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Nifty ends above 17,800 mark; Sensex up 380 pts; Auto, Oil & Gas zoomed

Stock Market Today: Recession worries in focus

  • Share Market Close: The indices rallied on Tuesday and ended with a gain of around 0.7%. Adani Ports and HDFC Life jumped more than 4%, but PSU Bank stocks lagged. Asian market ended on a mixed note with most markets closing flat and Hong Kong losing around a per cent.

After a long weekend, Indian benchmark indices rallied on Tuesday despite news of weak economic data and lending rate cuts in China which raises the concerns of a recession. The factors played a major role in traders across Asia as most markets ended in the flat territory and Hong Kong slipped by 1%.

16 Aug 2022, 03:48 PM IST Sensex closed above the 59,800 mark and Nifty 17,800 mark with Autos, Oil and Gas, and Realty accelerating the surge. 

Indian benchmark indices, despite mixed global cues, rallied today to end with a gain of around 0.7%. Sensex added 380 points to cross the 59,800 mark and closed at 59,842 points. Nifty too crossed the psychological barrier of 17,800 to close at 17,829, a gain of 130 points.

Auto, Oil and Gas and the Realty sector contributed the most to today's rally. Among stocks, Adani Ports and HDFC Life surged more than 4%. M&M and Maruti Suzuki also ended with decent gains.

PSU Bank and Media stocks lost marginal grounds and ended in the red. Grasim Industries and Hindalco slipped the most in today's session.

Asian stocks had a mixed day as worries about a slowdown in the US and Chinese economies weakened sentiment.

Japan's Nikkei index closed almost flat on Tuesday with energy-related stocks and shippers weighing the most. The Nikkei share average finished 0.01% lower.

Hong Kong's benchmark index Hang Seng closed more than a per cent lower, whereas Shanghai Composite Index closed flat with a marginal gain of 0.05%.

European stock markets rose at the open on Tuesday as oil prices fell further, easing high inflation concerns.

China's cut in the key interest rate on Monday and fall in oil prices today kept the markets on the edge with regard to fears about recessions in the US, China, and elsewhere.

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Sensex at Close
16 Aug 2022, 03:17 PM IST Virat Kohli-backed Digit Insurance files for IPO

Digit Insurance, backed by Canadian billionaire Prem Watsa's Fairfax Group, has filed for draft papers with the market regulator Securities Exchange Board of India (SEBI) on Tuesday to raise funds through an initial public offer (IPO). 

The IPO consists of a fresh issue of shares worth 12.5 billion rupees, while existing shareholders will sell up to 109.4 million shares. (Full Report)

16 Aug 2022, 03:15 PM IST Gold futures fall on low demand

old prices on Tuesday fell by 724 to 51,861 per 10 gram in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for October delivery traded lower by 724 or 1.38 per cent at 51,861 per 10 gram in a business turnover of 15,347 lots. (PTI)

16 Aug 2022, 02:51 PM IST Balaji Solutions files draft papers with Sebi to raise funds via IPO

IT hardware and mobile accessories firm Balaji Solutions has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The public issue consists of a fresh issue of equity shares worth up to 120 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by promoter and promoter group entity, according to the draft red herring prospectus (DRHP).

Under the OFS, Rajendra Seksaria and Rajendra Seksaria HUF will offload shares. (PTI)

16 Aug 2022, 02:45 PM IST Mother Dairy follows Amul; to hike milk prices by ₹2 per litre: What we know so far

Following a hike in milk prices by Amul, Mother Dairy on Tuesday announced that it will increase the prices of milk by 2 per litre in the Delhi-NCR with effect from Wednesday due to rise in its procurement and other input costs.

The company has witnessed an increase in input costs in the last five months, the official said.

For instance, the farm prices of raw milk have spiked by about 10-11 per cent.

Likewise, the cost of feed and fodder has also witnessed a significant rise due to the heat wave and extended summer season. (Full Report)

16 Aug 2022, 02:24 PM IST Industrial, warehouse logistics park space seen at 330 mn sq ft by 2023: Icra

Increasing formalization of the sector, preference for Grade A warehousing facilities and implementation of the Goods and Services Tax have accelerated the growth of industrial and warehouse logistics parks (IWLP), ratings agency Icra said on Tuesday.

The overall supply witnessed a CAGR of 17% during 2016-2021 to 258 mln sq ft with increase in Grade A supply mix from 30% in 2016 to 45% in 2021. (Read More)

16 Aug 2022, 02:04 PM IST Realty Index gains 1.5% led by Indiabulls which has added 16% since morning

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Realty Index
16 Aug 2022, 01:49 PM IST Ratan Tata invests in Sr citizen companionship-as-a-service startup Goodfellows

Industry leader Ratan Tata on Tuesday announced an undisclosed investment into startup Goodfellows that offers companionship to senior citizens as a service.

The octogenarian industrialist has been an active backer of startups ever since he retired from the helm of the salt-to-software Tata Group. The latest investee company is founded by Shantanu Naidu.

The Cornell University-educated Naidu, 25, is a general manager in Tata's office and has been assisting Tata since 2018. He shares Tata's love for dogs and strays and had previously started a venture around pets as well. (PTI)

16 Aug 2022, 01:37 PM IST India's wholesale inflation eases substantially in July but still in double-digit

India's wholesale inflation declined substantially during the month of July to 13.93%, but continues to remain in double digits, official data released on Tuesday showed.

The Wholesale Price Index (WPI) based inflation has been in the double-digit for 16 months in a row now.

The inflation in July was primarily contributed by rising in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, electricity, and chemicals, among others, an official statement said. (ANI)

16 Aug 2022, 01:35 PM IST Multibagger Adani Group stock hits fresh all-time high as shares extend rally

Shares of Adani Enterprises Ltd surged to hit a fresh record high of 2,985 apiece on the BSE in Tuesday's early trading session. Extending its rally in the past few sessions, the Adani Group stock has jumped more than 21% in a month's period. Adani Enterprises shares have given multibagger return of more than 106% in a year's period.

16 Aug 2022, 01:10 PM IST Maruti Suzuki shines in today's trading, adds 2.5%.

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Maruti Suzuki
16 Aug 2022, 12:49 PM IST European stock markets climb at open

European stock markets rose at the open Tuesday as oil prices fell further, easing high inflation concerns.

London's benchmark FTSE 100 index gained 0.4% to 7,535.71 points.

In the eurozone, Frankfurt's DAX index advanced 0.3% to 13,860.22 points and the Paris CAC 40 won 0.2% to 6,583.98. (AFP)

16 Aug 2022, 12:36 PM IST Samvardhana Motherson announces bonus shares issue in 1:2 ratio

Samvardhana Motherson International Limited's (formerly Motherson Sumi Systems Limited) board met on Tuesday to consider the proposal for bonus equity shares of the company and has therefore recommended the issue in the ratio of 1:2. Shares of Samvardhana Motherson surged nearly 3% on the BSE in afternoon deals. (Full Report)

16 Aug 2022, 12:17 PM IST Gold loan provider Muthoot Finance's stock slumps 15%; near-term outlook dull

Shares of gold loan provider Muthoot Finance Ltd. were hammered on Tuesday, in response to the non-banking financial company's dismal Q1FY23 earnings.

Net new customer acquisition will be a key monitorable in the coming quarters and also the most critical determinant of the company’s gold loan growth trajectory. (Full Report)

16 Aug 2022, 12:13 PM IST Japan's Nikkei closes flat amid economic worries, shippers top losers

Japan's Nikkei index closed almost flat on Tuesday, with energy-related stocks and shippers weighing the most, as worries about a slowdown in the U.S. and Chinese economies weakened sentiment.

The Nikkei share average finished 0.01% lower at 28,868.91, snapping a two-day rally that had sent it to the highest level in more than seven months. The broader Topix edged 0.15% lower to 1,981.96. (Reuters)

16 Aug 2022, 12:02 PM IST Noon Update: Indices have given up a little on the gains but are still in the green. Sensex is up around 280 points and Nifty around 90.

Auto, FMCG and Realty indices have shined in today's trading, whereas PSU Bank and Media indices shed some ground. 

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Sensex at Noon
16 Aug 2022, 11:55 AM IST Ashika Stock Broking and Angel One Ltd views on the Nifty

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a small bodied bullish candle on the daily charts with minor upper and lower shadows. The trendline resistance adjoining the highs of Oct’21, Jan’22 and Apr’22 will be the immediate resistance zone on the higher side which is around 17,750 to 17,800. A fresh breakout above the said range can extend the present rally towards 18100-18150 levels. Likewise support base has now shifted higher to 17,350 to 17,300 range. Momentum oscillator though are trading in overbought price conditions, but no signs of exhaustion can be seen yet rather had been supportive with weekly RSI breached past the 6-months falling trend line. Market breadth has seen remarkable improvement, indicating broader market participation across sectors. Classical theorist can claim that there has been a falling channel breakout and is likely to head higher towards the 17,900 levels as it is 80% retracement of entire decline off October 2021 to June low (18,600-15,200). Thus, during the day Nifty is likely to open on a positive note and is expected to continue its positive momentum while maintaining higher high-low formation. Hence, intraday dip towards 17,560-17,615 can be the buying opportunity for target of 18,100.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Our market has seen a mild start tracking the mixed global cues and followed a sluggish move for most of the trading session. The benchmark index witnessed a lackluster day of trade until the fag end buying interest boosted the sentiments and soared the index to test the 17400 odd zone. With all such actions, the index maintained its positive stature for the sixth consecutive session and concluded the day a tad below 17400 levels by procuring another 0.25 percent.

Technically, the index continued its northwards journey with a smart recovery from the intraday dip that augurs well for the bulls of D-Street. However, the hint of tentativeness at higher levels should not be overlooked at all. On the technical front, 17450-17500 still holds the sturdy wall for the bulls, and a decisive closure above the same could only trigger fresh longs in the system. Meanwhile, any dip towards the 17200 zone is likely to get bought into, while the sacrosanct support lies around the unfilled gap and psychological mark of the 17000.

Hence, looking at index placements and the recent price action that construes the undertone to favor the bulls, participants are advised to avoid aggressive bets and stay abreast with global and domestic developments. Also, we advocate continuing with a stock-centric approach for better trading opportunities.

16 Aug 2022, 11:50 AM IST Axis Securities recommendations on Eicher Motors, Endurance Technologies, Hero MotoCorp and KNR Constructions

Eicher Motors: HOLD - TP at 3120

Endurance Technology: BUY - TP at 1660

Hero Motocorp: BUY - TP at 3060

KNR Constructions: BUY - TP at 340

16 Aug 2022, 11:30 AM IST Aurobindo Pharma arm gets final USFDA nod for Vasopressin injection

Aurobindo Pharma Ltd on Tuesday said its wholly-owned arm Eugia Pharma Specialties Ltd has received final approval from the US health regulator for its generic version of Vasopressin injection.

The injection is indicated to increase blood pressure in adults who suffer from sudden relaxation of blood vessels.

The approval granted by the US Food and Drug Administration (USFDA) is for manufacturing and marketing of vasopressin injection of strength 20 units/ml multiple-dose vials, Aurobindo Pharma said in a regulatory filing. (PTI)

16 Aug 2022, 11:18 AM IST Auto index jumps by 1.5%; most stocks in green

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Auto Index
16 Aug 2022, 11:14 AM IST Grasim Industries down almost 2% on Tuesday

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Grasim Industries
16 Aug 2022, 11:12 AM IST India Inc to see 10% median salary hike in 2023

India Inc. will see a 10% median salary hike in 2023, pushed by labour constraints and inflation concerns. Global advisory firm WTW noted that the median increase could translate to a 9.8% hike with financial services, banking, technology, media and gaming companies expected to offer the highest increments.

Companies in India are budgeting an overall median increase of 10% for 2023--translating to an average salary increase of 9.8%--compared with the actual 9.5% rise in 2022. (Full Report)

16 Aug 2022, 11:01 AM IST What can put IRCTC stock on growth path

State-owned Indian Railway Catering and Tourism Corp. Ltd’s (IRCTC) earnings for the June quarter (Q1FY23) were a mixed bag. In Q1FY23, revenue at almost 853 crore surpassed analysts’ estimates, aided by the solid performance of its catering business. Even so, the catering segment has a relatively lower margin profile and that weighed on Ebitda (earnings before interest, tax, depreciation and amortization) margin performance, which was down by 820 basis points (bps) year-on-year to 37.6%. (Full Report)

16 Aug 2022, 10:42 AM IST Prabhudas Lilladher recommendations on Bajaj Electricals, Hero Motorcorp, Aurobindo Pharma, Divi's Lab, Muthoot Fin, and Apollo Hospitals

Bajaj Electricals (BJE IN): ACCUMULATE | CMP: Rs1,144 | TP: Rs1,211

Hero Motocorp (HMCL IN): BUY | CMP: Rs2,762 | TP: Rs3,130

Aurobindo Pharma (ARBP IN): ACCUMULATE | CMP: Rs593 | TP: Rs635

Apollo Hospitals Enterprise (APHS IN): BUY | CMP: Rs4,313 | TP: Rs5,000

Divi's Laboratories (DIVI IN): ACCUMULATE | CMP: Rs3,726 | TP: Rs4,140

Muthoot Finance (MUTH IN): BUY | CMP: Rs1,187 | TP: Rs1,431

16 Aug 2022, 10:33 AM IST  India inflation may remain elevated despite July dip – analysts

India's headline retail inflation that eased for the third straight month in July is expected to remain above the central bank's upper tolerance range in the near term, necessitating more rate hikes in coming months, analysts said.

"High frequency price data suggest that headline inflation is likely to remain around July levels in August...We expect headline inflation to remain above 6% until February 2023, and core CPI inflation to remain sticky at a shade under 6% in the remaining months of FY2023," Nomura economists Sonal Varma and Aurodeep Nandi said in a note. (Reuters)

16 Aug 2022, 10:21 AM IST India's SpiceJet settles with lessors for Boeing aircraft

Indian low-cost carrier SpiceJet Ltd said on Tuesday it has entered into a settlement agreement with aircraft lessor Goshawk Aviation Ltd and its affiliates related to three Boeing aircraft.

The airline said that the agreement - the terms of which are confidential - ends all litigation proceedings between the parties, adding that this will allow SpiceJet to add two more fuel-efficient Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft to its fleet. (Reuters)

16 Aug 2022, 10:13 AM IST Syrma SGS Technology IPO: Latest GMP, subscription status on day 2 of the issue

Syrma SGS Technology's initial public offering (IPO), with a price band of 209-220 a share, is open for public subscription from August 12 and will conclude on August 18, 2022. At the upper end of the price band, the initial share-sale is expected to fetch 840 crore. Syrma SGS Tech's IPO includes a fresh issue of 766 crore and OFS of up to 3.37 million shares. (Full Report)

16 Aug 2022, 10:11 AM IST Adani Ports surges, up 3.5%

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Adani Ports
16 Aug 2022, 09:58 AM IST India logs 8,813 Covid infections in a day; active cases decline to 1,11,252

India's COVID-19 case tally increased by 8,813 in a day to reach 4,42,77,194, while active infections have declined to 1,11,252, according to the Union Health Ministry data on Tuesday.

The death toll has climbed to 5,27,098 with 29 more fatalities, including one death reconciled by Kerala, the data updated at 8 am stated.

Active cases declined by 6,256 in a day and now comprise 0.25 per cent of the total infections, while the national COVID-19 recovery rate was at 98.56%, the health ministry said. (PTI)

16 Aug 2022, 09:55 AM IST ICICI Securities and ICICI Direct views on Derivatives, Opening Bell, and Commodities 

Nifty

The Nifty traded in a narrow range and closed with a gain of 0.12%. Healthy buying was seen in broader market as both midcap and small cap indices outperformed the Nifty. According to option data, 17500 Put strike holds sizeable OI which should act as immediate support on the downsides.

Opening Bell

Indian markets are likely to open on a positive note today tracking mixed global clues. Investors are likely to keep track of news of weak economic data and lending rate cuts in China, which raises concerns on a recession.

Commodities

Daily Recommendations: Copper and Bulldex

 

16 Aug 2022, 09:42 AM IST Centre to amend Companies Act, tighten audit regime soon

The ministry of corporate affairs will soon introduce a set of tough measures to tighten the framework of statutory auditors aimed at ensuring their independence.

The measures are aimed at checking the recurrence of situations such as the 2018 failure of Infrastructure Leasing and Financial Services Ltd. (IL&FS) group firms.

The ministry has completed a consultation on a report on audit reforms submitted to finance and corporate affairs minister Nirmala Sitharaman in March by an expert committee. (Full Report)

16 Aug 2022, 09:28 AM IST Metal index drags, down almost a percent; most stocks in red 

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Metal Index
16 Aug 2022, 09:24 AM IST Sensex adds 300 points at open, Nifty up by 100 points.

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Sensex at Open
16 Aug 2022, 09:12 AM IST Cryptocurrency prices today plunge as Bitcoin falls below $25,000; ether, Shiba Inu dip over 6%

Cryptocurrency prices today plunged as the recent rally in market bellwethers Bitcoin and Ether cooled. The world's largest and most popular cryptocurrency Bitcoin fell below $25,000 level, which it crossed during the weekend for the first time since June 13, and was trading over 4% lower at $24,167. The global crypto market cap today was above the $1 trillion mark, even as it was down 2% in the last 24 hours at $1.2 trillion, as per CoinGecko. (Full Report)

16 Aug 2022, 09:08 AM IST Apple lays off recruiters as part of its slowdown in hiring

Apple Inc. laid off many of its contract-based recruiters in the past week, part of a push to rein in the tech giant’s hiring and spending, according to people with knowledge of the matter.

About 100 contract workers were let go in a rare move for the world’s most valuable company, said the people, who asked not to be identified because the situation is private. The recruiters were responsible for hiring new employees for Apple, and the cuts underscore that a slowdown is underway at the company.

Workers laid off were told the cuts were made due to changes in Apple’s current business needs. (Bloomberg)

16 Aug 2022, 09:03 AM IST Sensex remains flat at pre-open on Tuesday. LIC, ONGC, HDFC Bank stocks are in focus today

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Sensex at Preopen
16 Aug 2022, 08:58 AM IST Cars, hotels, realty among robust sectors

Revenge travel and soaring demand for cars, hotel rooms, new homes and printing and stationery items have spurred the biggest expansion in Ebitda margins for five out of 75 sectors in the fiscal first quarter despite rising or steadily-elevated input costs, showed a Mint study of Capitaline data.

Ebitda margin expanded the most in air transport, hotels, realty, auto and printing and stationery sectors in the quarter ended June (Q1FY23) with most companies in these sectors having issued their quarterly earnings. (Full Report)

16 Aug 2022, 08:50 AM IST Reliance Securities Stock in Focus: Finolex

STOCK IN FOCUS

Finolex (CMP Rs.143)

Considering the leading position in the Agri-pipe segment and backward integration for the PVC Resin business, sustained cash flow and high dividend pay-out of 35% (average over FY16-FY22), we have BUY rating on the stock, with a Target Price of Rs165.

Intraday Picks

ASHOKLEY (PREVIOUS CLOSE: 147) BUY

For today’s trade, long position can be initiated in the range of 144- 146 for the target of Rs.152 with a strict stop loss of 142.

INDIGO (PREVIOUS CLOSE: 2014) SELL

For today’s trade, short position can be initiated in the range of 2035-2050 for the target of Rs.1980 with a strict stop loss of 2065.

WIPRO (PREVIOUS CLOSE: 436) BUY

For today’s trade, long position can be initiated in the range of 430- 434 for the target of Rs.450 with a strict stop loss of 427.

16 Aug 2022, 08:46 AM IST Stocks to Watch: ONGC, LIC, HDFC Bank, Reliance Infra, Godrej Industries

Future Lifestyle Fashions will be in focus as it declares its June quarter earnings today. Balrampur Chini Mills, Delta Corp, and Tata Chemicals securities will be in the ban period for the F&O segment as they have crossed 95% of the market-wide position limit. (Full Report)

16 Aug 2022, 08:45 AM IST 3 chemical stocks that have given multibagger return since last Independence Day

As India is celebrating the completion of 75 years of independence, here we list out three such chemical stocks that have given multibagger return since the last Independence Day.

Fine Organic Industries, Gujarat Fluorochemicals Limited and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) are the three multibagger chemical stocks that have given returns as much as up to 115% in a year's period. (Full Report)

16 Aug 2022, 08:36 AM IST Oil extends losses on global slowdown and chance of more supply

Oil declined for a third day as a deepening global slowdown looked set to coincide with an increase in supply from OPEC producers.

West Texas Intermediate futures slid toward $88 a barrel after falling around 5% over the previous two sessions. Mounting signs of an economic downturn swept through markets on Monday as bearish US data including rapidly cooling manufacturing followed weaker-than-expected Chinese numbers.

Investors are also facing the prospect of rising supply as demand moderates, while prompt time spreads are signaling concerns over tight global markets are easing. Libya is pumping more and Iran is edging closer to reviving a nuclear deal that will likely see higher crude flows. (Bloomberg)

16 Aug 2022, 08:16 AM IST Rakesh Jhunjhunwala’s stock holdings worth nearly $4 billion in focus after death

The death of Indian billionaire Rakesh Jhunjhunwala puts a spotlight on the nearly $4 billion worth of stocks held by the famed investor, whose trades were closely scrutinized.

Jhunjhunwala was among the most influential market voices in Asia’s third-biggest economy, with an intense following among the nation’s growing horde of retail investors. The man also known as “Big Bull" was a fierce backer of the India growth story.

Jewelery retailer Titan Co. was one of the largest and most profitable investments for the veteran trader and his wife Rekha Jhunjhunwala, making up for more than a third of their portfolio, according to data compiled by Bloomberg. (Full Report)

16 Aug 2022, 08:06 AM IST Shareholders' approve Ashishkumar Chauhan appointment as NSE MD, CEO

Leading bourse National Stock Exchange (NSE) on Sunday said that shareholders have approved the appointment of Ashishkumar Chauhan as its managing director and chief executive. The Extra Ordinary General Meeting (EOGM) of NSE was held on August 11, according to a statement. Shareholders approved the appointment of Chauhan, who was the MD and CEO of rival bourse BSE, with 99.99% votes. He assumed charge as NSE chief on July 26. PTI

16 Aug 2022, 07:51 AM IST M&M to unveil 5 EVs built on new platform in next 5 years

Mahindra and Mahindra on Monday said it will launch five electric vehicles by 2027 on its new platform Inglo, starting with the first in December 2024. The company expects as much as 30% of its sales to come from EVs by 2027. The first launch will be the XUV e8 in December 2024, with the remaining four planned over the next two years. (Full Report)

16 Aug 2022, 07:48 AM IST Inflationary impact on FMCG price & margin to continue in Q2, to improve from 2nd half

Inflationary pressure on some raw material inputs for the FMCG industry is abating but the manufacturers expect its impact on price and margins to continue in the current quarter.

In the April-June quarter, listed FMCG companies including - HUL, ITC, Godrej Consumer Product, Nestle, Dabur and Britannia delivered mixed results, reporting impact on their margins and mostly, a drop in volume in some categories.

FMCG companies also expect volume decline to continue in the rural side but see some stabilisation in the business and recovery in demand, starting from the third quarter of FY23. (PTI)

16 Aug 2022, 07:46 AM IST PM Modi sets sights on developed India by 2047

Prime Minister Narendra Modi on Monday set an ambitious target of making India a developed nation by 2047 and made a renewed pitch for cutting import dependence and boosting domestic manufacturing.

Addressing the nation from the ramparts of the Red Fort on the 76th Independence Day, Modi coined 'Panch Pran' or lifeblood resolves for the nation when it celebrates its 100th year of independence in 2047. (PTI)

16 Aug 2022, 07:36 AM IST Bank  asset  quality  improves as economy turns around

Aided by a pickup in economic activity, asset quality in the banking system improved over the past year. Bad loans declined about 185 basis points to 5.7% of all loans, although concerns around restructured credit remain.

Public sector banks’ NPA ratio has come down from 9.4% in June 2021 to 7.2%, a drop of 220 bps, while at private banks, the decline was 110 bps, from 4.2% to 3.1%, in the same period. One basis point is one-hundredth of a percentage point. (Full Report)

16 Aug 2022, 07:34 AM IST China cuts interest rate to shore up sagging economy

China’s central bank has trimmed a key interest rate to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is believed to be trying to extend his hold on power. The ruling Communist Party has acknowledged it can’t hit this year’s official 5.5% growth target after anti-virus curbs disrupted trade, manufacturing and consumer spending. A crackdown on corporate debt has caused activity in the vast real estate industry to plunge. Government data showed July factory output and retail sales weakened. The rate cut suggested Beijing’s worries about rising debt are at least temporarily outweighed by the political dangers of an economic slump and job losses. (AP)

16 Aug 2022, 07:33 AM IST Make in India: Govt holds meeting on container production

A meeting was held on Monday between Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal and his Railways counterpart Ashwini Vaishnaw to facilitate an ecosystem for container production under the Make In India programme, an official statement said.

The high-powered meeting deliberated on various aspects in this regard.

"With a cluster base manufacturing in focus, the CONCOR will be working closely with the Ministry of Ports, Shipping & Waterways (MoPSW)," the statement added. (PTI)

16 Aug 2022, 07:30 AM IST Be cautious! Nifty approaching key resistance zone, say analysts

It is time to get cautious as Indian stock markets are approaching key resistance levels though the short-term trend remain positive, say analysts. Equities will track global trends, foreign fund flows and movement of crude oil prices in this holiday-shortened week. Stock markets are closed today on account of Independence Day. The demise of ace investor Rakesh Jhunjhunwala on Sunday has come as a shock to the investor community.

"Short-term traders must liquidate some positions and wait for dips to enter. Immediate resistance is located around 17,800, while 17,600 serves as a decent support," said Apurva Sheth, Head of Market Perspectives, Samco Securities.(Full Report)

16 Aug 2022, 07:27 AM IST US Stocks, dollar gain despite surprise weak China data

Global equities and the U.S. dollar advanced on Monday despite weaker-than-expected economic data in China that prompted its central bank to cut its lending rate, stoking concerns of a global recession.

The Dow Jones Industrial Average rose 0.42% to 33,903.57, the benchmark S&P 500 gained 0.37% to 4,296.09 points, and the Nasdaq Composite added 0.59% to 13,123.89.

The dollar index, which measures the greenback against six peers, rose 0.785%, with the euro down 0.97% to $1.0158. (Reuters)

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