Sensex recoups 350pts from day's low, ends flat; Nifty holds 18K; SBI up 2%

CLOSING BELL: IT, Power stocks logged significant losses, even as select financial stocks gained.

11:30 AM

Rupee falls 8 paise to 82.88 against US dollar after Fed hikes rates

The rupee depreciated 8 paise to 82.88 against the US dollar in morning trade on Thursday after the US Federal Reserve raised interest rates and maintained a hawkish stance. READ MORE

11:21 AM

To improve ARPU, telcos to hike tariffs more frequently in FY23: Report

Reliance Jio is most likely to lead the hikes as it is now focussing on profitability and aims to launch an IPO in next couple of years. READ MORE

11:14 AM

Growth in India's services sector quickens in Oct, PMI edges up to 55.1

The rate of inflation outpaced its long-run average, suggesting no respite from higher cost pressures in Asia's third-largest economy. Read more

11:05 AM

PNB to transfer bad loans worth Rs 20,008 cr from 62 accounts to NARCL

NARCL has been set up by commercial banks to aggregate and consolidate stressed assets for their subsequent resolution. Read more

10:56 AM

Bikaji Foods IPO :: LKP Securities gives 'subscribe' rating

>> Bikaji Foods International Limited (BFIL) is the third largest ethnic snacks company with an international footprint, selling Indian snacks and sweets. Bikaji is well established brand and it is the second fastest growing company with CAGR of 21.3% from FY 2019 to FY 2022 in Indian organized snacks market. 

>> BFIL, with its strong market position across its diversified product portfolio, strong distribution, strategically manufacturing facilities, strong brand visibility and consistent financial performance is in a good position with healthy visibility going ahead. We recommend investors to SUBSCRIBE to the IPO of BFIL.

10:47 AM

Relaxo Footwears tanks 7%, hits 52-week low on weak Q2 performance

In Q2, EBITDA margins declined to 8.9 per cent, down 445 bps YoY and 400 bps on QoQ, due to higher raw material cost. Read here

10:39 AM

ALERT :: India October Services PMI rises to 55.1 vs 54.3 MoM

10:36 AM

Varun Beverages soars 12% in 3 days, nears record high on strong Q3 results

Going ahead, VBL expects double-digit volume growth to continue, led by 5-10 per cent annual outlet expansion and growth in revenue per outlet. Read more

10:27 AM

FED COMMENT :: 'The future rate uptick will take into account cumulative rate hikes so far'

As expected the federal reserve has raised rates by another 75bps as it continues to deal with the worst outbreak of inflation in 40 years. The federal reserve acknowledged that the future rate uptick will take into account cumulative rate hikes so far, the lags with which monetary policy affects economic activity and inflation as well as economic and financial developments.

Views by: Kunal Valia, Chief Investment Officer, Waterfield Advisors

10:15 AM

M&M Financial Services surges 9% on healthy business growth in Q2FY23

In October 2022, Mahindra Finance estimates the total disbursement of approximately Rs 5,250 crore, thus delivering 97 per cent growth over October 2021. Read more

10:00 AM

COMMENT | Indian markets' outperformance likely to continue

The US Fed commentary after the expected 75 bps rate hike, particularly Jay Powell’s remark that the terminal rate is likely to be higher than thought earlier, disappointed markets, which resulted in a sell off in the US.

But it is important to note that when asked about moderating rate hikes he said, “ that time is coming and it may come as soon as the next meeting or the one after that.”

So, it is possible that the markets can again bounce back since the economy continues to be strong and unemployment is at record lows indicating that a recession is not imminent.

India’s outperformance is likely to continue since leading indicators like credit growth, capital expenditure and auto sales point to robust economic recovery.

FPI buying of Rs 12,610 crore during the last 5 trading sessions can provide support to the market at lower levels. Large-cap banks, capital goods and the premium auto segment can be bought on declines.

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

9:52 AM

Manali Petrochemical sinks 10% as Q2 profit slumps 90% YoY

9:49 AM

Nelcast rallies 8% on posting record profit growth in Q2

The company reported a 262 per cent year-on-year increase in consolidated profit at Rs 12.15 crore in Q2. 

9:46 AM

Triveni Turbine up 1% after board approves Rs 190 cr buyback

9:43 AM

Dalmia Bharat gains 2% on posting 15% YoY rise in Q2 sales