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

12:15 PM

ALERT :: Cement companies hike prices by Rs 10-50/kg bag across India

>> Cement companies hike prices on strong demand post monsoon

(Source: Informist) 

12:14 PM

AU Small Finance Bank total deposits up 45% at Rs 39,034 crore in Q2

>> In Q2FY22, the bank saw improvement versus the Q1’FY22 across several key aspects such as borrower connect, business continuity, and confidence within the operating environment

11:55 AM

BSE Smallcaps have out-performed mid-cap and large-caps in trade so far

The BSE Smallcap index was up 0.6 per cent as against a near-about flat movement in the BSE Sensex and Midcap index. Shanghvi Movers, Shivam Auto, Panama Petro, Birla Money, DBL, Skipper and Hindustan Copper were some of the major gainers, up 7-10 per cent each.

11:45 AM

IRCTC soars 20% in a week post fixing Oct 29 as record date for stock split

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) hit a new high of Rs 4,512 after surging 8 per cent on the BSE in Wednesday’s intra-day trade, on the back of heavy volumes, ahead of 1:5 stock split. The trading volumes on the counter more-than-doubled today, with a combined 7.02 million equity shares having changed hands on the NSE and BSE till 11:19 am. READ MORE

 

11:34 AM

HDFC twins flex muscles, as Reliance, Infosys take a breather

The HDFC twins (HDFC Bank & HDFC) have contributed 170 points to the Sensex today, without which the BSE index could have been notably in red, as index heavyweights Reliance Indutries and Infosys are taking a breather after yesterday's smart gains.

 

11:22 AM

US 30-year yield rises to highest since June as inflation fear grows

US Treasury 30-year yields climbed to the highest level since June as rising energy prices stoke concern inflation will accelerate. The benchmark 30-year yield jumped to 2.12 per cent in early Tokyo trade. READ MORE

Photo: Bloomberg

11:11 AM

ALERT :: TCS partnership with SBI extended for another 5 years

>> Tata Consultancy Services has announced that its long-standing partnership with State Bank of India (SBI) has been extended for another five years. 

>> As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate around core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.

 

11:04 AM

Himatsingka Seide hits over 3-year high on strong demand outlook

Shares of Himatsingka Seide were locked inthe 5 per cent upper circuit for the second straight day, hitting an over three-year high of Rs 298.50, on expectation of strong demand. The stock of the textiles company was trading at its highest level since September 2018.

 

In the past three months, the stock has gained 54 per cent, as compared to a 13-per cent rise in the S&P BSE Sensex. While over the past one year, the market price of the company has more-than-doubled, and is up 109 per cent, against a 21-per cent rally in the benchmark index. READ MORE

10:55 AM

Sensex heatmap | 10 stocks in green, while 20 trade in red

10:34 AM

SBI stock trades higher for third straight session, nears record high

Shares of State Bank India (SBI) were up 1.4 per cent at Rs 471 on the BSE in Wednesday’s intra-day trade, quoting close to its record high of Rs 471.85 touched on September 17, 2021. The stock of the state-owned giant was trading higher for the third straight day, having gained 4 per cent during the period. In the past one month, SBI has outperformed the market and is up 9 per cent, as compared to a 2.8 per cent rise in the S&P BSE Sensex. In the past six months, it has rallied 34 per cent against a 22 per cent surge in the benchmark index. READ MORE

10:23 AM

Marico rallies 6%, hits record high on healthy Sept quarter business update

Shares of Marico rallied nearly 6 per cent to hit a record high of Rs 590 on the BSE in Wednesday’s intra-day trade after the company said it has recorded revenue growth in the low twenties with strong double digit volume growth during the September 2021 quarter. The stock of the personal products company surpassed its previous high of Rs 587 touched on September 13, 2021. READ MORE

 

10:08 AM

Alert :: Rupee falls to lowest level against Dollar since July 20

>> Rupee at 74.63 to dollar against 74.45 previous session

Source: news reports

9:59 AM

ALERT :: US treasury 10-year yield rises to 1.57%, highest since June 17

Source: TV reports

 

9:44 AM

MARKET VIEW :: Moody's rating upgrade has come as a shot in the arm for bulls

Dalal street's one-way movement has been bewildering for seasoned investors. Nifty's rise from below 7600 in March 2020 to close to 18000 now, without any serious correction of even 5 percent is without parallels in India's market history. While seasoned investors have been sceptical about this rally, particularly in recent months, the newbie retail investors continue to be exuberant. At least for the present, valuation concerns have taken a back seat. Every positive news is being projected and negative news ignored. We don't know how long this exuberance lasts.

 

Moody's upgrading India's rating outlook to stable has come as a shot in the arm for bulls.

 

The major headwind for the economy and markets is likely to come from imminent inflation. With sustained rise in petrol and diesel prices, cost-push inflation will soon become a macro headwind. The MPC will be forced to withdraw from its accommodative stance. But how far this is going to impact the bullish sentiments remains to be seen. The newbie retail investors have become a powerful market force now. But exuberance alone cannot drive markets for long.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:41 AM

Bajaj Finance gains 1% post Q2 business update

The company’s assets under management (AUM) stood at approximately Rs 166,900 crore as of September 30, 2021 as compared to Rs 137,090 crore as of September 30, 2020. Deposit book in Q2 FY22 grew by approximately Rs 750 crore.