Monday, December 23, 2024 | 09:11 PM ISTEN Hindi

MARKET WRAP: Sensex snaps 6-day losing streak, jumps 646 pts; banks advance

All that happened in markets today.

SI Reporter New Delhi

Photo: Shutterstock.com

9:02 AM

Rupee Opening Alert

Rupee opens weaker at 71.18/$ vs Monday's close of Rs 71.02/$

8:58 AM

Maruti Suzuki cuts production for eighth straight month in September

Reeling under a prolonged slowdown, Maruti Suzuki India (MSI) reduced its production by 17.48 per cent in September, making it the eighth straight month when the country's largest car maker lowered its output.

The company produced a total of 1,32,199 units in September as against 1,60,219 units in the year-ago month, Maruti Suzuki India (MSI) said in a regulatory filing. READ MORE

8:53 AM

Stocks to watch: Infosys, Minda Ind, Indiabulls Ventures, Aurobindo Pharma

Here's a look at the top stocks that may remain in focus today -

Titan: The company in its regulatory filing said that the retail sales (secondary sales) in jewellery division grew by 7 per cent in Q2'20 but revenues as per financials declined 2 per cent YoY in Q2'20 substantially due to adverse impact ofthe hedges matured during the quarter.

Infosys has been selected as one of the main suppliers to deliver digital transformation services to Volvo cars. READ MORE

8:50 AM

NEWS ALERT | Glenmark Pharmaceuticals receives tentative ANDA approval for Dimethyl Fumarate Delayed‐Release Capsules: BSE Filing

-- Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (U.S. FDA) for Dimethyl Fumarate Delayed‐Release Capsules, 120 mg and 240 mg, a generic version of Tecfidera®1 Capsules, 120 mg and 240 mg, of Biogen Inc.

8:48 AM

IL&FS case: CVC intervenes in Sebi's probe of credit rating agencies

The process followed in dealing with credit-rating agencies (CRAs) has come under the scanner of the Central Vigilance Commission (CVC), a body that probes corruption in government.

The commission has asked the Securities and Exchange Board of India (Sebi) to explain the role of CRAs and the status of its probe into the Infrastructure Leasing & Financial Services (IL&FS) fraud case. READ MORE

8:44 AM

New fund offerings fetch 24 asset managers Rs 7,500 crore in CY19

In a room full of distributors, Motilal Oswal AMC’s (MOAMC) sales and distribution head Akhil Chaturvedi hard-sells the asset manager’s large & mid-cap scheme, a new fund offering (NFO).

Chaturvedi tries to convince the group of 100-odd distributors that the NFO can help create excitement among investors, especially those sitting on the sidelines, and get them to invest. READ MORE

8:35 AM

Escorts scrip bounces back to register 19% rise on seasonal tractor demand

Even as auto stocks continue to feel the pressure of falling volumes and muted outlook, the Escorts scrip has bounced back over the past three weeks to register gains of 19 per cent. Led by seasonal demand for tractors, the company was the only one in the listed space to report year-on-year (YoY) volume growth in September. READ MORE

8:28 AM

Valuations of banking stocks may come under pressure amid economic slowdown

Who would have envisaged a year back, when there were first signs of stress in the form of a liquidity squeeze, thanks to the IL&FS fiasco, that it would have a cascading impact on India’s financial system. That the count of public sector banks (PSBs) would further shrink and that there would be so much thrust on transmitting repo rate cuts that banks may have to work harder to protect their net interest margin (NIM). READ MORE

8:21 AM

Slowdown blues: Q2 Nifty50 earnings may decline despite corporate tax cut

The July-September 2019 period could be one of the worst quarters for corporate earnings in recent years if the estimates by leading brokerages on Dalal Street are anything to go by.

Gains from the corporate tax cut last month are likely to be offset by lower sales volume and revenue contraction in key sectors such as automobiles, energy, metals, and mining. READ MORE HERE

8:11 AM

Top stock recommendations by Anand Rathi: Buy Berger Paints, sell Sun TV

NIFTY: SELL

TARGET: 11,000

STOP LOSS: 11,220

Nifty closed in the negative territory in the last trading session and with that it has provided a sell crossover in its daily MACD which is a negative sign in the short term. The Index continues to form lower tops and lower bottoms; hence the bears have an upper hand.READ MORE

8:10 AM