PremiumWall Street ended lower on Tuesday as investors wait for Fed Chair Jerome Powell's end-of-week speech and any revelations on interest rate plans. Asian market had a mixed opening. Nikkei opened higher but soon dropped into the red, Shanghai opened in green and Hong Kong in red. Euro dove to a new two-decade low against the dollar on Tuesday.
Bitcoin price continued to slip as the usually volatile token has gotten stuck trading within a narrow range. The world's largest and most popular cryptocurrency was trading nearly a per cent lower at $21,190. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.07 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell about a per cent to $1,613. Meanwhile, dogecoin price today was trading over 2% lower at $0.06 whereas Shiba Inu plunged over a per cent to $0.000013. (Full Report)
Stitched Textiles, which owns leading men's wear fashion brand "Barcelona", has decided to withdraw its ₹200 crore-Initial Public Offering (IPO).
The IPO was slated to be entirely a fresh issue of equity shares. Proceeds of the issue were to be used for expansion of the company's retail network by launching exclusive brand outlets, enhancing the visibility and awareness of its brand for funding working capital requirements and general corporate proposals.
The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on June 17 with the Securities and Exchange Board of India (Sebi). (PTI)
Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Last night, US markets had one more round of selling which dampened the overall sentiments of traders across the globe. Tracking these cues, our markets too started lower to hasten towards the key support of 17350. This being the ’20-day EMA’ level, the correction halted in the opening hour which was then followed by a sharp recovery to not only erase all losses but also entered the positive terrain. The similar sort of swings on either side was repeated during the latter half as well. Eventually, the action-packed session ended with half a percent gain tad below the 17600 mark.
The Nifty has completed a price correction of 650 points in merely three sessions i.e. nearly 3.50% from Friday’s high of 17992.20. In our previous commentary, we had mentioned the support zone around 17400 – 17350. Since it coincided with the key moving average (20-EMA), the oversold market attracted some buying at lower levels. With the help of RIL and the banking space who became the real protagonists, the benchmark index Nifty managed to close almost at a day’s high. Although the rebound was very much on expected lines, one should avoid getting carried away with this. We are still not out of the woods yet till a time a few important levels are taken out in the upward direction. As of now, 17650 – 17710 is to be seen as an immediate resistance zone and momentum traders should ideally look to lighten up longs around it. On the flip side, 17525 – 17450 are to be seen as immediate supports. The coming session can slightly be a tricky one because if we rebound first towards the mentioned intraday hurdles, the index is likely to land up in a corridor of uncertainty. Hence, it’s better to follow one step at a time for a couple of trading sessions.
Russia hasn’t been amenable to overtures by Indian state-run firms in acquiring the stakes of Western energy majors in Russian oil and gas assets after their exit from the sanctions-hit nation, said a top Indian government official aware of ongoing deliberations. Russia is looking to buy and resell stakes of Western firms in sanctions-hit oil and gas assets. (Full Story)
After wheat, rice prices are firming up on reports of supply concerns with the all India average retail price of the grain ruling higher by 6.31% at ₹37.7 per kg compared to the year-ago period, according to an official data.
The All India average retail price of wheat has risen by over 22% to ₹31.04 per kg as of August 22 compared to ₹25.41 per kg in the year-ago period, according to the data maintained by the Consumer Affairs Ministry.
The average retail price of wheat flour (atta) has increased by over 17% to ₹35.17 per kg as against ₹30.04 per kg in the year-ago period, the data showed. (PTI)
Airport Service aggregator platform Dreamfolks Services Ltd's three-day initial public offering (IPO),with a price band of ₹308- ₹326 apiece, will open for public subscription on Wednesday, August 24, 2022 and the issue will conclude on Friday, August 26. Dreamfolks Services IPO is entirely an OFS of up to 1.72 crore equity shares by its promoters. (Full Story)
The rupee inched up 1 paisa to settle at 79.83 against the US dollar on Tuesday amid a strong American currency in the overseas market and rising crude oil prices.
At the interbank foreign exchange market, the local currency opened at 79.85 and saw an intra-day high of 79.81 and a low of 79.90 against the American currency.
It finally ended at 79.83, up 1 paisa over its previous close. (PTI)
India's merchandise exports are likely to be around USD 470-480 billion in the current fiscal against USD 420 billion in 2021-22, Commerce Secretary BVR Subrahmanyam said on Tuesday.
The secretary also said the trade deficit, which crossed USD 100 billion in the first four months of the current fiscal, is not going to cross a "discomfort level".
Talking to reporters, Subrahmanyam said the merchandise trade during 2022-23 will be USD 470-480 billion and the services sector is likely to contribute another 280 billion.
"We are pretty much on track," he said, adding the exact target for the fiscal may be announced later. (PTI)
Tier-III cities with resort locations in India have seen the strongest recovery amid a rebound in leisure tourism. This has allowed these locations to command average rates higher than what they originally achieved prior to the pandemic, a new report by hospitality consulting firm Hotelivate said.
Business is robust across markets, especially with leisure locations continuing to outperform urban markets. (Full Report)
Gautam Adani, Asia’s richest man, signalled serious intent for a play in India’s media and entertainment industry as his companies acquired a 29% stake in broadcaster NDTV Ltd and launched an open offer to acquire an additional 26% from shareholders, as mandated by law.
The acquisition capped months of speculation about a potential acquisition that saw the NDTV stock rally fivefold in nine months (from ₹75.55 on 1 December to ₹376.55 on Tuesday on BSE). (Full Story)
Oil prices fell on Wednesday, taking a breather from a nearly 4% surge the previous day on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+.
Global benchmark Brent crude futures fell 21 cents, or 0.2%, to $100.01 a barrel by 0114 GMT, after rising 3.9% on Tuesday. The U.S. West Texas Intermediate crude futures contract was down 10 cents, or 0.1%, at $93.64 a barrel, having jumped 3.7% the previous day.
Both contracts soared on Tuesday after de facto OPEC leader Saudi Arabia flagged the possibility of introducing cuts to balance a market it described as "schizophrenic", with the paper and physical markets becoming increasingly disconnected. (Reuters)
India’s largest power producer is looking to develop another massive nuclear project just weeks after announcing its entry into the sector, a sign that Prime Minister Narendra Modi’s expansion into atomic energy is gaining momentum.
A venture between NTPC Ltd., which relies mostly on coal to supply energy to the world’s fastest growing population, and India’s monopoly nuclear developer is in advanced talks with the government to develop two 700-megawatt reactors in the central state of Madhya Pradesh, according to people familiar with the matter, who asked not to be identified as the discussions aren’t public. (Full Report)
V. Balasubramaniam, managing director (MD) and chief executive officer (CEO) of India INX, a BSE subsidiary at Gift City, and NemL MD and CEO Mrugank Paranjape are the top contenders to head BSE, according to two people aware of the development.
Balasubramaniam was second-in-command at BSE when Ashishkumar Chauhan was the MD and CEO. Chauhan now heads rival NSE. A broker Mint spoke to said Balasubramaniam had the “right mix of aggression and quality" to lead the exchange. He has served as the chief business officer of BSE, overseeing business development across segments such as equity, equity derivatives, debt, and mutual fund distribution. (Full Story)
Stocks drifted to modest losses in a quiet Tuesday on Wall Street, as steadying Treasury yields helped calm the market following its worst tumble in months.
The S&P 500 dipped 9.26 points, or 0.2%, to 4,128.73 after flipping between small gains and losses throughout the day. The edge lower follows up on Monday’s sharp 2.1% drop, which came on the heels of the first losing week for the index in the last five. (AP)
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