Recession fears hit global mkts; Sensex drops 1,046 pts, Nifty below 15,400

CLOSING BELL: The S&P BSE Sensex and the Nifty50 indices hit fresh 52-week lows as they spiraled 2 per cent down

12:55 PM

RIL, Sun TV, India Cements: Are these IPL franchisee stks worth your money?

The IPL Media Rights Auction, which generated bids worth record Rs 48,400 crore, has put the spotlight back on one of the world's biggest cricket tournaments. And now, listed companies and team owners such as Reliance Industries (Mumbai Indians), United Spirits Royal Challengers Bangalore), Sun TV (Sunrisers Hyderabad), and India Cements (Chennai Super Kings) may be eyeing selling a part of their stake in the companies. Here's what charts have to say about these stocks. READ MORE

12:47 PM

Global Check:: US stock futures down around a per cent

Source: Investing.com

12:39 PM

BSE 500:: Top losers so far

Network18, RBL Bank and SpiceJet have shed over 6 per cent in trades so far and were the major losers among the BSE 500 stocks. Swan Energy and TTML were couple of the other notable losers, down over 5 per cent each.

12:29 PM

JP Morgan sees RIL at Rs 3170 in a year; upgrades stock to overweight

The brokerage firm cites a positive earnings revision cycle ahead, given the strong refining and gas environment, for the ratings upgrade. READ MORE

12:21 PM

BSE 500:: Top gainers so far

Vakrangee has soared over 9 per cent in trades so far and was the top gainer among the BSE 500 stocks. IFB Industries, SIS, Crompton Greaves Consumer and General Insurance Company were some of the other notable gainers on Thursday. VIEW MORE

12:09 PM

S&P BSE Sensex near day's low, down over 300 points

12:01 PM

SpiceJet hits two-year low, IndiGo slips 4% on rising fuel prices

Aviation Turbine Fuel (ATF) prices, typically account for 40 per cent of an airline's cost, have risen to Rs 141,232.87 per kilolitre in Delhi, an all-time high. Read more

12:01 PM

Asian Markets Update:: Major markets slip into red

Source: Yahoo Finance

11:47 AM

MARKET COMMENT :: 'It's time to take the punch bowl away'

Given the quantum of money printed in the Covid era and high inflation, a 75 bp rate hike is not a surprise, it should have been a full 1%. The Fed is currently playing catchup. The economy has been flying high on stimulus money now it's time to take the punch bowl away. There is more than enough liquidity in the system to absorb a couple of hundred basis points in rate hikes. A high inflationary environment for an extended time will have severe negative effects on global trade too.

Views by: Suman Bannerjee, CIO, Hedonova - a US-based Hedge fund

11:34 AM

Expert view: Fed chief's guidance helped calm markets temporarily

More than the 75 bps hike in Fed funds rate, which was expected, it was the Fed chief comments and guidance that have calmed the markets, temporarily.

Jay Powell's remark that "we have the tools and resolve to achieve price stability" reflects confidence in containing inflation.

His guidance of 3.4 percent rate by end of 2022 and 3.8 percent terminal rate in 2023 refect the determination to fight inflation.

However, the presently unknown factor is whether the rising rates will tip the US economy into recession.

Views by VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

11:24 AM

MARKET CHECK: Sensex erases day's gains; slips over 150 pts

11:18 AM

Strides Pharma arm gets EU-GMP certification for 2 facilities from Hungary

Strides Pharma Science on Thursday said its subsidiary has received EU-GMP certification for two of its manufacturing facilities from Hungary's National Institute of Pharmacy and Nutrition. Read more

11:09 AM

Tech Mahindra hits one year low; stock slips 45% from 52-week high level

Brokerages have slashed both target PE multiples as well as FY24 earnings estimate for the IT sector amid margin concerns. Read here

10:58 AM

CRYPTO VIEW: Bitcoin marginally recovers after US Fed rate hike

Bitcoin continued to remain within the 21K to 22K zone, recovering marginally last night after the US federal reserve hiked the interest rate by 75 basis points.

The weekly trend for the BTC is traversing within an ascending channel pattern. The monthly RSI, however, has broken below its key support level of 43, a new all time low.

A revival from this stage is imminent as the crypto markets have dropped to nearly 70% since it's all time high, hit in the month of November, 2021.

 

With Ethereum recovering marginally from last night, ETH against Bitcoin remained fairly neutral in the last couple of days.

Bitcoin’s Dominance index continued to remain just above 45% after dropping down from 48% in just 2 days. The weekly chart for ETH-BTC has formed an ascending channel pattern. The next  key support for ETH-BTC is expected at 0.038 level and next resistance is expected at 0.076. 

Source: WazirX Trade Desk

10:45 AM

Gold prices fall by Rs 270, silver trades higher at Rs 60,000 per kg

The fall in gold prices comes after the US Fed Reserve announced the biggest rate hike since 1994 and flagged economic risks. Read more