Sensex slides 861 pts, Nifty holds 17,300; RIL slips 1% post 45th AGM

CLOSING BELL: Mukesh Ambani laid out succession plan with Akash Ambani championing telecom, Isha Ambani controlling Retail, and Anant Ambani joining new-energy vertical

12:01 PM

Telecom, energy sectors see sharpest earnings cut after Q1

The April-June quarter of 2022-23’s (FY23’s) earnings season has wrapped up. Subsequently, the benchmark Nifty has seen only a marginal cut in its FY23 and 2023-24 (FY24) earnings estimate, but telecommunications (telecom) and oil and gas sectors have seen sharp cuts. READ MORE

11:51 AM

Govt may try new currency swap to help developing economies avert default

“Given the currency fluctuations, it will be crucial for the Global South to enter into currency swap agreements and link them to projects and trade in minerals and other commodities,” said Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs at an event in New Delhi. A currency swap between two cross-border entities allows them to procure loans in foreign currency at more favourable interest rates than might be available when they borrow directly in a foreign market. READ MORE

11:41 AM

Mazagon Dock Shipbuilders hits new high on heavy volumes; up 27% in 2 days

MDL is one of India's four strategic defence shipyards and the only one to manufacture destroyers and submarines in India. It is a Defence Public Sector Undertaking (DPSU) under the Ministry of Defence (MoD). READ MORE

11:28 AM

Are we allowed to transfer shares to Adani Group firm: NDTV's Roys ask Sebi

NDTV founders Radhika and Prannoy Roy have informed New Delhi Television - the promoter group vehicle of NDTV -- RRPR Holding Private has written a letter on Sunday to the Securities and Exchange Board of India (Sebi) asking it to determine whether the Sebi order dated November 27, 2020, restricts the conversion of warrants issued to Vishvapradhan Commercial Private (“VCPL”) into equity shares of the promoter group vehicle RRPRH. READ MORE

11:20 AM

'Inflation fever' finally breaking but central banks won't stop rate hikes

After the worst price shock in decades, the speed at which relief arrives will vary, with Europe in particular still struggling. But for the world as a whole, analysts at JPMorgan Chase & Co. estimate that consumer-price inflation will fall to 5.1% in the second half of this year — roughly half of what it was in the six months through June. READ MORE

11:09 AM

3 reasons why the Sensex slumped over 1,400 points intraday on Monday

Monday's market mayhem was led by the IT pack as Nifty IT index cracked over 4 per cent. Tech M, Infosys, HCL Tech, Wipro and TCs slipped 2-5 per cent. Read here

11:00 AM

Buzzing stock :: RIL recoups losses, slides in the green zone ahead of 45th AGM

10:53 AM

FOREX COMMENT :: Rupee may bottom at 81/$

>> The fight to tame inflation is expected to continue in the distant future and the rate hikes are expected to put pressure on the rupee and other emerging market currencies.

>> However, due to the better-than-expected economic growth trajectory of India and less severity of inflation compared to its peers, INR has fared better than other currencies.

>> Further, the signs of FIIs and FPI’ return are visible. Thus, we expect the further downside of the INR to be limited.

>> It might bottom out at around 80.5 to 81 levels

Views by: Santosh Meena, Head of Research, Swastika Investmart

 

10:46 AM

RIL AGM 2022 :: Ambani to unveil 5G phone, spell out new, bigger energy plans

This year will see the company step up its investments in this area, as it pivots towards green energy. The AGM today could give an indication of where RIL intends to go with its new energy plans. This is important in view of recent developments on the policy front. READ MORE

10:35 AM

Rupee hits low of 80.14 a dollar as Fed's Powell talks tough on inflation

The previous lifetime low for the rupee was 80.06 per dollar on July 19. The domestic currency, which had settled at 79.87 per dollar on Friday, regained some ground due to the Reserve Bank of India’s market interventions through dollar sales, dealers said. The local unit was at 80.02 per dollar at 9:30 am IST. READ MORE

10:35 AM

MARKET CHECK | Sensex recoups 500 points from day's low

10:25 AM

Nifty IT slips nearly 5% in a bearish market; Tech M, Infosys fall up to 6%

At 09:23 am; the Nifty IT index, the top loser among sectoral indices, was down 4.5 per cent, as compared to 2 per cent decline in Nifty 50. Meanwhile, in the past eight days, Nifty IT index slipped 10 per cent, as compared to 4 per cent decline in the Nifty 50 index. READ MORE

10:15 AM

MARKET COMMENT :: 'Buy on dips' unlikely to hold; stay cautious

>> The ultra-hawkish tone of the Fed chief, his warnings that Fed's policy will 'cause some pain to households and businesses' and 'the unfortunate costs of reducing inflation' were not expected and factored-in by the market

>> The 17% rally in S&P 500 from mid June to mid August was mainly driven by expectation that with declining inflation Fed would pivot towards lower interest rates by early 2023. This expectation has been belied by Powell's message

>> The sharp rise in the Dollar index above 109 and the 10-year bond yield spiking to 3.1 % are negative for capital flows to EMs like India.

>> FPIs are unlikely to continue buying in India in this scenario.

>> The 'buy on dips' is unlikely to hold.

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

 

10:06 AM

Sector check :: Nifty FMCG Index turns positive

9:56 AM

RIL 45th Annual General Meeting 2022: What to expect; where to watch

In its 2021 AGM, RIL announced the launch of JioPhone Next and the entry of the company into the green energy sector with a budget of Rs 75,000 crore. READ MORE