PremiumTraders remained cautious on Monday with 13 central bank meetings that are certain to see borrowing costs rise across the globe. All the major indices in Asia closed in the red and European markets were trading lower in the morning session.
Indian benchmark indices remained immune to negative global cues on Monday and ended in the green. Sensex added 300 points to close at 59,141, whereas Nifty closed at 17,622, a gain of 91 points.
PSU Bank index zoomed in today's session with a gain of 2%. Media and FMCG added 1% value. Realty, Metal and Consumer Durable remained under pressure and ended in the red.
Among stocks, Bajaj Finance, M&M, SBI Life and Adani Ports led the rally. Tata Steel, Tata Motors, JSW Steel and Britannia shed value on Monday.
Asian stocks had a mixed day as traders remained cautious awaiting a slew of interest rate decisions in the days ahead and after global equities notched their worst week since hitting this year’s low in June.
Japanese market remained closed for a holiday but South Korean shares fell on Monday to their lowest in more than two months.
Chinese shares tumbled for the fourth straight session despite the central bank injecting liquidity as US President Joe Biden's views on Taiwan forced investors to remain in risk-off mode. In Hong Kong, the tech sector's slide weighed on the benchmark index.
The Shanghai Composite Index was down 0.35% and China's blue-chip CSI 300 Index edged down 0.12%. Hong Kong's Hang Seng Index fell 1.04%.
European stocks declined in a cautious start on Monday as Stoxx Europe 600 Index opened 0.5% lower, led by consumer, technology and construction stocks.
E-commerce enabler DotPe, on Monday announced that it has raised $58 million in its series B funding round led by Temasek. The round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures. Mitsubishi & Naya Capital join as new investors.
The startup plans to foray into financial services and further empower merchants with business loans and credit lines for its merchant partners.
Founded in 2020 by PayU co-founder Shailaz Nag along with Gyanesh Sharma and Anurag Gupta, DotPe enables online business solutions for retailers. The company also provides ordering, online payments, and delivery facilities to its customers. (Read More)
Sebi is looking to boost surveillance of social media and other platforms through a web intelligence tool using artificial intelligence and data analytics to probe violations of various securities laws by individuals, groups and other entities.
In this regard, the capital markets regulator has invited Expression of Interest (EOI) from solution providers to implement, install and maintain a 'Web Intelligence Tool', according to a public notice.
Noting that the internet usage has risen exponentially over the last few years which resulted in production of immense amounts of unstructured publicly available data on the web, Sebi said this unstructured data has the potential to provide deep investigation insights about various entities, individuals, groups and topics related to violations of various securities laws. (PTI)
Chinese shares tumbled for a four straight session on Monday, despite the central bank injecting liquidity, as caution ahead of the Federal Reserve's meeting this week and U.S. President Joe Biden's views on Taiwan forced investors to remain in risk-off mode.
In Hong Kong, the tech sector's slide weighed on the benchmark index, which hit a half-year low, with investors eyeing the risk of another big interest rate increase from the Fed.
** The Shanghai Composite Index was down 0.35%, recording a fourth-day losing streak. China's blue-chip CSI 300 Index edged down 0.12%.
** Hong Kong's Hang Seng Index fell 1.04%, closing at 18565.97, the lowest since March 15, and the Hang Seng China Enterprises Index slid 2.07%. (Reuters)
Jawahar Lal Goel, the Chairman of broadcast satellite service provider Dish TV, on Monday stepped down from the company's board, signalling a win for top shareholder Yes Bank in its push for a board overhaul. Goel had earlier agreed to step down from the board on 1 September. (Full Story)
The Reserve Bank of India could raise interest rates by 50 basis points at its upcoming policy review, thanks to stubbornly high inflation and the pace at which major global central banks are hiking rates, Morgan Stanley said.
"We were earlier expecting a 35 bps increase, however, sticky inflation and continued hawkish stance of DM (developed market) central banks warrant continued front-loading of rate hikes in our view," Upasana Chachra, chief India economist at Morgan Stanley, said in a note on Friday.
In the RBI's monthly bulletin released late Friday, the Indian central bank said it will have to front-load its monetary policy to fight high inflation and shield medium-term growth.
Inflation in India has remained above the RBI's tolerance level of 6% since January. (Reuters)
Fintech platform MoneyPlanned has raised over ₹2.5 crore in a seed funding round led by Inflection Point Ventures. The round also saw participation from Expert Dojo, an early-stage startup accelerator, Joseph R Saviano, partner at Dot Capital and Sameer Khan, Executive Director Corporate Treasury, DBS Bank, Singapore, among other angel investors. (Read More)
India's Ola will cut about 200 engineering jobs to reduce redundancy across its two main businesses of ride-hailing and electric vehicle manufacturing, the SoftBank Group-backed company said on Monday.
The company said it is focussed on being a "vertically integrated mobility company" and is centralizing operations to build a structure to strengthen relevant roles and functions.
"Ola is building on common capabilities and synergies across functions as it strengthens its play across two-wheelers, four-wheelers, cell research and manufacturing," the company said in a statement.
To that end, said Ola, it plans to boost its engineering workforce to 5,000 over the next 18 months from around 2,000 currently, as part of an "influx of hiring" for roles in vehicle engineering, sourcing, product management and data science. (Reuters)
Gensol Engineering Ltd has said it has secured orders worth ₹531 crore from various clients for development of solar power projects.
“Aggregating to a capacity of over 121 MWp, these projects will be developed in the states/UTs of Andhra Pradesh, Gujarat, Haryana, Jharkhand, Karnataka, Ladakh, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana and Uttarakhand," the company said in a statement. (Full Story)
India Ratings and Research (Ind-Ra) on Monday said it has maintained the outlook banks at improving for the rest of 2022-23, as the banking industry’s health continues to be at its best in decades.
India Ratings has also raised its credit growth expectation in FY23 to 13% from 10% earlier. Factors driving this upward revision are multifold, it said. The rise in working capital demand even as capex is likely to see some moderation, given the build-up of macro uncertainties; with the adverse interest rate cycle there is a visible shift from capital markets to the banking system for longer term funding; and the revival in credit demand from the corporate segment is better than expected. (Full Story)
Adani Group, helmed by Asia’s richest man, plans to double annual cement making capacity by 2027 after closing the acquisition of Holcim Ltd.’s Indian assets, a deal that’s made the conglomerate the South Asian nation’s second-largest producer of the construction material.
“We anticipate going from the current 70 million tons capacity to 140 million tons in the next five years," Chairman Gautam Adani said at an event Saturday that was later uploaded on YouTube on Monday. The tycoon said India’s per capita consumption of cement was almost seven times below that of China, giving the country ample space for expansion.
After taking over Ambuja Cements Ltd. and ACC Ltd. from Holcim in May, Adani -- who surpassed Jeff Bezos to become the world’s second-richest person over the weekend -- anticipates that Indian government initiatives to spur infrastructure growth will fuel major demand for cement. His ports-to-power conglomerate often aligns with Indian Prime Minister Narendra Modi’s nation-building priorities and has been diversifying rapidly beyond its coal-based empire into green energy, data centers and digital services. (Bloomberg)
Oil prices dipped on Monday as fears of a global recession caused concerns that fuel demand growth will slow, though supply worries ahead of the European Union embargo on Russian oil in December limited declines.
Brent crude futures for November settlement fell 46 cents, or 0.5%, to $90.89 a barrel by 0701 GMT.
U.S. West Texas Intermediate (WTI) crude futures for October delivery was at $84.46 a barrel, down 65 cents, or 0.8%. The October WTI contract expires on Tuesday and the more active November contract as at $84.12, down 64 cents. (Reuters)
For last 12 years, equities globally had two major tailwinds: A friendly Fed and some variation of 'TINA' (There Is No Alternative) theme playing out. But now these advantages of stocks could be ending, according to Morgan Stanley's strategist Andrew Sheets.
“For much of the last 12 years, it was common to hear some variation of 'TINA' (There Is No Alternative), the idea that one needed to be long stocks and bonds because cash offered so little. Low yields were not the primary reason why stocks rallied over that time; global equities and global equity earnings simply rose by the same amount (100%). But was TINA a helpful mental crutch for markets, especially in times of stress? Absolutely," he said in a note. (Full Story)
Shares of Ambuja Cements Ltd have been on a roll the last few trading sessions. Continuing their upswing, shares of the cement manufacturer rallied 8.5% in early deals on Monday to hit a new 52-week high of ₹568 apiece on the National Stock Exchange. With that, the stock has breached its previous high seen on 16 September. Both Ambuja and ACC Ltd have been in the limelight after Holciminked a pact with the Adani Group, earlier this year, to sell its stake in these. (Full Story)
The government has initiated the process of privatising 2 subsidiaries — AIASL and AIESL — of erstwhile national carrier Air India, an official said.
“The Department of Investment and Public Asset Management (DIPAM) has initiated investor meetings and roadshows to gauge interest in AIASL and AIESL. We will soon invite EoIs from interested bidders," the official said.
A debt-laden Air India was sold to Tata Group in October last year for ₹18,000 crore. The actual handover to Tatas happened on January 27, 2022.
However, four Air India subsidiaries -- Air India Airport Services Ltd (AIASL), Air India Engineering Services Ltd (AIESL), Alliance Air Aviation Ltd (AAAL), and Hotel Corporation of India Ltd (HCI) -- and other non-core assets, painting and artefacts, besides, non-operational assets were not part of the deal. (PTI)
Adani Power on Saturday informed in an exchange filing that its promoter entity Adani Properties has withdrawn a proposal to delist the company due to non-receipt of in-principle approval of stock exchanges and it has received a letter from a member of the promoter group seeking withdrawal of delisting offer.
"The Company (Adani Power) has received a letter dated September 17, 2022 (the “Delisting Withdrawal Letter") from Adani Properties Private Limited (“APPL"), a member of the promoter and promoter group of the Company (“Promoter Group"), regarding the withdrawal of the delisting offer dated May 29, 2020 and the proposal to voluntarily delist the equity shares of the Company from the BSE Limited and the National Stock Exchange of India Ltd," the company announced in a BSE filing. (Full Story)
The Indian rupee firmed on Monday after the Reserve Bank of India vowed to front-load rate hikes to tame stubbornly high inflation, but risk aversion in broader markets kept a lid on solid gains.
The rupee edged up 0.12% to 79.6450 per U.S. dollar by 0433 GMT, compared to its previous close of 79.740. The currency had hovered close to 79 levels last week before settling back in its recent trading range.
It seems like the RBI would continue on a rate-hike spree as it has hinted inflation is its primary target and this might help the rupee momentarily, but external factors are also of importance this week, a foreign exchange trader said.
There is risk aversion globally, so the rupee may remain range-bound, he added. (Reuters)
The Ministry of Coal had invited bids for coal mines for commercial coal mining. Technical evaluation of bids has been completed and forward e-auction for 10 coal mines will be launched today.
E-auction for eight coal mines will be conducted on 13th September and for two coal mines on 14th September, 2022. Total peak rate capacity (PRC) of the mines being put up for e-auction is 39.31 million ton per annum. (Full Story)
Oyo Hotels, the once high-flying Indian startup, is reviving plans for a stock-market debut after cost cuts and a recovery in travel helped it reduce losses.
The hotel-booking company filed fresh financial documents on Monday and is now targeting an initial public offering in early 2023 provided that India’s stock market continues to hold up and economic conditions improve, according to people familiar with the matter. Oyo, formally known as Oravel Stays Ltd., is internally working toward a January IPO as executives are encouraged by a pick-up in demand, they said, asking not to be named discussing confidential plans.
Oyo had filed preliminary IPO documents in 2021, only to shelve the listing plan earlier this year after the prolonged pandemic hurt its growth and forced the company to cut thousands of jobs. It disclosed its latest financials in an IPO filing addendum on Monday, with the numbers showing narrower losses and a rebound in sales for the year through March 2022 and the following three months. (Bloomberg)
Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Friday’s session turned out to be a nightmare as after a gap down opening, we witnessed sustained selling throughout the session to conclude the week with a 1.70% cut, marginally above 17500.
Generally, we say ‘All’s well that ends well but this time it’s the exact opposite. We had a perfect start to the week, but the end was certainly not what everyone would have wished for. The broader structure remains bullish but with Nifty closing convincingly below 17600 has dented the intermediate structure for sure. Pricewise, it resembles a ‘Head and Shoulder’ pattern on the daily time frame chart, which does not augur well for the bulls. If this pattern proves its significance, we may see a further correction towards 17200 – 17000 this week. But as of now, we do not want to fall into this camp. We would rather reassess the situation in the first half of this week. As far as support is concerned, 17400 we are seeing as key support. The moment we see the Nifty sliding below it, we may see a correction getting extended in the market. On the flip side, if Nifty has to find its mojo back, it needs to go beyond Friday’s high of 17820 on a closing basis. So meanwhile, any minor bounce back towards 17650 – 17750 should ideally be used to exit longs.
After Friday’s close, we would like to adopt a wait-and-watch approach, and let’s see how the global market performs from hereon. Traders are advised not to get intimidated by Friday’s correction, but rather keep a close tab on the above-mentioned scenarios. Also, one should avoid trading aggressively till the time market stabilizes from this turbulence. Sectorally, the recent leader, BANKNIFTY is placed at an interesting juncture. Hopefully, it manages to lift the overall sentiments this week
Multibagger stock: TRF shares have hit a fresh high in early morning deals within a few minutes of stock market opening on Monday. TRF share price today opened with an upside gap and hit 10% upper circuit on the 5th straight session and climbed to a fresh lifetime high of ₹324.35 apiece on NSE. Interestingly, this Tata group stock has been hitting both upper circuit and fresh lifetime high together for the last five successive sessions, delivering around 60 per cent return to its shareholders in the last 5 sessions. (Full Story)
Shares of Pfizer Ltd plunged nearly 2% to ₹4,129 apiece on the BSE in Monday's opening deals as the stock started trading ex-dividend, a day ahead of the record date for its interim special dividend of ₹30 for the financial year ending 2023 that the company had announced earlier this month.
"The board of directors at its meeting held on September 6, 2022 has declared an Interim (Special) Dividend of ₹30/- per equity share of Rs. 10/- each (300%) for the financial year ending March 31, 2023, in view of the gain on account of sale of Upjohn Business to Mylan Pharmaceuticals Private Limited," Pfizer had informed in an exchange filing on September 6, 2022. (Full Story)
Prathamesh Mallya, AVP- research, non-agri commodities, and currencies, Angel One Ltd outlook on:
Gold: We expect gold to trade lower towards 48940 levels, a break of which could prompt the price to move lower to 48520 levels.
Crude: We expect crude to trade lower towards 6700 levels, a break of which could prompt the price to move lower to 6560 levels.
Base Metal: We expect copper to trade lower towards 643 levels, a break of which could prompt the price to move lower to 633 levels.
Bajaj Finance has a shot at being first NBFC to launch credit card, if RBI approves, as per global brokerage Jefferies, which would enable BAF to take product to deeper markets as against the Top-100 towns where it sells cards of RBL Bank/ DBS Bank and where majority of players operate. Bajaj Finance has a shot at being first NBFC to launch credit card, if RBI approves, as per Jefferies. (Read More)
Union minister Nitin Gadkari on Saturday said that the National Logistics Policy which focuses on re-engineering, digitisation and multimodal transport, would further boost 'ease of doing business' for all industries and stakeholders.
The road transport and highways minister in a tweet further said the policy will completely change India's logistics sector, boost seamless movement of goods and reduce carbon footprints.
Prime Minister Narendra Modi on Saturday unveiled the National Logistics Policy that seeks to address challenges facing the transport sector and bring down the logistics cost of businesses from 13-14 per cent to a single digit.
At a grand launch event, Modi said the policy aims to expedite the last-mile delivery, helping businesses save time and money. (PTI)
Gold prices in India extended losses of last week when they fell 0.3% in futures market today morning. On MCX, gold futures were down 0.3% to near six-month low of ₹49,237 per 10 gram. The yellow metal had fallen sharply in the previous week, weighed by gains in dollar index and firm US bond yields. Last week’s hot US inflation data, combined with a strong labor market and retail sales numbers, prompted some analysts to predict a full percentage point hike by the Fed later this week. In domestic markets, gold slumped 3% or about ₹1,500 last week. (Read More)
After the bloodbath on Dalal Street on Friday, stock market investors are under panic as to when this sell-off will end and at what levels, this bear market will make its bottom. However, ace investor Vijay Kedia is least bothered by such a fall in the markets. He believes that such a fall in Indian stocks is a big opportunity for a long-term positional investor. In an exclusive conversation with Livemint, Vijay Kedia said that 'a bear market creates smart investors' as it provides an investor to develop art to find opportunities during fear.
Vijay Kedia told Livemint that a bull market creates many self-acclaimed genius but in reality, a real stock market genius are born in a bear market. (Full story)
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a long negative candle on the daily chart, resembling closer to a dark cloud cover which has a bearish implication and indicating of further weakness ahead. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark and turned flattish indicating of sluggish momentum for the short to medium term. Thus, one needs to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 23.6% of the entire rally from 15,183 to 18,096 comes around 17415 followed by 38.2% correction at 16990. However, on the medium-term perspective price structure indicates of continuance of positive bias and our domestic Index is likely to head towards 18,300 in near term as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. During the day index is likely to open on a flat to negative note tracking weak global cues. However, the index is expected to rebound post initial blip as strong intraday support placed at 17400-17450. Hence, use intraday dip for creating long position for the target of 17865-17900
STOCK IN FOCUS
EPL (CMP Rs.171)
In view of the improved balance sheet and higher return ratios, we have a BUY rating on EPL, with a 1-year Target Price of Rs220, valuing the stock at a PE multiple of 20x on FY24E EPS.
Intraday Picks
MFSL (PREVIOUS CLOSE: 823) BUY
For today’s trade, long position can be initiated in the range of Rs821- 815 for the target of Rs854 with a strict stop loss of Rs802.
PIIND (PREVIOUS CLOSE: 3,136) SELL
For today’s trade, short position can be initiated in the range of Rs3,215-3,230 for the target of Rs3,060 with a strict stop loss of Rs3,310.
CIPLA (PREVIOUS CLOSE: 1,044) SELL
For today’s trade, short position can be initiated in the range of Rs1,054- 1,059 for the target of Rs1,026 with a strict stop loss of Rs1,069.
Union Finance Minister Nirmala Sitharaman is all set to meet the heads of public sector banks and financial institutions by the end of September to review progress of various government schemes aimed at welfare and upliftment of scheduled castes. According to the details, schemes like Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and Credit Enhancement Guarantee Scheme for Scheduled Castes (SCs) and their progress would be discussed. (Full Story)
RBL Bank, PVR, India Cements and Indiabulls Housing Finance Ltd are put under the F&O ban list for Monday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)
India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices.
The firm also favours a floor price for natural gas at USD 10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said.
State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair. (PTI)
The commerce and industry ministry is framing a law to decriminalise all provisions related to minor offences with an aim to promote ease of doing business in the country, a senior official said.
Work is at an advanced stage for framing the ease of doing business and ease of living bill and the ministry is targeting to introduce it in the winter session of parliament, the official said.
“We are making an Act. We are bringing one bill and that one bill seeks to decriminalise all the minor offences mentioned in different Acts. We are having consultations with all the departments on the bill. We will bring a common Act for decriminalisation. Basically replacing imprisonment and fine with penalties, and rationalisation. For minor offences, there should be no jail. Instead, there should be a penalty," the official added. (PTI)
With a market capitalization of ₹926.39 crore, Ritesh Properties & Industries Ltd. is a small-cap company that engages in the real estate industry. A well-known corporation having activities in the real estate and fashion industries is Ritesh Properties and Industries Ltd. Sanjiv Arora, the firm's Chairman and Managing Director, is in charge of RPIL, a public limited company with its headquarters in Ludhiana and a BSE ticker symbol of 526407. The shares of Ritesh Properties and Industries Ltd are among the multibagger stocks that have made shareholders lakhpati in a span of 5 years, let's know-how. (Read More)
After closure of three days subscription, all eyes are now set on the Harsha Engineers IPO allotment date, which is most likely on 21st September 2022. However, after strong response from investors, grey market is still giving strong signals in regard to the public offer worth ₹755 crore. According to market observers, shares of Harsha Engineers International Ltd is available at a premium of ₹215 in grey market today. (Read More)
Ontario Teachers’ Pension Plan Board has signed binding agreements with the Mahindra Group to acquire a 30% stake in renewable energy firm Mahindra Susten Pvt. Ltd for an equity value of ₹2,371 crore ($300 million).
The Mahindra Group said the deal also envisages the setting up of an infrastructure investment trust (InvIT) in compliance with regulations of the Securities and Exchange Board of India.
The Mahindra Group said the deal also envisages the setting up of an infrastructure investment trust (InvIT) in compliance with regulations of the Securities and Exchange Board of India. (Full Story)
After the removal of airfare caps, there seems to be a mixed trend with lower ticket prices for routes having relatively lesser passenger loads, according to travel industry experts.
More than two years after being put in place amid the coronavirus pandemic, the fare caps were removed with effect from August 31. The move also came against the backdrop of gradual recovery in domestic air passenger traffic.
The average booking price has not changed much but there seems to be a mixed trend with certain sectors seeing drop in fares while some others witnessing a rise, as per the industry players. (PTI)
Inox Green Energy Services, a subsidiary of Inox Wind, is planning to come out with its Initial Public Offering (IPO) by October this year to raise ₹740 crore to fund its expansion plans.
The company will focus on the Indian market initially and plans to tap the overseas market after establishing itself in this country, Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI.
Speaking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company is planning to launch its IPO "in the next 30 to 45 days".
This is Inox Green Energy Services' second attempt to go public. In February, the company had filed the Draft Red Herring Prospectus (DRHP) for its proposed IPO with the markets regulator Sebi. (PTI)
Tata Sons Ltd’s reliance on Tata Consultancy Services Ltd (TCS) to bankroll the group’s planned $18 billion annual capital expenditure is expected to increase over the next five years as dividend income from the country’s largest technology services company is estimated to jump by a third by 2025 on the back of improving free cash flow. Increased income from TCS to help Tata Sons bankroll group’s capital expenditure plans. (Full Story)
The failure of Russian government-owned Gazprom, the world’s largest explorer of natural gas, to honour the terms of a deal to supply liquefied natural gas (LNG) to state-run GAIL (India) Ltd is being dealt with bilaterally at the highest level of the Indian government, said two government officials aware of the development. Failure of Gazprom to honour the deal to supply LNG is being dealt with at the highest level of government. (Full Story)
Foreign investors pumped ₹12,000 crore into the Indian equity market so far this month on hopes that global central banks, particularly the US Fed, may go slow on rate hikes as inflation starts to cool off.
This comes following a net investment of ₹51,200 crore in August and nearly ₹5,000 crore in July, data with depositories showed.
FPIs turned net buyers in July after nine straight months of net outflows, which started in October last year. Between October 2021 till June 2022, they sold a massive ₹2.46 lakh crore in the Indian equity market.
The rupee declined by 7 paise to close at 79.78 against the US dollar on Friday, tracking a strong dollar in overseas markets and losses in domestic equities.
At the interbank foreign exchange market, the domestic currency opened at 79.80 per dollar. It hovered in a range of 79.71 to 79.85 during the session.
The domestic unit finally settled at 79.78, down 7 paise over its previous close of 79.71.
"We expect the rupee to trade with a negative bias on the strong dollar and risk aversion in global markets. Global markets declined after IMF spokesman Gerry Rice flagged concerns over further slowdown in the global economy and said that some countries are expected to slip into recession in 2023," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. (PTI)
Wall Street closed out the stock market's worst week in three months with more losses Friday, as a stark warning from FedEx about rapidly worsening trends in the economy rattled already anxious investors.
The S&P 500 fell 0.7%, with all but two of its 11 company sectors ending in the red. The benchmark index sank 4.8% for the week, with much of the loss coming from a 4.3% rout on Tuesday following a surprisingly hot report on inflation. The last time it posted a bigger weekly decline was the week ended June 17.
The Dow Jones Industrial Average fell 0.5% and the Nasdaq composite dropped 0.9%. The Russell 2000 index of smaller companies took the heaviest losses, falling 1.5%.
All the major indexes have now posted losses four out of the past five weeks.
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