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Business News/ Markets / Live Blog/  Sensex ends at 61,750, Nifty down 65 pts; Titan, M&M lag; Tata Consumer shines
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Sensex ends at 61,750, Nifty down 65 pts; Titan, M&M lag; Tata Consumer shines

Share Market Close: Indices nosedived towards the end on Thursday with Sensex closing at 61,750 and Nifty below 18,350. Most sectors ended in the red with Consumer Durable, IT, Media and Auto shedding the most. Titan, M&M, and Tata Motors tanked, while L&T and Tata Consumer gained.

Stock Market Today: Sensex at a touching distance from 62,000Premium
Stock Market Today: Sensex at a touching distance from 62,000

Negative outlooks and softer demands put all the global markets under pressure with most indices shedding on Thursday. Tokyo, Shanghai and Hong Kong closed lower with the Chinese market still dealing with Covid spikes. Inflation continues to remain a concern for Europe.

17 Nov 2022, 03:42:43 PM IST

Indices falls towards the end with Sensex shedding 230 points and Nifty 65

Indian indices mostly traded in the flat-to-negative zone on Thursday but dropped steeply towards the end to close 0.36% lower. Negative global cues and inflation concerns kept investors on their toes.

Sensex lost 230 points to close at 61,750, while Nifty shed 65 points to end below 18,350, at 18,343.

Tata Consumers, Adani Enterprises and L&T ended in the green with decent gains, while Titan, M&M, Tata Motors, Eicher Motors and Apollo Hospitals shed in today's session.

Most sectoral indices came under pressure with Auto, IT, Media and Consumer Durables shedding the most. PSU Bank was the only index to end in green with decent gains on Thursday.

Asian markets were under pressure on Thursday as investors re-assessed the U.S. monetary policy outlook and other negative global cues, especially the stubborn inflation figures from Europe.

Japan's Nikkei ended lower on Thursday, as chip-related stocks led the losses after Micron Technology cut its memory chip supply and capital spending while travel shares jumped on an increase in foreign tourists.

China stocks closed down on Thursday as a flare-up in domestic COVID-19 cases spurred concerns over more lockdowns. The blue-chip CSI 300 Index dropped 0.4% at the close, and the Shanghai Composite Index slipped 0.2%. Hong Kong's Hang Seng Index retreated 1.2%.

Investors in Europe were spooked by a deadly missile blast in Poland and US retailers' warnings about a weak holiday season.

European markets also traded lower in the morning with London weighing down by the news of UK inflation spiking to a 41-year peak in October amid rocketing energy bills and food prices. Frankfurt and Paris stocks also sank.

Sensex at Close
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Sensex at Close
17 Nov 2022, 03:27:10 PM IST

Binance to relaunch bid to buy bankrupt Voyager Digital, report

Crypto exchange Binance's U.S. unit is relaunching its bid to buy bankrupt crypto lender Voyager Digital, Coindesk reported on Thursday, citing a person familiar with the matter. The report comes after Voyager called off FTX's bid to acquire the company following its collapse. (Read More)

17 Nov 2022, 03:05:56 PM IST

India's Apr-Oct oilmeal exports up 38.45 pc to 19.84 lakh tonnes

The country's export of oilmeal, used as animal feed, rose 38.45 per cent to 19.84 lakh tonnes during the April-October period of the current fiscal on sharp rise in shipment of rapeseed meal, industry body SEA said on Thursday.

The country had exported 14.33 lakh tonnes of oilmeal in the same period of the previous financial year.

According to Solvent Extractors Association of India (SEA), out of the total oilmeal exports, the shipment of rapeseed meal doubled to 13.41 lakh tonnes during the April-October period of the current fiscal, from 6.58 lakh tonnes in the year-ago period. (PTI)

17 Nov 2022, 03:05:39 PM IST

Most traded stocks of the day: ICICI Bank, Reliance, NTPC, HDFC Bank, and Wipro

Volume Toppers
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Volume Toppers
17 Nov 2022, 02:44:55 PM IST

Binding commitments on new issues in FTAs may hamper India's exports in future: Report

Taking binding commitments on new issues like environment, labour and sustainability in the proposed free trade agreements (FTA), being negotiated by India, may hamper the country's exports in the future, according to a report by Global Trade Research Initiative.

India's already "weak" FTA outcomes may worsen if it takes obligations in the new issues, the report -- FTAs: Fabulous, Futile, or Flawed? An evaluation of India's FTAs with ASEAN, Japan and South Korea -- said.

It added that like many developing countries, India has an evolving regulatory framework on most new issues.

"International commitments must be taken only after the domestic regulatory framework is in place. And both must be in sync. New non-trade issues may serve as non-trade barriers and hamper our exports in the future," GTRI (Global Trade Research Initiative) report said. (PTI)

17 Nov 2022, 02:44:55 PM IST

India bucks global trend with robust copper demand this year

India is set to be one of the world's fastest-growing copper markets in 2022, bucking the trend of softening demand expansion elsewhere, including top consumer China, amid a slowing global economy.

Despite the global downturn, India's economy is humming across manufacturing to infrastructure and property sectors, as pent-up demand post the COVID-19 pandemic, rising income and a series of government policies have boosted consumption. (Read More)

17 Nov 2022, 02:21:04 PM IST

Sebi working on guidelines for ‘finfluencers’ giving stock tips on social media

The Securities and Exchange Board of India (Sebi) on Thursday said it is working on guidelines for financial influencers, usually referred to as ‘finfluencers’, who give advice to investors on various social media platforms.

“We are working on the guidelines for financial influencers," S.K. Mohanty, whole-time member Sebi said on the sidelines of a CII National Conference on Corporate Frauds: Governance on held in Mumbai on Thursday. (Read More)

17 Nov 2022, 02:10:51 PM IST

PSU Bank index climbs amidst an otherwise day, most stocks in green

PSU Bank
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PSU Bank
17 Nov 2022, 02:08:44 PM IST

BEML's demerged entity's listing likely in one month

The demerged non-core businesses entity, BEM Land Assets Ltd, of BEML is expected to be listed in a month in a step forward to the divestment of the company as the government seeks strategic divestment of 26% post BEML demerger process of non-core assets.

The existing BEML shareholders have been given shares in the new demerged entity in a 1:1 ratio. BEML shares started trading ex-demerger on September 8, 2022, a day ahead of its record date which was fixed on September 9 to determine the eligibility of shareholders for considering 1:1 issue of shares by BEML Land Assets Limited as per Scheme of Arrangement for demerger as approved by the MCA. (Read More)

17 Nov 2022, 02:08:01 PM IST

Stakeholders agree to phased roll-out of uniform chargers for devices

A broad consensus emerged among stakeholders on the adoption of USB Type - C as a charging port for electronic devices such as smartphones, tablets and laptops, said the Ministry of Consumer Affairs, Food and Public Distribution in a statement.

The industry should overcome inertia in adopting a uniform charging port in the interest of consumer welfare and prevention of avoidable e-waste, Rohit Kumar Singh, Secretary Department of Consumer Affairs said while chairing a meeting of the Central Inter-Ministerial Task Force on Wednesday constituted to examine the issue of uniformity in charging ports of electronic devices. (ANI)

17 Nov 2022, 01:54:07 PM IST

Geojit Financial reccomendation on Escorts Kobuta - Q2FY23 Result Update - SELL

Geojit says SELL with Target Price of 1783 for Escorts Kobuta: Cconsidering the margin pressure and lower volume for H2, we downgrade our estimate and recommend Sell rating at CMP.

17 Nov 2022, 01:51:50 PM IST

Meta appoints Sandhya Devanathan as its new India head

Meta today announced the appointment of Sandhya Devanathan as the Vice President of Meta India. Devanathan will focus on bringing the organization’s business and revenue priorities together to serve its partners and clients, while continuing to support the longterm growth of Meta’s business and commitment to India. She will transition to her new role on January 1, 2023 and will report to Dan Neary, Vice President, Meta APAC and will be a part of the APAC leadership team. She will move back to India to lead the India org and strategy. (Read More)

17 Nov 2022, 01:34:19 PM IST

ABFRL to bring French luxury store Galeries Lafayette to India

Aditya Birla Fashion and Retail Limited (ABFRL) on Thursday announced that it has entered into a strategic partnership with French luxury department store chain Galeries Lafayette to open stores and a dedicated e-commerce platform in India.

The 90,000 square feet flagship store in Mumbai is expected to be operational by 2024, ABFRL said in a statement on Thursday. (Read More)

17 Nov 2022, 01:07:53 PM IST

IRFC shares rally to hit record high; trade above IPO issue price

Shares of Indian Railway Finance Corporation Ltd (IRFC) rallied more than 8% to hit a record high of 28.7 apiece on the BSE in Monday's afternoon deals, with the stock trading above its initial public offering (IPO) issue price of 26.

The public issue of IRFC was open for subscription last year from 18-20 January, 2021 with a price band of 25- 26. The company's shares made their market debut on January 29, 2021. IRFC shares are up about 23% in 2022 so far. (Read More)

17 Nov 2022, 12:53:49 PM IST

Tata Consumer shines as it gains 2% in today's trading

Tata Consumer
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Tata Consumer
17 Nov 2022, 12:52:10 PM IST

Angel One appoints Prateek Mehta as its Chief Business Officer

Fintech company Angel One Limited (formerly known as Angel Broking Limited) appointed Prateek Mehta as its Chief Business Officer. In his new role, he will be chalking out growth strategies and business plans for the company to achieve its vision, the company said in its statement.

17 Nov 2022, 12:27:44 PM IST

COP27 Draft Leaves Out Pledge to Phase Down All Fossil Fuels

Countries negotiating at the climate summit in Egypt are on track to reject calls for phasing down the use of all fossil fuels, snuffing efforts by India and key developed nations to target oil and gas as well as coal in an overarching deal at COP27.

The Egyptian presidency published the first draft of its so-called “cover decision" and largely kept last year’s pledge made at Glasgow to “accelerate measures towards the phase down of unabated coal power" and phase out fossil fuel subsidies. It also stuck with a commitment to keep global warming to 1.5 degrees Celsius. It highlighted that countries are currently falling well short on meeting the climate finance needs of developing countries. (Bloomberg)

17 Nov 2022, 12:13:54 PM IST

Auto index under pressure, sheds 1% with most stocks in red

Auto Index
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Auto Index
17 Nov 2022, 12:12:42 PM IST

Why Nykaa shares are down nearly 20% in 4 days

Shares of FSN E-Commerce Ventures Ltd., owner of beauty e-retailer Nykaa, has been under pressure since lock-up ended last week. Nykaa shares fell 4% to 171 at day's low, extending the four-day losses to about 20%. According to NSE data, LIGHTHOUSE INDIA FUND III LIMITED sold 96,89,240 shares on 10th November at average price of 171 per share. Among other major sellers, SEGANTII INDIA MAURITIUS sold 33,73,243 shares at average price of 199 on 15th November.

Stocks often fall after lock-ups expire, as investor selling puts downward pressure on shares. Food-delivery company Zomato Ltd. had plunged to a record low in July when a lock-up on its shares expired. Since Nykaa's bumper market debut in November last year, its shares have tumbled to drop below their IPO price. (Read More)

17 Nov 2022, 12:07:17 PM IST

Inox Green Energy IPO: Latest GMP ahead of share allotment

The initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, received 1.55 times subscription on the last day of offer on Tuesday, November 15, 2022. The issue received bids for 10.37 crore shares against 6.67 crore shares on offer.

As per market observers, Inox Green Energy shares' GMP have slipped to a discount of 2 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Wednesday, November 23, 2022. (Read More)

17 Nov 2022, 12:05:24 PM IST

Breakfast index surges in UK: How much more Britons are paying for bread and milk

Higher-than-expected inflation is taking a toll on UK consumers’ grocery shopping, spelling food poverty for many families.

Bloomberg’s monthly Breakfast Index shows that the cost of basic ingredients that go into an English “fry-up" have all increased significantly from a year ago, with milk jumping by 51% and butter up 31%. It’s yet another measure of how thousands of families can’t avoid paying ever-higher prices for the foods they regularly put on the table.

“Supermarkets have been forced to pass on input cost price increases to already hard-pressed customers," said Lisa Hooker, industry leader for consumer markets at PricewaterhouseCoopers LLP. “Worryingly, there have been particularly large increases in the price of food staples such as bread." (Read More)

17 Nov 2022, 12:01:57 PM IST

Noon Update: Indices marginally in red on Thursday noon with Sensex shedding around 150 points and Nifty 50 points

Apollo Hospitals, Titan and Hindalco drag the market, while L&T shines.

Sensex at Noon
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Sensex at Noon
17 Nov 2022, 11:55:45 AM IST

LinkedIn CEO Sees Growth Outside US, With India Leading

LinkedIn Chief Executive Officer Ryan Roslansky is gearing up for growth for the social-networking site in markets such as India, even as it prepares for economic headwinds more broadly by pausing hiring.

India has become LinkedIn’s fastest-growing market as more companies and advertisers come online, with sales in the country rising at a 50% year-on-year clip, Roslansky told Bloomberg TV on Thursday on the sidelines of the Bloomberg New Economy Forum in Singapore. “What’s going to happen in the next 10 years in India is being written right now," he said.

The business networking service owned by Microsoft Corp. is looking abroad for new growth opportunities as the worsening economic climate weighs on its US home market. He said LinkedIn has paused hiring to prepare for tougher conditions. (Bloomberg)

17 Nov 2022, 11:42:28 AM IST

Goldman Sachs buys stake in Bikaji Foods. Shares surge on Day 2 of listing

Global investment agency Goldman Sachs Fund has bought stake in newly listed Indian company Bikaji Foods International Ltd. As per the information available on NSE website, Goldman Sachs Fund has bought 17,45,354 Bikaji Foods shares paying 324.50 apiece. This means, Goldman Sachs Fund has invested 56,63,67,373 in this newly listed stock. The global investment agency bought these shares through a bulk deal executed on 16th November 2022 i.e. on Bikaji Foods share listing date. (Read More)

17 Nov 2022, 11:41:53 AM IST

Hindalco among biggest droppers today; sheds 2%

Hindalco
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Hindalco
17 Nov 2022, 11:27:19 AM IST

Prabhudas Lilladher recommendations on Aarti Industries, Bharat Electronics, Aurobindo Pharma, and ABB India

Aarti Industries (ARTO IN): Rating: ACCUMULATE | CMP: Rs706 | TP: Rs775

Q2FY23 Result Update - Muted demand suppresses profitability

Bharat Electronics (BHE IN): Rating: BUY | CMP: Rs107 | TP: Rs125

Event Update - Signed various MoU in Defense segment

Aurobindo Pharma (ARBP IN): Rating: ACCUMULATE | CMP: Rs492 | TP: Rs550

Q2FY23 Result Update - Challenges persist

ABB India (ABB IN): Rating: ACCUMULATE | CMP: Rs3,028 | TP: Rs3,291

Q3CY22 Result Update - Outlook continues to remain strong

 

17 Nov 2022, 11:02:33 AM IST

Consumer Durable index sheds; drops 1% with most stocks in red

Consumer Durable
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Consumer Durable
17 Nov 2022, 10:59:43 AM IST

INDIA BONDS-Bond yields tad lower tracking decline in U.S. yields, oil prices

Indian government bond yields were marginally lower in the early session on Thursday, tracking a dip in U.S. yields and oil prices that aided investor sentiment.

The benchmark Indian 10-year government bond yield was at 7.2519% as of 0500 GMT, after closing slightly higher at 7.2736% on Wednesday. The yield had declined for seven sessions till Nov. 15, dropping by an aggregate of 22 basis points (bps).

The benchmark yield fell below the 7.25%-mark for a brief period in early trade but is expected to trade in the range of 7.25%-7.27% through the day, with the major focus on tomorrow's debt sale, a trader with a private bank said. (Reuters)

17 Nov 2022, 10:45:44 AM IST

Medanta shares surge on Day 2, now up 35% from IPO price

After a decent listing on Wednesday, Global Health's share price continues to give upside movement after day one of the listing. Medanta's share price today opened upside and went on to climb to a new high of 455.70 apiece on NSE, within a few minutes of the stock market opening bell, logging around a 10 per cent rise in intraday trade session on Thursday. (Read More)

17 Nov 2022, 10:35:10 AM IST

Ashika Stock Broking views on today's market: Nifty is on the path to challenge the all-time high of 18600 in coming sessions

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed an indecisive candle resembling closer to a Doji kind of pattern on the daily charts, indicating uncertainty about the future trend in the market. Though the sequence of higher high formation remains unabated without any signs of price exhaustion or topping out situation and chances remain high of price consolidation after a sharp rally of almost 1700 points in last one month. Nifty since the past few days of trading session has led the Index to breach past the falling trend line which confirms that the primary trend is up and is well placed to accelerate the upward momentum hereon, aptly supported by global cues and multi-sector participation in our domestic market. India VIX, which gauges market volatility, has also recorded five months' range breakdown and is trading below 16, indicating low-risk perception among market participants, followed by sequential lower high-low formation in USINR to favour inflows in Indian equities. Now the elevated support level for the market now stands at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. The momentum indicator RSI (relative strength index) is presently at 68 slightly closer to overbought situation which further reinstates of an upcoming consolidation in the market, however present setup signifies that Nifty is on the path to challenge the all-time high of 18600 in coming sessions followed by 18900 in near term. During the day, Nifty is likely to open on a negative note amid negative global cues though the positive momentum in the Index is likely to withstand thus lower levels of 18300-18340 need to be utilized for initiating long position for an upside target of 18600. 

17 Nov 2022, 10:31:48 AM IST

Blackstone to buy majority stake in R Systems, delisting offer at ₹246 per share

US investment fund Blackstone Inc said on Thursday that it would buy a 52% stake in Indian IT services company R Systems International for $359 million ( 2,904 crore). Shares of R Systems rallied more than 15% to 281 apiece on the BSE in early trading session.

Private equity funds managed by Blackstone have signed definitive agreements with Satinder Singh Rekhi and other current promoters to purchase a majority stake in R Systems International Limited. (Read More)

17 Nov 2022, 10:17:41 AM IST

L&T stock shines in today's trading, gains 2%

Larsen and Toubro
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Larsen and Toubro
17 Nov 2022, 10:16:33 AM IST

India, GCC group to launch free trade pact negotiations on Nov 24

India and the Gulf Cooperation Council (GCC) are expected to launch negotiations for a free trade agreement on November 24 with an aim to boost economic ties between the two regions, an official said.

GCC is a union of six countries in the Gulf region -- Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain.

"The FTA will be launched on November 24. GCC officials will be here to launch the talks," the official said.

India has already implemented a free trade pact with the UAE in May this year.

Commerce and industry minister Piyush Goyal had, on November 16, said that India will be launching a new free trade agreement (FTA) next week. (PTI)

17 Nov 2022, 10:15:53 AM IST

Bangalore airport IPO could be coming next year

Fairfax India Holdings Ltd. is considering an initial public offering for Bangalore International Airport Ltd. that could value the asset at about 300 billion rupees ($3.7 billion), according to people familiar with the matter.

The Indian arm of Canadian investment group Fairfax Financial Holdings Ltd. is working with an adviser on the potential listing that could take place as soon as next year, the people said. Fairfax India holds a majority stake in the owner of Kempegowda International Airport, Bengaluru, located in the southern Indian city also known as Bangalore. (Read More)

17 Nov 2022, 09:59:49 AM IST

Rupee falls 37 paise to 81.63 against US dollar in early trade

The rupee depreciated 37 paise to 81.63 against the US dollar in early trade on Thursday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

Forex traders said the American currency strengthened after strong US retail sales data pointed to resilient consumption despite a slowing economy, adding room for tighter policy by the US Federal Reserve.

At the interbank foreign exchange, the domestic unit opened at 81.62 against the dollar, then lost ground to quote at 81.63, registering a loss of 37 paise over its previous close.

On Wednesday, the rupee depreciated by 35 paise to close at 81.26 against the US dollar. (PTI)

17 Nov 2022, 09:59:20 AM IST

Tata Group stocks under pressure with three stocks among top laggards

Tata Group
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Tata Group
17 Nov 2022, 09:53:01 AM IST

Small-cap stock that surged 100% in one year hits 52-week high after Q2 results

Shares of small-cap company Apollo Micro Systems Ltd hit a 52-week high on Wednesday after the announcement of Q2FY23 results. On Wednesday's session, Apollo Micro Systems' share price opened upside and went on to climb to its fresh 52-week high of 250 apiece on NSE. This small-cap stock with a market cap of 486 crore has doubled shareholders' money in the last one year as it rallied from around 116 to 234 apiece levels in this time. (Read More)

17 Nov 2022, 09:41:43 AM IST

IT index sheds 1% with all stocks trading in red in today's session

IT Index
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IT Index
17 Nov 2022, 09:39:28 AM IST

Paytm share price tumbles nearly 10% as Softbank seeks to cut stake

Shares of One 97 Communications Ltd (Paytm) tumbled about 10% to 541 apiece on the BSE in Thursday's opening deals as a unit of Japan’s SoftBank Group Corp offered to cut its stake in the company. About 29.5 million shares, equivalent of 4.5% of the company's equity capital, were traded in a single block on the NSE, according to data compiled by Bloomberg.

The trade pulled down shares of Paytm to their biggest plunge since July 29. Reports on Wednesday suggested that Japan’s SoftBank will sell a third of its stake in One97 Communications Ltd, the owner of the Paytm payments app, through a $200 million block deal. (Read More)

17 Nov 2022, 09:26:05 AM IST

Tata Motors sheds 2% in early trading

Tata Motors said in a BSE filing on Wednesday, “We wish to inform you that Mr Thierry Bolloré, Non-Executive Non-Independent Director of Tata Motors Limited (the Company) has tendered his resignation w.e.f. December 31 2022."

Tata Motors
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Tata Motors
17 Nov 2022, 09:23:53 AM IST

Geojit Financial Services on today's market: The mid- and small-cap indices are likely to remain weak.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: "The fact that Sensex and Nifty are at record closing highs tells us that the Buy on Dips strategy has worked well in this market. Therefore, this strategy can be expected to work, going forward, too. High quality stocks in banking, IT, telecom and capital goods form the backbone of this large-cap driven rally. Dips in this segment are likely to get bought. India is the only large market that crossed previous record highs. This will stand the market in good stead. Even though the mother market US has turned a bit weak, the sustained fall in US bond yields is a positive for emerging markets like India. The mid- and small-cap indices are likely to remain weak."

17 Nov 2022, 09:22:15 AM IST

Indices open marginally in the red zone with Sensex shedding around 100 points and Nifty 40 points.

Sensex at Open
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Sensex at Open
17 Nov 2022, 09:11:22 AM IST

Oil falls as geopolitical tensions ease, China COVID concerns return

Oil prices fell for a second day in early Asian trade on Thursday as concerns over geopolitical tensions eased and rising numbers of COVID-19 cases in China added to demand worries in the world's largest crude importer.

Brent crude futures dropped by 62 cents, or 0.7%, to $92.24 a barrel by 0110 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 65 cents, or 0.8%, to $84.94 a barrel.

Brent dropped by 1.1% and WTI declined by 1.5% on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted.

"Crude oil fell after NATO cleared Russia's missile attack on Poland, while demand concerns (are) back to trader's focus amid ongoing China's COVID curbs and gloomy global economic outlooks," said Tina Teng, an analyst at CMC Markets. (Reuters)

17 Nov 2022, 09:04:44 AM IST

Bitcoin, ether, dogecoin, other crypto prices continue to remain under pressure

In cryptocurrencies, the world's largest and most popular digital token Bitcoin's price today was trading nearly 2% lower at $16,588. The global crypto market cap today remained below the $1 trillion mark, as it was almost down over a per cent in the last 24 hours to $870 billion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also plunged by more than 4% to $1,208. (Read More)

17 Nov 2022, 09:03:41 AM IST

Sensex preopens flat on Thursday; SBI, Paytm, Tata Motors stocks are in focus today

Sensex at Preopen
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Sensex at Preopen
17 Nov 2022, 08:54:24 AM IST

UK Paints(India) acquires 50.092% stake in Berger Paints

U.K Paints (India) Ltd on Wednesday announced that it has acquired 50.09 per cent stake in Berger Paints. UK Paints (India) acquired the shares through open market operations.

Berger Paints India reported a consolidated net profit of 219.51 crore for the second quarter, up marginally from 219.21 crore in the year-ago period. (Read More)

17 Nov 2022, 08:48:08 AM IST

"Remain watchful," RBI Governor's advice to heads of banks amid global headwinds

Reserve Bank of India Governor Shaktikanta Das chaired meetings with Managing Directors and Chief Executive Officers of public sector banks and certain private sector banks on Wednesday.

The meetings were also attended by Deputy Governor M. K. Jain along with a few senior officials of the RBI, the central bank said in a statement.

Governor Das acknowledged the crucial role played by the commercial banks in supporting economic growth throughout the turbulent times since the outbreak of the pandemic and the ongoing financial market turmoil.

Das further stated that despite challenges, the Indian banking sector has remained resilient and continued to improve in various performance parameters. (ANI)

17 Nov 2022, 08:47:41 AM IST

IMF: calibrating China's COVID strategy critical to sustaining recovery

Calibrating China's zero-COVID strategy to mitigate the country's economic impact will be critical to sustain and balance the recovery, Gita Gopinath, the first deputy managing director of the IMF, told the Caixin Summit on Thursday.

"For China, inflation and weakening growth allow for greater support for vulnerable households, which together with strengthening social safety nets would promote consumption," she said via video. (Reuters)

17 Nov 2022, 08:37:01 AM IST

Reliance Securities Stock in Focus for today: ENGINEERS INDIA

STOCK IN FOCUS

ENGINEERS INDIA (CMP 73)

Considering its asset-light business model, strong clientele base, foray into newer segments and healthy execution track record, we have our BUY rating on ENGR, with a SOTP-based Target Price of Rs100.

Intraday Picks

CONCOR (PREVIOUS CLOSE: 762) BUY

For today’s trade, long position can be initiated in the range of Rs758- 754 for the target of Rs779 with a strict stop loss of Rs743.

SIEMENS (PREVIOUS CLOSE: 2,880) BUY

For today’s trade, long position can be initiated in the range of Rs2,860- 2,840 for the target of Rs2,940 with a strict stop loss of Rs2,799.

DALBHARAT (PREVIOUS CLOSE: 1,708) BUY

For today’s trade, long position can be initiated in the range of Rs1,692- 1,684 for the target of Rs1,765 with a strict stop loss of Rs1,665.

17 Nov 2022, 08:33:57 AM IST

Multibagger fashion stock hits 5% upper circuit on six days in a row

Filatex Fashions shares are one of the multibagger stocks that Dalal Street has produced in recent years. This stock has delivered over 400 per cent in the last four years and the stock is still maintaining its uptrend. This small-cap stock with a market cap of 236 crore has been climbing to its 52-high for the last six straight sessions. In fact, this multibagger small-cap stock has been hitting 5% upper the last six days in a row and climbing to new 2-week highs. (Read More)

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