Sensex falls for 4th day, drops 221pts; Nifty nears 19,650; PSBs defy trend

Closing Bell on Friday, September 22: The Nifty PSU Bank jumped the most, rising 3.5 per cent

12:56 PM

ALERT :: Lux Industries fall 3% on report of I-T search at Kolkata office

12:45 PM

India unlikely to export sugar in 2023-2024, says ED&F Man Commodities

Nearly a month ago government sources told Reuters that India is expected to ban mills from exporting sugar in the next season beginning October, halting shipments for the first time in seven years. READ MORE

12:32 PM

Asian Market Update:: Hang Seng, Shanghai rally up to 1.5%

12:19 PM

JPMorgan index inclusion shows confidence in India's economy: Ajay Seth

India's inclusion in the JPMorgan emerging market debt index shows their confidence in the Indian economy, the country's economic affairs secretary Ajay Seth told reporters on Friday.
 

India's local bonds will be included in the Government Bond Index-Emerging Markets (GBI-EM) index and the index suite, benchmarked by about $236 billion in global funds, JPMorgan said earlier in the day. READ

12:08 PM

Despite JP Morgan move, analysts remain watchful of bank stocks; here's why

Public sector bank stocks (PSBs) gained ground on Friday after JP Morgan suggested that it will include India in its Emerging Market Bond Index starting June 2024.

 

The rally in PSBs, analysts feel, was more a knee-jerk reaction to the development, and the actual benefits will start to accrue once the addition takes place in 2024. READ

11:55 AM

Bajaj Healthcare zooms 53% in four weeks on healthy FY24 guidance

EBITDA margins would be in the range of 16 -20 per cent for the FY24, mainly driven by growth in the formulation biz and with the introduction of reverse engineering APIs launched in the last fiscal. READ

11:40 AM

Who is Aparna C Iyer? All you need to know about IT major Wipro's new CFO

T major Wipro on Thursday appointed Aparna Iyer as its new chief financial officer (CFO) with immediate effect after Jatin Dalal resigned to pursue other career opportunities.

 

On Aparna's appointment, Wipro CEO Thierry Delaporte said she is an accomplished and result-driven leader."Throughout her 20-year career with Wipro, she has been a dynamic, forward-thinking strategic partner to our business leaders," Delaporte said. READ

11:25 AM

Sebi levies Rs 55 lakh fine on 11 entities for non-genuine trades

Sebi has levied penalties totalling Rs 55 lakh on 11 entities for indulging in non-genuine trades in illiquid stock options segment on the BSE. In 11 separate orders, the regulator slapped a fine of Rs 5 lakh each on Kamala Agarwal, Kamla Devi Bajoria, Kamla Jain, Kamaljeet Kour, Kamal Ramprasad Gupta, Kamal Kumar, Kamlesh Ahuja, Kailash Narottamdas Anam, Sanjay Kumar Daga HUF Pragma Suppliers Pvt Ltd and Aromatic Tie Up Pvt Ltd. READ

11:12 AM

Berger Paints gains 4% on turning ex-bonus; stock hits 52-week high

Shares of Berger Paints India hit a fresh 52-week high of Rs 654.35, as they rallied 4 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market. In comparison, the S&P BSE Sensex was down 0.19 per cent at 66,104 at 10:13 AM. READ

10:56 AM

LISTING: Zaggle makes quiet debut; lists at discount

10:44 AM

LISTING: Samhi Hotels jumps 6% over issue price in market debut

10:30 AM

China and India lead Asia's biggest hydropower generation crunch in decades

Hydropower generation in Asia has plunged at the fastest rate in decades amid sharp declines in China and India, data shows, forcing power regulators battling volatile electricity demand and erratic weather to rely more on fossil fuels. The two countries, which account for about 3/4 of Asia's power generation and most of its emissions, are also to a lesser extent using renewables to make up for the hydropower shortfall and address rising electricity use. READ

10:18 AM

Glenmark Pharma slips 5% on inking deal to sell 75% stake GLS to Nirma

Shares of Glenmark Pharmaceuticals slipped 5 per cent to Rs 782.90 on the BSE in Friday’s intra-day trade after the company inked a pack to sell 75 per cent stake in Glenmark Life Sciences (GLS) to Nirma for Rs 5,652 crore at Rs 615 per share. Glenmark Pharma will own 7.84 per cent in GLS after the divestment. READ

10:05 AM

After JP Morgan, Bloomberg index may add India; analysts eye $20 bn inflow

India's chances of inclusion into Bloomberg Global Aggregate Index have risen after JPMorgan Chase & Co. decided to add Indian government bonds to the JPMorgan Government Bond Index-Emerging Markets index starting June 2024, analysts said. READ

9:52 AM

MARKET VIEW: Banking stocks to benefit from India's inclusion in global index

The Fed’s hawkish pause message has created a global risk-averse sentiment in global equity markets. The spike in the dollar index to 105.52 and the US 10-year bond yield shooting up to a 16-year high of 4.5 % are negative for equity markets, particularly emerging markets.

The FIIs have reversed their ‘Buy India strategy’ which they have been following in the last 3 months with selling to the tune of Rs 16,934 crores in September through 21st.
 

Countering this negative trend is the hugely positive news of JP Morgan including India in the Emerging Market Bond Index with a weightage of 10% from June 2024 onwards. This will reduce bond yields and the consequent decline in the cost of borrowing will boost the bottom line of companies.
 

In the near-term, FIIs may press further selling in response to rising US bond yields. If this happens it will open up opportunities for investors to buy quality large-caps, particularly banking stocks which will benefit a lot from the bond inclusion.

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