Sensex drops 555 pts, Nifty below 17,650 as energy woes hit global markets

Stock market LIVE: All sectoral indices ended in the red with capital goods, IT, metal, pharma, auto, realty and PSU Bank indices falling in the 1-3 per cent range

2:57 PM

Stock of this Tata Group company has zoomed over 1,100% from March 2020 low

Tata Elxsi shares defied the weak market mood and hit a new high of Rs 6,274.70, up 7.5 per cent on the BSE in Wednesday’s intra-day trade. In comparison, the S&P BSE Sensex was down 0.36 per cent. In the past one year, the stock of the Tata Group information technology (IT) products company has rallied 345 per cent, as compared to a 50-per cent surge in the S&P BSE Sensex. READ MORE

2:51 PM

Sensex Heatmap | HDFC twins only stocks in the green as index tanks 500 points

2:40 PM

Global markets :: Dow Jones Futures tumble over 300 pts

2:22 PM

European markets log notable losses in early trade as rising oil weighs

All major European markets were down more than a per cent each in early trade on Wednesday as rising oil sparked inflation concerns. The FTSE 100 was down 1.3 per cent. DAX and CAC had tumbled nearly 2 per cent each.

2:14 PM

ALERT :: Voltas launches 'Grand Mahotsav Offer 2021' festive offer for its customers

>> Offer includes, special cashback offers up to 15%, EMIs as low as Rs 2,000, up to 5-year warranty worth up to Rs 12,000 and a special exchange offer with zero down payment options
 

>> The offers will be valid till 10 November 2021 across all authorized dealers in India
 

2:13 PM

RBI Policy Expectation :: MPC may signal the end of ‘excessive’ Covid-era accommodation

The MPC in the October policy is expected to signal the end of ‘excessive’ Covid-era accommodation amidst a steady pick-up in economic activity and progress in vaccination.

The unrelenting build-up in inflationary pressures, even if deemed transitory, is likely to elicit a measured central bank response – especially on the surplus banking system liquidity.

Going forward, we expect the Repo rate, which ceased to be the operating rate since the pandemic, to regain its status as the Key Policy Rate through a gradual and guided transition.

The MPC may however continue to emphasize its intent to maintain what would still be an otherwise accommodative monetary policy. Hence, we expect that an emphasis on a dovish, gradual Taper, coupled with expected G-SAP 3.0 announcement, should keep any undue bond market volatility under check.

Views by: Churchil Bhatt, EVP Debt Investments, Kotak Mahindra Life Insurance Company

2:04 PM

Tata Steel Q2 update

>> Crude steel production grew 2% QoQ and 3% YoY in Q2FY22
 

>> Despite seasonal weakness, overall deliveries increased by 12% QoQ on the back of economic recovery post 2nd wave of COVID-19
 

>> Deliveries were lower by 8% YoY due to lower exports and stock liquidation focus in the previous year
 

1:55 PM

Margin pressure may hit paper cos in near-term despite price hike: Analysts

Investor interest in paper stocks seems to be far from over despite the near-term headwinds. Though the robust demand supports expectations of strong earnings going forward, analysts caution that the rise in input cost for paper manufacturers is likely to squeeze margins. READ MORE

1:45 PM

Cyient appoints Rajaneesh Kini as Senior VP and Chief Technology Officer

>> This new role will focus on technology development at Cyient
 

>> Rajaneesh will be responsible for shaping the company's technological vision, building competitive, relevant, and market-ready solutions, and seeding new skills within the organization
 

1:38 PM

Bosch soars 12% in a subdued market on heavy volumes; hits over 2-year high

Shares of Bosch rallied 12 per cent, hitting an over two-year high of Rs 17,333, on the BSE in the intra-day on Wednesday in an otherwise subdued market on expectation of demand improvement going-forward. At 01:15 pm, the stock was up 11 per cent at Rs 17,140, as compared to a 0.25-per cent decline in the S&P BSE Sensex at 59,565 points. Trading volumes on the counter jumped over 7-fold with a combined around 450,000 shares having changed hands on the NSE and BSE. In the past two weeks, an average sub 100,000 shares were traded on the counter. READ MORE

 

1:21 PM

ALERT :: Sharp slide in Sensex, index hits day's low

1:05 PM

Asia scrambles to stock up fuel as prices spike in global energy crunch

Asian buyers are paying top dollar for a variety of fuels that can be fed into steam boilers or power turbines as they seek alternatives to increasingly pricey natural gas. The electricity crisis is roiling energy markets from Europe to Asia, with fuels that can be used for heating or power generation such as propane, diesel and fuel oil in high demand. Goldman Sachs Group Inc. predicts the crunch will drive greater consumption of crude later this year, while China has ordered state-owned firms to secure energy supplies for winter at all costs. READ MORE

Photo: Bloomberg

12:54 PM

Sector Watch :: Nifty Metal falls 1.6% dragged by Nalco, Hindalco

12:38 PM

Asian shares fall with oil at multi-year highs, U.S. yields surge

Asian shares dropped on Wednesday and U.S. benchmark yields rose to a three-and-a-half month top as investors stayed jittery about inflation with oil prices reaching new multi-year highs.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, while Japan’s Nikkei lost 0.69 per cent.

 

Futures also pointed to a lower open in Europe with the pan-region Euro Stoxx 50 futures off 0.72 per cent in early trade and FTSE futures down 0.6 per cent. U.S. stock futures, the S&P 500 e-minis shed 0.4 per cent.

 

U.S. crude rose 0.24 per cent to $79.11 a barrel, its highest level since 2014. Brent crude gained 0.3 per cent to $82.80 per barrel, having hit a three-year high in the previous session, driven by concerns about energy supply and a decision on Monday by the OPEC+ group of producers to stick to a planned output increase rather than raising it further. 

 

Source: Reuters

12:20 PM

ALERT :: Cabinet approves 7 mega textile parks, says TV report

Source: ET NOW