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Home / Markets / Live Blog /  Sensex tumbles 537 pts, Nifty ends above 17,000; Bajaj twins, ICICI Bank drag

Sensex tumbles 537 pts, Nifty ends above 17,000; Bajaj twins, ICICI Bank drag

Market Closing: Indian indices shed around 0.94% on Wednesday amid weak global cuesPremium
Market Closing: Indian indices shed around 0.94% on Wednesday amid weak global cues

  • Market Closing: Indian indices on Wednesday retreated after rebounding strongly in the previous session, following a rout in Asian indices as investor sentiments took a hit over fears of global economic slowdown.

Indian indices suffered losses on Wednesday, following a strong rebound in the previous session, with major sectors coming under heavy selling pressure. The market sentiments were hurt following a rout in Asian and Wall Street indices over worries of global economic slowdown. News of Russia cutting gas supplies to Eastern Europe, prospects of US rate hikes, and Covid-19-related curbs in China also added to the investors' woes. In Asia, shares declined in Japan, South Korea, and Australia, while that in Shanghai advanced and Hong Kong were muted on Wednesday. 

27 Apr 2022, 03:46:59 PM IST

Sensex dips 537 pts, Nifty ends above 17,000; Power, Oil & Gas, financials, telecom worst hit

Indian indices edged lower on Wednesday, tracking weak Asian trends, led by heavy losses in power, financials and telecom stocks. Heavy selling in index majors ICICI Bank and Bajaj twins also dampened the mood. The roller coaster ride in markets is set to continue in the near-term, V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, said in a note.

The Sensex slipped 537.22 points, or 0.94%, to close at 56,819.39, while Nifty50 lost 162.40 points to end at 17,038.40. Sectorally, most sectors registered losses, with financials, power and telecom stocks taking the biggest hits. 

On the 30-stock index, Tata Steel recorded healthy gains, while Bajaj Finance, Bajaj Finserv, ICICI Bank, and Titan were among the biggest losers.

On Nifty50, Hero MotoCorp and Tata Steel made the most gains, while Bajaj twins, Tata Consumer, and Shree Cement were among the biggest laggards.

Sensex at close
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Sensex at close
27 Apr 2022, 03:24:41 PM IST

Indonesia clarifies its palm oil export ban

Indonesia has clarified a ban on palm oil exports announced last week, saying it would only prohibit shipments used for cooking oil, just as traders prepare for the embargo to kick in on Thursday.

The world's top producer of the commodity -- which is used in a range of goods including chocolate spreads and cosmetics -- sent prices soaring on international markets with the surprise announcement, as officials look to protect domestic supplies of cooking oil.

The ban covers refined, bleached and deodorised palm oil (RBD), which is a key ingredient in cooking oil, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a briefing late Tuesday.

Crude palm oil shipments will not be affected.

27 Apr 2022, 03:18:24 PM IST

Russia cuts off 2 EU nations from its gas in war escalation

Russia opened a new front in its war in Ukraine on Wednesday, cutting two European Union nations that staunchly back Kyiv off from its gas, a dramatic escalation in the conflict that is increasingly becoming a wider battle with the West.

One day after the United States and other Western allies vowed to speed more and better military supplies to Ukraine, the Kremlin upped the ante, using its most essential export as leverage. European gas prices shot up on the news, which European leaders denounced as “blackmail."

In a memo, state-controlled Russian giant Gazprom said it was cutting Poland and Bulgaria off from its natural gas because they refused to pay in Russian rubles, as President Vladimir Putin had demanded. The company said it had not received any such payment since the beginning of the month.

27 Apr 2022, 03:05:33 PM IST

Gold futures gain on fresh bets

Gold prices on Wednesday marginally increased by 8 to 51,592 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for June delivery traded higher by 8 or 0.02 per cent at 51,592 per 10 gram in a business turnover of 14,016 lots.

Fresh positions built up by participants led to the rise in gold prices, analysts said.

Globally, gold was trading 0.20 per cent lower at USD 1,900.30 per ounce in New York.

27 Apr 2022, 03:00:28 PM IST

Euro hits 5-year low, stocks down again on mixed earnings

The euro dropped to its weakest since 2017 on Wednesday as investors increasingly concerned about the global growth and inflation outlook snapped up dollars, while a mixed bag of corporate earnings sent stock markets lower again.

The dollar has roared 4.3% higher in April and is on course for its best month since January 2015, propelled by mounting expectations for the Federal Reserve to hike interest rates aggressively in coming months and the U.S. economy to hold up better than the euro zone.

Investors have been dumping the euro, and on Wednesday it dropped below $1.06 with another half a percent fall. Analysts say the it is being buffeted by the war in Ukraine and mounting worries about the single currency bloc's economy falling into recession this year.

27 Apr 2022, 02:52:00 PM IST

Adani Power hits upper circuit for 5th session. Key factors driving the stock

Multibagger stock: After hitting 1 lakh crore market capitalization last week, Adani Power shares have been hitting upper circuit for last 5 successive trade sessions. One of the multibagger stocks in 2022, this Adani group stock has delivered near 200 per cent return to its investors this year and experts are expecting further upside in this scrip. After hitting upper circuit on last four sessions, Adani Power share price today opened with upside gap and went to hit 5 per cent upper circuit after climbing to 299.90 per share levels on NSE.

27 Apr 2022, 02:42:01 PM IST

Bharti Airtel acquires 7% stake in NaaS startup Cnergee Technologies

India's second-largest telecom operator Bharti Airtel on Wednesday said it has acquired a 7% stake in cloud-based networking solutions provider Cnergee Technologies under the Airtel Startup Accelerator Program.

27 Apr 2022, 02:27:10 PM IST

Oil prices steady as Russia supply fears meet Asian demand concerns

Oil was broadly steady on Wednesday after Russia cut gas supplies to Bulgaria and Poland, although lingering concerns about Asian coronavirus lockdowns weighing on economic growth and oil demand kept a lid on prices.

Having dipped into negative territory, Brent crude futures rose 26 cents, or 0.3%, to $105.25 a barrel by 0823 GMT. U.S. West Texas Intermediate crude futures gained 10 cents, or 0.1%, to $101.80 a barrel.

Oil prices shrugged off the dollar rising to its highest in two years, making oil purchases more expensive for holders of other currencies.

27 Apr 2022, 02:10:13 PM IST

Yes Securities gives buy tag to ICICI Bank shares. Sees 40% upside in long term

ICICI Bank share price has remained sideways to negative in last 6 months. In fact every rise in the stock in last 6 months tuned out as an opportunity for bears to make money out of it. In last 6 months, ICICI Bank shares have shed more than 11 per cent whereas in year-to-date (YTD) time, it went off around 4 per cent. However, following the private lender's healthy loan growth trends in retail, SME and business banking Yes Securities believes that the banking stocks may soon come out of the consolidation phase and give sharp upside moves.

27 Apr 2022, 01:53:54 PM IST

Icra upgrades toll roads sector outlook to ‘positive’ for FY23

Rating agency Icra has revised its outlook on toll roads businesses to ‘positive’ from ‘stable’ for FY2023 as toll collections are expected to see a healthy increase on the back of improved economic activity.

27 Apr 2022, 01:43:21 PM IST

Excellent quarter, growth outlook robust: Axis Securities on AU Small Finance Bank

We maintain our BUY recommendation on the stock and value AUSFB at 4.8x FY24E ABV to arrive at a target price of 1,560/share, implying an upside of 10% from CMP.

27 Apr 2022, 01:35:58 PM IST

Yash Gupta of Angel One on Rainbow Children’s Medicare Limited IPO

Rainbow Children’s Medicare Limited IPO opens today with an issue size of 1,581 crores out of which 280 crores is a fresh issue and the remaining will be offered for sale from promoter and promoter group entities.

As per the different market news, the current grey market premium is trading at 15-20 which implies a listing gain of less than 5%. The grey market premium for the IPO keeps fluctuating in the last 2-3 days.

Looking at the expensive valuation of the IPO and lower expected listing premium we suggest investors not apply for the Rainbow Children’s Medicare Limited IPO.

27 Apr 2022, 01:33:29 PM IST

Business momentum strong, outlook remains encouraging: Axis Securities on Bajaj Finance

On the back of a recent correction in the stock, we revise our rating to BUY from HOLD with a revised target price of 8,200 (7.8x FY24E ABV), implying an upside of 13% from the CMP.

27 Apr 2022, 01:24:02 PM IST

Nifty50 slips 1.18%; Hero Moto Corp top gainers, Bajaj twins, Axis Bank, Hindalco top losers

NSE
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NSE
27 Apr 2022, 01:04:45 PM IST

Lodha reports robust Q4 performance; pace of debt cut key

Macrotech Developers Ltd (Lodha) reported robust performance in the March quarter of fiscal year 2022. Among the key highlights were its India pre-sales at 3,456 crores, up 37% year-on-year (y-o-y) and a record high seen in a quarter. Collections grew 36% in the March quarter compared to the same quarter last year. For FY22, pre-sales at 9,024 crores, rose more than 50% y-o-y and was in line with its guidance.

27 Apr 2022, 12:57:45 PM IST

Bajaj Finance Q4 results: Why investors are not impressed

Shares of Bajaj Finance Ltd. fell about 5% on the National Stock Exchange in opening deals on Wednesday. The non-banking financial services company (NBFC) had announced its March quarter results (Q4FY22) after market hours on Tuesday.

27 Apr 2022, 12:51:21 PM IST

Anand Rathi gives 'buy' tag to this Rakesh Jhunjhunwala portfolio stock

Rakesh Jhunjhunwala portfolio: Anand Rathi report says that Rallis India's product-launch focus, rising share of its herbicide range, export market share gains and ongoing capex plans would support long-term growth

27 Apr 2022, 12:47:29 PM IST

LIC IPO date, price announced. 5 things that policyholders should know

LIC IPO: After a long wait, the Initial Public Offer (IPO) of insurance behemoth Life Insurance Corporation (LIC) of India is finally going to hit primary market next month. As per the information available on BSE website, LIC IPO price band has been fixed at 902 to 949 per equity share. Opening date for LIC IPO subscription is 4th May 2022 and it will remain open for bidders till 9th May 2022. Accor4ding to market observers, LIC IPO has made its debut in grey market as well because LIC IPO GMP (grey market premium) today is 48.

27 Apr 2022, 12:39:40 PM IST

United Breweries records 68% YoY growth in Q4 PAT, board proposes dividend for next AGM

Heineken NV-backed beer maker United Breweries has registered a consolidated net profit of 163.78 crore for the quarter ending March 2022 (Q4FY22) period compared to a profit of 97.53 crore in the same quarter last year - representing a growth of 67.9%.

27 Apr 2022, 12:21:00 PM IST

Sensex at 12:20: Trades over 500 pts lower; Reliance shines, Bajaj twins, ICICI Bank, Wipro drag

BSE
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BSE
27 Apr 2022, 12:15:00 PM IST

Tokyo shares close lower

Tokyo shares closed lower on Wednesday, extending a rout on Wall Street where fears grew over a global economic slowdown.

The Nikkei 225 index, which dipped more than two percent in the morning, ended down 1.17 percent or 313.48 points to end at 26,386.63, while the broader Topix index fell 0.94 percent, or 17.75 points, to 1,860.76.

27 Apr 2022, 12:13:43 PM IST

Strong pent up demand for hotels driving consumption: Crisil

Strong pent-up demand for leisure travel, opening up of international and corporate travel, and wide vaccination coverage should catapult the revenue of the Indian hotel industry by 45% from a decadal low last fiscal, and almost match pre-pandemic (FY20) levels.

27 Apr 2022, 12:03:52 PM IST

Asian stocks stumble, dollar at pandemic high on global growth fears

Most Asian stock indices fell on Wednesday, as growing fears over the global economy drove investors to dump riskier assets in favour of safe havens such as the U.S. dollar and government bonds.

Financial markets are grappling with multiple risks, including the prospects for aggressive U.S. interest rate hikes, a sharp slowdown in China, surging inflation, and the war in Ukraine.

European markets looked set to follow Asia lower. In early trade, the pan-region Euro Stoxx 50 futures slipped 0.38% to 3,641. FTSE futures dipped 0.12% to 7,351.

News that Russia had briefly cut gas supplies to Poland deepened worries, sending the MSCI world equity index slumping to a 13-month low.

27 Apr 2022, 11:56:56 AM IST

Air India proposes to acquire AirAsia India

Tatas-owned Air India plans to acquire no-frills carrier AirAsia India and has sought approval from the Competition Commission for the proposed deal.

AirAsia India is majority-owned by Tata Sons Private Ltd with a shareholding of 83.67 per cent and the remaining stake is with AirAsia Investment Ltd (AAIL), which is part of Malaysia's AirAsia Group.

27 Apr 2022, 11:56:03 AM IST

Gold prices today: Yellow metal slips, silver follows suit. What will move bullion ahead

Gold and silver prices have slipped on Wednesday amidst a strong dollar and ahead of US Federal Reserve's May 2022 policy. The yellow metal dipped despite the equities market witnessing a steep selloff globally amidst Covid lockdown pressure, geopolitical tension, and inflationary pressures. This bullion should have been the safe haven in the current scenario, however, investors today carried profit booking.

27 Apr 2022, 11:47:16 AM IST

Profit margins recover in Q4FY22: ICICI Securities on Mahindra Logistics

With ~ 1.7mn. sq. ft. of Build to Suit (BTS) warehousing space addition and ~2mn. sq. ft. reduction in yard area management YoY in FY22, we are seeing a gradual uptick in warehousing yields. Q4FY22 results were prospective, and with a normalised valuation, we upgrade MLL to BUY from REDUCE.

27 Apr 2022, 11:34:51 AM IST

Broad market indices: All in the red, Nifty50 down 0.85%

NSE
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NSE
27 Apr 2022, 11:16:04 AM IST

FDI inflows in India's pharma sector saw 202% growth: Health Minister

Union Minister for Health and Family Welfare, Mansukh Mandaviya, has said that the pharmaceutical industry has emerged as a favourite destination for foreign investors.

27 Apr 2022, 11:06:51 AM IST

Curtailed expenses lift margins: ICICI Securities on Sanofi India

We remain positive on SANL considering its high exposure in the fast-growing chronic therapy in domestic formulations, strong balance sheet with deep cash reserves, and strong brand equity built over the years. Maintain ADD with a revised target price of Rs7,955/share (prior: Rs8,107).

27 Apr 2022, 11:05:11 AM IST

Strong performance amidst multiple headwinds: ICICI Securities on Mahindra CIE

We expect the company to deliver mean FCF of ~Rs5bn p.a. in CY22E-CY23E. With RoE improving to ~14% by CY23E (~8% in CY21), ~7% FCF yield, 2% dividend yield and lean balance sheet, we believe MACA is an attractive BUY. Maintain BUY on the stock and value it on DCF, with a target price of Rs296/share (earlier: Rs287), implying ~14x CY23E EPS, keeping CY22/CY23E estimates unchanged.

27 Apr 2022, 10:50:11 AM IST

Schaeffler India surges over 4.5% in early trade. The firm had reported 48% growth in Q4 profit at ₹207 crore

BSE
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BSE
27 Apr 2022, 10:43:42 AM IST

AU Small Finance Bank down 4.5%

The firm on Tuesday had reported a 105% jump in profit to 346 crore in the quarter ended March 2022

BSE
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BSE
27 Apr 2022, 10:39:07 AM IST

BSE Auto stocks slip 0.87%; Ashok Leyland, Tata Motors, M&M drag the most, Hero Moto Corp only green spot

BSE
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BSE
27 Apr 2022, 10:32:54 AM IST

Indonesia to ban palm oil exports from tomorrow onwards

Indonesia is set to ban its export of palm oil and raw materials from tomorrow onward (April 28) - a move that is expected to drive the prices of many consumer products higher.

27 Apr 2022, 10:28:39 AM IST

LIC IPO: To apply, policyholders need to keep two things in check. Details here

Life Insurance Corporation of India (LIC) is set to launch one of the biggest initial public offerings in the history of the IPO market in India by next month. The government-owned company has filed its Draft Red Herring Prospectus and awaits market regulator Sebi's approval.

27 Apr 2022, 10:24:49 AM IST

Reliance Industries shares at record high, market cap crosses ₹19 lakh crore

Shares of Reliance Industries shrugged off weak broader markets and hit record high in early trade today. RIL shares were up 1% to 2,802, giving it a market cap of 19 lakh crore.

27 Apr 2022, 10:19:23 AM IST

Top BSE losers in early trade: CARE Ratings, UTI AMC, IIFL Securities biggest drags

BSE
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BSE
27 Apr 2022, 10:13:37 AM IST

Top BSE gainer: Mahindra Logistics rises over 10%

The firm on Tuesday had reported a 9 per cent decline in its net profit to 11 crore for the quarter ended March.

It had posted a net profit of 12 crore in the year-ago period, the company said in a statement.

BSE
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BSE
27 Apr 2022, 10:08:18 AM IST

Top BSE gainers in early trade: Mahindra Logistics, Centrum Capital lead

BSE
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BSE
27 Apr 2022, 09:56:54 AM IST

Ahead of IPO, Rainbow Children's Medicare collects ₹470 cr from anchor investors

Multi-speciality pediatric hospital chain Rainbow Children's Medicare Ltd on Tuesday said it has garnered nearly 470 crore from anchor investors ahead of its initial public offering (IPO).

The company has decided to allocate a total of 8,663,404 equity shares to anchor investors at 542 apiece, taking the transaction size to 469.55 crore, according to a circular uploaded on BSE website.

Government of Singapore, Monetary Authority of Singapore, Amansa Holdings, Goldman Sachs (Singapore) Pte and IIFL Special Opportunities Fund are among the anchor investors.

27 Apr 2022, 09:52:24 AM IST

BSE indices post losses in early trade after a global sell-off extended to Asian peers

BSE
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BSE
27 Apr 2022, 09:44:34 AM IST

Bajaj finance down almost 5% in early trade

The firm had reported its highest ever consolidated net profit at 2,420 crore in Q4. The figure is 80 per cent higher compared to 1,347 crore posted in the year-ago period.

BSE
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BSE
27 Apr 2022, 09:40:55 AM IST

Rupee rises by 8 paise to close at 76.56 as LIC IPO raises hopes of forex inflows

Snapping its two-day losing streak, the rupee rose by 8 paise to close at 76.56 against the US dollar on Tuesday following a rebound in regional currencies and expectations of foreign fund flows as the LIC IPO is likely to hit markets early in May.

A fall in crude oil prices also aided gains in the local unit.

However, the appreciation bias in the local unit will be capped in the near term amid fears about the economic impact of China's COVID-19 lockdowns and an aggressive pace of the US rate hikes, traders said.

At the interbank forex market, the rupee opened at 76.48 against the greenback and moved in a range of 76.43 to 76.69 in the day trade. The rupee finally closed at 76.56, higher by 8 paise over its previous close of 76.64.

Analysts said a rally in the stock markets and news of LIC IPO hitting the market during the first week of May supported the rupee.

27 Apr 2022, 09:35:21 AM IST

Future Group shares continue to fall for 2nd day; tumble up to 20%

Shares of Future Group firms continued to slide for the second day in a row on Tuesday, plummeting up to 20 per cent.

With the proposed deal with Reliance falling through, investors have been dumping the shares of Future Group since Monday even as the broader market made substantial gains after declining for two consecutive sessions.

Future Lifestyle Fashions tumbled 19.90 per cent, Future Supply Chain Solutions plummeted 16.87 per cent, Future Consumer shares tanked 13.08 per cent, Future Enterprises declined 9.89 per cent and Future Retail fell 4.86 per cent on the BSE.

27 Apr 2022, 09:23:48 AM IST

Nifty50 plunges over 110 points, trades below 17,100; HDFC Life, Adani Ports top gainers; Bajaj Finance, Bajaj Finserv biggest losers

NSE
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NSE
27 Apr 2022, 09:20:11 AM IST

Sensex off to a bad start after global markets sink, falls 450 points with most stocks in the red; Bajaj Finance worst hit in early trade

Sensex at open
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Sensex at open
27 Apr 2022, 09:12:33 AM IST

Nifty50 slumps below 17,100 at pre-open; Bajaj Finance, L&T, Nestle India top losers

NSE
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NSE
27 Apr 2022, 09:11:08 AM IST

Sensex at pre-open: Sinks 372 points, with most stocks in the red; Ultratech Cement, Bajaj Finance, M&M suffer the most

BSE
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BSE
27 Apr 2022, 09:02:36 AM IST

Technical & derivatives report by Sameet Chavan of Angel One

US markets had a remarkable recovery from lower levels overnight and went on to close well inside the positive terrain. This uplifted the overall sentiments across the Asian bourses yesterday morning. This led to a decent bump up at the opening in our markets which was then followed by a long consolidation. However, the buying momentum picked up once again in some of the heavyweight constituents towards the fag end of the session. As a result, the Nifty hastened towards the 17200 mark at the closing trade.

Yesterday although banking space did not move to the tune of some of the other heavyweight baskets, the Nifty managed close at an interesting juncture. It has certainly raised the expectation for the remaining two sessions of the April series. If there is no aberration on the global front, we would see the Nifty moving towards 17300 – 17400 in the coming session. However, as of now, there is no clear indication whether the 17400 will be taken out or not in this expiry. So let’s see how things pan out going ahead. On the flipside, 17100 – 17000 has now become a sacrosanct support zone.

Traders are advised to keep focusing on individual stocks and also need to closely watch how banking stock behaves. If they start performing then one should certainly gear up for some fireworks towards the fag end of the April series.

27 Apr 2022, 08:54:39 AM IST

Asian markets sink as traders fret over global outlook

Asian markets were back in negative territory Wednesday following a rout on Wall Street as traders are faced with a perfect storm of crises including China's Covid-linked economic woes, US interest rate hikes, soaring inflation and the Ukraine war.

The downbeat mood across the world has been compounded by weak earnings from some of the world's biggest companies, while pledges of support from Beijing have largely fallen on deaf ears.

Tech firms, who rely on debt to drive growth, led a plunge in New York on fears that the Federal Reserve is at the beginning of a period of sharp rate increases aimed at taming scorching inflation.

The numerous issues around the world are acting as a massive drag on sentiment, with many worrying about the global economic outlook.

27 Apr 2022, 08:50:02 AM IST

Adani Wilmar shares give 250% return in 3 months. Should you buy, hold or sale?

Adani Wilmar's share price has jumped over 250 per cent in just two months. Its stock price went up from 221 on 8 February 2022 to 803 on Tuesday. Adani Wilmar IPO had opened on 27 January 2022 at issue price band of 218 to 230.

27 Apr 2022, 08:37:26 AM IST

Oil pushes higher as Russia escalates energy crisis with gas cut

Oil extended gains after Russia said it would cut natural gas supply to Poland and Bulgaria, escalating tensions as Europe looks at restricting crude imports from the country.

West Texas Intermediate futures climbed above $102 a barrel after rising 3.2% on Tuesday. Russia will halt natural gas flows to the European Union nations on Wednesday, making good on a threat to cut supply to countries that refuse President Vladimir Putin’s new demand to pay for the fuel in rubles.

The market has been gripped by a tumultuous period of trading since Russia’s invasion of Ukraine in late February. The U.S. and U.K. have pledged to ban oil imports from the OPEC+ producer, but the EU has struggled for consensus on similar measures. The war continues, despite efforts for a cease-fire.

27 Apr 2022, 08:36:45 AM IST

India to trim mega insurer IPO size, issue opens next week

India slashed the size of its biggest initial public offering by about 60%, pressing ahead with the sale even as the war in Ukraine continues to weigh on investor demand.

Prime Minister Narendra Modi’s government will sell 221.4 million shares of Life Insurance Corporation of India at 902 rupees to 949 rupees each, according to the final prospectus filed with exchanges, confirming an earlier Bloomberg News report. The offering next week could raise as much as 210 billion rupees ($2.7 billion) at the top end of the price range. That’s far lower than the 500 billion rupees targeted earlier, people with knowledge of the matter said at the time.

27 Apr 2022, 08:35:52 AM IST

Cryptocurrency price today: Bitcoin, ETH, Dogecoin, Solana, Terra down up to 5.75%

Cryptocurrency price today: Most of the top 10 cryptocurrencies has lost value in the last 24 hours. Cryptocurrency price in India has witnessed heavy profit-booking in last 24 hours as Bitcoin, Ethereum, Solana, Terra, Dogecoin have lost value up to 5.75 per cent in this period. However, Bitcoin — the most popular virtual asset — continues to dominate the crypto asset market.

27 Apr 2022, 08:34:55 AM IST

Petrol, diesel price stays steady for 21 days in row

Check latest fuel prices here

27 Apr 2022, 08:26:53 AM IST

Day trading guide for Wednesday

8 stocks to buy or sell today — 27th April

27 Apr 2022, 08:17:59 AM IST

Wall Street tumbles, as European shares again retreat

U.S. shares tumbled on Tuesday, with the Nasdaq posting its steepest one-day rout since September 2020, while European stocks extended losses for a third session as investors warily awaited U.S. tech earnings and fretted over global growth.

China's COVID-19 curbs and fears of aggressive U.S. Federal Reserve tightening continued to damp risk appetite and lifted the dollar to new two-year highs.

Oil prices rebounded in volatile trading and gold prices rose on safe-haven buying.

The tech-heavy Nasdaq led Wall Street lower, closing at its lowest since late 2020. The Dow Jones Industrial Average fell 2.38% to end at 33,240.18 points, while the S&P 500 lost 2.81% to 4,175.2.

The Nasdaq Composite dropped 3.95% to 12,490.74.

Alphabet Inc and Microsoft Corp both fell almost 4% ahead of their results after the closing bell. About a third of S&P 500 companies are set to report results this week.

The MSCI world equity index fell 13.6 points, or 2.03%, to 655.01.

The pan-Europe STOXX 600 index closed lower, with technology stocks down 2.3% at six-week lows and banks dropping 2.3%. The index had rallied up to 1% earlier in the session amid strong earnings from companies including Swiss bank UBS and shipping giant Maersk

China's blue-chip index fell another 0.8% after its worst day in two years on Monday, even as the central bank vowed to step up prudent monetary policy support, particularly for small firms hit by COVID-19.

Three-fourths of Beijing's 22 million people lined up for COVID-19 tests as the Chinese capital raced to stamp out a nascent outbreak and avert the city-wide lockdown that debilitated Shanghai for a month.

27 Apr 2022, 08:03:21 AM IST

Gold edges lower on dollar strength

Gold prices eased on Wednesday as the dollar held ground at its highest in more than two years and pressured demand for greenback-priced bullion. Spot gold was down 0.1% at $1,903.16 per ounce, as of 0037 GMT. U.S. gold futures were up 0.1% at $1,905.80.

27 Apr 2022, 08:02:30 AM IST

Tesla loses $126 billion in value amid Musk Twitter deal funding concern

Tesla Inc lost $126 billion in value on Tuesday amid investor concerns that Chief Executive Elon Musk may have to sell shares to fund his $21 billion equity contribution to his $44 billion buyout of Twitter Inc.

Tesla is not involved in the Twitter deal, yet its shares have been targeted by speculators after Musk declined to disclose publicly where his cash for the acquisition is coming from. The 12.2% drop in Tesla's shares on Tuesday equated to a $21 billion drop in the value of his Tesla stake, the same as the $21 billion in cash he committed to the Twitter deal.

Wedbush Securities analyst Daniel Ives said that worries about upcoming stock sales by Musk and the possibility that he is becoming distracted by Twitter weighed on Tesla shares. "This (is) causing a bear festival on the name," he said.

27 Apr 2022, 08:00:36 AM IST

Wall Street banks cut China corporate profit forecasts as Covid drags

Equity investors are bracing for a flurry of earnings reports and forecasts that will offer clues on how China’s companies are being impacted by the recent Covid flareup.

About a quarter of China’s more than 4,700 onshore-listed companies have published first-quarter results, according to Bloomberg-compiled data. While firms have until the end of the month to disclose earnings, analysts are slashing forecasts as stringent lockdowns pressure supply chains and chill consumption.

Stocks are showing the strain in a market where the benchmark CSI 300 Index is down 23% this year. Solar panel component maker Sungrow Power Supply Co. posted lower-than-expected earnings last week, triggering a 28% plunge in its shares over two days. Battery giant Contemporary Amperex Technology Co. delayed results, sparking a 9% decline in shares this week.

27 Apr 2022, 07:58:11 AM IST

Xi calls for ‘all out’ infrastructure push to boost economy

China’s President Xi Jinping made a bold commitment to boost infrastructure construction, the latest pledge by officials to bolster the economy as it gets hammered by a series of Covid-related lockdowns.

All-out efforts must be made to spur infrastructure spending, Xi said Tuesday at a meeting of the Central Committee for Financial and Economic Affairs. Infrastructure was a pillar of economic and social development, Xi added, according to a report from the state-run Xinhua News Agency.

The meeting decided the country’s infrastructure was still incompatible with the demand for national development and security, according to Xinhua. Strengthening infrastructure construction in an all-round way is of great significance to ensuring national security, expanding domestic demand and other objectives, it said.

27 Apr 2022, 07:43:20 AM IST

Tokyo's Nikkei index slips more than 2% in early trade

Tokyo's key Nikkei index slipped more than two percent in early trade Wednesday extending a rout on Wall Street where fears grew over a global economic slowdown.

The Nikkei 225 index was down 2.33 percent, or 621.90 points, at 26,078.21 about 10 minutes after the opening bell, while the broader Topix index was down 1.86 percent, or 34.91 points, at 1,843.60.

"Japanese shares are starting with a huge drop following falls on Wall Street" where all three major indexes plunged "due to growing worries over the global economic slowdown as China expanded the lockdown" of Shanghai, senior market analyst Toshiyuki Kanayama of Monex said in a note.

Worse-than-expected US indicators including durable goods orders in March also weighed on the market, he added.

27 Apr 2022, 07:38:06 AM IST

Dollar nears pandemic peaks as investors seek safety

The dollar stood at its highest level since the early days of the pandemic on Wednesday and was heading for its best month since 2015, supported by the prospect of U.S. rate hikes and on safe-haven flows fanned by slowing growth in China and Europe.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, sat by its overnight high of 102.37, the strongest it has been since March 2020.

The euro fell below its pandemic lows to $1.0635 in early trade, a five-year trough, on fears for energy security and Europe's growth after Russia's Gazprom said it would halt gas supply to Poland and Bulgaria later in the day.

Commodity currencies have also been sold in favour of the greenback, driving the New Zealand dollar close to its lowest levels of this year at $0.6562 and the Australian dollar to a two-month low of $0.7119.

27 Apr 2022, 07:30:29 AM IST

Stocks fall as outlook for economic growth dims

Stocks fell Wednesday as mixed corporate earnings, China’s Covid struggles and the prospect of aggressive Federal Reserve monetary tightening all pointed to a deteriorating economic outlook.

Equities retreated in Japan, Australia and South Korea. U.S. equity futures wavered after the S&P 500 slid to a six-week low and the technology-heavy Nasdaq 100 plumbed levels last seen in 2021.

The risk aversion bolstered sovereign bonds in Australia and New Zealand. Treasuries pared some of a sharp rally from Tuesday that was led by shorter maturities. A dollar gauge was around the highest mark in nearly two years.

The euro touched the weakest level versus the greenback since 2017 amid worries that Moscow may choke gas flows to Europe, hurting the region’s growth in the ongoing fallout from Russia’s invasion of Ukraine.

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