With the results season kicking off next week and the undertone still weak, investors should be careful. The trend is likely to remain lacklustre ahead of Infosys results. The market may remain range-bound and choppy depending on global cues.
Global Pharma Healthcare is recalling entire lots of eye drop linked to vision loss in the US, according to the US Food and Drug Administration. The Chennai-based company is recalling all lots of artificial tears lubricant eye drops distributed by EzriCare, LLC and Delsam Pharma to the consumer level due to possible contamination, the US health regulator said in a statement. "The Centres for Disease Control and Prevention (CDC) alerted FDA to an investigation of a multi-state cluster of Verona Integron-mediated Metallo--lactamase (VIM)- and Guiana-Extended Spectrum--Lactamase (GES)- producing carbapenem-resistant Pseudomonas aeruginosa (VIM-GES-CRPA) infections possibly associated with the use of the artificial tears manufactured by Global Pharma Healthcare," USFDA said.
Broader markets gain nearly 1-1.5%, out-performing benchmark indices.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
The churn in Indian labour markets will be led by technology-driven sectors like artificial intelligence and machine learning (38 per cent), followed by data analysts and scientists (33 per cent) and data entry clerks (32 per cent).
Sensex was up 184 points at 25,580 and the Nifty added 71 points to end the day at 7,654
From the Sensex pack, Bajaj Finance, Bajaj Finserv, Reliance Industries, Wipro, HDFC Bank, HDFC, ICICI Bank and Tata Steel were the major laggards. ITC was the lone winner in the Sensex pack.
Silver met with resistance and fell by Rs 200 to Rs 36,000 per kg.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Risk appetite improved on the back of a rally in global markets after the US stocks hit a fresh record high on Monday
Investors have lost a hefty Rs 11,45,267.43 crore in two days as the domestic equity market continued to face severe drubbing amid a global selloff. The BSE benchmark Sensex plunged 1,189.73 points or 2.09 per cent to close at 55,822.01 on Monday. During the day, it tanked 1,879.06 points to 55,132.68.
China, at 28, remains by far the most competitive of this group.
Congress chief spokesperson Randeep Surjewala released a list of 55 persons who lost their lives while standing in queues at banks and ATMs in the wake of demonetisation and demanded compensation to their families besides probe into their death.
Exports of gold jewellery fell 23.13 per cent to $1153 million.
Forex dealers said rebound in domestic stock markets also helped the rupee strengthen against the dollar.
The broader Nifty finished at 10,421.40, up 194.55 points, or 1.90 per cent.
Gold prices on Tuesday drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand.
HCL Tech was the top loser in the Sensex pack, dropping 1.80 per cent, followed by Reliance Industries, HDFC Bank, TCS, Tech Mahindra, L&T, Maruti, Bajaj Finance and HDFC.
Snapping their three-day falling trend, gold prices surged by Rs 375 to trade at Rs 26,375 per 10 grams at the bullion market.
The media report said Ukraine's National Anti-Corruption Bureau has sent a request to the ministry of home affairs seeking legal assistance in its probe into the alleged kickbacks.
Benchmark BSE Sensex rebounded by 344 points while Nifty closed above the 16,000 level in choppy trade on Friday, snapping the four-day falling streak on renewed buying interest from foreign funds and firm global trends. The 30-share BSE barometer climbed 344.63 points or 0.65 per cent to settle at 53,760.78. During the day, it jumped 395.22 points or 0.73 per cent to 53,811.37.
Silver also fell for the third day.
Equity investors' wealth jumped by over Rs 10.19 lakh crore in the three-day market rally to Monday. On Monday, the 30-share BSE Sensex soared by 1,041.08 points or 1.90 per cent to settle at 55,925.74. In three days, the bechmark has zoomed 2,176.48 points or 4 per cent. Helped by jump in equities, the market capitalisation of BSE-listed firms went up by Rs 10,19,936.84 crore to Rs 2,58,47,092.40 crore in three days.
SBI was the top laggard in the Sensex pack, tumbling around 5 per cent, followed by Axis Bank, ICICI Bank, UltraTech Cement, Bajaj Finance, HDFC Bank and Bharti Airtel. On the other hand, PowerGrid, ITC, NTPC, Tata Steel and Titan were among the gainers.
The 50-share NSE Nifty also ended down 12.85 points, or 0.12 per cent, at 10,477.90. Intra-day, it shuttled between 10,534.55 and 10,460.45.
The 50-share NSE Nifty also ended down 12.85 points, or 0.12 per cent, at 10,477.90. Intra-day, it shuttled between 10,534.55 and 10,460.45.
The inactivity of Go First may help other airlines in India's competitive market as it had a 7.8 per cent market share.
Silver coins, however, held unchanged at Rs 70,000.
The ongoing wedding season could not boost the trading sentiment and low demand from jewellers and retailers was witnessed, traders said, adding that a weak global trend because of strengthening of dollar also reduced appeal for the bullion.
This is its lowest closing since April 5 when it had finished at 33,596.80.
India's exports contracted by 22 per cent, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48 per cent to $53.10 billion.
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
Among other stocks, IT firm Mphasis today reported a 15.30% increase in consolidated net profit at Rs 184.72 crore for the quarter ended September 30, 2015.
Given wild swings, investors are wondering where the metal market is going. There was a strong uptrend in industrial metal through much of the last three years due to fears of supply chain issues - first due to Covid-19 and then due to the Ukraine War. That uptrend broke down as it became apparent that global growth would moderate as inflation rose and Western Europe (the EU plus the UK) went into a near-recession and China was in a rolling lockdown.
The IPO boom in 2023 added four new promoters to the billionaires' list.
In the Sensex pack, Vedanta took the biggest hit (5.55 per cent), followed by Tata Motors, SBI, Yes Bank, Bharti Airtel and Infosys, which lost up to 4.50 per cent.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
As investors try to second-guess the US Fed, corporate and election results could have a bearing on market direction
Silver also recorded a sharp fall of Rs 1,000 to Rs 37,400 per kg.
L&T was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Bajaj Finance, IndusInd Bank, NTPC, PowerGrid, M&M and Axis Bank. On the other hand, Reliance Industries Bharti Airtel and Maruti were the laggards.
