Sensex hits 63K, gains 418pts; Nifty ends at record high of 18,750

CLOSING BELL: The S&P BSE Sensex scaled a new summit at 63,303, and settled above 63,000-mark for the first-time ever. The Nifty 50 hit a new all-time high at 18,816 on Wednesday.

2:03 PM

Global Check:: Asian markets, barring Japan, log gains on Wednesday

Source: Yahoo Finance

1:55 PM

Sebi overhauls advisory panels on FPIs, social stock exchange

Rejigging its FPI Advisory Committee, Sebi has said former finance secretary Hasmukh Adhia will now chair the 16-member panel. It was earlier headed by K V Subramanian, former chief economic adviser to the government of India. READ MORE

1:47 PM

Budget may not be right time to restructure capital gains tax: Revenue secy

The new alternative tax regime should be incentivised to encourage more taxpayers to adopt it, says Revenue Secretary Tarun Bajaj in an interview with Shrimi Choudhary. Bajaj, who superannuates today, suggests this could be done by raising the lower tax slab up to Rs 7-7.5 lakh, from the current Rs 2.5 lakh. He also stresses that restructuring the capital gains tax regime requires detailed consultation and the run-up to the Budget may not be the right time to do this. CONTINUE READING

1:37 PM

BSE 500:: HUDCO, Kalyan Jewellers, Bajaj Holdings among top gainers

HUDCO up nearly 12 per cent was the top gainer among the BSE 500 stocks so far on Wednesday. It was followed by Kalyan Jewellers, Lemon Tree Hotel, Bajaj Holdings and Tata Motors-DVR, up 4 - 7 per cent each.

1:25 PM

Hotel shares in demand; TajGVK, Lemon Tree, Oriental Hotel rally up to 9%

TajGVK Hotels & Resorts, Lemon Tree Hotels and Oriental Hotels have surged in the range of 7 per cent to 9 per cent on the BSE. Indian Hotels Company, EIH Hotel, Mahindra Holidays & Resorts India were up 2 per cent - 3 per cent. In comparison, the S&P BSE Sensex was up 0.12 per cent at 62,757 at 12:43 PM. READ MORE

1:16 PM

ALERT :: The cap on gas prices sold by ONGC & Oil India will be $6.50/mmBtu

>> Ceiling price at $6.50/mmBtu, which will be gradually raised by 0.5%/mmBtu every year

>> APM gas prices is still determined by govt

>> Domestic producers must have pricing freedom

Source: Kirit Parekh to CNBC TV18

1:08 PM

Oil stocks in focus :: Kirit Parikh Panel recommends price band for gas from old fields

>> Recommends $4-6.50/unit gas price band for old fields

>> Panel seeks gas under GST, stake compensation for 5 years

>> Panel seeks removing price caps in 3 years

>> Govt to review gas price panel recommendations

Source: Oil secretary statement

12:58 PM

Q&A | Our gross NPAs may fall below 8% this FY if there's NARCL resolution, says Punjab & Sind CEO

We have identified seven accounts amounting to Rs 1,590 crore, which are under discussion. I hope some of them get resolved in the current quarter and in the next quarter.

 

We also have some old accounts that are in NCLT, where there is 99 per cent provisioning READ INTERVIEW HERE

12:45 PM

Sebi sets up three panels to push market reforms, ease of doing business

The 16-member FPI Advisory Committee (FAC) will be chaired by Hasmukh Adhia, Former Finance Secretary. It will also include H R Khan, former deputy governor, RBI and R Subramanian, Executive Director, RBI. The FAC will advise on issues pertaining to investments and operations of FPIs in the Indian financial markets. It will review investment avenues available for FPIs and advise on feasibility of new investment avenues, apart from suggesting measures to encourage FPI participation in the bond market. It will also suggest measures for simplification of FPI regulations and legal framework to enhance transparency. READ MORE

12:33 PM

Tata Steel, Hindalco: Golden Cross breakout can trigger bull-run in metals

Nifty Metal Index

 

Likely target: 6,900

 

Upside potential: 6%

 

The index reached an all-time high of 6,825 in April this year, but since struggled to rally further. Significant weakness in metal shares led the index slip to its 52-week low at 4,437 in June 2022. The index managed to rebound thereafter, following a smart reversal. Now with the breakout of a “Golden Cross” on the daily chart, the metal index is poised to claim new uncharted territories. READ MORE

12:20 PM

Sebi launches investigation against finfluencer P R Sundar and his son

“This is a two-year-old matter when I was associated with a Sebi registered advisory company. Instead of taking payments from the company, my firm had collected payments on their behalf. We received the first show-cause notice in May 2022 and another in this month. We are assisting Sebi with all the details,” said P R Sundar. READ MORE

12:08 PM

After the runaway rally, analysts say shift from PSBs to private peers

Private sector banks' outlook is brighter on a relative basis, and the players will outperform benchmark indices from a 6-12 months' perspective, analysts say READ MORE

11:55 AM

Oil up as US crude stocks seen falling, OPEC+ concerns limit gains

Brent crude futures firmed 95 cents or 1.14% to $83.98 per barrel by 0411 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 80 cents or 1.02% to $79.00 per barrel. Read more

11:46 AM

Key support for MCX Crude Oil near Rs 6,200; Natural Gas may consolidate

The MCX Crude Oil December futures could test Rs 7,100-level on the upside as long as the commodity manages to sustain above the 100-WMA support. Read more

11:33 AM

Asia stocks choppy as investors cautious after disappointing China data

Asian shares wobbled on Wednesday as investors remain cautious about China's path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day. Read more