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Sensex tanks 617 pts, Nifty ends below 17,000; Metals, IT, FMCG, realty bleed

Market Closing: Indian indices shed around 1.09% on Monday amid weak global cues (Mint)Premium
Market Closing: Indian indices shed around 1.09% on Monday amid weak global cues (Mint)

  • Market Closing: Indian indices suffered losses for another session on Monday, tracking weakness in Asian markets as investors struggle with anxiety over higher interest rates. Foreign fund outflows and heavy selling pressure on Reliance Industries, M&M, TCS, and Infosys stocks added to the woes.

US Fed's willingness to aggressively hike rates to fight inflation continues to haunt investors as Indian indices on Monday recorded another day of losses. India's crude oil import bill doubled and sentiments turned fragile as market heavyweights Reliance Industries, TCS, Infosys, and M&M came under heavy selling pressure. The Mukesh Ambani-led Reliance Industries also called off its $3.4-billion deal with Future Group, which led to tanking of Group's stocks. Sectorally, all the sectors were in the red with metals, realty, IT, and Oil & Gas taking the biggest hit. In Asia, shares retreated in Japan, Australia, Shanghai, South Korea, and Hong Kong on Friday. European stocks also registered losses. 

25 Apr 2022, 03:44:10 PM IST

Sensex dips 617 pts, Nifty ends below 17,000; HDFC twins, ICICI Bank shine, Tata Steel, TechM, NTPC, Reliance drag

Indian indices extended their losing run on Monday, dragged down by heavyweights Reliance, ITC, TCS, and M&M as weakness in global stocks due to interest rate hike worries ruined investors' mood. High crude prices, inflation, and cut in India's economic growth forecast added to the already fragile sentiments.

The Sensex slipped 617.26 points, or 1.08%, to close at 56,579.89, while Nifty50 lost 218 points to end at 16,953.95. All the sectors ended in the red with metals, realty, IT, FMCG, oil& gas being among the worst hit. 

On the 30-stock index, the most gains were made by HDFC Bank, HDFC, ICICI Bank, among others, while Tata Steel, NTPC, TechM, and Reliance were among the biggest losers.

On Nifty50, Bajaj Auto, ICICI Bank, and HDFC Bank made the most gains, while Coal India, BPCL, and Tata Steel were among the biggest laggards.

Sensex at close
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Sensex at close
25 Apr 2022, 03:18:28 PM IST

Adani Power may make it to MSCI index, says Report. Here are two other stocks

Edelweiss Alternative & Quantitative Research believes that Jindal Steel & Power, Adani Power and Tata Elxsi could get included in the MSCI India index. The MSCI announcement is likely on May 13 and the rebalancing could be from May 31. The market cap cut-off is “any day between the last ten trading days of April".

25 Apr 2022, 03:04:25 PM IST

Views of Narendra Solanki of Anand Rathi Shares & Stock Brokers on market performance

Indian equity benchmarks opened in red following weak trade in Asian market peers as global sell-off triggered by aggressive US Fed tightening and China covid fears. During the afternoon session markets failed to erase losses and traded at days low as sentiments were fragile as India's crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and war in Ukraine. Additional pressure came in as private report cut India's 2022-23 economic growth forecast by 70 basis points to 7 percent, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market.

25 Apr 2022, 02:48:13 PM IST

Anand Rathi give 'buy' tag to this IT stock that has dipped 15% this year

Stocks to buy: Cyient shares have been under consolidation phase for near 6 months. The IT stock has shed around 15 per cent in YTD whereas it has delivered 28 per cent return to its investors in last one year. This one year might look bad from an investor's perspective, however, if we compare this return with its peers, then the investor might feel disappointed. However, after over 9 per cent growth in FY22 reported by the IT company, Anand Rathi is highly bullish on the counter. The brokerage believes that Cyient share price may go up to 1250 per share levels from its current 893 levels on NSE, expecting around 40 per cent return in long term.

25 Apr 2022, 02:46:40 PM IST

Bitcoin falls to six-week low of $38,236; Ether slumps 4.8%. 

Check latest cryptocurrency prices

25 Apr 2022, 02:20:14 PM IST

BHEL bags order for 6,000 HP electric locomotives from NTPC

Bharat Heavy Electricals Limited (BHEL) has achieved a major breakthrough in the rolling stock business by securing the order for 6,000 HP Electric Locomotives, first ever in the country for industrial application.

25 Apr 2022, 02:09:47 PM IST

Sensex trades 566 points, or 0.99%, lower at 56,630.38, while Nifty50 remains below 17,000 at 16,980

BSE Sensex
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BSE Sensex
25 Apr 2022, 02:01:15 PM IST

European stocks fall as risk-off mood outweighs Macron’s win

European stocks tumbled to the lowest in more than a month as global risk-off sentiment swelled on concerns over a more aggressive Federal Reserve and the spread of Covid in China, outweighing optimism over French President Emmanuel Macron’s election victory.

The Stoxx 600 Europe Index fell 1.9% as of 8:04 a.m. in London, the lowest since March 16, led by miners and energy as iron ore and oil slumped on a deteriorating demand outlook.

European equities have been under pressure this year on monetary tightening concerns and as the war in Ukraine led to a surge in commodities, fueling inflation fears. China locked down some areas of Beijing and ordered mandatory Covid testing in a district, further weighing on the sentiment. Separately, European investors are bracing for this year’s busiest week of the earnings season.

25 Apr 2022, 01:44:55 PM IST

Industrial metals slump on China lockdowns, Fed rate-hike bets

Industrial metal prices dropped on Monday, with copper touching a more than one-month low, as prospects of bigger U.S. interest rate hikes and continued lockdowns in top consumer China fuelled worries over a global economic slowdown.

Benchmark three-month copper on the London Metal Exchange (LME) dipped 1.5% at $9,961 a tonne, as of 0718 GMT, its lowest since March 16, while tin dropped 4% to $40,460, after falling to its lowest since March 9 earlier.

The most-active May copper contract on the Shanghai Futures Exchange ended daytime trading down 1.7% at 73,660 yuan ($11,239.11).

LME aluminium fell 2.1% to $3,178.50 a tonne, zinc lost 2.6% to $4,320, nickel eased 0.3% to $33,085, lead slipped 1.3% to $2,358.

25 Apr 2022, 01:39:38 PM IST

Asian shares fall amid interest rate, earnings worries

Asian shares declined Monday after U.S. stocks ended last week with a tumble as global markets' expectations for higher interest rates dominated investor concerns.

Japan's benchmark Nikkei 225 lost 1.9% to finish at 26,590.78. South Korea's Kospi slipped 1.6% to 2,661.59. Hong Kong's Hang Seng dropped 3.3% to 19,954.32, while the Shanghai Composite shed 3.7% to 2,972.62. Trading was closed in Australia for Anzac Day, a national holiday.

25 Apr 2022, 01:30:49 PM IST

Record date for stock spit of these multibagger stocks this week

Two multibagger stocks — Saregama India and Pro Fin Capital Services — have announced record date for stock split this week. Saregama India share split date is on 27th April 2022 whereas Pro Fin capital share split date falls on 29th April 2022. Earlier in an exchange communication, both the companies have announced their stock subdivision in 1:10 each respectively.

25 Apr 2022, 01:23:48 PM IST

ICICI Bank share price surges after Q4 earnings. Good time to buy?

ICICI share price has given sharp upside move in early deals after the private lender reported around 59 per cent rise in standalone net profit in Q4FY22. ICICI share price today opened at its Friday close price levels on NSE and went on to hit intraday high of 762.20 apiece levels, logging around 2 per cent rise from its Friday close.

25 Apr 2022, 01:06:36 PM IST

Nifty FMCG stocks having a bad day; Godrej Consumer, United Spirits, ITC biggest losers

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25 Apr 2022, 12:55:58 PM IST

Nifty Pharma down almost 2 %; Lupin, Zydus Life, Aurobindo Pharma biggest laggards

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25 Apr 2022, 12:49:24 PM IST

BSE metals bleed: Slumps over 3.3%; Hindustan Zinc, Coal India, NMDC biggest losers

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25 Apr 2022, 12:34:35 PM IST

Nifty metals, pharma, IT, media, FMCG drag

NSE
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25 Apr 2022, 12:27:38 PM IST

SBI Card partners with TCS to revamp digital experience

Tata Consultancy Services (TCS) is expanding its strategic partnership with SBI Cards and Payments Services Ltd., India’s largest pure-play credit card issuer, to power the latter’s next leg of digital transformation. The new engagement is built on a decade-long partnership.

25 Apr 2022, 12:12:46 PM IST

Rainbow Children's Medicare IPO: GMP rises ahead of issue opening date

Rainbow Children's Medicare IPO (Initial Public Offering) is opening for subscription on 27th April 2022. The public issue worth 1,595 crore will remain open till 29th April 2022. As the issue opening date is fast approaching grey market has started giving signals in regard to the public issue as well. According to market observers, Rainbow Children's Medicare share price is quoting at a premium of 50 in grey market today.

25 Apr 2022, 11:55:05 AM IST

Broad market indices: Nifty50 down over 1%, India VIX rises

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25 Apr 2022, 11:50:04 AM IST

Palm oil prices soar, hit 6-week high on fears of supply constraint after Indonesia move

Palm oil prices continued to harden after Indonesia said that that it would halt exports later this month. Palm oil futures for July delivery surged 6% to six-week high of 6,738 ringgit ($1,550) a ton in Kuala Lumpur. Indonesia accounts for almost 60% of global palm oil supply. The ban threatens to further stoke global food inflation, which has been accelerating since the war erupted in Ukraine.

25 Apr 2022, 11:49:34 AM IST

Campus Activewear IPO

GMP rises as issue opens tomorrow. Key details

25 Apr 2022, 11:38:52 AM IST

Top BSE losers: Future Consumer, Tata Communications, BPCL among the biggest laggards in early trade

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25 Apr 2022, 11:36:03 AM IST

Adani Wilmar gains 5% in early trade

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25 Apr 2022, 11:27:53 AM IST

Hindustan Zinc down over 5%. The Vedanta group firm had reported 18% rise in profits to ₹2,928 cr

25 Apr 2022, 11:27:53 AM IST

Glenmark to launch fixed‐dose drug for type-2 Diabetes in India

Glenmark Pharmaceuticals Limited (Glenmark) has launched a novel fixed-dose combination (FDC) of a widely used DPP4 inhibitor (Dipeptidyl Peptidase 4 inhibitor), Teneligliptin, with Pioglitazone. This is the only available DPP4 and Glitazone combination brand in India for adults with uncontrolled Type 2 diabetes.

25 Apr 2022, 11:04:05 AM IST

Ashish Kacholia portfolio: 'Big Whale' enters this multibagger stock in Q4FY22

Ashish Kacholia portfolio: Popularly known as 'Big Whale', Ashish Kacholia almost overhauled his portfolio in Q4FY22. In recently-ended March quarter, he has added 5 new stocks and Creative Newtech shares are one of them. This new Ashish Kacholia share is one of the multibagger stocks in 2021 and it has delivered 565 per cent return in last one year. Ashish Kacholia has added this multibagger stock in his portfolio in Q4FY22 buying 2.80 per cent stake in the company.

25 Apr 2022, 10:56:39 AM IST

Future Group firms tumble up to 20%

Shares of Future Group firms on Monday faced heavy drubbing, tanking up to 20 per cent, after Reliance Industries said its 24,713-crore deal to acquire Future Group's assets cannot be implemented after secured creditors of the Kishore Biyani-led companies voted against the proposal.

The stock of Future Consumer plummeted 19.91 per cent, Future Supply Chain Solutions slipped 19.96 per cent, Future Lifestyle Fashions 19.89 per cent, Future Enterprises tumbled 9.87 per cent and Future Retail fell 4.96 per cent on the BSE.

Shares of Reliance Industries also dipped 1.75 per cent.

In a regulatory filing, Reliance said Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.

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BSE
25 Apr 2022, 10:44:50 AM IST

YES Securities on L&T Technology Services

We maintain ADD rating on the stock and value it at 35x on FY24E earnings, arriving at target price of 4,583 /share. The stock trades at PER of 31.3x on FY24E EPS.

25 Apr 2022, 10:42:37 AM IST

YES Securities on ICICI Bank

We maintain ‘Buy’ rating on ICICI with a revised price target of 1043: We value the standalone bank at 3.1x FY23 P/BV for an FY23E/24E RoE profile of 15.8/16.6%. We assign a value of 174 per share to the subsidiaries, on SOTP.

25 Apr 2022, 10:40:04 AM IST

Angle One on market performance

Friday’s session started with a gap down opening and intraday bounce got sold into. It poured complete water on Thursday’s attempt of recovery as we witnessed heavyweight sulking once again to conclude the week slightly below the 17200 mark.

It was a complete roller-coaster move for our markets but unfortunately for most part of the week, we remained timid and the way banking space ended the week, it certainly does not bode well for the bulls. Honestly, last week’s movement indicates clueless market and so as we. Although, we remain hopeful till the time 17000 – 16800 remains defended, the overall positioning at the end of the week is not so convincing. So, first couple of sessions of this week remains crucial for markets. Also, one must keep a close tab on how global markets behave. As far as levels are concerned, 17300 – 17450 are to be treated as immediate hurdles; whereas on the flipside, the crucial support remains at 17000 – 16800. Traders are advised not to trade aggressively till the time trend becomes clear and also, unlike the previous weeks, we are not left with any convincing idea in individual stock as well. So one needs to be very selective when it comes to stock centric approach and should ideally follow strict stop losses for momentum bets.

25 Apr 2022, 10:28:14 AM IST

Gold prices today fall for sixth day in a row, down ₹1,600 in a week

Gold prices were under pressure for the sixth straight day in Indian markets as global rates remained subdued amid firm US dollar and bond yields. On MCX, gold futures were down 0.44% to 52,030 per 10 gram while silver futures slumped 1.3% to 65,745 per kg. In six days, gold has so far fallen about 1,600 per 10 gram.

25 Apr 2022, 10:18:46 AM IST

China stocks fall on Covid worries, set to hit 23-month low

China stocks fell on Monday, with the CSI300 index set to hit a 23-month low and the Shanghai composite index hovering just above the key 3,000-point level, as China's zero-COVID policy and monetary-easing restraint dents investor sentiment.

The CSI300 index fell 2.2% to 3,925.30 points at the end of the morning session, while the Shanghai Composite Index lost 2.4% to 3,012.18 points.

Both indexes have erased all gains made since Vice Premier Liu He's pledge on March 16 to support the economy and financial markets.

The Hang Seng index dropped 2.6% to 20,103.67 points. The Hong Kong China Enterprises Index lost 2.7% to 6,781.49.

25 Apr 2022, 10:08:15 AM IST

Rupee slumps 23 paise to 76.65 against US dollar in early trade

The rupee declined 23 paise to 76.65 against the US dollar in the opening trade on Monday tracking the strength of the dollar in the overseas market.

At the interbank foreign exchange, the rupee opened on a muted note at 76.58 against the American dollar, then fell and touched an early low of 76.65 in initial deals, registering a fall of 23 paise over its previous close.

On Friday, The rupee declined by 25 paise to close at 76.42 against the US currency.

The rupee opened weaker against the US dollar weighed by hawkish comments from Federal Reserve Chair Jerome Powell last week, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Most Asian and emerging market peers are trading weaker this Monday morning and could weigh on sentiments.

25 Apr 2022, 09:57:16 AM IST

BSE Realty stocks shed more than 3%

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25 Apr 2022, 09:47:25 AM IST

Top BSE gainers in early trade; IOL Chemicals & Pharma, Borosil Renewables, Godrej Agrovet, Adani Power lead

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25 Apr 2022, 09:45:24 AM IST

BSE indices follow Asian peers, trade lower in early trade

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25 Apr 2022, 09:38:48 AM IST

ICICI Bank surges 1.5%. The bank's profit rose 59% to ₹7,019 cr in Q4

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25 Apr 2022, 09:34:19 AM IST

Nifty50 falls below 17,000; Bajaj Auto, ICICI Bank shine, BPCL, HUL, Britannia drag

NSE
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25 Apr 2022, 09:29:40 AM IST

Sensex tanks 605 points in early trade; ICICI Bank shines, HUL, TechM, L&T,  Reliance drag

BSE
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25 Apr 2022, 09:27:39 AM IST

Reliance calls off deal to takeover beleaguered Future Group

Reliance Retail Ventures Ltd. has called off its plan to acquire businesses of Future Group after some lenders voted against the proposed takeover, the company said.

While unsecured lenders and shareholders of Future Retail Ltd. voted in favor of the takeover by billionaire Mukesh Ambani’s company, the secured creditors opposed the proposal prompting the deal’s cancellation, it said in an exchange filing on Saturday.

25 Apr 2022, 09:24:42 AM IST

Future Retail slips 5% after Reliance Industries said the $3.4-billion deal with the Kishore Biyani-led group can't be implemented

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25 Apr 2022, 09:14:57 AM IST

Nifty50 at pre-open: Stays above 17,000; ICICI Bank flat, rest in the negative; Britannia, Hindalco, Tata Steel top losers

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NSE
25 Apr 2022, 09:11:57 AM IST

Sensex at pre-open: Slumps 439 points, 28 stocks in the red; ICICI Bank, HCL Tech flat, Nestle India, Tata Steel drop 2% each

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25 Apr 2022, 08:47:21 AM IST

Multibagger Dolly Khanna portfolio stock gives 900% return in one year

Dolly Khanna portfolio: Tinna Rubber and Infrastructure shares are one of the Dolly Khanna shares that have given stellar return to its shareholders. In fact, it is one of the multibagger stocks in 2021 and it is considered one of the multibagger stocks for 2022. This stock has delivered around 85 per cent return to its shareholders in 2022 and in last one year, it has surged from around 34 to 340 apiece levels, logging near 900 per cent rise in this period.

25 Apr 2022, 08:40:59 AM IST

Market views of Mitul Shah, head of research at Reliance Securities

U.S. equities closed lower for the week with Dow Jones dipped 1.9%, the S&P lost 2.8%, and the tech-heavy Nasdaq declined by 3.8%. The 10-year U.S. Treasury yield remained at 2.9%. Moreover, market sentiments will heavily rely on earnings for the biggest companies namely, Apple, Microsoft, Amazon and Google parent Alphabet, which are due this week. Markets in Europe were digesting Powell’s statement as European Central Bank signalled that it might start hiking euro zone rates as early as July. Furthermore, the prolonged lockdown in Shanghai weighed on market and the Chinese currency.

The Indian indices ended the week with sharp losses on weak global stocks. Continuous FII selling, soaring inflation, uncertainty surrounding Russia-Ukraine and US Fed chair's comment of aggressive rate hike of 50 bps by May dented investors sentiment. The Sensex fell 2% while the Nifty lost 1.7%. Nifty Mid-Cap declined by 1.6% while small cap lost 1.9%. As per IMD, India is likely to witness normal rainfall during the southwest monsoon season this year. On macro front India's WPI stood at 14.55% in Mar’22 compared with 7.9% YoY. The IMF has cut its growth forecast for India for FY23 by 80 basis points to 8.2%, warning that Russia's invasion of Ukraine would hurt consumption.

The market is likely to remain volatile this week as traders roll over positions in the F&O segment from the April series to May series. Next batch of Q4 results and management commentary would be the key event that the market would be looking for in the near future. Trend in global stock markets, the movement of rupee and crude oil prices will dictate trend in the near term. Over the near-term, war issue and sanctions on Russian products would have high negative bearings on global and Indian equities. The markets are likely to see gap down opening, SGX nifty is down 224 points compared to Friday’s spot Nifty closing. Asian markets trading in red with Nikkei is down 1.9%, while Hang Seng is down 2.8%).

25 Apr 2022, 08:39:23 AM IST

Maruti Suzuki looks to ride SUV wave to drive past 50% market share

Maruti Suzuki India (MSI) will keep consolidating its existing product line-up, including hatchbacks, while bolstering presence in the fast growing SUV segment to power its way back to 50 per cent market share in the domestic passenger vehicle market, as per a senior company official.

The country's largest carmaker, which has seen its market share drop to 43.38 per cent in FY22 from 47.7 per cent in FY21, aims to bring in multiple SUV products with focus on new technologies like hybrid powertrains in order to enhance fuel efficiency, making them comparable or better than diesel-powered models that are currently being sold in the market, especially by its Korean rivals.

With no intention of making a comeback in the diesel segment, MSI is also focusing on increasing its play in the CNG segment to bring in additional volumes.

The company had a market share of 51.22 per cent in 2018-19 and 51.03 per cent in 2019-20.

25 Apr 2022, 08:36:56 AM IST

Gold hovers near 2-week low as dollar strength weighs

Gold prices edged lower on Monday near their lowest level in two weeks touched in the previous session as an elevated U.S. dollar continued to pressure demand for greenback-priced bullion.

25 Apr 2022, 08:36:24 AM IST

Asian markets track Wall St rout, oil sinks

Asian markets sank Monday on growing concerns of a sharp hike in US interest rates as officials struggle to contain runaway inflation, while oil was hit by expectations Chinese demand will dry up owing to Covid lockdowns.

The losses extended a sell-off across the world last week fuelled by comments from Federal Reserve boss Jerome Powell indicating officials will hike borrowing costs by half a point next month and possibly several times more by year's end.

Investors have been fleeing risk assets as they become worried that the tightening -- to fight inflation at more than 40-year highs -- will knock the pandemic economic recovery off course and dent companies' bottom line.

Oil markets were also sharply lower as China continues to struggle to get a grip on a Covid outbreak that has forced Shanghai -- the country's biggest city -- into lockdown and dealing a blow to demand.

25 Apr 2022, 08:35:26 AM IST

Petrol, diesel prices today

Fuel prices remain steady. Check latest fuel rates here

25 Apr 2022, 08:32:19 AM IST

Day trading guide for Monday

7 stocks to buy or sell today — 25th April

25 Apr 2022, 08:21:18 AM IST

Cryptocurrency price today 25th April: Bitcoin, Ethereum, Dogecoin, Shiba Inu dip. Tether rises

Cryptocurrency price today 25th April: Most of the cryptocurrencies, except a few, have registered dip in their prices in last 24 hours. Prices of major cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Shiba Inu have nosedived up to near 4.1 per cent in last 24 hours. However, Tether price today is up by near 0.35 per cent in last 24 hours.

25 Apr 2022, 08:06:55 AM IST

Hong Kong shares begin with losses

Hong Kong stocks opened Monday morning sharply lower, in line with a sell-off across Asia and following a painful end to last week for Wall Street as traders prepare for a big interest rate hike by the Federal Reserve next month.

The Hang Seng Index sank 1.71 percent, or 353.92 points, to 20,284.60.

The Shanghai Composite Index also shed 1.71 percent, or 52.65 points, to 3,034.27, while the Shenzhen Composite Index on China's second exchange lost 1.79 percent, or 34.26 points, to 1,879.85.

25 Apr 2022, 08:06:11 AM IST

Strong Revenue Growth Guidance; Attractive ValuationL Reliance Securities on HCL Tech

We expect HCLT to report a significant revenue, with 13% revenue CAGR over FY22-FY24E, driven by consistent transformation deal wins, increasing focus on ER&D services and rising share of Mode 2 business. We lower our FY23E and FY24E EPS estimates by 10% and 8.7%, due to margin contraction despite deal wins. We retain our BUY recommendation and revise the target price to Rs1,351 (vs. earlier Rs1,480), valuing the stock at an unrevised P/E multiple of 22x FY24E earnings.

25 Apr 2022, 08:04:00 AM IST

Indonesia palmoil export ban can exacerbate margin concerns: Prabhudas Lilladher

Indonesia, the largest producer/exporter of palm oil, has announced a ban of palm oil exports. The ban comes as another blow after the surge in oils due to the Ukraine-Russia war. Given that plamoil is 60% of oil imports and Indonesia being the second largest seller, it will push up domestic prices in coming months.

Palm oil is a key ingredient in major food processing industries, QSRs etc. will impact costs and margins in several consumer companies. FMCG staples majors such as Britannia, Hindustan Unilever, Nestle India and ITC would be amongst the key companies affected directly as a result of the ban and higher prices. We believe the impact would be seen most in categories such as biscuits, noodles, cakes, potato chips, frozen desserts etc. QSR’s like Westlife Development and Burger King can also feel the pinch given edible oil usage to cook/fry their patties/fries.

We believe increase in prices of palmoil will further impact the margins in 1QFY23. We expect margins to bottom out in 1HFY23 given inflation across inputs. We don’t rule out further cut in margins in 1H23. We expect weak to sideways movement for select consumer stocks in the near term.

Palmoil accounts for ~60-65% of India’s edible oil imports

India would be amongst the worst affected countries as it is the world’s largest palm oil importers which depends heavily on Indonesia & Malaysia. India, the world's leading vegetable oil buyer, imported 14-15 MT, of which palm oil stood at 8-9 MT.

Palm oil is the relatively cheaper oil amongst the other edible oils. This move is expected to cause a further price increase in other edible oils such as soyabean oil, sunflower oil etc.

25 Apr 2022, 08:00:17 AM IST

Macron’s victory to offer relief for Euro and lift French stocks

The victory of Emmanuel Macron in France’s presidential election should be a relief for investors worried that a Marine Le Pen win would roil European markets.

The euro, French bonds and shares from the nation’s banks are among the assets that should benefit from Macron’s win for a second term, according to money managers. The euro rose as much as 0.6% against the dollar in early Asia trading, before trimming its advance to about 0.2% as of 7:48 a.m. in Hong Kong.

The risk of a victory by far-right nationalist and euroskeptic Le Pen had been keeping investors on edge, with some predicting European assets could suffer a selloff comparable to the euro crisis or Brexit.

25 Apr 2022, 07:58:43 AM IST

Global edible oil markets simmer after shock Indonesia ban

Indonesia's ban on palm oil exports shocked global edible oils markets that already reached record high prices this year, and sparked alarm among major importers of the cooking medium.

Palm oil is the world's most widely used vegetable oil and is used in the manufacture of many products including biscuits, margarine, laundry detergents and chocolate.

25 Apr 2022, 07:51:00 AM IST

Stocks, futures drop with yields in risk-off tilt:

Stocks, U.S. futures and commodities sank Monday as investors weigh China’s worsening Covid situtation and the potential for more aggressive interest-rate increases dragging on growth. Treasury yields retreated.

A sell-off deepened in Asia, where MSCI Inc.’s Asia-Pacific gauge fell for the sixth session in seven with declines in Japan, Hong Kong and China. S&P 500 and Nasdaq 100 futures contracts dropped in a sign of further weakness as traders ratchet up expectations for steep policy tightening to tame inflation.

Treasuries paused the rout of the past week that roiled markets trying to gauge how high yields can go. The dollar extended an advance as investors opted for safe havens. Crude fell below $100 a barrel -- after sliding for the third week in four -- as China lockdowns amplify demand fears.

25 Apr 2022, 07:42:31 AM IST

Oil sinks below $100 as China’s lockdowns imperil demand outlook

Oil pushed lower at the start of the week on concerns that a spreading Covid-19 outbreak in China will weigh on global demand.

West Texas Intermediate futures dropped more than 2% to trade below $100 a barrel after capping a weekly decline. Shanghai reported record daily deaths over the weekend, while authorities in Beijing warned the virus was silently spreading. The world’s biggest crude importer is heading for the worst oil demand shock this month since the early days of the coronavirus.

China’s travails with Covid-19 add another source of volatility to an oil market that’s been whipsawed by the Russian invasion of Ukraine. The war has fanned inflation, and the European Union is discussing measures to restrict oil imports from Russia. That could tighten the market and drive prices higher.

25 Apr 2022, 07:30:24 AM IST

Tokyo stocks open lower tracking US falls

Tokyo stocks opened lower on Monday after Wall Street shares plunged on anxiety over higher interest rates.

The benchmark Nikkei 225 index was down 1.53 percent, or 414.57 points, at 26,690.69 in early trade, while the broader Topix index was down 1.58 percent, or 30.16 points, at 1,874.99.

"Japanese shares are seen starting with falls, following declines in the US market," where worries over interest-rate hikes dampened investor sentiment, said senior analyst Toshiyuki Kanayama of Monex.

The dollar fetched 128.63 yen in early Asian trade, against 128.51 yen in New York late Friday.

Global stock markets dropped sharply ahead of the weekend as the latest hawkish commentary from the Federal Reserve sent investors fleeing equities.

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