Home / Markets / Live Blog /  Sensex rises 777 pts, Nifty ends at 17,200; Realty, power, auto shine, RIL up 3%

Sensex rises 777 pts, Nifty ends at 17,200; Realty, power, auto shine, RIL up 3%

Market Closing: Indian indices gained around 1.4% on Tuesday amid positive global cues (REUTERS)Premium
Market Closing: Indian indices gained around 1.4% on Tuesday amid positive global cues (REUTERS)

  • Market Closing: Indian indices rebounded strongly on Tuesday after recording losses in the last two sessions. The indices were led by strong buying support in power, realty and auto stocks.

Indian indices snapped a two-day losing run to rebound strongly on Tuesday, tracking Asian peers' rise after US stocks stormed back from losses to register gains. The Wall Street indices regained lost ground on Monday after billionaire Elon Musk clinched a deal to acquire Twitter. Concerns of high crude prices and interest rate hikes kept the bulls in check, with investors awaiting a set of earnings from domestic companies before placing fresh bets. Globally, shares in Europe and US edged higher. In Asia, shares rose in Japan, South Korea, Hong Kong on Tuesday. Stocks in Shanghai and Australia declined, indicating looming concerns over China's economy.

26 Apr 2022, 03:41:40 PM IST

Sensex zooms 777 pts, Nifty holds 17,200; M&M, Power Grid, Titan surge around 4%, RIL up 3.5%

Indian indices bounced back strongly on Tuesday, snapping two consecutive days of losses, led by solid gains in power, realty and auto stocks. The gains followed strong performance by Asian peers and an overnight rally on Wall Street.

The Sensex added 776.72 points, or 1.37%, to close at 57,356.61, while Nifty50 jumped 246.85 points to end at 17,200.80. Sectorally, all the sectors were in the green with realty, auto, power stocks logging the biggest gains.

On the 30-stock index, the most gains were made by Power Grid, M&M, and Titan, among others, while Axis Bank and Maruti were among the biggest losers.

On Nifty50, Adani Ports, Hero MotoCorp, and Bajaj Auto made the most gains, while ONGC, Apollo Hospitals, and Axis Bank were among the biggest laggards.

Sensex at close
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Sensex at close
26 Apr 2022, 03:19:43 PM IST

LIC likely to file preliminary IPO prospectus today: Report

India's Life Insurance Corporation is likely to file a preliminary IPO prospectus on Tuesday, sources directly involved in the IPO process told Reuters.

The Indian government is looking to sell a 3.5% stake in the state-owned insurance behemoth and the IPO is likely to open in the first week of May.

The price band for the per equity share is likely to be announced tomorrow, the sources said.

LIC management and the investment bankers will embark on road shows in six cities across India - including Mumbai, New Delhi, Bengaluru, Ahmedabad, Rajkot, Kolkata - where they will be meeting potential investors and analysts starting on Wednesday, one of the sources said.

26 Apr 2022, 03:18:40 PM IST

Sensex at 03:15 pm: Index up over 800 pts, M&M, PowerGrid surge over 4%; Heavyweights Reliance, L&T, SBI gain more than 2% 

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26 Apr 2022, 03:06:14 PM IST

Ruchi Soya says details of Indonesia's palm oil export ban a relief

The edible oil industry in India got a big relief after top grower Indonesia clarified it would only halt exports of some palm oil products instead of a complete ban as widely expected, according to Ruchi Soya Industries Ltd.

26 Apr 2022, 03:05:33 PM IST

Nifto50 trades 1% higher; Adani Ports, Bajaj Auto lead

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26 Apr 2022, 02:48:06 PM IST

Nifty's performance today: Holds above 17,100 led by Bajaj Auto, Adani Ports, Hero MotoCorp

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26 Apr 2022, 02:39:33 PM IST

Louis Vuitton to Gucci: Ambani betting on luxury brand offerings in a giant mall

Indian tycoon Mukesh Ambani is betting a shopping palace within a $1 billion Mumbai business showcase will tap into surging demand for Western luxury goods, installing his Reliance empire as a portal through which most of the biggest brands must pass.

26 Apr 2022, 02:28:36 PM IST

European stocks rebound as earnings roll in

Stocks in Europe climbed Tuesday as China’s pledge to boost monetary-policy support for its Covid-hit economy lifted sentiment, while traders also eyed a raft of earnings reports from some of the region’s biggest companies.

The Stoxx 600 Europe index rebounded from a six-week low, with Novartis AG and UBS Group AG among the biggest gainers after positive first-quarter reports. Basic resources led the advance, buoyed by earnings beats from paper maker UPM-Kymmene Oyj and ball-bearing manufacturer SKF AB. HSBC Holdings Plc dropped after saying additional share buybacks were unlikely this year following a decline in a key measure of capital strength.

U.S. equity futures dipped following Monday’s choppy close higher before big-tech earnings. Treasuries were steady and the dollar extended its advance as the risk of aggressive Federal Reserve policy tightening continues to hang over markets. Crude oil fluctuated.

26 Apr 2022, 02:20:58 PM IST

Kotak Securities sees 30% upside in this infra stock in medium to long term

GMR Infrastructure shares are under consolidation phase for last 6 months. After ushering in new year 2022, this infra stock has dipped more than 20 per cent. However, on account of strong recovery in passenger volume at Delhi and Hyderabad airports, Kotak Securities sees strong upside in GMR Infra shares. The brokerage is expecting GMR Infra share price to go up to 48 per share levels in medium to long term.

26 Apr 2022, 02:05:55 PM IST

Higher milk prices to hurt dairy companies: report

Milk procurement prices have been rising, prompting higher revenues for dairy companies but also leading to pressure on margins in FY2023-24, according to a report.

26 Apr 2022, 01:53:06 PM IST

₹2.9 to ₹112.85: Penny stock turns multibagger. Gives 3765% return this year

Multibagger stock: Kaiser Corporation share price has been skyrocketing in the market rebound post-Covid second wave sell-off. The penny stock has went on to become one of the fastest multibagger stocks in 2022. In year-to-date time, this multibagger stock has risen around 3765 per cent, delivering whopping return to its shareholders. It is one of those rate multibagger penny stocks, which has been continuously rising without any hiccup or consolidation.

26 Apr 2022, 01:42:39 PM IST

Sensex trading 528.12 points higher at 57,108.01 at 01.40 pm; M&M leads with gains of over 4%

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26 Apr 2022, 01:33:50 PM IST

Sectoral indices: Nifty Auto, Realty, PSU Banks top gainers

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26 Apr 2022, 01:23:53 PM IST

Ashish Kacholia portfolio: Multibagger stock gives 600% return in one year

Ashish Kacholia portfolio: Kwality Pharmaceuticals shares are one of the multibagger stocks in 2021. Quantum of return given by this Ashish Kacholia share in 2021 can be understood with the fact that despite bleeding near 50 per cent this year, this multibagger stock of the Indian market has managed to given stellar 600 per cent return to its shareholders in last one year.

26 Apr 2022, 01:14:35 PM IST

South Korean stocks rebound from six-week low, automakers lead gains

South Korean shares rebounded from a six-week low on Tuesday after Wall Street's overnight rise and the country's better-than-expected GDP data, with automakers leading the gains. The Korean won weakened, while the benchmark bond yield fell. The benchmark KOSPI rose 11.18 points, or 0.42%, to 2,668.31, after hitting a six-week low in the previous session.

26 Apr 2022, 01:13:44 PM IST

Tokyo stocks close higher

Tokyo stocks closed higher on Tuesday, extending gains on Wall Street while investors kept a cautious eye on Chinese shares.

The benchmark Nikkei 225 index rose 0.41 percent, or 109.33 points, to 26,700.11, while the broader Topix index firmed 0.11 percent, or 1.99 points, to 1,878.51.

The dollar fetched 127.91 yen, off from 128.15 yen on Monday in New York.

As the session opened, the Nikkei "tracked gains on Wall Street and rebounded", Okasan Online Securities said.

After brief falls, the Tokyo stocks picked up again with the market heartened by an upward trend in US stock futures, the brokerage said.

Lockdowns in China however fanned fears of an economic slowdown.

26 Apr 2022, 12:52:10 PM IST

Billionaire Gautam Adani in talks to buy Holcim India units: Report

Gautam Adani’s conglomerate is in advanced talks to acquire Holcim Ltd.’s businesses in India, according to people familiar with the matter. The billionaire’s Adani Group could sign an agreement to acquire a controlling stake in Ambuja Cements Ltd. from Holcim as soon as in the coming days, the people said, asking not to be identified as the information is private. Other bidders including JSW Group remain interested in the assets, they said.

26 Apr 2022, 12:34:46 PM IST

Dollar near two year-peak on China Covid fears, Fed hike bets

The dollar held near a two-year peak on Tuesday as concerns about the economic impact of China's COVID-19 lockdowns held up the greenback's safe-haven appeal and aggressive U.S. interest rate hike expectations kept bond yields elevated.

The dollar index, which measures the greenback against six main peers, was 0.13% lower at 101.59 after hitting a two-year peak of 101.86 overnight.

It has gained 3.3% so far this month, which would be its largest month of gains since November 2015.

26 Apr 2022, 12:30:59 PM IST

Stocks stabilize as China pledges economic support

Stocks stabilized Tuesday after China pledged to boost monetary-policy support for the nation’s Covid-hit economy, whose travails have dimmed the outlook for the global recovery.

An Asia-Pacific equity index eked out a climb for the first time in four sessions amid a 3% jump in technology shares in Hong Kong. Mainland Chinese bourses dipped but avoided the kind of plunge witnessed Monday. U.S. equity futures wavered and European contracts added more than 1%.

Aside from vowing more assistance, the People’s Bank of China also said it will promote healthy and stable development in financial markets. Most of Beijing is being tested for the virus, fanning fears of an unprecedented lockdown there.

26 Apr 2022, 12:23:29 PM IST

LME copper regains footing on China stimulus hopes, dollar retreat

London copper and other industrial metals rose on Tuesday after a sharp fall in the previous session, as a slight pullback in the U.S. dollar and hopes for more economic stimulus from top consumer China underpinned prices.

Benchmark three-month copper on the London Metal Exchange (LME) was up 1.9% at $9,957 a tonne, as of 0530 GMT, after falling to its lowest since Feb. 9 on Monday. The most-active May copper contract on the Shanghai Futures Exchange eased 0.6% to 73,600 yuan ($11,258.47).

LME aluminium gained 1.2% to $3,127 a tonne after dropping to its lowest since Feb. 4 in the previous session.

26 Apr 2022, 12:13:59 PM IST

Shriram Properties to sell 90-acre land to LOGOS for logistics park

Shriram Properties Ltd has entered into an agreement with LOGOS for potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara here for an undisclosed sum, officials said.

LOGOS intends to develop the land into a modern and sustainable logistics park, offering around 2.2 million square feet of industrial and warehousing space, they said.

26 Apr 2022, 12:05:50 PM IST

Campus Activewear ₹1400 crore IPO opens for subscription

The 1400 crore initial public offering (IPO) of the footwear company Campus Activewear opened for subscription on Tuesday. It will remain open till 28th April 2022.

Delhi-headquartered Campus Activewear targets to raise 1400 crore from the primary markets through the IPO. The company has fixed price band of its public offer at 278 to 292 per equity share.

The IPO is likely to get a good response as in the grey market it was trading at a premium of 72. This means the company's share is expected to list at 364.

Campus Activewear is primarily engaged in the manufacture, distribution and sales of sports and athleisure footwear. It is one of the largest sports and athleisure footwear brands in India in terms of both value and volume.

The company's IPO is open for subscription from April 26 to April 28 and the IPO is likely to be allotted on 4th May.

The tentative date for Campus Activewear share listing at the stock exchanges is 9th May.

26 Apr 2022, 12:04:56 PM IST

Oil edges higher as investors weigh China’s Covid-19 resurgence

Oil edged higher after a two-day decline that drove prices below $100 a barrel as investors assessed the impact of China’s rapidly spreading Covid-19 outbreak on the outlook for global demand.

West Texas Intermediate futures rose 0.5% on Tuesday after sliding 5% over the previous two sessions. China’s central bank pledged to increase support for the economy as authorities in Beijing expanded virus testing to most of the city, raising concerns about a lockdown of the capital. The Covid comeback has hammered fuel demand in the world’s biggest crude importer.

26 Apr 2022, 12:00:43 PM IST

Rainbow Children's Medicare IPO a good bet for long term? What analysts say

Rainbow Children's Medicare IPO (Initial Public Offering) is opening for subscription on 27th April 2022 i.e. tomorrow. While market investors are busy scanning financial balance sheet of the company, some of the stock market analysts have started giving their view on the public issue as well. Following 'buy, hold and forget' rule, some stock analysts have recommended this stock have shown faith in the sustained business model of the multi-specialty hospital chain company.

26 Apr 2022, 11:44:45 AM IST

LIC IPO to open on May 4

The much-awaited initial public offering (IPO) of the Life Insurance Corporation of India is likely to open on May 4, sources privy to the development told ANI.

The government, which wholly owns the insurance behemoth, plans to sell a 3.5 per cent instead of 5 per cent as mentioned in the previous Draft Red Herring Prospectus (DRHP), said sources.

LIC has cut the size of IPO from 5 per cent to 3.5 per cent due to the market condition. A proposal to reduce the size of LIC's IPO to 3.5 per cent from 5 per cent proposed in its draft red herring prospectus (DRHP) was tabled and approved at a board meeting held on Saturday.

26 Apr 2022, 11:42:55 AM IST

Biocon's arm gets $90 mn contract from Malaysian government for insulins

Biocon Biologics said its subsidiary has bagged a three-year contract, valued at $90 million (around 688 crore) from the Malaysian government for the supply of recombinant human insulin.

26 Apr 2022, 11:26:07 AM IST

Nifty50 surges 1.2%; Bajaj Auto, Hero MotoCorp, IndusInd Bank top gainers, ONGC drags

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26 Apr 2022, 11:15:17 AM IST

Broad market indices: All in the green, Nifty50 up over 1%

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26 Apr 2022, 11:03:33 AM IST

How to identify a fraud stock by asking just 5 questions

These 5 questions will save you from investing in a fraud company.

26 Apr 2022, 10:51:59 AM IST

Adani Wilmar hits ₹1 lakh crore market cap. What's driving this stock?

Stock market today: On course of hitting 5 per cent upper circuit today, Adani Wilmar shares today hit 1.04 lakh crore market capitalization in early morning deals. In last one week, this is the second Adani group stock that has achieved this milestone. Last week, Adani Power shares had achieved this feat crossing 1 lakh crore market valuations. Today, Adani Power's market capital is around 1.10 lakh crore. Adani Wilmar share price today opened with an upside gap of near 34 per share and went on to climb to its new life-time high of 803.15 apiece levels.

26 Apr 2022, 10:35:49 AM IST

Solid performance to continue: YES Securities on Crisil

We raise earnings estimates by 4-5% across CY22-24 by lifting growth and margin assumptions on the back of strong performance delivery in Q1 CY22 and positive management commentary about concurrent trends in market/wallet share in various businesses and readiness/capabilities to tap evolving opportunities (related to ESG and others). We estimate 15%/23% consolidated revenue/PBT CAGR over CY21-24 and ~400 bps margin expansion through the period. Improved margin and growth will cause RoE to expand by 6 ppt to 38% in CY24. Stock trades at 41x 1-yr rolling fwd. P/E, and its peak valuation has been around 55x in the past seven years. Multiple is expected to re-rate on prospects of substantial RoE expansion. Reiterate BUY and raise 12m PT to Rs4100 (earlier Rs3750).

26 Apr 2022, 10:27:41 AM IST

Mahindra CIE Q1 net zooms to ₹161 cr, shares up 15%

Auto component firm Mahindra CIE Automotive on Monday posted a consolidated net profit of 161.42 crore for the first quarter ended March.

26 Apr 2022, 10:24:46 AM IST

Rupee surges 19 paise to 76.45 against US dollar in early trade

The rupee appreciated 19 paise to 76.45 against the US dollar in opening trade on Tuesday, tracking positive trends among Asian and emerging market currencies.

At the interbank foreign exchange, the rupee opened at 76.48 against the American dollar, then gained further ground to quote at 76.45, registering a rise of 19 paise from the last close.

On Monday, the rupee declined by 22 paise to close at 76.64 against the US dollar.

The Indian rupee opened stronger against the US dollar this Tuesday as US bond yields and dollar eased from their elevated levels, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Moreover, Asian and emerging market peers were slightly stronger on Tuesday, while a small recovery in the Asian equities could aid sentiments, Iyer added.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent lower at 101.54.

26 Apr 2022, 10:14:13 AM IST

FMCG stocks recover lost ground after Monday's fall, rise almost 2%

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26 Apr 2022, 10:10:49 AM IST

Campus Activewear IPO: GMP, price, key dates, financials and review

Campus Activewear IPO (Initial Public Offering) is going to hit primary market today and the public issue worth 1400 crore will remain open for subscription till 28th April 2022. The footwear company has fixed price band of its public offer at 278 to 292 per equity share. Meanwhile, grey market has gone bullish on the public offer. According to market observers, shares of Campus Activewear are available at a premium of 72 in grey market today.

26 Apr 2022, 10:03:22 AM IST

Aditi Patil of Prabhudas Lilladher on Cyient

Rating: BUY | CMP: Rs899 | TP: Rs1,208

We increase our EPS estimates by 5.6%/10.2% led by increase in revenue estimates by 13%/12% and partially offset by cut in margin estimates by ~60bps/20bps for FY23/24. We continue to value Cyient on earnings multiple of 18x FY24 EPS of Rs.67 to arrive at TP of 1208 (earlier Rs. 1096). Cyient is currently trading at attractive valuations of 15.8x/13.4x on FY23/24 earnings of INR 57/67 respectively at significant discount to ER&D sector trading at ~40x FY24 EPS. We anticipate 21% revenue CAGR & 20% EPS CAGR for FY22-24E. Maintain BUY.

26 Apr 2022, 09:55:41 AM IST

Asian shares advance on back of rally on Wall Street

Asian shares were mostly higher Tuesday after U.S. stocks stormed back from sharp losses to log strong gains.

Tokyo, Hong Kong, Seoul and Shanghai advanced while Sydney declined. Oil prices rose and U.S. futures also were higher.

South Korea reported that its economy grew at a 3.1% annual pace in the first quarter of the year, up 0.7% from the previous quarter, suggesting a rebound from the travails of the pandemic.

The government has recently lifted most COVID restrictions as case numbers have abated after a wave of the omicron variant.

26 Apr 2022, 09:52:07 AM IST

Top BSE losers: Bajaj Hindusthan Sugar, Maharashtra Scooters, Sunflag Iron & Steel

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26 Apr 2022, 09:43:42 AM IST

Top BSE gainers in early trade: Mahindra CIE, Bombay Dyeing, IndiaMart, Adani power

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26 Apr 2022, 09:38:54 AM IST

BSE indices make a healthy start, tracking positive cues from Asian peers

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26 Apr 2022, 09:27:03 AM IST

Nifty50 tops 17,100 at open; Bajaj Auto, Hero MotoCorp, IndusInd Bank top performers

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26 Apr 2022, 09:25:06 AM IST

Sensex at open: Jumps 600 points, all stocks in the green; IndusInd Bank, M&M, HUL, Sun Pharma top gainers

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26 Apr 2022, 09:11:49 AM IST

Nifty50 trades above 17,100 in pre-open; ICICI Bank, Tata Motors, Coal India up 2% each

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26 Apr 2022, 09:09:55 AM IST

Sensex at pre-oepn: ICICI Bank, HUL, Bajaj Finance lead, Asian Paint only loser

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26 Apr 2022, 08:58:43 AM IST

Technical & derivatives report by Sameet Chavan of Angel One

The week started on a weak note as indicated by SGX Nifty and in the opening trades, itself Nifty was down below the psychological level of 17000. The sell-off extended to test sub-16900 levels and post some choppy intra-day move within a 100 points range Nifty eventually ended with a loss of 1.27% at 16954.

With yesterday’s selloff, the Nifty has reached a key support level at 16900 formed by a 50% retracement of the recent rally seen from the March swing low of 15671 to a recent high of 18114. During the day, even though the momentum was mainly on the downside there were a couple of intraday attempts of bouncing from the mentioned support levels. Now, It would be crucial to see how things pan out in today’s session and if the Nifty sustains below 16900 then one should brace up for challenging times going ahead where 16600 and below levels may be retested. The only bright picture for the session was the Bank Nifty which ended slightly in green and showed some relative strength as compared to the benchmark. If the Nifty has to hold the key supports then the bank nifty plays a key role and needs to show a strong performance from hereon. On the flip side, the bulls have a daunting task as resistance can be seen at every 100 points (rounded off), and for them to make a comeback have to close above 17400 with some authority. Immediate, resistance is seen around, 17050 and 17200 levels. As far as trading is concerned, opportunities are seen on both ends but one needs to be very fussy in-stock selection.

26 Apr 2022, 08:56:36 AM IST

Yash Gupta of Angel One on LIC IPO

LIC IPO to open for subscription from 4th May to 9th May 2022. The issue size of the IPO is 21,000 Cr with a valuation of 6,00,000 crores. The government expected to dilute 3.5% of their holding with an option to increase by 1.5%.

Earlier it was expected that the valuations will be around 13,00,000 crores but now it will be around 6,00,000 crores and embedded values are around 5,40,000 crores, so the LIC IPO is valued at around 1.1 times of its embedded value. Private players are trading at around valuations of 2-3 times of embedded value. This 6,00,000 crores LIC valuation looks Lucrative.

26 Apr 2022, 08:55:14 AM IST

Market likely to remain volatile this week:  Mitul Shah, head of research at Reliance Securities

U.S. equities ended higher led by rally in technology and other growth stocks. The S&P 500 rose 0.6% in a volatile session, the Dow Jones gained 0.7% while the tech-heavy Nasdaq, gained 1.3%. The yield on the benchmark 10-year Treasury note tumbled to 2.825%. Brent crude prices declined ~5% to end at $100 per barrel. Moreover, shares of social-media giant Twitter rose 5.6% after it accepted Tesla CEO Elon Musk’s $44bn takeover deal. Markets are likely to remain volatile due to strict policies and lockdowns China has in place to combat Covid-19, which might further disrupt global supply chains.

Domestic equities closed lower following weak global cues as concerns over worsening inflation have compelled investors to expect a faster rise in interest rates. Nifty declined 1.3% while broader markets underperformed in comparison to the main indices. Nifty MidCap and Nifty SmallCap tumbled 2.2% and 2.4% respectively. Most sectoral indices ended in red. Nifty Reality was the biggest laggard which plummeted 3.8%, followed by Nifty Metal and Nifty Media which dropped 2.9% and 2.2% respectively. Furthermore, the Federal Reserve’s hawkish tone, Russia-Ukraine crisis and surging COVID cases around the world continue to affect the market sentiments. FIIs net sold shares worth 3,303 crore while DIIs net bought shares worth Rs1,870 crore.

The market is likely to remain volatile this week as traders roll over their positions in the F&O segment from the April series to May series. The next batch of Q4 results and management commentary, global stock market trends, and the movement of rupee and crude oil prices are likely to assess market sentiments in the near future. Moreover, the ongoing Russia-Ukraine crisis and sanctioning of Russian products would have high negative bearings on global and Indian equities. The markets are likely to see gap up opening, SGX nifty is up 190 points compared to Yesterday’s spot Nifty closing. Asian markets trading in green with Nikkei is up 0.5%, while Hang Seng is up 0.7%.

26 Apr 2022, 08:54:03 AM IST

Indian investors lose over ₹6.47 lakh crore in two days

Investors' wealth tumbled over 6.47 lakh crore in two days of market crash amid weak cues from global markets.

On Monday, BSE benchmark Sensex dived 617.26 points or 1.08 per cent to end at 56,579.89. During the day, it plummeted 840.28 points or 1.46 per cent to 56,356.87.

On Friday, the Sensex tanked 714.53 points or 1.23 per cent to settle at 57,197.15.

The two-day fall in equities wiped out 6,47,484.72 crore, bringing the market capitalisation of BSE-listed firms to 2,65,29,671.65 crore.

26 Apr 2022, 08:50:42 AM IST

Oil steadies after sinking below $100 on China’s virus lockdowns

Oil steadied after falling below $100 a barrel as China’s Covid-19 resurgence raised concerns about the outlook for global demand.

West Texas Intermediate futures edged higher after sliding around 5% over the previous two sessions. China expanded virus testing to most of Beijing, with rising cases prompting fears about an unprecedented lockdown of the capital. The world’s biggest crude importer is sticking with its Covid Zero strategy that’s hobbled large parts of the economy and sapped fuel consumption.

Oil has now given up most of the gains since Russia’s invasion of Ukraine in late February following a tumultuous period of trading. The war has led to the U.S. and U.K. banning Russian crude imports, while the European Union is considering similar measures as the conflict continues.

26 Apr 2022, 08:49:48 AM IST

Palm oil rises as traders weigh severity of Indonesia export ban

Palm oil rebounded as traders assessed the severity of Indonesia’s ban on cooking oil exports that sparked wild swings in the market.

Fears of a complete ban eased as Indonesia said it will only halt exports of RBD palm olein, a product that has been processed, while shipments of crude palm oil can continue. The move has threatened to tighten global vegetable oil supplies at a time of soaring food inflation fueled by the war in Ukraine.

Palm oil is one of the most versatile staples, used in thousands of products from food to personal care items and biofuels. The move could increase costs for packaged food producers such as Nestle SA, Mondelez International Inc. and Unilever Plc, hitting products like biscuits, noodles, cakes and ice cream. It might also increase inflation risks for top importers like India and China.

26 Apr 2022, 08:46:28 AM IST

Elon Musk to buy Twitter for $44B and take it private

Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the social media platform where he — the world's richest person — promotes his interests, attacks critics and opines on a wide range of issues to more than 83 million followers.

The outspoken Tesla CEO has said he wanted to own and privatize Twitter because he thinks it’s not living up to its potential as a platform for free speech.

Musk said in a joint statement with Twitter that he wants to make the service “better than ever" with new features while getting rid of automated "spam'' accounts and making its algorithms open to the public to increase trust.

26 Apr 2022, 08:35:46 AM IST

Day trading guide for Tuesday

8 stocks to buy or sell today — 26th April

26 Apr 2022, 08:24:26 AM IST

Asian markets mixed but China, Fed keep confidence in check

Asian markets were mixed Tuesday as investors scrabbled to recover from the previous day's rout but fears over the impact of China's Covid-induced lockdowns and the Federal Reserve's plan to hike interest rates quickly continue to drag on sentiment.

The Omicron flare-up across China has led authorities to impose strict containment measures in its biggest cities, shutting off millions of people and threatening to deal a hammer blow to the world's number two economy.

While Shanghai -- the largest city -- has been in lockdown for weeks, Beijing has launched mass testing for nearly all its 21 million residents with many in the capital now fearing the same fate as the financial hub.

The measures have dealt a severe blow to the economy, leading to concerns about the likely knock-on effects for the rest of the world owing to its reliance on goods from China.

The China crisis comes as traders grapple with a hawkish Fed, which is struggling to control inflation, which is sitting at a more than 40-year high.

26 Apr 2022, 08:12:45 AM IST

Coal still top threat to global climate goals: report

The number of coal-fired power plants in the pipeline worldwide declined in 2021, according to research released Tuesday, but the fossil fuel most responsible for global warming still generated record CO2 emissions, threatening Paris climate goals.

Since the 195-nation treaty was inked in 2015, coal power capacity under construction or slated for development has dropped by three-quarters, including a 13-percent year-on-year decrease in 2021 to 457 gigawatts (GW).

Globally, there are more than 2,400 coal-fired power plants operating in 79 countries, with a total capacity of 2,100 GW.

A record-low 34 countries have new coal plants under consideration, down from 41 in January 2021, according to the annual Global Energy Monitor report, Tracking the Global Coal Plant Pipeline.

26 Apr 2022, 08:00:22 AM IST

Bonds rise, stocks struggle amid China Covid worry

Asian stocks struggled to make progress Tuesday and bonds rose amid economic threats from China’s Covid outbreak and aggressive Federal Reserve monetary-policy tightening.

Equities were mixed in Japan, edged up in South Korea and slid in Australia, while U.S. futures wavered. Most of Beijing is being tested for the virus, subduing sentiment by fanning fears of an unprecedented lockdown in the city.

Treasuries climbed along with sovereign notes in Australia and New Zealand. That reflected demand for havens as investors fret over the risk of global economic downturn. A gauge of the dollar pared an advance.

The yuan pared its biggest loss since 2015 after the People’s Bank of China cut the amount of money banks must set aside in reserve for foreign-currency holdings, effectively increasing the supply of dollars in the domestic market.

Oil held a retreat below $100 a barrel, weighed down by the threat to demand from China. The virus outbreak in the world’s biggest crude importer is another source of commodity-market volatility alongside Russia’s invasion of Ukraine.

26 Apr 2022, 07:39:16 AM IST

IMF warns of 'stagflationary' risks in Asia, cuts growth outlook

The Asian region faces a "stagflationary" outlook, a senior International Monetary Fund (IMF) official warned on Tuesday, citing the Ukraine war, spike in commodity costs and a slowdown in China as creating significant uncertainty.

While Asia's trade and financial exposures to Russia and Ukraine are limited, the region's economies will be affected by the crisis through higher commodity prices and slower growth in European trading partners, said Anne-Marie Gulde-Wolf, acting director of the IMF's Asia and Pacific Department.

Moreover, she noted that inflation in Asia is also starting to pick up at a time when China's economic slowdown is adding to pressure on regional growth.

26 Apr 2022, 07:30:44 AM IST

Tokyo stocks open higher after US gains

Tokyo stocks opened higher on Tuesday as investors cheered gains on Wall Street while keeping a cautious eye on Chinese shares.

The benchmark Nikkei 225 index added 0.59 percent, or 155.59 points, at 26,746.37, while the broader Topix index firmed 0.36 percent, or 6.69 points, to 1,884.09.

The dollar stood at 127.59 yen, off from 128.15 yen on Monday in New York.

Shares tracked US gains after the Dow closed up 0.7 percent while the tech-rich Nasdaq index added 1.3 percent.

But the market may lose its sense of direction later in the day, analysts said, ahead of a set of public holidays known in Japan as Golden Week.

Traders in Tokyo will take a break on Friday. Then, after operating normally on Monday, the market will close for three straight days before reopening on Friday April 6.

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