Sensex tanks 1,017 pts; Nifty holds 16,200; Bajaj Finance sinks 4%, RIL 3%

Stock market highlights: Over 35 Nifty stocks ended the session in the red with Bajaj Finance, HDFC, Kotak Bank, Hindalco, Wipro, Reliance Industries, Tech M, and Infosys falling between 2.5-4%

11:16 AM

Rs 2.7 trn of investor wealth wiped off. Why did the Sensex fall on Friday?

The market's confidence has been shaken as persistently elevated levels of commodity prices, and disrupted supply chains continue to be a double whammy for the economy and companies alike. READ HERE

11:09 AM

ALERT :: Fitch slashes India FY23 GDP growth forecast to 7.8% from 8.5%

>> Outlook revised upwards to 'stable' from 'negative'

>> GDP growth could stay around 7% between FY24-27

11:06 AM

Medplus Health dips below issue price, hits new low; stock down 16% in 1 wk

With the recent decline in the stock price of the company, MHSL is trading 7 per cent lower from its issue price of Rs 796 per share. READ HERE

10:58 AM

Shanghai to lock down 8 districts, test millions as Covid cases rise again

In China there were 5 other infections found among people already in quarantine on Thursday, for a total of 11 cases in the financial hub. Nationwide, China added 73 infections. READ HERE

10:49 AM

Genesys surges 4% as board plans to mull issue of shares

10:41 AM

Rupee depreciates 8 paise, hits record low of 77.82 against dollar

The rupee depreciated 8 paise to a record low of 77.82 against the US dollar in opening trade on Friday, tracking the strength of the greenback in the overseas market. READ HERE

10:33 AM

IT stocks bleed; Wipro, Mphasis tank over 3%

10:26 AM

Sugar stocks edge lower in a weak market

10:19 AM

Gold ETFs witness third straight month of inflows; AUM rises 10% YTD

The quantum of inflows at Rs 203 crore, however, was sharply lower than Rs 1,100 crore registered in April. READ HERE

10:13 AM

Market view: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

>> Strengthening of the US 10-year bond yield to 3.05 % can be interpreted as the market discounting worse- than- expected inflation data in the US on Friday. If inflation data turns out to be worse-than-expected, equity markets will turn bearish. If it doesn't, markets will stage a rebound next week.

>> Meanwhile, INR depreciation  is becoming a tailwind for the IT industry. Since banks have hiked lending rates immediately after the repo rate hike, they are likely to post good results in the coming quarters. Calibrated buying on dips in high quality banking and IT stocks can fetch good returns to investors in the medium- term.

10:02 AM

IIFL Finance rallies 8% as home loan arm inks Rs 2,200 cr Abu Dhabi deal

IIFL Home Finance proposes to use the additional capital to continue its granular expansion strategy into new markets to address the significant and growing demand for housing loans. READ HERE

9:54 AM

Chris Wood rejigs India equity exposure; replaces HDFC with HDFC Bank

In the financial sector, Wood now holds SBI, Bajaj Finance, ICICI Prudential Life, ICICI Lombard and CAMS besides HDFC Bank in his India long-only equity portfolio. READ HERE

9:47 AM

HFCL up 3% after firm bags new order worth Rs 73.39 crore

9:40 AM

IIFL Finance gains 4% after Abu Dhabi's ADIA invests in subsidiary for 20% stake

9:36 AM

Bajaj Auto gains 2% in a weak market as board to mull buyback on June 14

The board of directors of Bajaj Auto is scheduled to meet on Tuesday, 14 June 2022, to consider a proposal for buyback of fully paid-up equity shares of the company. READ HERE