Sensex snaps 2-day winning run, slips 289pts; Nifty below 17100; banks fall

CLOSING BELL: Selling in heavyweights like SBI (down 2 per cent), HCL Tech, Infosys, Reliance Industries, HDFC Bank, HDFC, and ICICI Bank weighed on the benchmarks

10:34 AM

GR Infra jumps over 4% after it emerges L-1 bidder for Rs 872 cr project

In the past one week, shares of this construction firm gained 1.7 per cent, as against 0.2 per cent rise in the S&P BSE Sensex. READ MORE

10:25 AM

Bank failures: When it comes to regulation West can learn plenty from India

Until the early 1960s, Indian banks used to fail as frequently as anywhere else in the world. Free entry and exit were the order of the day. The depositors had no say because the caveat emptor – buyer beware -- rule prevailed. Banks kept failing. You name a bad practice, and it was there. Depositors kept getting shortchanged. READ MORE

10:15 AM

US Fed meeting review :: 'The Fed is now realistic'

The Fed is now realistic. Monetary tightening remains necessary to fight exceptionally high inflation, but some of the Fed’s work will be done by the tightening in credit conditions amid the turmoil in the US banking system, which will also push the economy into recession. Inflation, resulting from excessively rapid M2 growth in Mar’20-Feb’22 (averaging 18.2% YoY over the 2-year period, vs an average of 6.8% YoY in the previous 60 years pre-covid), is still too entrenched to warrant any rate cuts over the next 12 months. A bit more monetary pain lies ahead, with easing unlikely before Q2CY24 despite the intervening recession.

Views by: ICICI Securities

10:05 AM

MARKET CHECK :: Indices off lows as auto, metal, pharma stocks lead recovery

>> S&P BSE SENSEX: 58,140.06, down 74.53 points or 0.13%

>> NIFTY50: 17,129.40, down 22.50 points or 0.13%

>> S&P BSE MidCap: 24,026.34, down 15.36 points or 0.06%

>> S&P BSE SmallCap: 27,242.84, up 61.78 points or 0.23%

9:58 AM

Hindustan Aeronautics tumbles 6% on pricing OFS at discount

Back in 2020, the government had sold 15 percent of its equity stake in the company at Rs 1,001 per share to raise about Rs 5,000 crore via OFS. 
 

HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. READ MORE

9:45 AM

Comment :: 'Investors need to expect moderate returns from markets amid interest rates'

The 25 bp rate hike by the Fed and dovish commentary were on expected lines. The Fed is trying its best to balance inflation control with financial stability. The strong message from Jerome Powell that “the US banking system is sound, resilient and well capitalised with adequate liquidity” should calm the markets. But the late day sell-off was triggered by the Treasury Secretary Janet Yellen’s comment that they are not considering blanket deposit insurance. This kind of gyrations happen in a highly volatile whipsawing market driven by daily doses of news. The Fed has signalled perhaps one more rate hike this year and then a pause. Investors need to expect only moderate returns from the market in the present context of high interest rates. Investment in fixed income and systematic investment in high quality stocks for the long-term is the ideal investment strategy now.

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

9:34 AM

Kalpataru Power in green as company bags new orders of Rs 2,477 crore

9:32 AM

Indiabulls Housing slips 1% as it plans to delist GDRs

The company will delist 5.68 lakh Global Depository Receipts, representing 0.12% of its paid-up capital, from Luxembourg Stock Exchange due to low trading volume.

9:31 AM

Chalet Hotels to acquire Sonmil Industries; stock up 2%

The company will acquire 100% stake of Sonmil Industries for 74.65 crore and 82.28% stake in The Dukes Retreat. Sonmil owns the land in Khandala where The Dukes Retreat runs a property.

9:29 AM

HG Infra Engineering gains as co gets selected for one of NHAI's projects

The company has been selected as the lowest bidder by the National Highways Authority of India for the construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Lepo village in Jharkhand to Kamlapur village on the Jharkhand-West Bengal border. The estimated project cost is Rs 764.01 crore.

9:27 AM

Nazara Tech arm buys 73% stake in Pro Football Network LLC; stock up 2.5%

Absolute Sports, the parent company of Sportskeeda, on Wednesday said it has acquired a 73.27 per cent stake in Pro Football Network LLC (PFN) worth $1.82 million (about Rs 16 crore) through primary infusion of capital and secondary stock purchases. Sportskeeda is a subsidiary of Indian gaming firm Nazara Technologies.

9:25 AM

Hero MotoCorp rises 1% in a weak market on price hike announcement

Hero MotoCorp on Wednesday said it will increase prices of its model range by around 2 per cent from next month in order to offset the impact of rise in production cost in order to conform to stricter emission norms.

9:24 AM

HAL tumbles over 5% as Centre begins partial stake sale via OFS

The government plans to sell up to 3.5 per cent of its stake in aerospace and defence company Hindustan Aeronautics (HAL) through an offer for sale (OFS) to raise over Rs 2,867 crore this fiscal, according to an exchange filing on Wednesday. It owns a 75 percent stake in HAL. 

9:21 AM

Sectoral check :: Broad-based selling seen in early deals

9:21 AM

Broader markets in red but outperform benchmarks