Sensex ends choppy day 337pts down; Nifty atop 17,600; banks dip, FMCG gain

CLOSING BELL: Sectorally, indices ended mixed with the Nifty FMCG index rising over 1 per cent, while the Nifty Bank, and Financial Services indices falling up to 1.4 per cent each

1:39 PM

Bitcoin touches lowest level since December 2020 after Fed's 75 bps hike

After the Federal Reserve's (Fed) 75 basis points interest rate hike, Bitcoin touched its lowest level since December 2020. In the last 24 hours, the price of Bitcoin has fallen nearly 2 per cent, and the total crypto market cap is now nearing $900 billion. It was over $1 trillion on September 15. READ MORE

1:24 PM

FMCG beat market blues; charts hint 15% upside for ITC, Varun Beverages

The Nifty FMCG index hit a fresh all-time high on Thursday even as the key benchmark indices wilted under selling pressure, tracking losses in global markets. READ MORE

1:14 PM

ALERT :: Arunachal Pradesh Cabinet increases excise duty on liquor by 15%, reports PTI

1:06 PM

CURRENCY CHECK :: Rupee can weaken towards 81/$ in near term

Rupee records low prices as fall below 80.75 registers after hawkish commentary from FED's along with hike of 0.75bps hike with forecast of tighter policies needed to control the high inflation rates. The markets showed strong performance from the US dollar index which has scaled above 20yr high at quoting above 111.50$ in afternoon trades mirroring the effect rupee has fallen more than a 1% from 79.95 to 80.77 falling more than 1rs this week. The Japanese yen has also sunk as the dollar index effect has affected the Yen against the dollar falling below 0.6860. Rupee can be seen as a weakness to continue towards 81.00 in near term.

Views by: Jateen Trivedi, VP Research Analyst at LKP Securities

12:54 PM

After US Fed's hike, RBI action in the next two days to decide rupee's fate

The rupee is already being pressured by the widening Current Account Deficit (CAD). It can go up to 3-3.5 per cent for the year. The reason is not hard to guess. The trade account is widening fast as exports growth is now moving closer to the negative zone with the global economy slowing. Imports are rising as India is still a fast growing economy at around 7 per cent. What is comforting is that commodity prices are moving southwards which is good for the trade deficit. But with the deficit widening, there is pressure on CAD. READ MORE

12:45 PM

Analysts cautious on Fortis Healthcare post SC verdict; stock tanks 18%

Shares of Fortis Healthcare (FHL) plunged 18 per cent to Rs 255.75 on the BSE in Thursday’s intra-day trade on of heavy volumes, after the Supreme Court (SC) announced a jail term of six months for Malvinder Singh and Shivinder Singh in the Daiichi-Fortis case. That apart, a forensic audit has been ordered in the Fortis-IHH deal. READ MORE

12:31 PM

LIC hits lowest level since listing; shares down 32% from issue price

LIC now trades 32 per cent below its issue price of Rs 949 per share, and is at its lowest level since market debut on May 17, 2022. Since its listing, LIC continued underperforming the market with wide margin. In the past one month, the stock has shed 4 per cent, as compared to 0.41 per cent rise in the S&P BSE Sensex. Further, in the past three months, it declined 3 per cent, as against 14 per cent rally in the benchmark index. READ MORE

12:19 PM

BS Special :: &A with Rajiv Kaul of CMS Info Systems

12:07 PM

ALERT :: Sensex at day's low

12:00 PM

Retail inflation in Sept to rise to five-month high at 7.4%: Deutsche Bank

The foreign bank expects inflation to average at 7% in October-December and 6.4% in January-March, with a full-year average projection of 6.9%, higher than the RBI's 6.7% estimate. READ MORE

11:51 AM

Aptus Value Housing Finance soars 8% in a weak market

Recently, Citi group had initiated coverage on the stock, with a 'Buy' rating and a target price of Rs 425 per share. According to the report, Aptus which operates in the niche affordable-housing segment has demonstrated quality underwriting, with credit cost less than 20 bps pre-Covid and peak of 86 bps after Covid. READ MORE

11:36 AM

Banking system liquidity may remain in deficit in second half: Analysts

A widening liquidity deficit could lead to a rise in short-term borrowing rates and prompt the Reserve Bank of India to pump in money into the banking system through repo auctions and slow down its interventions in the currency market. READ MORE

11:27 AM

Have the Indian stock markets rallied too fast, too soon?

Until the S&P BSE Sensex and Nifty50 do not break 57,000 and 17,000 levels, there are higher changes of touching 64,000 and 19,000 levels.Read here

11:18 AM

ALERT :: Fortis tumbles 15% as SC orders continuation of stay on IHH open offer

>> The Supreme Court on Thursday disposed off Daiichi Sankyo’s plea.

>> It has ordered a forensic audit to audit transactions.

>> Japanese drugmaker Daiichi Sankyo had earlier challenged the Fortis-IHH deal to recover the Rs 3,600 crore arbitration award it had won in a Singapore tribunal against Fortis’ erstwhile promoters, brothers Malvinder Singh and Shivinder Singh.

11:06 AM

Bharat Forge: Rising industrial segment revenue, auto recovery drive gains

Brokerages have also highlighted that the energy crisis in Europe would be a big opportunity for Indian forging and casting companies such as Bharat Forge. Read here