Third straight gain for Sensex; Nifty nears 19,600 led by Pharma, FMCG stks

CLOSING BELL ON SEPTEMBER 05, 2023: The broader market continued to outperform - BSE MidCap index soared over a per cent while the SmallCap added 0.6 per cent on Tuesday.

12:24 PM

Discussions on global framework to regulate crypto underway: FM Sitharaman

Discussions on a global framework to regulate crypto assets are underway, Finance Minister Nirmala Sitharaman said at the Global Fintech Fest 2023 in Mumbai on Tuesday. She added that cryptocurrencies can not be regulated efficiently without the cooperation of all countries. READ

12:14 PM

Paytm disbursed loans worth Rs 5,517 crore in August, average MTU up 20%

Paytm disbursed loans worth Rs 5,517 crore in August, its parent One 97 Communications said in a regulatory filing on Tuesday. In the first two months of the current quarter (July and August), its average monthly transacting users (MTU) has jumped 20 per cent year-on-year (YoY) to 94 million.

 

The value of total loans disbursed in July and August jumped 137 per cent YoY to Rs 10,710 crore. It was Rs 4,517 crore in the same two months last year. Moreover, in the quarter that ended on June 30, the value of loans was up 167 per cent YoY to Rs 14,845 crore. READ

12:03 PM

Here's how China's Country Garden can crawl out of its debt crisis

Now that China is making a clear effort to rescue its housing market, Country Garden Holdings Co., once the nation’s biggest real estate developer by sales, might just manage to crawl out of its debt crisis. The question is how. READ

11:50 AM

What's behind the rally in PSU stocks, and will the uptrend last?

The S&P BSE PSU index has surged over 26 per cent so far in FY24 as compared to 11 per cent up move in the benchmark S&P BSE Sensex. READ

11:38 AM

Edible oil prices may not rise during festive season due to good supply

Prices of edible oils may not rise during the upcoming festive season as international supply is good, said executives of leading fast-moving consumer goods (FMCG) companies.

 

However, prices of edible oils may increase from December through April-May next year due to the impact of El Nino in oil-producing countries, according to a report in The Economic Times (ET). READ

11:27 AM

Auto sales up 9% in August, PV inventory at an all-time high: FADA

India recorded a 9 per cent growth in the automotive retail sector in August, data released by the Federation of Automobile Dealers Associations (FADA) on Tuesday showed. Compared to the pre-pandemic numbers, the growth was at a moderate 1 per cent. READ

11:15 AM

Will Nifty Metal sustain its upward momentum?

While the Nifty Metal index seems headed towards its crucial resistance zone, select stocks such as Hindalco, Nalco and SAIL still have the potential to rally up to 15 per cent, charts suggest. READ

11:00 AM

August PMI services comes at 60.3 on strong order book; output elevated

India's service sector continued to expand in August, albeit at a slower pace than in July, findings of a survey showed on Tuesday. 

 

According to S&P Global, India's services purchasing managers' index (PMI) came out to be 60.1 in August, lower than the 62.3 recorded in July. However, in June it was 58.5. In August 2022, India's services PMI was 56.2. READ

10:50 AM

IDBI Bank surges 16% in 2 days as govt invites bids to appoint asset valuer

Shares of IDBI Bank surged 7 per cent to hit the highest level in more than five years on the BSE in Tuesday’s intra-day trade. The stock hit Rs 69.70, its highest level since April 2018, on the back of heavy volumes. READ

10:39 AM

10-11% interest rate: Take a look at the top 10 high-yielding bonds

High-yield bonds are issued by corporate organizations and carry substantial risk as the credit ratings are predominantly lower than investment-grade corporations. Companies pay a higher rate of interest on high-yield bonds in India, as the default rate for high-yield bonds or junk bonds is higher when compared to investment-grade bonds with high credit ratings. READ

10:21 AM

Vishnu Prakash makes strong debut; lists 67% higher over its issue price

However, post listing, the stock was down 11 per cent to Rs 146.55 from its opening level on the NSE. On the BSE, the stock hit a low of Rs 146.45 in intra-day trade. At 10:01 am; it was quoting at Rs 148.05, up 50 per cent over its issue price on the NSE. A combined around 15 million shares had changed hands on the NSE and BSE. READ

10:09 AM

MARKET VIEW: IT order pipeline may improve on expected soft landing of US economy

"A significant trend in the market is the strength in IT index which is up 4.2% in a week. Mid-cap IT has been doing well and now large-caps like HCL Tech, Infosys and Wipro have joined the rally. The order pipeline of IT companies is expected to improve on the back of the expected soft landing of the US economy.
 

Metal stocks also are firming up on expectations of rebound in China following the stimulus measures announced to revive the Chinese property market. But there is no room for too much optimism here since the Chinese property market is in deep trouble and recovery would be difficult. 
 

Brent crude at $89 and the poor monsoon are areas of concern. Good inflows into mutual funds is reflected in the strong buying by DIIs who have been buyers for Rs 4900 crores in the last 2 trading sessions."

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

10:01 AM

STELLAR DEBUT: Vishnu Prakash lists at 65% premium over issue price

Issue price= Rs 99

9:48 AM

Escorts Kubota off highs; to raise tractor prices from Sept 16

The company will raise tractor prices effective September 16. The increase in prices will vary across models and geographies.

9:45 AM

Raymond soars 10% to new high as Jefferies, Motilal initiate 'buy' rating on stock