Stock Alert Sugar stocks in sweet spot; surge 20% on hike in ethanol price Shares of sugar companies climbed as much as 20 per cent in the intraday trade on Monday. Shares of the sector have been on a rising spree after the government last week approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar production and reduce oil imports. READ MORE Ircon IPO opens today, should you subscribe? The initial public offer (IPO) of Ircon International (Ircon) opens today for subscription. The government plans to divest around 10 per cent in its railway subsidiary. Established in 1976, this Miniratna is an integrated engineering and construction company (EPC), specialising in major infrastructure projects, including railways, highways, flyovers, tunnels, aircraft maintenance hangars etc. READ MORE Representative Image (Photo: Shutterstock) Market Check Index Current Pt. Change % Change S&P BSE SENSEX 37,747.48 -343.16 -0.90 S&P BSE SENSEX 50 11,937.91 -103.03 -0.86 S&P BSE SENSEX Next 50 34,443.49 -177.10 -0.51 S&P BSE 100 11,710.66 -94.88 -0.80 S&P BSE Bharat 22 Index 3,617.16 -26.41 -0.72 (Source: BSE) Time's up for India's world-beating stock market rally, says Goldman Sachs Goldman Sachs Group Inc. has called time on the world-beating surge in Indian stocks. The nation’s equity market looks less favourable amid elevated valuations, a potential slowdown in economic growth and upcoming elections, according to Goldman Sachs analysts, who cut India to the equivalent of a hold rating from buy. The firm has been bullish on Indian stocks since March 2014 and the market has nearly doubled since then, returning more than twice that of global equities. READ MORE Interview of the day India will continue to outperform emerging markets: Nischal Maheshwari Even as rising crude oil prices, trade war fears and a sliding rupee cast a shadow on market sentiment, Nischal Maheshwari, chief executive officer for institutional equities and advisory at Centrum Broking, tells Puneet Wadhwa that in the next one year, the outcome of the 2019 general election is a bigger challenge for the market. READ FULL INTERVIEW Nischal Maheshwari Sectoral Trend
That apart, a weak rupee also affected sentiments. The domestic currency opened at 72.53 against the greenback earlier in the day. The domestic unit on Friday surged by another 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.
Financial stocks such as HDFC, HDFC Bank, State Bank of India (SBI), YES Bank and Axis Bank are trading lower in the range of 1 per cent to 2 per cent.
Investor sentiment may take a hit as global financial services company Goldman Sachs said India's world-beating stock market run is over. It has downgraded domestic stocks to the equivalent of a hold rating from buy. This is the first time it has lowered Indian stocks since 2014.
Modi govt announces five-point plan to control CAD
A high-level meeting chaired by Prime Minister Narendra Modi on Friday decided to curb non-essential imports and increase exports, besides announcing five-pronged measures to increase dollar inflows into the country to fund and reduce the CAD. The CAD rose to 2.4 per cent of the country's gross domestic product (GDP) in the first quarter of 2018-19 from 1.9 per cent in the fourth quarter of 2017-18. READ MORE
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