MARKET WRAP: Sensex gains 499 pts as financials rally, Nifty ends at 10,430

All that happened in the markets today

1:45 PM

CORPORATE ANNOUNCEMENT:: ICRA appoints Ramnath Krishnan as President of Ratings

1:43 PM

MARKET UPDATE:: Sensex extends gains, up 500 pts now

1:40 PM

Europe trades with marginal gains in early deals

1:34 PM

ICICI Securities lists stocks that are likely to be included in F&O segment

1:23 PM

Indian banks will need $15 billion capital to meet Tier I norms: Fitch

State owned banks will require the bulk of the recapitalisation, as the risk of capital erosion at state banks is significantly higher than for their privately owned peers, rating agency said in a statement.

 

“We expect the majority of the injection to come through in FY22, as bad loan recognition has been pushed back by a 180-day regulatory moratorium”, it said. READ MORE

1:16 PM

Safe bet: Five reasons that will lead gold to all-time high price

Market players and researchers are banking on five factors for a gold rally:

• After the US Federal Reserve started cutting interest rates, gold prices started rallying as bonds attractiveness started falling.
• The trade spat between the US and China added fuel to the gold rally. The price was around $1200-$1300 little over a year ago. That situation is still not settled.
• The Indian government increased import duty on gold from 10 per cent to 12.5 per cent in July 2019, resulting in an immediate increase in cost of imported gold.
• The Indian rupee started depreciating against the US dollar. The rupee has depreciated 6 per cent this year, resulting in gold price hike of similar proportion in last six months apart from overall price rise of gold in international market. In Mumbai’s Zaveri Bazaar gold market, price of the yellow metal in the last six month has increased 24 per cent. On Tuesday, standard gold of 995 purity closed at Rs 48,365 per 10 gram.
• US trading in Comex gold futures crossed $1800 per ounce Tuesday night and gold spot price hit $1789 per ounce: the highest in eight years. Prices rose because of investors seeking safer assets as worries grow about the pace of US economic recovery due to new coronavirus cases US Federal Reserve Chairman Powell said last week that output and employment remain far below their pre-pandemic levels and cautioned that the outlook for the economy is "extraordinarily uncertain.” 

1:10 PM

Jio Platforms deals help PE investments climb 12% to $18.8 bn this year yet

H1 2020 witnessed 24 PE-VC investments worth $100 million or more, down from 37 such transactions in the same period last year. But for the Jio investments, PE-VC investments during H1 2020 would have fallen 45 per cent compared to H1 2019, the Venture Intelligence analysis shows. READ MORE

12:58 PM

MARKET CHECK :: Sensex gains strength as manufacturing PMI, GST mop up improve in June

12:52 PM

Bharti Airtel up 2% as Carlyle Grp to buy 25% stake in Co's Data Centre biz

Geojit Financial Services, in a report dated June 30, said that rising average revenue per user (ARPU) and customer base should provide support to company valuations. "Additionally, the increased demand for broadband connections amidst Covid-19 will further improve topline. We reiterate our BUY rating on the stock with a revised target price of Rs 693 based on sum-of-the parts (SOTP) methodology," they wrote. READ MORE 

12:47 PM

June GST collections at Rs 90,917 cr, up from Rs 62,009 cr mopped up in May

"The gross GST revenue collected in the month of June, 2020 is Rs 90,917 crore of which CGST is Rs 18,980 crore, SGST is Rs 23,970 crore, IGST is Rs 40,302 crore (including Rs 15,709 crore collected on import of goods) and Cess is Rs 7,665 crore," an official statement said. READ MORE

12:44 PM

June Auto Sales :: Eicher Motors reports 70% YoY decline in commercial vehicle sales

12:38 PM

Wary hedge fund managers aren't buying into rally in Indian stocks

The cautious stance has cost some professional investors so far as the S&P BSE Sensex index has rebounded 35 per cent from a March low, helped by a flurry of stimulus measures from the government and the central bank. But the jury is still out with the International Monetary Fund cutting India’s economic growth outlook for the year to March by the most among all major economies. READ MORE

12:30 PM

World Bank approves $750 mn emergency response fund for India's MSME sector

The first $1 billion emergency support was announced in April this year for immediate support to India’s health sector. Another $1 billion project was approved in May to increase cash transfers and food benefits to the poor and vulnerable, including a more consolidated delivery platform – accessible to both rural and urban populations across state boundaries. READ MORE

12:22 PM

HDFC twins, RIL top contributors to Sensex's gains today

12:11 PM

Sterling and Wilson gains for eighth straight day; stock up 44% in 8 days

Shares of Sterling and Wilson Solar gained for the eighth straight session, frozen in 5 per cent upper circuit at Rs 230.60 on the BSE on Wednesday, after the company’s US-based subsidiary was awarded its largest solar project in the United States of America worth $ 99 million (around Rs 747 crore). The stock has rallied 44 per cent in the last eight trading days from the level of Rs 160 on June 19, 2020. READ MORE