Sensex snaps 3-day winning run, ends 362 pts down; Airtel, HDFC Bank drag

Market wrap on March 26, 2024: The NSE Nifty 50 shed 92 points, but managed to end above 22,000-mark. The BSE MidCap index, outperformed and finished with a gain of 0.7 per cent.

8:55 AM

Rupee expected to regain its lost ground against Dollar in April: BS Poll

While domestic fundamentals remain robust, external factors continue to exert pressure on the Indian currency. In the current financial year, the rupee has depreciated by 1.5 per cent, and by 0.3 per cent in the current calendar year. It fell 7.8 per cent in the previous financial year (FY23). In CY23, the Indian currency experienced a marginal depreciation of 0.6 per cent against the greenback, marking the least volatility seen in nearly three decades.  READ MORE

8:52 AM

Adani Ports set to buy 95% of Odisha's Gopalpur Port for $162 million

"GPL (Gopalpur Port) will add to the Adani Group's pan-India port network, east coast vs west coast cargo volume parity and strengthen APSEZ's integrated logistics approach," said Karan Adani, managing director at Adani Ports. READ MORE

8:49 AM

Hong Kong regains fourth-largest market spot after rout in Indian equities

On January 22, Hong Kong’s market cap had dropped to $4.28 trillion -- nearly 5 per cent below that of India. When it looked like India would cement its place as the world’s fourth biggest market, a sharp slide in small-cap stocks cut short the South Asian nation’s stay. India’s market value remained above that of Hong Kong for most part of February and a couple of sessions in March. READ MORE

8:45 AM

IPO Calendar :: These SME IPOs will hit the market this week

8:42 AM

Fundraising through SME IPOs hit a new high in FY24, Rs 5,579 crore raised

The BSE SME IPO index, which tracks the stock price of companies listed on BSE’s SME platform, has more than doubled so far this financial year. During the same period, the BSE IPO Index, which tracks the performance of newly-listed firms on the mainboard, has risen 67 per cent. READ MORE

8:38 AM

Currency check :: Rupee ends sharply weak Friday

8:35 AM

Oil prices extend upward momentum on expectations of tighter supply

>> Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries.

 

>> Brent crude rose 23 cents to $86.98 a barrel. US crude futures climbed 28 cents to $82.23.
 

8:32 AM

Stocks to watch: UltraTech, Mankind Pharma, RIL, RVNL, Lupin

UltraTech Cement: The company has added 1 million metric tonnes per annum (MTPA) of brownfield cement capacity at its Uttarakhand unit, bringing the total unit capacity to 2.1 MTPA.
 

Mankind Pharma: Beige is planning to sell up to a 2.90 percent stake in Mankind Pharma through block deals, reported CNBC TV 18. The offer price is expected to be in the range of Rs 2,103-2,214 per share, representing a discount of 0-5 percent to Friday's closing price. Presently, Beige holds a 2.99 percent stake in Mankind. READ MORE

8:28 AM

Nifty50, Nifty Financial, PSB indices: Check key levels for trading action

Nifty50
Traders are advised to closely monitor the price action and await a breakout from this range to determine potential trading opportunities. Confirmation of a breakout above or below the range can guide traders in establishing positions aligned with the prevailing market direction. READ MORE

8:25 AM

ALERT :: Gift Nifty futures hint at tepid start

>> At 8:25 AM, the index was at 22,112 levels, down 53 points

8:22 AM

South Korea consumer sentiment drops on worries about food inflation

>>  South Korea's consumer sentiment dropped in March on growing worries about higher agricultural prices, a central bank survey showed on Tuesday, two weeks ahead of the country's legislative election.

>> The consumer sentiment index fell to 100.7 in March from 101.9 in February, posting the biggest monthly drop since October, in the Bank of Korea's monthly survey of consumers.
 

>> The fall came as consumers' inflation expectations for the next 12 months rose for the first time in five months, to 3.2% from 3.0%.

Source: Reuters

8:19 AM

ALERT :: Japan says it won't rule out any steps to stem weak yen

>> Japanese Finance Minister Shunichi Suzuki said on Tuesday that he would not rule out any measures to rein in weakness in the yen, echoing a warning from the nation's top currency diplomat the previous day.

>> Suzuki said a weak yen has both positive and negative effects on the economy but excessive volatility raises uncertainty for business operations.

>> This in turn could hurt the economy, the minister said, reinforcing Tokyo's focus on the velocity of market moves, rather than on specific currency levels.

>> Early on Tuesday, the dollar was off slightly against the yen , fetching 151.26 and facing great resistance near the 152 level due to the threat of intervention from Japanese authorities.

>> The greenback is up about 7% on the yen since the start of the year.

Source: Reuters

8:15 AM

Market Foresight :: UBS predicts the S&P 500 will end 2024 around current levels

>> Strong U.S. economic data and an artificial intelligence-powered rally have boosted stocks so far this year, and equities are likely to remain at their current levels into year-end, according to UBS.

 

>> 'Our base-case scenario is for a soft landing in the US, in which economic growth moderates, inflation recedes further, and interest rates fall,' the bank wrote. 'We expect this to create a supportive backdrop for equity markets. However, we think a lot of good news is already priced in at the index level.'

 

>> On the other hand, UBS also cautioned against near-term choppiness in the market that might materialize as traders adjust their expectations for the Federal Reserve’s policy easing.

Source: CNBC

8:11 AM

ALERT :: China pushes banks to fast-track loans to private developers, says report

>> Regulators in China are urging banks to speed up approvals for new loans to private property developers.

 

>> The banking regulator wants faster loan approvals for residential projects under the “whitelist” mechanism, with effect from last week, Reuters said.

 

>> The so-called 'whitelist' mechanism covers projects of state-backed and private developers that need fresh financing of 1.5 trillion yuan ($207.51 billion).

 

>> China is seeking to revive homebuyer sentiment, and these efforts come as prices of new homes fell in China for an eighth straight month in February.

Source: Reuters

8:08 AM

ALERT :: Japan services PPI climbs 2.1% in February

>> Japan’s services producer price index climbed 2.1% year over year in February, according to official data.

 

>> The services PPI had risen at the same rate in January as well.

Source: CNBC