Sensex drops 393 pts from day's high, ends 67 pts down; Nifty holds 15,700

Sectorally, all but the Nifty IT index ended 0.6 per cent higher. All other indices settled lower with the Nifty Media index down 0.8 per cent and the Nifty Bank index down 0.7 per cent

3:33 PM

Rupee Closing

Rupee ends at 74.33 per US dollar vs Tuesday's close of 74.22/$

3:25 PM

China's Didi touts technology spending ahead of Wall Street debut

Chinese ride-hailing service Didi says it lost USD 5.5 billion over the past three years ahead of its US stock market debut Wednesday but it's highlighting its global reach and investments in developing electric and self-driving cars.

 

The Beijing-headquartered company operates in 16 countries but almost 90 per cent of the 493 million customers who used the service at least once in the past year are in China. READ MORE

3:12 PM

Cabinet Decision :: Additional Rs 19,000 crore-fund under BharatNet approved

>> Cabinet approves Credit Guarantee Scheme

>> Relief package worth Rs 97,000 cr approved

Alert: All these measures were announced by the FM on Monday

3:05 PM

MARKET UPDATE:: Sensex slips into the red

2:55 PM

Global markets :: Dow Jones Futures slips over 100 pts

2:47 PM

Where are gold prices headed?

The price set up for gold indicates that the metal is consolidating near the key support zone of Rs.46500-46300/10gms after the considerable fall and expected to witness a rebound in the near-term. A retreat looks plausible towards Rs.47500/10gms mark initially, that can extend further towards Rs.48100/10gms mark for the month ahead. On the contrary, a sustained close below the mentioned support could trigger selling pressure, leading the metal lower towards Rs.45500-Rs.45300/10gms zone.

-- Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking

2:44 PM

Forex View :: More volatility in rupee likely, can fall to 74.75 levels vs dollar

Indian Rupee touched a two month low of 74.4538 in today’s session, hurt by stronger dollar, firm crude oil prices and fresh concerns of delta variant of COVID-19. On the domestic front, caution prevails in this data packed week ahead of release of India’s fiscal deficit, current account balance, core sector output, trade balance and manufacturing PMI figures. 

 

Besides, latest measures announced by the Finance minister Nirmala Sitharaman to give a boost especially to the healthcare and tourism sectors were seen as additional fiscal plan that may stress the government’s budget. Limited global risk appetite owing to OPEC+ report meeting outcome and US labor report due Thursday and Friday respectively may exert further pressure. 

 

Taking all these factors into consideration, we may see more volatility in Rupee spot with a depreciation bias towards 74.75 levels.

-- Kaynat Chainwala - Fundamental Research Analyst Currencies, Anand Rathi Shares and Stock Brokers

2:41 PM

MARKET CHECK :: Nifty50 wipes off most gains, barely holds above 15,750

2:30 PM

What inflation? Pandemic leaves emerging Asia's consumer recovery behind

Asia's once fast-growing economies are struggling with weak domestic demand that is keeping a lid on inflation in contrast to some developed markets, heightening the chance many central banks will forgo interest rate hikes this year.

 

For investors and policymakers in Asian emerging markets, high and sometimes destabilising inflation has always gone hand in hand with strong growth underpinning their development. READ MORE

2:22 PM

VIEW :: Rising fuel price an added pressure for India's economic recovery

The rising fuel price is an added pressure for India's economic recovery. Fuel prices have a trickle-down effect that could build up inflationary pressure in the economy. This, in turn, could pose a challenge to the RBI, following an inflation-targeting framework. As the economy is recovering from the second wave of the pandemic, more growth-supporting measures are expected from the Central Bank and government. However, in the wake of rising inflation, there is limited space for the RBI to announce any stimulus measures. 

-- Deepthi Mathew, Economist at Geojit Financial Services

2:21 PM

Sensex Heatmap | Top gainers & losers at this hour

2:14 PM

Market Check :: Sensex off day's high

2:08 PM

OPEC+ panel sees risk of oil market imbalance after April 2022: Report

n OPEC+ panel has warned of "significant uncertainties" and the risk of a potential global oil market imbalance after April 2022, according to a confidential report seen by Reuters on Wednesday.

 

The panel, known as the Joint Technical Committee, sees an overhang of crude by the end of 2022 under different scenarios looking at supply and demand in the oil market, the report showed. READ MORE

2:08 PM

Nifty sectoral indices at this hour

1:58 PM

Slow vaccination weighs on recovery of A-Pac sovereign credit metrics: S&P

S & P Global Ratings expects most Asia Pacific sovereign credit ratings to remain unchanged in the next one to two years despite continued pressures posed by Covid-19. "We have stable outlooks on more than two-thirds of 21 long-term sovereign ratings in the region currently," it said in a report published on Wednesday. Covid-19 vaccines rolled out in several countries from late 2020 have helped to reduce pandemic-related uncertainties on the trends of economic and fiscal indicators. READ MORE