Broader markets rally up to 3% ahead of Fed outcome; Nifty Media jumps 13%

NSE Nifty settled the day in the red ahead of the FOMC outcome later today

9:06 AM

Sensex trades 175 points higher in pre-open session; above 59,000-mark

9:04 AM

Zee Entertainment signs deal for merger with Sony Pictures India

The Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL. SPNI will also infuse growth capital into SPNI as part of the merger such that SPNI has approximately $1.575 billion at closing, for pursuing other growth opportunities. READ MORE

8:58 AM

Stocks to watch: ZEEL, Vodafone Idea, KEC Int'l, Torrent Power, Infosys

ZEEL: Zee Entertainment (ZEEL) has signed a merger deal with Sony Pictures Networks India Private Limited, the company said in an exchange filing. According to the deal, Sony Pictures Entertainment will infuse $1.575 billion in the merged entity. Post the merger, 47.07 percent stake will be held by shareholders of Zee Entertainment, while Sony Pictures Networks will hold a 52.93 percent stake in the merged entity. The company said that Punit Goenka will be MD & CEO of the merged company for 5 years.

 

Vodafone Idea: Vodafone plc has made it clear that it will not make any fresh equity infusion in its Indian telecom business--Vodafone Idea Ltd (VIL). Responding to a query, a spokesperson at the UK-headquartered telco said: “Just to confirm our position, there will be no new equity infusion from Vodafone Group.” This is the first time that Vodafone has spoken about its stand after the government announced a telecom package last week. READ MORE

8:51 AM

Foreign investors want Sebi to delay shorter trade settlement plan

India should put off a plan to shorten settlement of stock transactions as it raises the risk of default by local brokerages and dims the country’s allure to global investors, a lobby group said. Capital market regulator, Securities and Exchange Board of India, has announced a proposal to allow stock exchanges to offer next-day settlement in some stocks starting early next year instead of the two-day or T+2 settlement practiced in most markets including the U.S. READ MORE

 

8:46 AM

Breakout seen on Infosys, GNFC daily charts, Vinay Rajani recommends buying

Buy Infosys Rs 1717 | Target Rs 1,790 | Stop-loss Rs 1,670

 

Stock has broken out from the symmetrical triangle pattern on the daily charts. Primary trend of the stock has been bullish with higher tops and higher bottoms. IT as a sector has been continuously performing very well for last many months. Indicators and oscillators have also been showing strength on daily and weekly charts. READ MORE

8:39 AM

FIIs, DIIs were net buyers on Tuesday

8:35 AM

BSE bulk deal data for Tuesday

Read in detail here

8:33 AM

Bulk deal on NSE on Tuesday

Click here for detail

8:29 AM

SGX Nifty indicates flat-to-negative start

>> At 8:28 AM, the SGX Nifty was at 17,536 levels, down 26 points

8:28 AM

Rupee recovers 13 paise to close at 73.61 against US dollar

The rupee on Tuesday rebounded by 13 paise to close at 73.61 (provisional) against the US dollar following a firm trend in domestic equities and losses in the American currency in the overseas market. At the interbank forex market, the local unit opened flat at 73.74 against the greenback. During the session, the domestic unit witnessed an intra-day high of 73.58 and finally settled at 73.61.

 

On Monday, the rupee had dropped by 26 paise to settle at a nearly four-week low of 73.74 against the US dollar. Meanwhile, the dollar index, which gauges the greenback''s strength against a basket of six currencies, fell 0.14 per cent to 93.14.

 

Source: PTI

8:26 AM

Oil rises on big decline in U.S. crude stocks

Oil prices rose around 1% on Wednesday, extending overnight gains, after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.1%, to $71.24 a barrel at 0131 GMT, adding to a 35 cent gain from Tuesday. Brent crude futures climbed 68 cents, or 0.9%, to $75.04 a barrel, after gaining 44 cents on Tuesday.

 

Source: Reuters

 

8:24 AM

Mainland China drop over 1% at open before bouncing back; Evergrande crisis closely watched

Markets in mainland China fell more than 1% on Wednesday’s open before bouncing back slightly amid the ongoing Evergrande crisis, as markets reopened for trade after a two-day holiday. Both the Shanghai composite and Shenzhen component dropped more than 1% in early trade, before easing off on some of those losses. The Shanghai composite was last down 0.51% while the Shenzhen component slipped 0.791%.

 

Elsewhere in Asia, the Nikkei 225 in Japan slipped 0.61% while the Topix index shed 0.73%. The Taiex in Taiwan dropped 2.15%. South Korea was closed for a holiday. In Australia, the S&P/ASX 200 edged 0.48% higher. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.4% lower.

 

Source: CNBC

8:22 AM

Wall Street ends near flat on cautious note ahead of Fed

U.S. stocks ended near flat on Tuesday after a broad sell-off the day before, with worries over troubles at developer China Evergrande and caution ahead of Wednesday’s Federal Reserve policy news keeping a lid on the market.

 

Trading was choppy, with the Dow and S&P 500 erasing session gains just before the close, while the Nasdaq finished slightly higher. The Dow Jones Industrial Average fell 50.63 points, or 0.15%, to 33,919.84, the S&P 500 lost 3.54 points, or 0.08%, to 4,354.19 and the Nasdaq Composite added 32.50 points, or 0.22%, to 14,746.40. S&P 500 industrials led losses among sectors. 

 

Source: Reuters

8:15 AM

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