Sensex falls 260 pts, Nifty nears 18,650; Adani Ent crashes 7%, RIL, SBI 1%

Closing Bell on June 23, 2023: Among sectors, the Nifty Metal index fell 2.5 per cent, followed by the Nifty Media index (2.13 per cent), the Nifty IT index (0.89 per cent)

8:48 AM

Stocks to watch: L&T, GAIL, ONGC, Fortis Health

GAIL: The gas distributor won licence to build a gas pipeline from Gurdaspur in Punjab to Jammu, beating Indian Oil Corporation. The 175-km long pipeline will carry environment-friendly fuel to Jammu, and have an initial capacity to carry at least 2 million standard cubic meters per day. 

 

ONGC: The state-owned company linked Panna oilfield in the Arabian Sea to shore through a sub-sea pipeline, saving $43,000 a day that was previously incurred in transporting crude oil through ships. READ MORE 

8:46 AM

HDFC Securities recommends Bear Spread on AB CAPITAL

We have seen short build up in Aditya Birla Capital Futures, where we have seen 21 per cent rise in Open Interest (Prov) with Aditya Birla Capital falling by 5 per cent.

 

Stock price has given bearish breakout on the daily chart where it closes at lowest level since 06-June.

 

Short term trend of the AB Capital turned weak as it has closed below its 5- and 11-day EMA. READ MORE

8:43 AM

Nifty Midcap 50 weekly chart signals caution

Based on the analysis, there is a strong resistance level expected around 10,125. The index has recently reached a high of 10,081, which could potentially be the near-term high for this swing, especially considering the bearish reversal pattern observed on the weekly charts, known as a Gravestone Doji. READ MORE

8:41 AM

Fund flow :: FIIs sell equities worth Rs 693.28 crore on Thursday

8:38 AM

Fund Flow :: DIIs buy equities worth Rs 219.42 crore on Thursday

8:37 AM

Modi in USA :: Boeing announces $100 million investment in India for infrastructure and pilot training

>> The company has announced a whopping $100 million investment in infrastructure and pilot training programmes, aimed at addressing India's growing demand for skilled pilots.

>> Over the next two decades, India is projected to require approximately 31,000 new pilots, and Boeing intends to play a pivotal role in meeting this demand.

8:33 AM

ALERT :: SGX Nifty indicates weak start on D-Street

8:29 AM

Investors shelve China assets before bigger stimulus

>>  Investors are waiting for a big burst of stimulus from China before they make more aggressive bets on a recovery, having spent the past few months disappointed by economic data and a lack of meaningful policy response from Beijing.

 

>> The country's promising recovery early in the year has faltered so quickly that authorities have cut interest rates.

>> For global money managers still in the market, patience, caution and stimulus are the watchwords for the outlook

>> A global fund manager survey by BofA Securities showed shorting Chinese stocks was the second-most "crowded" trade in June, after going long on big tech.

 

>> Hedge funds were major buyers in June, according to Morgan Stanley, but such investors with short trading horizons only underscore the fragility of the recovery.

 

>> Chinese blue chips are down 0.2 per cent for the year and some 34 per cent below their record peak in early 2021, while Hong Kong's Hang Seng is down 15 per cent since January. Foreign cash has more or less stopped coming since a surge in January.

Source: Reuters

8:26 AM

Global market :: Bank of England hikes rate by 50 bps

>> In the UK, Bank of England, in a surprising move, raised rates by 50 bps following the higher than expected inflation of 8.7 per cent earlier this week.  

 

>> Turkey also hiked the key rate by 650 basis points to 15 per cent in a U-turn from its easy policy. 

>> Norway central bank hiked rates by 50bps to 3.75 per cent, highest since October, 2008

8:23 AM

Commodity check :: Oil prices fell to 3-month lows overnight, trade tepid Friday morning

8:20 AM

Modi in USA :: Biden and Modi announce defense, chips deals at White House

>> US President Joe Biden and Indian Prime Minister Narendra Modi announced a series of defense and commercial deals designed to improve military and economic ties between their nations during Thursday’s state visit at the White House.

 

>> General Electric Co. plans to jointly manufacture F414 engines with state-owned Indian firm Hindustan Aeronautics Ltd. for the Tejas light-combat aircraft, as part of an effort to improve defense- and technology-sharing as China becomes more assertive in the Indo-Pacific. 

8:16 AM

Yellen sees lower US recession risk

>> Treasury Secretary Janet Yellen sees diminishing risk for the US to fall into recession, and suggested that a slowdown in consumer spending may be the price to pay for finishing the campaign to contain inflation.

 

>> On the chance of a recession, Yellen said “my odds of it, if anything, have gone down — because look at the resilience of the labor market, and inflation is coming down.” She spoke in an interview with Bloomberg News Thursday.

8:13 AM

MSCI Index Classification :: MSCI keeps South Korea on its list of emerging markets

>> Global index provider MSCI Inc. decided to retain South Korea on its list of emerging markets following an annual review, once again thwarting the nation’s bid for an upgrade to the coveted developed-market status.

 

>> The decision was widely expected after MSCI earlier this month said South Korea still faced nine market accessibility issues, flagging concerns similar to 2022’s review.

Source: Bloomberg

8:10 AM

ALERT :: Moderna files for FDA approval of updated Covid vaccine

>> Moderna on Thursday applied for US Food and Drug Administration approval of the biotech company’s updated Covid vaccine for the fall. 

 

>> The shot targets omicron subvariant XBB.1.5, the dominant strain of the virus nationwide. 

 

>> Moderna and rivals Pfizer and Novavax already began to develop versions of their vaccines targeting XBB.1.5 months before the FDA’s recommendation.

Source: CNBC

8:07 AM

ALERT :: Japan’s business activity expanded at a slower rate in June

>> Japan’s business activity expanded at a slower rate in June, according to flash estimates by the au Jibun bank.

 

>> The composite purchasing managers index fell to 52.3 in June, compared to 54.3 in May.

 

>> Manufacturing activity notably fell into contraction territory, with the manufacturing PMI at 48.4 compared to May’s 50.9.

 

>> Services remained in expansionary territory, but saw a softer rise. June PMI came in at 54.2 compared to 55.9 in May.