PremiumUS consumer prices rose faster than expected last month suggesting Federal Reserve will continue to keep inflation as its priority. While markets were already largely pricing in another 75-basis-point interest rate hike, there had been hopes that passing the inflation peak would allow the Fed to relent.
Delta Corp, Ambuja Cement and Indiabulls Housing Finance Ltd to remain under the F&O ban list on Wednesday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)
Indian stocks could open sharply lower following the overnight carnage in US markets with the Dow and Nasdaq tanking by 4-5% after data showed retail prices rose higher than anticipated.
SGX Nifty traded down 289 points at 17,781 in morning trades on SGX. SGX Nifty offers cues into initial price movements on the Nifty. (Full Story)
The public issue is all set to make its debut on BSE and NSE as most likely Tamilnad Mercantile Bank IPO listing date is 15th September 2022 i.e. tomorrow. As per the information available on BSE, the equity shares of Tamilnad Mercantile Bank Limited shall be listed and admitted to dealings on the BSE and NSE in due course. So, all eyes are now set on Tamilnad Mercantile Bank IPO listing date.
Meanwhile, grey market is also signaling about the kind of debut Tamilnad Mercantile Bank shares may have. According to market observers, Tamilnad Bank IPO GMP (grey market premium) today is ₹15. That means shares of Tamilnad Mercantile Bank are available at a premium of ₹15 in grey market today. (Read More)
Vedanta Resources Ltd chairman Anil Agarwal on Tuesday said his company is considering a second chip and display manufacturing facility in India, even as it announced a $20-billion ( ₹1.54 trillion) investment plan for its first such venture in Gujarat. Agarwal said India would need at least two such factories to become a hub of chip manufacturing and meet the needs of the country and the world.
There are some interesting proposals from Andhra Pradesh and Maharashtra, and we will look for our second plant after starting operations from the first unit in Gujarat," Agarwal said over the phone. (Full Story)
Mid-caps and small caps continued to outperform benchmark indices despite the recent volatility in the markets. The gains of 5.64% and 5.89%, respectively, for BSE mid-cap and small-cap indices are higher than the Sensex’s 3.42% rise in August. The trend continued in September. The Sensex has gained just 1.74% so far in September, while mid- and small-cap indices gained 3.32-4.34%.
The rebounding equity markets have improved sentiments, as well as the risk appetite of investors. (Full Report)
On account of strong global cues on Tuesday, bulls on Dalal Street continued to beat bears on fourth straight session. However, after the US August inflation data coming higher than the market expectations, some market experts are suggesting day traders to maintain 'stock specific trade strategy' on Wednesday session. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index has breached the psychological hurdle and upside sentiment is expected to rise further.
Vaishali Parekh of Prabhudas Lilladher has recommended day traders to look at shares of Tata Elxsi and Tata Motors. (Full Report)
The Ministry of Coal on Tuesday conducted e-auction of eight mines spread in five states under the commercial coal mining auction process.
"The Nominated Authority, Ministry of Coal conducted e-auction of eight coal mines here today," the Ministry of Coal said in a statement.
Out of the eight coal mines that have been auctioned, five coal mines are fully explored and three mines are partially explored.
The total geological reserves for these eight coal mines are 2157.48 Million Tonnes (MT). The Cumulative Peak Rate Capacity (PRC) for these coal mines is 19.31 million ton per annum.
Out of the eight coal mines that have been auctioned two are in Jharkhand - Basantpur and Jitpur; two in Maharashtra - Dahegaon/Makardhokra-IV and Marki Mangli-IV; and two in Odisha - Rampia & Dip Side of Rampia.
Sursa mines from Chhattisgarh and Bandha North from Madhya Pradesh were also auctioned. (ANI)
The Competition Commission of India (CCI) on Tuesday rejected a complaint against the proposed merger of multiplex chains PVR and INOX Leisure, saying apprehension of likelihood of anti-competitive practices by an entity cannot be a subject of probe.
The watchdog's order has come on a complaint filed against the proposed merger that would create the country's largest multiplex chain with a network of more than 1,500 screens.
On March 27, PVR and INOX Leisure announced the merger. However, the entities were not required to seek CCI approval for the deal as it was below the regulator's threshold levels.
Under the competition law, deals beyond certain thresholds require clearance from the regulator. (PTI)
As retail inflation accelerated again to 7% in August, there is a growing chorus among economists for another 35-50-basis point (bps) repo rate hike in the September policy, a move some fear could stymie growth.
An aggressive 50-bps increase in the repo rate would take the policy rate to 5.9%, the highest in more than three years. It will also be the third consecutive rate hike of 50 bps in the current tightening cycle, beginning with a 40-bps surprise increase in May. (Full Story)
Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted on Wednesday, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer.
U.S. Labor Department data showed on Tuesday the headline Consumer Price Index gained 0.1% on a monthly basis versus expectations for a 0.1% decline. In particular, core inflation, stripping out volatile food and energy prices, doubled to 0.6%.
Wall Street saw its steepest fall in two years, the safe-haven dollar posted its biggest jump since early 2020, and two-year Treasury yields, which rise with traders' expectations of higher Fed fund rates, jumped to the highest level in 15 years. (Reuters)
The rupee appreciated by 36 paise to close at over one-month high of 79.17 against the US dollar on Tuesday, tracking the dollar's decline versus its major peers and foreign fund inflows.
At the interbank forex market, the local unit opened at 79.30 against the greenback. It witnessed an intra-day high of 79.03 and a low of 79.33 during the session.
It finally ended at 79.17, the highest closing level since August 3. The rupee had closed at 79.53 on Monday.
The dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.40 per cent to 107.89. (PTI)
E-commerce majors Amazon and Flipkart will launch their festive season sales from September 23.
While Amazon India will host 28 to 29 days festive season sale, the Amazon Great Indian Festival, Flipkart has announced to host 'The Big Billion Days 2022' till September-end.
"We will have 11 lakh sellers that will participate in the sale of which 2 lakh are local stores. We will be delivering to customers across all serviceable pin code. The big change this year is that it will be coming on the back of two years of pandemic. We are returning to things as usual," Amazon India Vice-President Noor Patel told PTI.
Amazon will give 24 hours early access to its Prime Members before opening sale for everyone on September 23. (PTI)
India’s economy showed signs of stabilizing last month, with strong demand for services helping weather headwinds from high inflation, according to a gauge of earliest available indicators.
From August, Bloomberg News has changed three of the eight indicators it uses to track the economy’s so-called animal spirits. It now includes power demand, goods and services tax collection, and unemployment rate, in place of the Citi India Financial Conditions Index, factory and infrastructure output. (Full Story)
The dollar index rallied on Tuesday and the S&P 500 tumbled 4% while Treasury yields surged after data showed U.S. consumer prices rising faster than expected in August, prompting bets for more aggressive Federal Reserve rate hikes.
Wall Street's equity indexes saw their deepest one-day percentage declines since June 2020.
This was a sharp reversal after the major stock indexes had rallied on Monday and in the previous week as investors had bet Tuesday's data would show an easing in inflation and provide a path for the Fed to ease its policy tightening. (Reuters)
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