck was filed in the federal court in San Jose, California.

It appeared to be the first of many likely lawsuits over the demise of Silicon Valley Bank, which U.S. regulators seized on March 10 following a surge of deposit withdrawals. (Read More)

14 Mar 2023, 08:45:48 AM IST

INDIA RUPEE-Risk aversion over failed U.S. bank to pull rupee lower

The Indian rupee is expected to decline against the U.S. dollar on Tuesday, tracking losses in Asian equities and currencies on concerns over the spillover fears after the collapse of the Silicon Valley Bank.

The non-deliverable forwards indicate the rupee will open at around 82.30-82.40 to the dollar compared with 82.1225 in the previous session.

Shares in South Korea, Japan and Australia were all down about 2%, while Asian currencies dropped between 0.2% to 0.4%. Fallout from the collapse of U.S. lenders Silicon Valley Bank and Signature Bank prompted investors to dump risk assets and price in rate cuts by the Federal Reserve this year.

Futures indicate that the Fed rate could peak at around 4.84% in May and cut rates from then on. The Fed policy rate is expected to be below 4% by December, marking a significant shift from the 5.64% peak prior to the collapse of SVB. (Reuters)

14 Mar 2023, 08:45:04 AM IST

Indian markets have become stronger, absorbed Adani group event: RBI MPC Member

Indian markets have become 'stronger and more diverse' and these have smoothly absorbed the Adani group event, RBI Monetary Policy Committee (MPC) member Ashima Goyal has said, while observing that there is no contagion or crisis.

Goyal further said regulators have been tightening corporate governance in India and investigating wrong-doing.

"The government is not concerned with individual groups...Indian markets have become stronger and more diverse. They have smoothly absorbed the Adani event," she told PTI.

In the January 24 report, US short seller Hindenburg Research flagged “substantial" debt levels at the group while alleging accounting fraud and use of offshore shell companies to inflate stock prices.

The group has denied all Hindenburg allegations, calling them "malicious", "baseless" and a "calculated attack on India". (PTI)

14 Mar 2023, 08:31:11 AM IST

Stocks to Watch: IndusInd Bank, Sona BLW, LIC, Adani Power, Paytm, Mahindra CIE Automotive, Dr Reddy's Lab, GAIL India, PNB Housing Fin, and NLC India

Gujarat Narmada Valley Fertilizers & Chemicals Ltd continues to remain in the F&O ban list for Tuesday trading. FIIs were net sellers for three days in a row. As per NSE data, FII buying value stood at 10,135.27 crore on Monday, while the selling value came in at 11,682.13 crore. (Read More)

14 Mar 2023, 08:23:33 AM IST

Global markets: SGX Nifty to US bank stocks — key triggers that you should know

The US stock was bouncing between gains and losses on Monday, as the yield on the two-year Treasury note plunged in its biggest one-day slump in decades, while tech stocks rebounded from last week’s rout as the collapse of Silicon Valley Bank reverberated across trading desks. However, trading halted in a multiple numbers of bank stocks in the US markets in the early morning session on Monday. After nosediving from 106 levels in the last three sessions, US dollar rates have witnessed some pullback rally in morning deals on Tuesday but bond yield extended its rally in early morning deals.

Here we list out important triggers that may dictate Indian stock market today: (Read More)

14 Mar 2023, 08:11:57 AM IST

Reliance Research Stock to Focus for Today: GPIL 


GPIL (CMP 363) - We maintain our positive stance on GPIL considering a) strong demand domestically for the company’s high-grade pellets that command a premium of ~Rs1,800/tonne, b) debt-free balance sheet and, c) recent export duty elimination on pellets provides huge opportunity. By FY25E, GPIL is slated to have net cash to the tune of Rs11.5bn (~25% of current market capitalisation). We have a BUY rating on GPIL, with a SOTP-based Target Price of Rs415.

Intraday Picks


For today’s trade, long position can be initiated in the range of Rs3,281-

3,265 for the target of Rs3,330 with a strict stop loss of Rs3,250.


For today’s trade, long position can be initiated in the range of Rs751-747

for the target of Rs765 with a strict stop loss of Rs739.


For today’s trade, long position can be initiated in the range of Rs832-

828 for the target of Rs849 with a strict stop loss of Rs819.


14 Mar 2023, 08:05:25 AM IST

Brokerages wary of IndusInd CEO’s reduced 2nd term

The Reserve Bank of India (RBI)’s decision to give a two-year extension to IndusInd Bank’s chief executive officer Sumanth Kathpalia, instead of three years, has surprised analysts and investors.

Brokerage JP Morgan has downgraded the private sector bank to neutral and reduced its target to 1,060 per share. “We note over past five trading sessions, IIB (IndusInd Bank) has outperformed on expectations of RBI granting a three-year extension, and we expect the stock to react negatively. So far, no reason is provided for the same by RBI which would highlight any operational concerns," said JP Morgan in its report on Monday. (Read More)

14 Mar 2023, 08:03:11 AM IST

Apollo eyes SVB assets as suitors circle $73.6 billion loan book

Apollo Global Management Inc. expressed interest in snapping up a book of loans held by Silicon Valley Bank, the California lender seized by federal regulators last week.

Apollo, one of the world’s largest alternative asset managers, is among other investors looking to buy pieces of Silicon Valley Bank, according to people familiar with the matter.

The bank had $73.6 billion of loans as of Dec. 31, 2022, but the size of the loan book Apollo is interested in couldn’t be determined. Apollo declined to comment. (Read More)

14 Mar 2023, 07:49:10 AM IST

Ensure airlines do not practice predatory pricing under cloak of free mkt economy: Parl panel tells govt

A Parliamentary panel on Monday asked the civil aviation ministry to cap the upper and lower levels of airfares, and ensure that predatory pricing mechanism is not adopted by the airlines under the cloak of free market economy.

"A perfect balance has to be maintained between the commercial interest of the private airlines and the interest of the passengers so as to enable the private airlines to grow and at the same time the interest of passengers should also be kept in mind, so that they are not fleeced in the garb of commercialisation," the panel said.

The recommendations have been made by the Department -related Parliamentary Standing Committee on Transport, Tourism and Culture in its report on the ministry's demand for grants for 2023-24.

Among others, there have been complaints about sudden surge in air ticket prices during peak travel seasons. (PTI)

14 Mar 2023, 07:48:22 AM IST

Jaypee Infra insolvency: Committee formed for implementation of Suraksha group resolution plan

A five-member monitoring committee has been formed for the implementation of Suraksha Group's resolution plan to acquire debt-ridden Jaypee Infratech, as per the order of the insolvency tribunal NCLT.

On March 7, the National Company Law Tribunal (NCLT) approved Suraksha group's bid to buy Jaypee Infratech Ltd, a development that came as a relief for more than 20,000 stuck homebuyers.

In a regulatory filing, Jaypee Infratech Ltd (JIL) informed that "...in compliance with the order of the NCLT, an 'Implementation and Monitoring Committee' has been formed in accordance with the approved resolution plan".

The members of the IMC (Implementation and Monitoring Committee) include Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain.

Suraksha ARC Managing Director and Chief Executive Officer Aalok Dave is also part of the IMC. Suraksha Realty has also appointed Suresh Kumar Bansal to the panel. (PTI)

14 Mar 2023, 07:44:22 AM IST

LIC MD Siddhartha Mohanty begins tenure as interim chairman

Life Insurance Corporation (LIC) on Monday said that M R Kumar has completed his term as the Chairman. The government has approved the appointment of Siddhartha Mohanty as the interim Chairman of LIC for three months with effect from March 14, the insurer said last week.

Currently, Mohanty is a Managing Director at the insurance behemoth.

"Mangalam Ramasubramanian Kumar has ceased to be the Chairperson of the Corporation, with effect from March 13, 2023, after close of business hours, upon completion of his term," LIC said in a regulatory filing on Monday.

14 Mar 2023, 07:30:29 AM IST

Divgi TorqTransfer Systems IPO listing date today. Experts expect positive debut

Divgi TorqTransfer Systems IPO listing date has been announced on 14th March 2023 i.e. today. As per the information available on BSE website, the equity shares of Divgi TorqTransfer Systems Limited shall be listed and admitted to dealings on the exchange in the list of 'B' group of securities on 14th March 2023. Divgi TorqTransfer Systems IPO listing will take place in special pre-open session.

According to stock market experts, Divgi TorqTransfer Systems' share price will have a positive debut on Dalal Street today as they believe that the company has stable financials and impressive growth margins. However, they said that the current weakness in the secondary market may affect the listing prospects of Divgi TorqTransfer Systems shares. Asked about Divgi TorqTransfer Systems IPO listing price, experts said that the stock may list above 600 per share levels. (Read More)

14 Mar 2023, 07:28:18 AM IST

Buy or sell: Vaishali Parekh recommends 3 stocks to buy today

Vaishali Parekh has recommended three stocks to buy today, here we list out full details in regard to those intraday stocks:

1] McDowell: Buy at 754, target 784, stop loss 742;

2] VRL Logistics: Buy at 600, target 625, stop loss 590; and

3] Apollo Hospitals: Buy at 4345, target 4470, stop loss 4280. (Read More)

14 Mar 2023, 07:24:16 AM IST

India's retail inflation eases to 6.44% in Feb, but remains above RBI's target band

India's retail inflation edged down slightly to 6.44 per cent in February from January's three-month high of 6.52 per cent, according to the data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday.

However, the inflation print stayed above the Reserve Bank of India's (RBI) upper tolerance level of 6 per cent for second straight month. This may prompt the monetary authority to weigh an increase in borrowing costs to the highest level in seven years. (Read More)

14 Mar 2023, 07:23:23 AM IST

Bank stocks tumble in Wall Street on Monday; others rise on hopes for easier rates

Bank stocks tumbled Monday on worries about what's next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are shaking Wall Street and the economy.

The S&P 500 dipped 0.2% after whipsaw trading, where it careened from an early loss of 1.4% to a midday gain of nearly that much. The Dow Jones Industrial Average fell 90 points, or 0.3%, while the Nasdaq composite rose 0.4%.

The sharpest drops again came from banks and other financial companies. Investors are worried that a relentless rise in interest rates meant to get inflation under control are approaching a tipping point and maybe cracking the banking system.

The U.S. government announced a plan late Sunday meant to shore up confidence in the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday.

Some investors are calling for the Fed to make cuts to interest rates soon to stanch the bleeding. Rate cuts often act like steroids for the stock market.

The wider expectation, though, is that the Fed will likely pause or at least hold off on accelerating its rate hikes at its next meeting later this month. (AP)

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