Sensex falls 388 pts, Nifty holds 19,350 amid weak global cues; PSBs outrun

Closing Bell on August 17, 2023: On the upside, only the Nifty PSU Bank index (up 1.5 per cent) outperformed the markets

11:23 AM

Fed officials divided in July over need for more rate hikes, minutes show

In general, the minutes said, Fed policymakers agreed that the level of uncertainty remained high, and that future interest rate decisions would depend on the "totality" of data arriving READ MORE

11:12 AM

Paytm, Zomato: Analysts cautious on new-age stocks on expensive valuations

While those of One97 Communications (parent company of Paytm), PB Fintech and Zomato have surged up to 65 per cent year-to-date (YTD), FSN e-commerce, the parent company of Nykaa, however, has dropped 15 per cent YTD. By comparison, Nifty50 and Nifty 500 indices have advanced 7.5 per cent and 9 per cent, respectively, during the period, ACE Equity data show. READ MORE

11:01 AM

ALERT :: HEC Infra bags order worth Rs 37 crore from Haryana Vidyut Prasaran

Click here for NSE filing

10:52 AM

HBL Power hits new high; zooms 155% in three months

Shares of HBL Power Systems (HBL) hit a new high of Rs 263.55, as they rallied 7 per cent on the BSE in Thursday’s intra-day trade in an otherwise subdued market on healthy outlook. The stock of auto components & equipments company has zoomed 155 per cent in past three months on strong earnings. In comparison, the S&P BSE Sensex was down 0.30 per cent at 65,346 at 09:45 AM. READ MORE

10:43 AM

RBI likely sold dollars via PSBs to keep rupee from record lows: Traders

"The RBI wants to prevent volatility and one-sided moves in the rupee," said Ritesh Bhusari, deputy general manager for treasury at private sector lender South Indian Bank. READ MORE

10:31 AM

No takers for ESG investing? Sustainable funds see outlows for second year

Despite market regulator Sebi permitting mutual funds to launch six new categories under the ESG (environmental, social, and governance) theme last month, outflows from sustainable funds continued for the second year in a row with the June quarter registering an outflow of Rs 5.9 billion against an outflow of Rs 4.7 billion in the March quarter, due to profit-booking. READ MORE

10:21 AM

ALERT :: Bata India recoups losses on reports of likely strategic deal with Adidas

>> Bata India said to be in talks with Adidas for strategic partnership for the Indian market

 

>> Talks are likely at an advanced stage, final deal contours in the works
 

10:11 AM

JPMorgan index may include India's sovereign bonds in 2024, says Pictet

India has in recent years come close to opening its $1 trillion government debt market to more global funds before pulling back from meeting the requirements for index inclusions READ MORE

10:02 AM

Cochin Shipyard hits record high, up 37% in three days post strong Q1 show

At 09:40 AM, the stock was up 7.5 per cent at Rs 867 on trades of around 1.90 lakh shares on the BSE as against the two-week daily average volume of around 1.68 lakh shares. Meanwhile, the S&P BSE Sensex was down 0.3 per cent at 65,365. READ MORE

9:51 AM

Comment :: 'Markets weak but sharp correction appears unlikely'

>> There are two negatives weighing on global stock markets now: One, the US Fed minutes indicate that one more rate hike may be needed in this rate hiking cycle to tame inflation. Two, Chinese macro data indicate that the economy is slowing more-than-feared earlier, and this will impact global economic growth.

>> In this scenario, the Indian market is unlikely to break out to newer highs on a sustained basis and decouple from the rest of the world. However, a sharp correction appears unlikely.

 

>> With the dollar index at 103.5 and the US 10-year bond yield at 4.27%, FIIs are unlikely to pour more money into the Indian market.
 

>> Rather than looking at index movements, investors may focus on performing sectors like capital goods, automobiles and construction. High quality banking stocks present opportunities for buy on dips.

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

9:41 AM

Market Check :: Sensex at day's low, falls 200 pts

9:39 AM

Religare Enterprises down over 1.5% after block deal on Wednesday

>>  The Burman family acquired 7.5 per cent stake in the firm for Rs 534 crore via open market transactions.

9:38 AM

Vi shares gain over 1% as COO anticipates reduction in payment liabilities

>>  According to the company's Chief Executive Officer Akshaya Moondra, the teleco anticipates a reduction in payment liabilities starting from the third quarter of FY23. Moondra reassured that Vodafone Idea will launch 5G services once the funding issue has been resolved.

9:35 AM

FDA division suspends Cipla's Patalganga unit licence; stock in red

>> The Konkan division of the Foods and Drugs Administration (FDA) has suspended the FDA licence of the company’s Patalganga unit for 10 days in December 2023 for non-conformance of good manufacturing practices.

9:33 AM

JSW Energy falls 3% as promoters offlead stake

>> According to the block deal data from BSE, JSW Investments offloaded 2.10 crore shares, amounting to a 1.27 per cent stake in JSW Energy, for Rs 717 crore via open market transactions on Wednesday. GQG Partners, Washington State Investment Board, AustralianSuper, Reliance Trust Institutional Retirement Trust Series Twelve among others were the buyers.