FMCG, select banks help Sensex, Nifty snap 5-day losing streak; Metals dip

CLOSING BELL: Nestle, Titan, Hindustan Unilever and Asian Paints were the major gainers among the Sensex-30 pack; while Tata Steel, IndusInd Bank and Bharti Airtel were the top losers.

10:16 AM

RBI doing it right on rate hikes, need more: IMF economist Luis Breuer

"We believe that the tightening stance is appropriate for India in the medium-term, to promote sustainable and stable growth over many years, and not just focus on the next three months," he said at the CII partnership summit.

 

Breuer also said the Budget’s focus on prudence and fiscal consolidation was a good step that will reduce and stabilise public debt, which is quite high in the country compared to other G20 countries. READ MORE

10:07 AM

ALERT :: Markets at 6-month lows

>> S&P BSE SENSEX: 57,177.05, down 378.85 points or 0.66%

>> NIFTY50: 16,860.60, down 111.55 points or 0.66%

>> S&P BSE MidCap: 23,757.24, down 295.96 points or 1.23%

9:59 AM

HPCL, BPCL surge 3% each as oil prices fall amid global turmoil

9:51 AM

Comment :: 'Regulators are moving fast to contain the problem'

Bad news has shifted from the US to Europe. The refusal of Credit Suisse's largest shareholder Saudi National Bank to infuse more equity sent the stock plummeting by 30%, thereby impacting the European Bank Index which sharply corrected by 8.4%. Since all banks are interconnected, fears of banking contagion are impacting markets.

It is important to understand a few facts. One, Credit Suisse has been going through problems for more than a year now. Other European large banks are strong. Two, the crisis in a few US regional banks is unlikely to impact the large US banks and the US financial system.

The central banks, treasuries and Deposit Insurance Corporations are moving fast to contain the problem which is likely to be contained shortly. There are no serious fundamental issues like those during the 2008 financial meltdown. Investors should not panic and wait for this storm to pass. Safety is in fundamentally strong large caps.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

 

9:39 AM

Nifty PSU Bank second worst hit index; UCO, Central Bank top laggards

9:38 AM

ALERT :: Sensex near day's low, down about 300 pts

9:34 AM

Nifty Metal tanks 3% on fears of global slowdown; Hindalco, Jindal Steel, Tata Steel fall up to 5%

9:32 AM

ALERT :: Nifty breaks below 16,900 intra-day

9:31 AM

JSW Energy down 1%; Co to allot NCDs on private placement basis

The board approved allotment of 25,000 non-convertible debentures (NCD) on a private placement basis to raise Rs 2,500 crore.

9:29 AM

Future Retail rallies over 4% in a weak market as Kishore Biyani withdraws resignation

Kishore Biyani withdrew his resignation after resigning from the suspended board of the company for nearly a month and half. The Resolution Professional of Future Retail (FRL), which is going through insolvency resolution process, raised objections to the contents of Biyani's resignation letter and requested him to recall it.

9:26 AM

Exchanges freeze promoter holdings of Patanjali Foods; stock drops nearly 4%

The stock exchanges have frozen promoter holding of Patanjali Foods after the company failed to meet 25 per cent public shareholding within a time frame. Currently, the promoter-backed in the stake comprises of 80.82 per cent.

9:25 AM

Samvardhana Motherson tumbles 9% as nearly 8% equity changes hands

9:23 AM

Broader market check :: Mid, SmallCap indices down 0.7%

9:22 AM

Sectoral trends :: Defensive plays hold fort; Metal index slides 2%

9:20 AM

Sensex Heatmap :: Tata Steel, IndusInd Bank, Infy drag index; Titan, PowerGrid lead