Sensex falls 216 pts, Nifty holds 18,750; pvt banks, RIL, Adani Ent weigh

CLOSING BELL on June 19, 2023: The BSE Sensex whipsawed 527 points intra-day today

8:41 AM

Street Signs: Beefing up colocation facility, auditors on the run & more

First-in, first-out: More racks for colo

The National Stock Exchange (NSE) has announced that participants in its colocation (colo) facility will be able to apply for additional racks. The allotments for these racks are to be done over the next six months by the first-in, first-out method, the exchange said in a communiqué. Additionally, the exchange has also increased the maximum permissible internet protocol limits by up to 50 per cent. Expanding the colo facility will add to the exchange’s top line. READ MORE

8:38 AM

Nifty has resistance at 18,900; Bias remains bullish

Given the current market conditions, the recommended trading strategy would be to buy on dips, particularly near the support levels of 18,650 - 18,500. This strategy entails seeking opportunities to enter the market during temporary pullbacks or corrections within the overall uptrend. READ MORE

8:32 AM

SGX Nifty :: Nifty may attempt to scale fresh peak today

>> SGX Nifty quotes 22 points higher at 18,920.

8:28 AM

Saudi Wealth Fund Launches New Firm to Attract Pharma Investors

Saudi Arabia’s Public Investment Fund is creating a new entity to attract pharmaceutical and biotech companies to invest in drug manufacturing as the kingdom seeks to accelerate a shift away from reliance on oil sales.

 

The Pharmaceutical Investment Company aims to partner with local and international firms to develop pharmaceutical products including insulins, vaccines, plasma therapeutics, monoclonal antibodies and cell and gene therapies among others, the PIF said in a statement.

Source:Bloomberg

 

8:24 AM

Oil edges lower as investors wait for detail of China stimulus

Oil declined as investors waited for more details on how China aims to support its economy over the second half of the year, tracking other commodities lower as the week’s trading kicked off.

8:21 AM

Barclays ramps up lending to hedge funds, rich investors in Asia

Barclays Plc has ramped up the business of financing trades for investors in Asia, part of a global plan to expand its markets franchise as rivals have scaled back. 

 

The financing business’ share of overall Asian market revenue almost doubled from a year ago and is now close to matching the overall 32 per cent contribution the business has globally.

Barclays boosts sales and trading headcount by 20 per cent since 2019.

Source: Bloomberg

8:16 AM

Hong Kong's $1.9 trillion stocks await boost from Yuan trading

Hong Kong is betting that a new program allowing investors to trade equities in the yuan on top of its local currency will help revive its flagging stock market and boost turnover that’s hovering at a four-year low.

Tencent Holdings and China Mobile are among 24 stocks on list

Launch of a similar model in 2012 drew a lackluster response

Source: Bloomberg

8:13 AM

Biden says he hopes to meet Xi again in next several months

President Joe Biden said he hopes to meet Chinese leader Xi Jinping within the next few months and suggested China’s leaders weren’t aware of details surrounding an alleged spy balloon the US shot down in February.

 

“China has some legitimate difficulties unrelated to the United States,” Biden told reporters on Saturday. “I think one of the things that balloon caused was not so much that it got shot down. But I don’t think that the leadership knew where it was or knew what was in it and knew what was going on.”

8:09 AM

Dollar drifts as traders weigh rate path; yen fragile

The US dollar was tentative on Monday as investors tried to assess the monetary policy path ahead after a raft of central bank meetings last week, while the yen was fragile in the wake of the Bank of Japan sticking to its ultra-easy policy.

 

The dollar index , which measures the US currency against six major rivals, rose 0.049% to 102.33, not far from a one-month low of 102 it touched on Friday. 

8:04 AM

Blinken meets Chinese Foreign Minister Qin Gang on high-stakes diplomatic trip to Beijing

US Secretary of State Antony Blinken on Sunday met with Chinese Foreign Minister Qin Gang in Beijing on a high-stakes diplomatic mission to cool US-China tensions that have overshadowed geopolitics in recent months.

"The Secretary made clear that the United States will always stand up for the interests and values of the American people and work with its allies and partners to advance our vision for a world that is free, open, and upholds the international rules-based order," US spokesperson said.

 

Blinken invited Qin to the US to continue discussions, and the spokesperson said the pair agreed to schedule a visit at a “mutually suitable time.”

Blinken will continue to meet with Chinese officials in Beijing Monday.

7:58 AM

Goldman joins Wall Street banks in cutting China’s growth outlook

>> The investment bank cut its full-year gross domestic product forecast for 2023 from 6 per cent to 5.4 per cent, noting further turbulence ahead for the economy.

>>The recovery from its stringent Covid-19 lockdown measures continue to disappoint through soft economic data, as well as mounting pressure on its property sector.

 

>> While the firm sees further stimulus to come, it notes that the measures will not be enough to overcome the greater problems that it faces: weakened sentiment.

>> The latest revision from Goldman Sachs follows the likes of UBS, Bank of America and JPMorgan who have all downgraded their China full-year GDP estimates.

Source: CNBC
 

7:55 AM

Morgan Stanley names 5 global stocks with at least 50% upside

Morgan Stanley expects five of its top Asia stock picks to rise by more than 50% over the next 12 months.

 

Alibaba is the investment bank’s top pick in the China internet sector

7:52 AM

On radar :: Key global events to track this week

>> China will announce the Loan Prime Rate for 1 year and 5 years on Tuesday

>> Federal Reserve Chair Jerome Powell's semi-annual testimony to Congress on Tuesday

>> apan will announce inflation rate for May on Friday


 

7:49 AM

US index futures :: Dow Jones, S&P500 mildly in red, Nasdaq bucks trend

7:47 AM

ALERT :: US markets will be closed Monday for the Juneteenth holiday