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Home / Markets / Live Blog /  Bears reign as Sensex sheds 872 pts, Nifty below 17,500; all indices end in red

Bears reign as Sensex sheds 872 pts, Nifty below 17,500; all indices end in red

Stock Market Today: Fear of recession grips the market (PTI Photo) Premium
Stock Market Today: Fear of recession grips the market (PTI Photo) 

  • Share Market Close: Benchmark indices bled on Monday and lost around 1.5% amid fears of further rate hikes and recession. A few stocks in FMCG managed to keep themselves afloat, but all indices overall ended in the red. Metal, Bank, Auto, and IT were among the worst performers.

Central bankers around the world have been hinting at aggressive rate hikes which has pushed the market into negative territory. All Asian markets ended with a loss except China as the news of relaxing lending rates to prop the property market gave the markets something to cheer.

22 Aug 2022, 03:50:55 PM IST

Sensex and Nifty closed below 58,800 and 17,500, respectively, shedding almost 1.5% on Monday 

Indian benchmark indices reacted sharply to the piling negative global cues and sank around 1.5% on Monday. Sensex lost 872 points to close at 58,773. Nifty ended below 17,500 points with an overall loss of 267 points.

All sectoral indices ended in the red. Metal, Auto, IT, and Bank indices led the race to the bottom. FMCG tried to remain afloat throughout the day but gave up towards the end of the session to be on the negative side.

Among stocks, ITC, Nestle India and Tata Consumers were among the few stocks that gained. Tata Steel lost more than 4% and Asian Paints, Adani Ports, Tata Motors, Divi's Laboratories and JSW Steels each lost more than 3%.

Meanwhile, in Asia, shares slipped overall on Monday amid global concerns over central banks raising interest rates and a fear of recession in China. A modest easing of interest rate by China served as the only positive highlight of the day.

Japanese shares closed lower with tech heavyweights leading the decline after Wall Street fell at the end of last week. The Nikkei share average fell 0.47%.

China shares rose on Monday after cuts in benchmark lending rates and a lowering of the mortgage reference by a bigger margin to revive the property market. The Shanghai Composite Index added 0.6% but Hong Kong's Hang Seng Index ended 0.6% lower.

European shares fell on Monday with major regional markets in the red as investors fretted about hawkish signals from European Central Bank policymakers.

Sensex at Close
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Sensex at Close
22 Aug 2022, 03:22:23 PM IST

Indian banks issue more CDs to secure cheap funding

Indian banks have increased their fundraising activity through the issuance of certificates of deposits, as funding in the banking system continues to contract, analysts said.

"Banks are not raising deposit rates, as they are able to get funds easily from money market by issuing CDs, and that too cheaply, and they may continue to opt for this route of fundraising for next few weeks," said Raju Sharma, head of fixed income at IDBI Mutual Fund.

Indian private and state-run banks have raised around 300 billion rupees ($3.76 billion) through two-month to one-year CDs in the two weeks to Aug. 19, sharply higher than the roughly 50 billion rupees in the previous two weeks, data compiled by Reuters showed. (Reuters)

22 Aug 2022, 03:12:27 PM IST

Revenue Secretary Tarun Bajaj gets additional charge of Corporate Affairs Secretary

Revenue secretary Tarun Bajaj gets an additional charge of secretary at the Ministry of Corporate Affairs. This comes few days after the appointment of Rajesh Verma as Secretary at Rashtrapati Bhavan to President Droupadi Murmu. Sharma was earlier the secretary of the Corporate Affairs ministry. Bajaj has more than three decades of experience and primarily worked in the field of finance and industry for the government. (Full Report)

22 Aug 2022, 03:09:40 PM IST

All indices have turned red towards the close of the market. Metal leads the race to the bottom with a loss of 3%.

Sectoral  Indices 2
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Sectoral  Indices 2
22 Aug 2022, 02:53:05 PM IST

McLaren to foray into Indian market later this year

British luxury carmaker McLaren Automotive on Monday said it is set to enter Indian market this year with the opening of its first dealership in Mumbai in October.

The Indian market would be the automaker's 41st global territory.

The opening of the first retail outlet in October is a key part of company's global expansion plans, extending the brand's already well-established and growing presence in the Asia Pacific region, McLaren Automotive said in a statement.

McLaren sells a range of supercars which are hand-built at UK-based facility. (PTI)

22 Aug 2022, 02:35:05 PM IST

European shares drop on hawkish ECB signals

European shares fell on Monday, with major regional markets in the red, as investors fretted about hawkish signals from European Central Bank policymakers.

The pan-European STOXX 600 fell 0.2% as of 0720 GMT. Chemicals, autos and tech stocks led declines, while miners inched 0.4% higher.

The European Central Bank must keep raising rates even if a recession in Germany is increasingly likely, as inflation will stay uncomfortably high through 2023, Bundesbank President Joachim Nagel told a German newspaper. (Reuters)

22 Aug 2022, 02:21:40 PM IST

FMCG has managed to keep its head over the water in an otherwise depressed day led by Colgate-Palmolive, ITC, and Nestle India

FMCG
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FMCG
22 Aug 2022, 02:20:23 PM IST

Zomato discontinues its premium membership program. Key things to know

Food delivery firm Zomato has announced that it is going to discontinue its 'Pro' and 'Pro Plus' programmes for its consumers. The Gurgaon-based company introduced Zomato Pro and Zomato Pro Plus by upgrading its Zomato Gold programme to Zomato Pro in the year 2020.

Zomato Pro members used to get additional benefits across a wide selection of restaurants — from fine dining hotspots to legendary restaurants, cafes, bars as well as quick-service restaurants. (Full Report)

22 Aug 2022, 01:58:36 PM IST

Tata Steel among biggest laggards today, drops around 4%

Tata Steel
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Tata Steel
22 Aug 2022, 01:57:01 PM IST

Credit Suisse names Deutsche Bank’s Dixit Joshi as CFO, elevates Francesca McDonagh as CEO

They also underscore the urgency of fixing the bank after years of tinkering around the edges left it unable to regain investor confidence. Credit Suisse has promised to unveil a restructuring plan for the investment bank by November, when it reports third-quarter results.

In appointing Joshi, Koerner is tapping an experienced executive who helped stabilize Deutsche Bank when it struggled with credit rating downgrades and investor mistrust several years ago, issues the Swiss firm is now facing itself. Deutsche Bank warned at the time that it was in a “vicious cycle" where higher funding cost drove away clients worried about its financial strength. Joshi had previously worked at Credit Suisse in New York and London between 1995 and 2003. (Full Report)

22 Aug 2022, 01:39:04 PM IST

Coal-based power plants’ PLF to hit 5-year high this fiscal: Crisil

The plant load factor or PLF of India’s coal-based power plants will improve over 300 basis points (bps) to 62% this fiscal, the highest in the past five years, fuelled by strong demand and limited capacity addition in the sector, Crisil said on Monday.

This will help improve the credit risk profiles of one-third private generating companies (gencos) the most, with their operating profit expected to touch a five-year peak, according to an estimate by the ratings agency. Annual power demand recovered sharply last fiscal, rising 8.2% on-year, tracking the 8.7% growth in gross domestic product (GDP) as the pandemic impact eased. This fiscal, with GDP growth expected at 7.3%, power demand is likely to rise over 6% on-year given the high correlation between GDP growth and power demand growth. (Full Story)

22 Aug 2022, 01:15:41 PM IST

India's Brahmaputra Infrastructure soars 11% after $22.2 million order win

Shares of Indian construction and engineering company Brahmaputra Infrastructure Ltd, jumped 11.31% on Monday after the company said it received an order worth 1.77 billion rupees($22.16 million).

The company said it had won an order for upgradation of a railway station in the northern state of Rajasthan.

By 0706 GMT, shares of Brahmaputra Infrastructure, which builds roads, bridges, tunnels, shopping malls and other real estates across the country, were up 5.03% at 29.25 rupees. (Reuters)

22 Aug 2022, 01:13:55 PM IST

ITC share price climbs to new 52-week high. What's driving this FMCG stock?

On account of lowering commodity prices and better-than-expected numbers in hospitality and cigarettes' business in the wake of unlock theme, uptrend in ITC share price continues. The FMCG stock has hit new 52-week high today in early morning deals while hitting an intraday high of 317 per share. ITC share price today opened upside and went on to climb to its new 52-week high, logging near 1.60 per cent intraday gain in morning session on Monday. (Full Report)

22 Aug 2022, 12:49:19 PM IST

Dreamfolks IPO price band fixed. GMP, subscription opening date, other details

Subscription for Dreamfolks Services Limited IPO (initial public offering) is going to open on 24th August 2022 and it will remain open for bidding till 26th August 2022. Meanwhile, Dreamfolks Services Limited has fixed the IPO price band. As per the information available on the BSE website, Dreamfolks IPO price band has been fixed at 308 to 326 per equity share. Meanwhile, shares of Dreamfolks Services Ltd are available at a premium of 70 in grey market today. (Full Report)

22 Aug 2022, 12:48:24 PM IST

Japanese shares fall as tech heavyweights track Wall Street losses

Japanese shares closed lower on Monday, with tech heavyweights leading the decline after Wall Street fell at the end of last week on higher bond yields.

The Nikkei share average fell 0.47% to 28,794.50, recovering some ground lost in early trade as China cut its benchmark lending rates.

The broader Topix inched 0.1% lower to 1,992.59. (Reuters)

22 Aug 2022, 12:24:07 PM IST

Prabhudas Lilladher views on Nifty: Look beyond near-term volatility

Amnish Aggarwal – head of research, Prabhudas Lilladher Pvt Ltd: “FII flows turned positive with strong rebound in markets in past few weeks. NIFTY moved up by ~12% to 17957 post our anti consensus 19066 NIFTY target call on 13th July. Global markets recovered as commodities cooled off on fears of recession impacting demand in US and Europe, but markets seem to be factoring in a mild recession and not a deep and prolonged contraction in demand. Cost pressures seem to be abating as most Agri commodities ( led by Palmoil), crude, Metals (25-50%) etc. have seen meaningful correction from the peak. Dry Baltic freight index has corrected from 3370 in June 22 1320 currently which will further reduce inflationary pressures. High-frequency indicators like GST collection, peak power demand, recovery in Air Travel, Sales of Apparel, QSR, PV, Housing, Capital Goods and improving capacity utilisation are positive. Rural demand has failed to pick up so far despite strong prices as higher costs for Inputs, deficient rains in large states and volatile environment is impacting the sentiments. Decline in acerage in key crops like paddy and Oilseeds can impact food inflation in coming quarters. Festival demand from urban middle class is expected to remain strong, which will enable good 2Q and 3Q will show benefits of correction in commodities. We suggest accumulating fundamentally strong companies with business moats in uncertain times."

22 Aug 2022, 12:13:30 PM IST

Europe gas jumps as supply fears return with planned pipe works

Natural gas prices in Europe extended gains as fears returned about a prolonged halt in supplies through a major pipeline, jeopardizing an already struggling economy.

Benchmark futures rose as much as 13%, after closing at a record high on Friday. The key Nord Stream pipeline will stop for three days of maintenance on Aug. 31, again raising concerns that the link won’t return to service as planned after the works. Europe has been on the edge about shipments through the link for weeks, with supplies resuming only at very low levels the last time it was shut for works. (Bloomberg)

22 Aug 2022, 12:04:38 PM IST

Opinion: IRCTC should stick to data monetisation—but listen to critics

The Indian Railways Catering and Tourism Corporation (IRCTC) appears to have developed second thoughts about its plan to monetise the treasure trove of user data that it possesses as the monopoly provider of online ticketing services to the Indian Railways, the world’s fourth largest national railway system by size, which carries more than 8 billion passengers a year.

Less than 24 hours after news broke that the Railway PSU, which is also one of India’s largest e-commerce websites with more than 540 million users per month, and among the 100 most valuable companies listed on Indian stock exchanges, had floated a tender to appoint a consultant for its digital monetisation plan, media reports cited Railway officials as saying that the proposal would be “reviewed" after critics raised data privacy concerns. According to sources quoted by the news agency PTI, IRCTC “does not sell its data and neither has any intention to do so". (Read More)

22 Aug 2022, 12:01:08 PM IST

Noon update: Indices sinks on Monday by 1% with Bank, Auto, and IT leading the downward trend. Sensex is around 59k and Nifty 17,570 points

FMCG and Media are the only indices in green at noon on Monday. 

Sensex at Noon
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Sensex at Noon
22 Aug 2022, 11:47:05 AM IST

Auto Index down 1.5%. All stocks in red

Auto Index
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Auto Index
22 Aug 2022, 11:37:09 AM IST

Adani group multibagger share up 300% this year. What is driving the surge?

Irrespective of the market mood, Adani group stocks have given stellar return to its shareholders in year-to-date (YTD) time. In this period, key benchmark indices have given zero return to its investors. In YTD time, NSE Nifty has shed near 0.45 per cent whereas BSE Sensex has dipped around 0.38 per cent but Adani Power share price has surged from around 101 to 425 apiece levels, delivering more than 300 per cent return to its positional investors. (Full Report)

22 Aug 2022, 11:30:20 AM IST

India on Monday logged 9,531 fresh coronavirus infections

India on Monday logged 9,531 fresh coronavirus infections that pushed its tally to 4,43,48,960, while the number of active cases came down to 97648, according to Union Health ministry data.

The toll due to COVID-19 climbed to 5,27,368 with 26 more fatalities, including 10 deaths reconciled by Kerala, the data updated at 8 am stated.

The active cases comprise 0.22 per cent of the total infections, while the national COVID-19 recovery rate stands at 98.59 per cent, the ministry said.

The daily positivity rate was recorded at 4.15 per cent and the weekly positivity rate at 3.59 per cent, the ministry said. (PTI)

22 Aug 2022, 11:23:20 AM IST

L&T bags contract worth ₹2,500-5,000 crore from Indian Oil Corp

Engineering and construction major L&T on Monday said it has secured a large contract from Indian Oil Corporation (IOCL).

Any contract falling in the range of 2,500-5,000 crore in value is considered to be large.

IOCL is implementing the Panipat Refinery expansion (P-25) project to enhance refining capacity from 15 MMTPA to 25 MMTPA to meet the growth in demand for petroleum products and to increase their profitability and competitiveness in the long run.

The contract awarded through international competitive bidding is for setting up a Residue Hydrocracker Unit (RHCU) for this Panipat project, the engineering company said in a statement. (ANI)

22 Aug 2022, 11:07:35 AM IST

All sectoral indices except FMCG in red; Bank, Financial Sector, Realty and IT among worst performers  

Sectoral Indices
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Sectoral Indices
22 Aug 2022, 11:05:22 AM IST

Axis Securities - Weekly Technical Picks  

· Nifty started the week on a flat note and observed profit booking in the initial half however buying support at lower levels pulled index higher to close on a strong note. Nifty closed at 17158 with a gain of 439 points on a weekly basis

· Bank Bank Nifty started the week on a flat note and observed profit booking in the initial half however buying support at lower levels pulled the index higher to close on a strong note . Bank Nifty closed at 37491 with a gain of 752 points on a weekly basis.

· Container Corporation of India Limited has a buy at range 705 - 690. Holding period is 3 to 4 weeks.

· Gujarat Narmada Valley Fertilizers and Chemicals Limited has a buy at range 710 - 695. Holding period is 3 to 4 weeks.

· Bata India Limited has a buy at range 1945 - 1905. Holding period is 3 to 4 weeks.

· Coal India Limited has a buy at range 210-205. Holding period is 3 to 4 weeks.

22 Aug 2022, 10:57:32 AM IST

Divi's Laboratories drops 3% in early trade on Monday

Divi's Laboratories
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Divi's Laboratories
22 Aug 2022, 10:56:56 AM IST

Gold prices today fall for 5th day in a row, near lowest of this month

Gold prices remained weak today as firm US dollar and higher US bond yields dampened the safe haven appeal of gold. On MCX, gold futures were down for the fifth straight day to near the lowest of this month. They were down 0.25% to 51,350 per 10 gram. Silver futures fell 0.6% to 55,144 per kg. In global markets, spot gold was down 0.1% at $1,746.06 per ounce, after falling nearly 3% last week. Among other precious metals, spot silver gained 0.2% to $19.06. (Full report)

22 Aug 2022, 10:38:23 AM IST

Warehousing rents in Mumbai, Bengaluru, Delhi-NCR up 7.2% in FY'22: Report

Warehousing rents in Mumbai, Bengaluru and Delhi-NCR rose by an average 7.2% during the last fiscal on higher demand from third-party logistics, e-commerce and manufacturing sectors, as per a report.

In its Asia-Pacific Logistics Highlights H1 2022 report, Knight Frank said Mumbai saw annual growth of 9.3% in prime warehousing rents to 265 per square feet per year in the last fiscal, from 243 per square feet in the previous year.

Warehousing rent in Bengaluru rose 6.4 per cent to 240 per sq ft per year, while that in Delhi-NCR increased by 5.9% to 227.40. (PTI)

22 Aug 2022, 10:35:12 AM IST

Adani to launch open offer for ACC and Ambuja Cements on August 26

The Adani Group is likely to launch next week an open offer worth 31,000 crore to acquire 26 per cent stake each in Swiss firm Holcim's two Indian listed entities Ambuja Cements and ACC, from public shareholders.

In May this year, the Adani Group announced that it has clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion.

Markets regulator Sebi granted approval for the open offer this week. The open offer is estimated at over 31,000 crore if fully subscribed.

In two separate regulatory filings, Ambuja Cements and ACC have submitted their letter of offers for the open offer launched by the Adani family group's Mauritius-based firm Endeavour Trade and Investment. (PTI)

22 Aug 2022, 10:16:07 AM IST

Rakesh Jhunjhunwala's 'most valuable' advice is from his 'worst' investment. What he had said

Ace stock market investor Rakesh Jhunjhunwala who was referred as India's Warren Buffett, died on 14 August. A self-made trader, investor and businessman, he was also known as 'Big Bull' of Dalal Street.

Rakesh Jhunjhunwala frequently spoke about generating wealth and investment and many wished to learn more from Big Bull regarding stock market investment. But his one worst advice has gone viral on social media which Jhunjhunwala had encouraged everybody to invest the most. (Full Story)

22 Aug 2022, 10:01:18 AM IST

Angel One daily commodity outlook – Gold, Crude, and Metal

Saish Sandeep Sawant Dessai, research associate- base metals, Angel One Ltd:

Gold: We expect gold to trade lower towards 51040 levels, which could prompt the price to move more down to 50620 levels.

Crude: We expect crude to trade lower towards 7120 levels, which could prompt the price to move more down to 6980 levels.

Base Metals: While the production of metals remains uncertain given the high energy costs, the downside remains capped after China slashed its interest rates in order to promote demand and growth.

22 Aug 2022, 09:57:54 AM IST

Ashika Stock Broking on Nifty: Medium to long term outlook continues to remain positive

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a Long bearish candle resembling closer to a Bearish Engulfing candle as it engulfed the previous three candles, hence there are indications that Nifty might be on the verge of reversing. Though the trendline adjoining the highs of Oct’21, Jan’22 and Apr’22 has been breached and is trading comfortably above it. Against such backdrop one can expect that the present rally to extend further towards 18100-18150 levels. Likewise support base has now shifted higher to 17,500 to 17,550 range (gap support). Momentum oscillator though are trading in overbought price conditions. Going ahead, Nifty is likely to witness consolidation amidst the range of 17550-18100 band. Medium to long-term outlook continues to remain positive and is likely to head towards CY22 high of 18350 but presently temporary breather can be expected which need to be capitalised on as incremental buying opportunity. Thus, during the day Nifty is likely to open on a flat to negative note tracking weak global cues and intraday support zone of 17600-17650 might halt the slide.

22 Aug 2022, 09:51:21 AM IST

Sebi mulls more disclosure norms for QIP funds

Markets regulator Securities and Exchange Board of India (Sebi) is considering more exhaustive disclosure requirements for companies raising funds via the qualified institutional placement (QIP) route, three people aware of the development said. (Full Report)

22 Aug 2022, 09:34:05 AM IST

Syrma SGS Technologies IPO: Latest GMP, how to check allotment status

After closure of subscription, all eyes are now set on Syrma SGS Technologies IPO allotment date, which is most likely on 23rd August 2022. Those who have applied for the public issue worth 840 crore need not to move from pillar to post after the announcement of share allotment as one can check Syrma SGS Technologies IPO allotment status online by logging in at the BSE website or at the website of its official registrar. The official registrar of the IPO is Link Intime India Private Ltd. Meanwhile, share of Syrma SGS Technologies have been on a rise in the grey market since its subscription got opened on 12th August 2022. According to market observers, shares of Syrma SGS Technologies is currently available at a premium of 58 in grey market. (Full Report)

22 Aug 2022, 09:32:17 AM IST

Indian rupee opens lower on hawkish Fed outlook

The Indian rupee opened lower against the U.S. currency on Monday, as decline in Asian equities and bets that the Federal Reserve will continue to raise policy rates, boosted the dollar.

The rupee was trading at 79.81 per U.S. dollar by 0333 GMT, compared with 79.7750 in the previous session.

22 Aug 2022, 09:30:35 AM IST

IT Index tanks at start on Monday, sheds more than 1%. All stocks in red.

IT index
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IT index
22 Aug 2022, 09:22:04 AM IST

Sensex and Nifty are in deep red and have lost around 350 and 110 points, respectively, at open  on Monday 

Sensex at Open
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Sensex at Open
22 Aug 2022, 09:11:11 AM IST

India's headline inflation may ease below 6% by March -analysts

India's headline retail inflation may ease below 6% by the fourth quarter of this financial year, bringing an end to the current cycle of rate hikes, analysts said over the weekend.

Following the release of minutes from the central bank's monetary policy committee on Friday, analysts said the Reserve Bank of India (RBI) may hike repo rates by 50-60 basis points by December.

"We expect the RBI to deliver two 25 bps rate hikes at the September and December meetings, taking the repo rate to 5.90%," Rahul Bajoria, chief India economist at Barclays said. (Reuters)

22 Aug 2022, 09:04:44 AM IST

Sensex is in flat-to-negative territory at preopen on Monday. Global cues hint a  rocky start for the indices.

Sensex at Preopen
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Sensex at Preopen
22 Aug 2022, 08:52:03 AM IST

Reliance Securities Stock in Focus: RK Forgings

STOCK IN FOCUS

RK Forgings (CMP Rs.189)

Considering better business traction, healthy automobile demand outlook, new order wins, strong margin territory, CV upcycle and attractive valuation post sharp correction, we reiterate our BUY recommendation on RMKF with a TP of Rs260, valuing the stock at a P/E multiple of 13.5x FY24E earnings.

Intraday Picks

GODREJCP (PREVIOUS CLOSE: 906) BUY

For today’s trade, long position can be initiated in the range of Rs896- 890 for the target of Rs920 with a strict stop loss of Rs872.

HINDALCO (PREVIOUS CLOSE: 427) SELL

For today’s trade, short position can be initiated in the range of Rs429- 432 for the target of Rs414 with a strict stop loss of Rs438.

SBILIFE (PREVIOUS CLOSE: 1,297) SELL

For today’s trade, short position can be initiated in the range of Rs1,311- 1,319 for the target of Rs1,260 with a strict stop loss of Rs1,328.

22 Aug 2022, 08:50:31 AM IST

Stocks to Watch: Paytm, Adani, TCS, SpiceJet, L&T, NHPC

Tata Chemicals once again finds itself on the list of securities under the F&O ban for Monday trading. Besides, Balrampur Chini Mills and Delta Corp still remain in the ban period for the F&O segment as they have crossed 95% of the market-wide position limit. (Full Report)

22 Aug 2022, 08:43:11 AM IST

Indian rupee seen opening lower as U.S. yields, dollar climb; RBI support key

The Indian rupee will likely open lower against the dollar on Monday, as expectations that the Federal Reserve will keep tightening its policy boosted the U.S. currency and Treasury yields.

The rupee is tipped to open at around 79.90 per dollar, compared with 79.7750 on Friday.

The local currency is within striking distance of its record low of 80.0650 hit on July 19. The 80/dollar level is considered psychologically important, and traders say the Reserve Bank of India (RBI) likely intervened aggressively when the rupee had fallen to that level. (Reuters)

22 Aug 2022, 08:42:24 AM IST

China central bank cuts lending rates to boost economy

China's central bank on Monday cut benchmark loan rates in an attempt to boost an economy battered by the government's strict zero-Covid policy and a slump in the property market.

The world's second-biggest economy saw an improvement after some coronavirus restrictions eased in June, but consumer and business sentiment remains weaker than usual.

The one-year Loan Prime Rate, which serves as a benchmark for corporate loans, was reduced from 3.7% to 3.65%, the People's Bank of China (PBOC) said in a statement.

22 Aug 2022, 08:12:19 AM IST

India bond yields may rise tracking U.S. peers, MPC inflation comments weigh

Indian government bond yields are likely to trend higher in early deals on Monday, tracking similar moves in their U.S. peers, while inflation worries highlighted by the Reserve Bank of India will further dent investor sentiment.

The benchmark 10-year government bond yield is likely to hover in a 7.30-7.36% band, a trader with a private bank said. The yield rose 8 basis points in last two sessions and ended at 7.2639% on Friday.

"While last week had started positively, we are now completely trapped in a bear zone, and there should be a gap down opening in terms of prices, as RBI is still very hawkish," the trader said. (Reuters)

22 Aug 2022, 08:06:06 AM IST

Bharti Airtel Ltd may not charge a premium for its 5G service

Bharti Airtel Ltd may not charge a premium for its 5G service but may offer it to users of high-priced tariff plans, Akhil Gupta, vice-chairman of parent Bharti Enterprises, said in an interview, adding that this may prompt users to upgrade to the superfast network as data consumption rises. (Full Report)

22 Aug 2022, 07:54:49 AM IST

FPIs pump in ₹44,500 crore into Indian equities in three weeks of Aug

After turning net buyers last month, foreign investors have shown tremendous enthusiasm for Indian equities and have infused close to 44,500 crore in August so far amid softening of inflation in US and falling dollar index.

This was way higher than a net investment of nearly 5,000 crore by Foreign Portfolio Investors (FPIs) in entire July, data with depositories showed.

FPIs had turned net buyers for the first time in July after nine straight months of massive outflows, which started in October last year. Between October 2021 till June 2022, they sold a massive 2.46 lakh crore in the Indian equity markets. (PTI)

22 Aug 2022, 07:48:15 AM IST

The Nifty’s rally has come on significantly lower cash market volumes, casting doubts on its sustainability

The benchmark corrected from a record high of 18,604.45 on 19 October last year through 15,183.4 on 17 June 2022. Between this period, it tested the 18,000 level twice, rising to a high of 18,350.95 on 18 January before tumbling to 15,711.45 on March 7 in the wake of the Ukraine conflict. It rose again to 18,114.65 on 4 April, plumbing through 15,183 on 17 June thereafter.

On both occasions, cash market volumes were substantially lower than that in October. Average daily turnover (ADT)was 81,361 crore in October last year, NSE data showed. When the Nifty retested the 18,000-mark in January this year, the ADT for the month was lower at 64,178 crore. It was 68,013 crore in June. (Full Report)

22 Aug 2022, 07:41:29 AM IST

LIC sees 20% decline in death claims in Q1 FY23 as COVID impact ebbs

Insurance behemoth LIC witnessed a decline of nearly 20% in death claims in the first quarter of this fiscal with the COVID impact seen to be ebbing, though the amount is still higher than pre-2020 levels, officials said.

In the June quarter of the previous fiscal, settlement of death claims was to the tune of 7,111 crore, which for Q1 of this year was 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts.

"So there is quite a decrease, and it's quite obvious that whatever decrease was there based on COVID... going away now, Q1 to Q1 of the previous year," Kumar said. (PTI)

22 Aug 2022, 07:39:56 AM IST

Central Bank of India likely to exit RBI PCA framework soon

Central Bank of India, the only public sector lender under the RBI's prompt corrective action (PCA) framework, may see an exit from restrictions soon following an improvement in its financial health. The bank has already made a representation to the Reserve Bank of India (RBI) based on the improvement in financial parameters on a sustained basis for the past five quarters, sources said. (PTI)

22 Aug 2022, 07:34:57 AM IST

No proposal to charge UPI payments, says Finance Ministry

The finance ministry on Sunday said the government is not planning to charge for payments through the unified payments interface (UPI) channel, putting to rest speculation following a recent Reserve Bank of India (RBI) discussion paper on digital payment charges.

It said that the government had provided financial support for the digital payment ecosystem last year and has announced the same this year as well to encourage further adoption of such payments and promotion of economic and user-friendly payment platforms. (Full Report)

22 Aug 2022, 07:31:27 AM IST

Vijay Shekhar Sharma reappointed as MD and CEO of Paytm

Vijay Shekhar Sharma has been reappointed as the Managing Director and Chief Executive Officer of financial services platform Paytm. According to news agency PTI, 99.67% of shareholders voted in favour of him.

“Thank you to our shareholders for a heartening response to our first AGM as a listed company. With overwhelming support, our MD & CEO Vijay Shekhar Sharma will continue to lead and guide us. All resolutions from our 22nd AGM have been duly passed.", the company posted on Twitter. (Full Report)

22 Aug 2022, 07:28:32 AM IST

No plans to import wheat into India, says government

The government has no plans to import wheat as it has sufficient stocks to meet the country's requirements, the Department of Food and Public Distribution said on Sunday.

The Food Corporation of India (FCI) has enough stock for public distribution, it said.

"There is no such plan to import wheat into India. Country has sufficient stocks to meet our domestic requirements and @FCI_India has enough stock for public distribution," the Department of Food and Public Distribution said in a tweet.

22 Aug 2022, 07:27:57 AM IST

Tech stocks lead Wall Street lower on Friday, breaking winning streak

Wall Street capped a choppy week of trading Friday with a broad slide for stocks that left the major indexes in the red for the week.

The S&P 500 closed 1.3% lower, breaking a four-week winning streak. Shares in more than 80% of the companies in the benchmark index fell, with technology stocks driving much of the pullback.

The tech-heavy Nasdaq composite fell 2% and also ended four weeks of gains. The Dow Jones Industrial Average dropped 0.9%, ending slightly in the red for the week. Small company stocks also lost ground, pulling the Russell 2000 index 2.2% lower. (AP)

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