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Business News/ Markets / Live Blog/  Sensex drops 150 pts, Nifty ends around 15,800; Reliance, NTPC rally, HUL drags

Sensex drops 150 pts, Nifty ends around 15,800; Reliance, NTPC rally, HUL drags

Market Closing: Indian indices on Wednesday tried to bounce back from the intra-day losses amid volatility, before ending in the red, falling short of the green zone by around 200 points. Major decline in stocks of HUL, Axis Bank, Bajaj Finserv, among others, offset the gains in NTPC and RIL.

Market Closing: Indian indices on Wednesday snapped a four-day winning rally as they closed in the red amid late-session volatility.   (Photo: Abhijit Bhatlekar/Mint)Premium
Market Closing: Indian indices on Wednesday snapped a four-day winning rally as they closed in the red amid late-session volatility.   (Photo: Abhijit Bhatlekar/Mint)

Indian indices on Wednesday slipped into the red zone after tracking weakness in global indices as investors remained gripped by uncertainty of inflation and rising interest rates. The Indian rupee fell 19 paise to close at all-time low of 79.04 (provisional) against US dollar. The surge in the dollar has set Asian currencies on course for their worst quarter since 1997 and created a dilemma for central bankers. Shares slipped on Wednesday in Europe and Asia ahead of the latest update on US economic growth, while oil prices were lower. A weaker-than-expected US consumer confidence reading highlighted worsening consumer expectations due to persistently high inflation. Shares fell in Japan, Australia, Hong Kong, Shanghai, and South Korea.

29 Jun 2022, 03:45:48 PM IST

Sensex slips 150 pts, Nifty ends near 15,800; power, energy stocks advance, IT, FMCG decline

Indian indices snapped their four-day gain on Wednesday amid weak global market trends and inflation concerns.

The Sensex lost 150.48 points, or 0.28%, to close at 53,026.97, while Nifty50 declined 51.10 points to end at 15,799.10. Sectorally, energy and power stocks performed well, while IT, financials, FMCG, and banks dragged.

On the 30-stock index, Reliance, NTPC, Sun Pharma, and UltraTech were the top performers, while HUL, Axis Bank, Bajaj Finserv, and Wipro were among the biggest losers.

On the Nifty50 index, ONGC, Reliance, and NTPC registered the biggest gains, while HDFC Life, HUL, and Apollo Hospitals were the biggest laggards.

Sensex at close
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Sensex at close
29 Jun 2022, 03:28:34 PM IST

Gold declines ₹176 amid weak global trends

Gold price in the national capital fell by 176 to 50,649 per 10 grams on Wednesday, reflecting a decline in international precious metal prices, according to HDFC Securities.

In the previous trade, the yellow metal settled at 50,825 per 10 grams.

Silver also fell by 443 to 59,725 per kg from 60,168 per kg in the previous trade.

"Spot gold prices for 24-carat gold in Delhi fell by 176 in line with decline in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

In the international market, gold was quoting lower at USD 1,817 per ounce while silver was flat at USD 20.82 per ounce.

29 Jun 2022, 03:28:16 PM IST

India's top cement maker paying for Russian coal in Chinese yuan

India's biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common.

UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values the cargo at 172,652,900 yuan ($25.81 million).

Two trade sources familiar with the matter said the cargo's sale was arranged by SUEK's Dubai-based unit, adding that other companies have also placed orders for Russian coal using yuan payments.

29 Jun 2022, 03:21:19 PM IST

Nifty50 at 03:20 pm: ONGC, NTPC, Reliance rally, HDFC Life, HUL bleed

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29 Jun 2022, 03:04:51 PM IST

Vijay Kedia portfolio: Tata group share rises over 7%. Experts list out reasons

Vijay Kedia portfolio: On account of Japanese chipmaker Renesas Electronics Corp announcing strategic partnership with Tata group company Tejas Networks and market buzz about management rejig, the Vijay Kedia-backed company's stock price has been skyrocketing since early morning deals on Wednesday. Tejas Networks share price today ascended more than 7 per cent making intraday high of 479.90 per share on NSE. According to stock market experts, in this surge, this telecom hardware company's stock has given fresh breakout at 460 apiece levels as well.

29 Jun 2022, 02:52:20 PM IST

Value growth in exports more pronounced than volume growth in FY22: India Rating

India's merchandise exports may well have touched a record high in 2021-22 in value terms, but volumes grew at a slower pace, as per a study by India Ratings showed. Four categories including plastic and rubber articles, gems and jewellery, and optical, medical and surgical instruments reported a decline in exports in volume terms. Outbound shipments form these categories, however, reported a high double-digit growth in volume terms.

29 Jun 2022, 02:51:41 PM IST

Novartis cuts 8,000 jobs, some to be transferred to India

Swiss pharmaceutical giant Novartis is slashing around 8,000 jobs worldwide, or just over seven percent of its global workforce, as part of a large restructuring push.

29 Jun 2022, 02:44:10 PM IST

RIL shares give fresh technical breakout, poised for more upside: Analyst

Shares of Reliance Industries (RIL) surged more than 2% to 2,585 apiece on the BSE in Wednesday's trading session, supporting the benchmark indices. The share price of India's top valued company has given fresh breakout and is poised for more upside, as per analysts.

29 Jun 2022, 02:33:45 PM IST

Sensex at 02:30 pm: Recovers from intra-day loss, trades in the green; RIL, NTPC, PowerGrid boost rally 

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29 Jun 2022, 02:28:59 PM IST

Why JPMorgan is bullish on this Indian metal stock, sees over 58% upside

While steel prices in India have corrected sharply to 60- 61k/t, domestic demand has also recovered sharply as consumer de-stocking is behind us. Analysts at JPMorgan do not see further declines in the domestic steel market.

29 Jun 2022, 02:08:40 PM IST

Asian shares track Wall St drop as inflation fears drag on

Shares skidded in Asia on Wednesday after another broad decline on Wall Street as markets remain gripped by uncertainty over inflation, rising interest rates and the potential for a recession.

US futures edged higher while oil prices fell back.

A weaker-than-expected US consumer confidence reading highlighted worsening consumer expectations due to persistently high inflation.

That “dragged equities lower as sentiment soured for risky assets," Anderson Alves of ActivTrades, said in a commentary.

Investors are awaiting comments later in the day by Federal Reserve Chair Jerome Powell and other top central bankers, he said.

Tokyo's Nikkei 225 index lost 0.9% to 26,804.60 while the Kospi in Seoul fell 0.8% to 2,377.99. The Hang Seng in Hong Kong declined 2.4% to 21,891.43. The Shanghai Composite index sank 1.4% to 3,361.52.

Australia's S&P/ASX 200 gave up 0.9% to 6,675.57. Bangkok's SET lost 0.5% and India's Sensex was down 0.3%.

29 Jun 2022, 02:07:30 PM IST

European gas prices rise as supply risks add to storage concerns

Natural gas prices in Europe increased on Wednesday amid risks that the supply situation could deteriorate as countries race to fill storage sites.

The continent may struggle to tap liquefied natural gas to replace missing Russian supply as demand in Asia increases, elevating competition for cargoes. The UK is also considering cutting off interconnector gas pipelines to European Union countries under an emergency plan, if the supply situation worsens, the Financial Times reported.

29 Jun 2022, 01:56:03 PM IST

Why Zomato share price has been falling

What are the key factors behind the recent decline in Zomato’s shares? Its recent Blinkit acquisition has something to do with it

29 Jun 2022, 01:47:28 PM IST

Tata Tech joins Foxconn-led consortium to develop sustainable mobility solutions

Tata Technologies Ltd on Wednesday said it has joined the Foxconn-initiated MIH Consortium to promote development of sustainable mobility solutions and encourage collaboration within the industry.

The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services.

The goal of this open electric vehicle alliance is to bring the strategic partners together to build the next generation of EV, autonomous driving, and mobility service applications, the global engineering and product development digital services firm said in a statement.

29 Jun 2022, 01:40:02 PM IST

Sebi imposes ₹7-cr fine on NSE, ₹5 cr each on Ramkrishna, Narain in 'dark fibre' case

Capital markets regulator Sebi has penalised total 18 entities, including National Stock Exchange (NSE) and its former chiefs Chitra Ramkrishna and Ravi Narain in the 'dark fibre' case.

The regulator has imposed a penalty of 7 crore on NSE and 5 crore each on Ramkrishna and Narain. Besides, a fine of 5 crore has been levied on Subramanian Anand.

Further, Sebi has slapped a fine of 6 crore on Way2Wealth Brokers, 5 crore on GKN Securities and 3 crore on Sampark Infotainment.

They have been asked to pay the total amount of penalty within 45 days, according to a Sebi order passed on Tuesday.

29 Jun 2022, 01:31:30 PM IST

GST Council meet: All eyes on states' compensation; 28 pc tax on online gaming, casinos, horse racing

The contentious issues of extension of GST compensation mechanism for states and a highest 28 per cent tax rate on online gaming, casinos and horse racing is slated for discussion at the second day of the GST Council meeting here.

On the first day, the 47th GST Council chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided to tweak tax rates of some goods and services, including bringing pre-packed and labelled food items under the tax net to check evasion.

Besides, a host of procedural and legal changes, including monthly GST return form, and mechanisms for dealing with high-risk taxpayers were also discussed.

The Day-2 will see deliberations on more vexed issues like compensation to states beyond June 2022, and a Group of Ministers (GoM) report on 28 per cent tax on online gaming, casinos and horse racing.

29 Jun 2022, 01:30:07 PM IST

Sandeep K Gupta to be next chairman of GAIL

Sandeep Kumar Gupta, Director for Finance at Indian Oil Corporation, has been picked to head India's largest gas utility GAIL (India) Ltd, the government headhunter said.

The Public Enterprises Selection Board (PESB) selected Gupta, 56, for the post of chairman and managing director of GAIL after interviewing 10 candidates, it said in a post-interview notice.

He will replace Manoj Jain, who is scheduled to retire on August 31.

29 Jun 2022, 01:23:30 PM IST

Arijit Malakar of Ashika Group on paper companies

Last year, government has issued a notification regarding Plastic Waste Management Amendment Rules, 2021, in which single use plastic will be banned from 1st July 2022. Given, the rising concern over climatic change and environmental pollution, the extension of this deadline is very unlikely. The ban is on rigid plastic items such as plates, cups, glasses, cutlery, wrapping or packaging films, PVC banners less than 100 micron, straws and stirrers. The industry size of single-use plastics is estimated to be 10,000 crore. This has been positive news for paper industry as the opportunity to replace the single use plastic with paper has been huge. However, currently, India lag on require infrastructure to entirely replace the single use plastic. For example, India consume about 6 billion of plastic straws every year which need to replace with paper straw and currently, India does not have domestic manufacturing capacity for this.

29 Jun 2022, 01:20:22 PM IST

Sensex recovers around 400 points from day's low, trades marginally lower; RIL, NTPC help recovery, HUL, IndusInd Bank drag

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29 Jun 2022, 01:17:54 PM IST

Oil prices slide after three-day rally

Oil prices fell on Wednesday, taking a break after gaining for three sessions, as concerns about the global economy weighed while tight supply curbed losses.

Brent crude futures for August dropped 98 cents, or 0.8%, to $117.00 a barrel by 0647 GMT. The August contract will expire on Thursday and the more-active September contract was at $113.03, down 77 cents, or 0.7%.

U.S. West Texas Intermediate (WTI) crude futures slid 62 cents, or 0.6%, to $111.14 a barrel.

Both contracts rose more than 2% on Tuesday as concerns over tight supplies due to Western sanctions on Russia outweighed fears of that demand may slow in a potential future recession.

29 Jun 2022, 01:07:14 PM IST

Copper dips as economic slowdown fears sap sentiment

Copper prices slipped on Wednesday, as downbeat U.S. consumer confidence data and prospects of rapid rate hikes to control a surge in inflation fanned fears of a global economic slowdown, impacting metals demand. Three-month copper on the London Metal Exchange was down 0.6% at $8,314 a tonne, as of 0702 GMT. Prices of the metal, which is used as a gauge of economic health by investors, has fallen 23% since scaling a peak of $10,845 in March. The most-traded August copper contract in Shanghai ended daytime trading down 0.9% to 63,470 yuan ($9,466.07) a tonne. LME aluminium fell 0.7% to $2,474 a tonne, zinc gained 0.2% to $3,340, lead dipped 0.7% to $1,956.50, nickel shed 1.6% to $22,800, and tin dropped 7.1% to $24,900.

29 Jun 2022, 01:05:25 PM IST

Stocks fall, bonds rise amid worries about growth

Stocks dropped Wednesday on renewed worries about economic growth as monetary policy tightens in much of the world to fight inflation.

European equities fell for the first time in four days with sentiment also hurt by China remaining committed to its zero-Covid approach. US contracts steadied after a tech-led slide hurt the S&P 500 Tuesday. An Asian equity index snapped a four-day climb, losing more than 1%.

29 Jun 2022, 12:53:35 PM IST

Route Mobile announces share buyback: Price, size, key details to know

Enterprise communications service provider Route Mobile's board has approved the buyback by the company of its fully paid-up equity shares at a price not exceeding 1,700 per equity share (Maximum Buyback Price) and for an aggregate amount not exceeding 120 crore (maximum buyback size), from the shareholders of the company, excluding promoters, promoter group and persons who are in control of the company.

29 Jun 2022, 12:44:11 PM IST

Structural demand drivers for commodities remain intact: Sajjan Jindal

Although global growth expectations have moderated recently, the structural demand drivers for commodities like steel remain intact, said Sajjan Jindal, chairman and managing director of JSW Steel Ltd in a message to shareholders in the company’s annual report.

29 Jun 2022, 12:37:31 PM IST

BSE bank stocks under pressure, slip close to 1%

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29 Jun 2022, 12:04:42 PM IST

Prabhudas Lilladher on Indraprastha Gas

We tweak our FY23/24E earnings lower by ~1%. IGL reported strong results with EBIDTA/PAT of Rs5.0bn (6%Q/Q; PLe Rs3.9bn) and Rs3.6bn (16%Q/Q; PLe Rs2.7bn), due to higher margins given lower spot purchase. Volumes were lower QoQ partly due to pandemic restrictions in January and were at 7.7mscmd (-1%Q/Q). For FY22, EBIDTA/PAT was at Rs18.8bn (+11% 2yr CAGR) and Rs13.1bn (2yr CAGR 7.7%). We believe pick-up in economic activity will drive growth in coming quarters. IGL remains an enviable business model with high volume growth due to geographical expansion and addition of new buses and taxis. Also, fuel economics, shift to private vehicle ownership post pandemic will drive CNG volumes despite excise duty cuts, in our view. Reiterate “BUY" with DCF-based PT of Rs589 (Rs662) as we raise the WACC to 10.3% from 9.7%.

29 Jun 2022, 12:03:54 PM IST

Ravindra Rao of Kotak Securities on crude oil

“NYMEX crude trades marginally lower near $111/bbl after recovering nearly 10% from recent lows. Crude oil rose in last few days on supply concerns as G7 members worked on ways to cap Russian crude prices, Libya and Ecuador faced supply disruptions due to political issues and as some major producers like UAE indicated that they were producing near capacity. The momentum is crude oil however came to a halt as disappointing US economic data rekindled demand concerns and as market players positioned for weekly inventory report. Crude may remain choppy ahead of inventory report however lack of any positive surprise may result in some profit taking."

29 Jun 2022, 12:03:00 PM IST

Ravindra Rao of Kotak Securities on gold

“COMEX gold trades in a range near $1820/oz as support from disappointing US economic data, ban on Russian gold imports by some G7 countries, sharp rebound in crude oil price and improving outlook for Chinese economy is countered by rebound in US dollar index, attempts at recovery by equity markets, continuing ETF outflows and monetary tightening stance of major central banks. Gold remains stuck in the $1800-1850/oz and this may continue amid lack of fresh triggers however with Fed’s emphasis on aggressive tightening, the US dollar may remain supported keeping pressure on gold prices.."

29 Jun 2022, 12:00:34 PM IST

ICICI Securities on Mahindra & Mahindra

We downgrade MM to HOLD with revised DCF-based target price of Rs1,150 (earlier: Rs1,065), implying 15x FY24E core earnings and discounted value of stake in various listed entities. Under present business visibility, we see limited scope for further earnings upgrades, resulting in limited upside on present valuation levels, post MM having given ~60% return in past three months.

29 Jun 2022, 11:42:53 AM IST

IRCTC shares take a pause after rising on three successive sessions

IRCTC share price: Shares of Indian Railway Catering and Tourism Corporation rally took a pause today after surging on last three successive sessions. IRCTC share price today opened downside and went to hit intraday low of 609.30 per share mark on NSE in early morning deals, logging around 1.50 per cent dip from its Tuesday close of 620 per share levels.

29 Jun 2022, 11:37:05 AM IST

Asian stocks lose gains made on shorter China quarantine as recession fears persist

Asian stock markets fell on Wednesday, extending Wall Street's overnight losses amid concerns over inflation and the possibility of recession, which also boosted the safe-haven dollar.

Japan's Nikkei index fell 0.98%, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.37%, dragged lower by Australian shares, off 0.81%, and Korea's KOSPI, down 1.54%.

Asian shares had ended the Tuesday session on an upward trajectory after China announced an easing of its quarantine requirements for inbound passengers, in what some observers saw as the biggest relaxation so far of its "zero COVID" strategy.

But the positive impact had petered out on Wednesday.

"Inevitably, markets tend to overreact to these sorts of news," said Carlos Casanova, senior economist at UBP in Hong Kong. "In order for that to be sustainable, we really want to see these measures materialise into actual reopening."

Chinese blue chips, which hit a four month high the day before, lost 1.16% while the Hong Kong benchmark fell 1.83%. 

EUROSTOXX 50 futures were down 0.57% and FTSE futures lost 0.68% before European markets opened.

The losses in Asia followed a turbulent day on US markets, with the S&P 500 index down more than 2% after data showed US consumer confidence dropped to a 16-month low in June due to fears high inflation could cause the economy to slow significantly in the second half of the year.

29 Jun 2022, 11:28:45 AM IST

India's Mukesh Ambani hands reins of telco unit Jio to son

Indian billionaire Mukesh Ambani stepped down on Tuesday from the role of director of the telecoms arm of Reliance Industries in favour of his son Akash, setting the stage for a leadership transition at his energy-to-retail conglomerate.

The change was disclosed in a regulatory filing by Reliance Jio Infocomm Ltd, which said Mukesh's 30-year-old son and non-executive director Akash was being appointed chairman of the board.

The move comes after Ambani, who ranks among the world's top 10 billionaires, first signaled last year that his children would have significant roles in the family's business empire.

Reliance is "in the process of effecting a momentous leadership transition," he said at an event in December.

Akash's twin sister Isha is a director on the boards of Jio as well as Reliance Retail, which houses the conglomerate's ambitious bets in India's brick-and-mortar space.

The youngest of the siblings, Anant, sits on the board of renewable energy and oil and chemical units of Reliance as a director.

29 Jun 2022, 11:27:59 AM IST

Demand trends remain favourable: ICICI Securities on Century Plyboards India 

We re-iterate BUY on Century Plyboards (CPBI) as demand continues to remain healthy for wood panel products. Our recent interaction with dealers and the management of Century Plyboards (CPBI) indicates that in the currently ongoing Q1FY23, demand trends are steady across segments like plywood, laminates and MDF on continued pick-up in residential market and higher spend on home improvement post the pandemic. CPBI has taken price increase of ~2-4% in plywood segment and ~3-4% in laminates during Q1FY23, which should enable it to mitigate the raw material price pressures and thus, enable margin to remain steady going ahead. CPBI management had earlier guided for 15-25% revenue growth across segments in FY23. We maintain estimates and our BUY rating on the stock with an unchanged Mar’23E target price of Rs747.

29 Jun 2022, 11:26:45 AM IST

ICICI Securities on Indian Hotels

We reiterate our BUY ratings on Indian Hotels Co. Ltd. (IHCL) and Lemon Tree Hotels (LTH). For IHCL, we have a target price of Rs284/share, valuing the stock at 22x Jun’24E EV/EBITDA. For LTH, we have a target price of Rs84/share, valuing the stock at 20x Mar’24E EV/EBITDA.

29 Jun 2022, 11:25:29 AM IST

Steady demand for wood panels to aid Century Plyboards stock

Shares of Century Plyboards India Ltd have been under pressure recently, after scaling a new 52-week high of 749 in March. Concerns about persistent high raw material inflation have weighed on investor sentiment for the stock. So far in this calendar year, the stock has corrected by around 15% on the National Stock Exchange.

29 Jun 2022, 11:14:48 AM IST

After price cap talks, Russian Oil to get expensive, should India be worried?

After the G-7 leaders agreed to curb Russian oil imports to limit the energy proceeds that Kremlin uses to finance its war machines in Ukraine the country's fuel prices have gone up due to strong demand from Asia. But should India be worried?

29 Jun 2022, 11:14:15 AM IST

Chemical stock may rally over 45% as IIFL sees upside

Domestic brokerage and research firm IIFL has retained its positive stance on Deepak Fertilisers shares, as at 10x FY23ii P/E, it continues to find valuations attractive. While nitric-acid realisations and spreads are expected to sustain in FY23, TAN spreads may soften. Thus, EPS growth in FY23 is expected to be muted, the brokerage highlighted in a note.

29 Jun 2022, 11:13:46 AM IST

Dollar crunch worries India traders as equity outflows grow

Traders in India’s foreign-exchange market are bracing for more instances of dollar shortages, as record outflows from the nation’s equities and deteriorating external finances bite.

Some Mumbai-based banks saw a dollar crunch last week, as outflows from Indian assets add to the pressure, according to Mizuho Bank Ltd. and IFA Global. The rupee dropped to a record low against the greenback on Wednesday.

Foreign investors have pulled $28 billion from Indian equities this year, while higher oil import costs and a widening current account deficit mean that everybody from investors to companies are demanding dollar for their rupee at the same time. The Reserve Bank of India said last Friday it’s trying to meet the demand through its reserves.

29 Jun 2022, 10:59:34 AM IST

₹14 to ₹225: Rakesh Jhunjhunwala stock gives 15% CAGR over 20 years

Rakesh Jhunjhunwala portfolio: After climbing to life-time high of 268.95 on NSE in April 2022, Indian Hotels Company shares are under base building phase. However, the stock has a history of giving strong return to its shareholders in long term. In last 20 years, this Rakesh Jhunjhunwala stock has ascended from 13.85 to 228.10 apiece levels, giving compound annual growth rate or CAGR of near 15 per cent over this period of two decades.

29 Jun 2022, 10:44:11 AM IST

Mukesh Ambani’s daughter set to be named chairperson of Reliance Industries' retail unit

Isha Ambani is set to be named chairman of the Reliance conglomerate’s retail unit in another sign that her father, Indian billionaire Mukesh Ambani, is pushing ahead with a plan for succession in one of Asia’s richest families.

29 Jun 2022, 10:33:19 AM IST

BSE banking stocks under pressure, slip 1%

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29 Jun 2022, 10:24:48 AM IST

Top BSE index contribution

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29 Jun 2022, 10:11:59 AM IST

Should you buy smallcap stocks on dips in this market correction?

Stock market of India has been under sell-off heat after the outbreak of Russia-Ukraine war. In YTD time, both Nifty and Sensex have corrected more than 10 per cent whereas small-cap index has corrected over 16 per cent in 2022. So, positional investors looking for value picks available at discounted price may get lured towards small-cap stocks for higher returns when the market rebounds.

29 Jun 2022, 10:02:39 AM IST

Equity indices decline in opening session, Sensex down over 350 points

Domestic equity indices declined substantially in the opening session of Wednesday due to consistent depreciation of rupee, foreign fund outflows, prevailing inflation concerns, among others. Indian currency rupee has been consistently hitting fresh all-time lows.

The renewed rise in global crude oil prices too have a negative bearing on the market sentiments, said analysts.

On Tuesday, the indices closed steady, while they have declined during the majority of the sessions so far in June.

At 10.00 a.m on Wednesday, Sensex was at 52,844.78 points, down 332.67 points or 0.63%, whereas Nifty at 15,749.35 points, down 100.85 points or 0.64%.

29 Jun 2022, 09:48:35 AM IST

Indian rupee hits record lows, traders see more weakness

The Indian rupee weakened further on Wednesday, touching record lows against the U.S. dollar as losses in domestic shares and other Asian currencies weighed on sentiment.

The partially convertible rupee was trading at 78.94/95 per dollar by 0409 GMT, after touching a lifetime low of 78.95. The currency closed at 78.77 on Tuesday.

Traders said the rupee could weaken towards 79 per dollar during the session, but the central bank is expected to intervene to slow the slide in the currency.

29 Jun 2022, 09:40:18 AM IST

Top BSE losers: Jubilant FoodWorks, IndusInd Bank drag

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29 Jun 2022, 09:33:48 AM IST

Top BSE gainers in early trade

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29 Jun 2022, 09:32:27 AM IST

India 2-wheelers: Still time to buy, says Jefferies, bullish on these 3 auto stocks

2Wheeler stocks have outperformed Nifty by 11-33% since Feb 2022 . However, stocks have still lagged Nifty by 33-77% since Jan 2018 due to demand downturn and EV concern. While the latter concern will continue until clarity on EV market shares emerges, Jefferies believes stocks are attractive for the impending demand recovery.

29 Jun 2022, 09:30:39 AM IST

Stocks decline in Asia amid worries about growth

Stocks dropped in Asia on Wednesday on renewed worries about a gloomy economic outlook as monetary policy tightens in much of the world to fight high inflation.

An Asian equity index snapped a four-day climb, shedding more than 1%. US futures steadied after a tech-led tumble in the S&P 500 on Tuesday. Institutional portfolio rebalancing may be impacting trading.

China’s bourses were in the red too but the losses were relatively modest. In a surprise move, the nation Tuesday reduced quarantine times for inbound travelers. That hinted at an eventual shift away from a strategy of stamping out Covid that involves great economic cost via lockdowns and travel curbs.

29 Jun 2022, 09:29:26 AM IST

Weak start for BSE indices amid negative global sentiments

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