Metals, pvt banks lead Sensex's 471-pts slide; Nifty ends below 14,700

The broader markets, too, succumbed to profit booking with the BSE MidCap and SmallCap indices falling 0.9 per cent and 0.6 per cent, respectively.

1:44 PM

European markets check

(Source: Reuters)

1:38 PM

NEWS ALERT :: ITD Cementation bags orders worth Rs 950 crore

Project 1: Provision of Infrastructure works consisting of Roads & Bridges, Drains, Water Supply, Sewerage, Slope Protection, Waste Management, Power System including Water and Sewage Treatment Plants including operation and maintenance of selected facilities during Operation and Maintenance (O&M) Period(s) from Government of India – Value INR 898 crores

Project 2: Piling and Ground Improvement work at Paradip from M/s Technip – Value INR 52 crores
 

1:29 PM

NEWS ALERT

> Cabinet briefing by Union Minister Prakash Javdekar at 3 pm

 

1:29 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
Godrej Industrie	510.70	610.60	610.60	19.56
Venky's (India)	1790.00	2130.00	2094.00	16.98
Godrej Consumer	750.15	894.00	867.55	15.65
Chambal Fert.	228.80	268.00	260.00	13.64

1:16 PM

MARKET UPDATE:: ICICI Bank, HUL, RIL among top Sensex drags

1:14 PM

Zomato IPO :: Huge market, but business is tough and competitive

Food aggregator Zomato has filed a draft prospectus with SEBI for a ~$1.1bn issue (Rs82.5bn), comprising a fresh issue of Rs75bn and an OFS of Rs7.5bn. (Info-edge now has an 18.55% stake.) The company will be utilising Rs56.25bn (~75%) of the fresh issue to fund organic (~Rs30bn) and inorganic growth (~Rs26.25bn). The rest will be used for general corporate purposes. 

Zomato and Swiggy have established a duopoly in the food-delivery market in India with a combined ~90% market share. Amazon, which started its food delivery service, Amazon Food, in Bengaluru last year in four zip codes, has expanded to 62 zip codes now. Food delivery is free to its prime members. Even as it is limited to one key market in India, Amazon Food is vigorously trying to undercut competition.

 

Zomato,a strategic call to focus only on India market. Soon after its launch, Zomato started venturing outside; by 2012, it had set up shop in the UK, Dubai, Philippines, Qatar and many other countries. It had a two-pronged approach: launch its own product and buy out the competition. This did not work out and it wrote off its overseas investments. Now it has decided to focus only on the India market.

(Views by Anand Rathi Shares)

1:07 PM

NEWS ALERT :: Bajaj Finance cuts rates on fixed deposits by 47-50 bps across tenures, suggests report

12:55 PM

MARKET VIEW :: Should you buy gold this Akshya Tritiya?

The love for the yellow metal among Indians is no secret, and buying gold on Akshaya Tritiya is considered auspicious. But this time around gold buying may get affected due to the outbreak of the second wave of COVID in cities in India. It is advisable for investors and gold buyers to not venture out during these times and opt for digital/paper gold instead of physical gold. Gold prices are on an up move, helped by the weak jobs data, softness in the USD, a broader view that the interest rates will be low in the US for a long time. Gold prices are trading near a 3-month high in international markets, domestically gold prices are hovering near the Rs 48,000/10 gm level. The vaccination drive, control over the number of cases, and lockdowns internationally coupled with the movement of the USD will drive prices of gold moving forward.

 

- Nish Bhatt, CEO & founder, Millwood Kane International

12:50 PM

Passenger vehicle sales dip 10% in April due to Covid led restrictions

Passenger vehicle wholesales in India declined by 10 per cent to 2,61,633 units last month as compared to March this year as COVID-19-led restrictions across various states impacted demand, auto industry body SIAM said on Wednesday. Passenger vehicle sales in March 2021, stood at 2,90,939 units. There were no passenger vehicle sales in April 2020, due to coronavirus-led nationwide lockdown. READ MORE

12:43 PM

Pipeline outage causes US gasoline supply crunch, panic buying

Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown of the biggest U.S. fuel pipeline by hackers extended into a fifth day and sparked panic buying by motorists. The administration of U.S. President Joe Biden projected that the Colonial Pipeline, source of nearly half the fuel supply on the U.S. East Coast, would restart in a few days and urged drivers not to top up their tanks. READ MORE

12:30 PM

SECTOR WATCH:: PSU banks rally

12:25 PM

India's second Covid wave flattening but won't end before July: virologist

Though the new variants of the virus may partly be responsible for the explosion in the number of cases, there is no indication the mutant versions are more lethal, added the director of the Trivedi School of Biosciences, Ashoka University, amid mounting worries about what is fuelling the second wave in India. READ MORE

12:11 PM

Angel Broking, Geojit: More upside likely for brokerage-related stocks

The stock broking and asset management industry has been one of the most rewarded industries amid the Covid-19 pandemic. As financial institutions lowered interest rates to spur economic growth, investors turned to stock markets to secure their financial position. In FY21, the industry revenues are pegged to have grown between 65-70 per cent over FY20. The strong growth was underpinned by robust addition in new customers, according to rating agency Crisil. READ MORE

11:59 AM

SECTOR WATCH :: Nifty PSU Bank index rises over 3%

11:46 AM

US federal reserve says inflation temporary, but markets unsure

Over and over again, Federal Reserve officials have advised that any pickup in inflation this year was bound to be transitory. Traders in financial markets, however, aren’t so sure. Investors have become fixated on widespread signs of price pressures as commodities like copper and lumber surge to records, and the bond market’s expectation for inflation over the next decade climbs to an eight-year high. The focus is triggering swings in the stock market, sending the Cboe Volatility Index to the highest since March on Tuesday. READ MORE