March 29, 2024

Cocoabar21 Clinton

Truly Business

Stock Market Live: Sensex dips 800 points, Nifty around 14,800; banks, financials drag

7 min read

Strides Pharma Science | The company’s stepdown wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Potassium Chloride for Oral Solution USP, 20 mEq from the United States Food & Drug Administration (USFDA).

India in early stages of earnings recovery; IT stocks good but defensive, says Geosphere’s Arvind Sanger

India is in the early stages of an earnings recovery, said Arvind Sanger, managing partner at Geosphere Capital Management on Monday. He also said that the US Fed is likely to stay the course. “We are confident that we are in the early stages of strong earnings growth recovery globally and certainly in India also,” he told CNBC-TV18. IT stocks remain defensive bets despite good growth, Sanger added. “The IT stocks have good secular growth story but they are also defensives because they are not high valuation stocks in terms of multiples when people worry about growth and cycle, but the broader story has to be that we are going to continue to see more domestic demand.” More here

Welspun Enterprises | Adani Welspun Exploration, a joint venture between the Adani Group and Welspun Enterprises, announced its first ever gas discovery in the NELP-VII block MB-OSN2005/2. AWEL holds 100 percent participative interest (PI) and is the Operator of this Block.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

 

“The index is now close to nudging the lower end of the range which is 14,750-14,800. If we break this on a closing basis, we could see southward movement and the next potential target could be 14,450-14,500. If we reverse from current levels, the markets will continue trading in a choppy and sideways fashion until it does not get past 15,250-15,300. In summary, extreme caution is advised and traders should be very careful in taking large positions. Due to the volatility, the stops would be large and sometimes not affordable.”

Transformers & Rectifiers bags order of Rs 108 cr from Power Grid

Strong Debut: MTAR Technologies lists at Rs 1,063.90, an 85% premium to issue price

 

Shares of MTAR Technologies made a strong debut on the bourses on Monday. The stock listed with a hefty premium of 85 percent at Rs 1,063.90 per share on the BSE as against the issue price of Rs 575 per share. On NSE, it was listed at Rs 1,050 apiece. In intra-day deals, it hit a high of Rs 1,110 per share on the BSE. The IPO, which was open from March 3-5 was subscribed 201 times at a price band of Rs 574-575 per share. 

Morning market quote from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

“Market trends are unclear. While the dollar index cooling to 9.16 is a positive for capital inflows the 10-year bond yield hovering around 1.64 is a concern. Also the rise in core inflation, mainly pushed up by commodity price rise, is a  concern. Looks like we are at the trough of the interest rate cycle. Recent Covid resurgence is another concern. An economy facing stocks are set to benefit from the rebound in growth. Investors should always remember the fact that market valuations are high & therefore vulnerable to correction”

Opening Bell: Sensex starts the week on a negative note, Nifty around 15,000; banks, financials drag

Indian indices started the week on a negative note as US bond yields continued to hover near their 13-month peak. At 9:18 am, the Sensex was down 88 points at 50,704 while the Nifty lost 27 points to 15,004. Broader markets, however, outperformed benchmarks and was positive in early deals. Gains in IT, Energy stocks were capped by losses in banking and financial space. On the Nifty50 index, ONGC, Powergrid, IOC, Tech Mahindra and Coal India were teh top gainers while Adani Ports, GAIL, HDFC, HDFC Bank and Bajaj Finance led the losses.

Bitcoin tops $60,000-mark, up by 6% in 24 hours

 

Bitcoin, the world’s top cryptocurrency, has picked up momentum yet again, hitting an all-time high on Saturday. According to Coin Desk, it rose to $60.065, a more than 2 percent rise from its previous high of $58,330 on February 21. In the last 24 hours alone, it went up by nearly 6 percent in 24 hours. After its February 21 high, Bitcoin had retreated to as low as $43,000 following uncertainty over stimulus expectations and their subsequent impact on US bond yields. Stocks and cryptocurrencies witnessed losses along with sideways trading for weeks together, before getting back on track in the past seven days. Saturday’s record comes after US President Joe Biden signed a massive $1.9-trillion stimulus bill on Thursday. The bill will dish out $1,400 cheque payments to most Americans, help the unemployed, expand public health care and garner funds for vaccination programmes.

Govt may announce special PLI benefits for sourcing for auto sector

 

The government is likely to announce special Production-Linked Incentive (PLI) benefits for sourcing for the auto sector which will be called the ‘Sourcing Incentive Scheme’, sources informed CNBC-TV18. The scheme will be part of 4 sub-schemes under the umbrella PLI scheme for the auto sector. Global and Indian OEMs should set up a subsidiary in India exclusively for sourcing, sources said. Incentives will be applied to an increase in purchase value. The applicants need to meet the cumulative increase in eligible purchase value for each year YoY and growth criterion of a minimum 8 percent has to be achieved. If the company fails to meet the cumulative growth threshold, it won’t get an incentive for that year, the sources added.

SGX Nifty suggests a gap-up opening for Indian market today. Here are a few other global cues to look at

Riding high on blank-check listings boom, global IPO headed for its biggest first quarter

 

The party might be over for SPACs, but the global market for initial public offerings (IPO) is headed for its biggest first quarter. Over 600 issuers have raised a record $160 billion year-to-date, Bloomberg’s data showed, with SPACs accounting for half of the proceeds. In contrast, issuers had raised just $37 billion during the same period last year. There’s optimism in the market that vaccines will tame the COVID-19 pandemic, helping the economy to recover, even as scepticism grows about the US-led boom in blank-check listings that fuelled the frenzy. Both the traditional and SPAC listings have been fuelled by unprecedented monetary and fiscal stimulus, ultra-low interest rates and global markets at record levels, until recently at least. More Here

World stocks firm as stimulus fuels economic optimism

Global stock prices were off to a solid start while U.S. bond yields hovered near a 13-month peak on Monday as investors bet U.S. economic growth will accelerate after the passing of a massive stimulus package. U.S. S&P500 futures rose 0.25% in early Asian trade, trading just below a record high level touched last week, while Japan’s Nikkei ticked up 0.1%. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. The U.S. House of Representatives gave final approval last week to the COVID-19 relief bill, giving President Joe Biden his first major victory in office. The 10-year U.S. Treasuries yield stood at 1.638% in early Monday trade, having risen to as high as 1.642% on Friday, a high last seen in February last year.

FPIs pull out Rs 7,013 crore from Indian markets so far this month

 

Foreign portfolio investors (FPIs) were net sellers to the tune of Rs 7,013 crore so far this month in the Indian markets on profit-booking as jitters in global bond markets spooked investors. As per depositories data, FPIs pulled out Rs 531 crore from equities and Rs 6,482 crore from the debt segment between March 1-13. The total net outflow stood at Rs 7,013 crore. In contrast, they had pumped in Rs 23,663 crore in Indian markets in February and Rs 14,649 crore in January, on net basis. More Here

First up, here is quick catchup of what happened in the markets on Friday

Indian markets witnessed sharp selling with the benchmarks Sensex and Nifty ending around a percent lower on Friday. A sudden spike in US treasury bond yields to 1.5 percent sent the overall market sentiment tumbling dragging US futures and Asian stocks as well. Domestically, the broad-based decline was seen across all sectors with bank, financials and auto indices dragging the most for the day. The Sensex ended 487 points lower at 50,792 while the Nifty 144 points to settle at 15,031. Broader markets, however, were mixed for the day with the midcap index down 0.4 percent and smallcap index up 0.5 percent. For the Week, Sensex, Nifty and Nifty Bank rose around 1 percent each. On the Nifty50 index, BPCL, IOC, Powergrid, JSW Steel and Titan were the top gainers while Bajaj Auto, Adani Ports, HDFC Life, Hindalco and SBI Life led the losses.

Welcome to CNBC-TV18’s Market Live Blog

 

Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!

cocoabar21clinton.com | Newsphere by AF themes.