'What happens in the real estate market is that once the prices go up it goes on to stay at that level.' 'It might not increase and at the same time the prices will not come down too.'
Among the Sensex firms, Asian Paints, Tata Steel, HCL Technologies, Nestle, Maruti, JSW Steel, NTPC and Larsen & Toubro were the major laggards. Sun Pharma, Bajaj Finserv, Reliance Industries, State Bank of India and Bharti Airtel were the gainers.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
Wall Street-correlated stock markets are facing the risk of correction, as Christopher Wood, the global head of equity strategy at Jefferies, conveys to investors in his latest edition of GREED & fear. Rising crude oil prices, which are nearing $100 a barrel (Brent), pose a threat to the global central bank's battle against inflation and have led to a re-evaluation of its exposure to Indian stocks. "The potential for more US Federal Reserve (Fed) rate hikes, combined with the risk that monetary tightening finally bites as regards the economy, remains a risk for Wall Street-correlated world stock markets. "There is also the oil factor. This is why GREED & fear continues to believe the pain trade is down. "Areas in Asia, such as Indian midcaps, which have already done very well, are at obvious risk of some profit-taking," writes Wood.
'BJP has lot of money. Even a rich person like me is scared of taking on the financial muscle of the BJP.' 'What is the point of throwing money? Result toh aane wala nahi hai.'
According to bankers and economists, there is room for further rate cut by the RBI as retail and wholesale inflation rates have remained benign.
RBI said the improvement in asset quality was driven by state-run lenders which saw a drop both in both GNPA and in the net NPA ratios.
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.
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
Oil edged up on Tuesday, steadying after a 5 per cent plunge in the previous session that saw prices touch fresh 5-1/2-year lows in an oversupplied market.
India has slipped three positions to 134th spot in the latest ease-of-doing business list, which is topped by Singapore, according to World Bank.
The broader NSE Nifty went up to a fresh life-time high of 10,494.45, but failed to stay on the top as it slipped and closed down 19 points, or 0.18 per cent, at 10,444.20.
The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks. A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global banking system amid Credit Suisse woes and bank failures in the US. Halting its five-day losing streak, the 30-share BSE benchmark rose 78.94 points or 0.14 per cent to close at 57,634.84 points, with 17 of its constituents ending in the green.
Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
Billionaire Mukesh Ambani's Reliance Industries has maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88. Reliance was ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88, according to the publication. The company has gained a whopping 67 places in the last two years from number 155 in 2021.
The services sector growth in India fell to a one-year low in November on softer expansions in new work intakes and output, despite receding price pressures, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November. Despite witnessing a month-on-month decline, the rate of expansion was stronger than its long-run average.
Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide. The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.
India's manufacturing sector activity witnessed a significant loss of growth momentum in May due to the intensification of the COVID-19 crisis and its detrimental impact on demand, a monthly survey said on Tuesday. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI), fell to 50.8 in May, down from 55.5 in April, as companies observed the slowest rises in new work and output in ten months amid intensification of the COVID-19 crisis. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Other major laggards were IndusInd Bank, SBI, Bharti Airtel, ONGC, Tata Steel and Reliance Industries -- falling as much as 6.30 per cent.
Unlike the earlier experience post the global financial crisis, where nearly 90 per cent of the restructuring happened in the corporate loans, the non-corporate segment, which includes small businesses, agricultural loans and retail lending, will account for a higher share this time.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Benchmark indices Sensex and Nifty declined in early trade on Wednesday due to selling in financials, oil and IT stocks amid weak global trends.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
'I have a problem with the term 'outsider'. 'Doctor ka beta doctor banta hain, par aap baki doctors ko outsider nahi na bulate.' 'I always wanted to be an actor, yaar.' 'While I was in the bank for eight years, I was training to be an actor in Delhi.'
The Punjab government Thursday extended the suspension of mobile internet and SMS services in Tarn Taran and Ferozepur districts till Friday noon while lifting the curbs in Moga, Sangrur, Ajnala sub-division in Amritsar and a few areas in Mohali.
India now has three companies in the global top 100 list in terms of market value: Reliance Industries (RIL) ranks 72, Tata Consultancy Services (TCS) is at 86 and HDFC Bank at 99.
The sharp correction in the Indian markets from their peak levels has made valuations attractive, say analysts, who advise buying selectively, but only from a long-term perspective. Fifty-six of the Nifty 100 stocks, according to Mahesh Nandurkar, managing director at Jefferies, now trade below the 10-year historical averages, including stocks in financial, select auto, and pharma sectors. "Valuation (one-year forward consensus price-to-earnings, PE) has declined 25 per cent from October 2021 peak, almost matching the 33 per cent price-earnings contraction during the 2011 tightening cycle when repo rates went up by 375 basis points (bps) versus 250 bps this cycle.
Tata Steel was the top loser in the Sensex pack, shedding 3.01 per cent, followed by M&M, Maruti, Asian Paints, PowerGrid, ITC and Axis Bank.
Its total income during the September quarter also slipped to Rs 30,191 crore, as against Rs 32,435 crore in the year-ago period
Chinese shares opened lower, with the Shanghai Composite Index down 1.8% and the CSI300 index down 2.2%.
Sectorally, bankex suffered the most by dropping 2.62 per cent, followed by finance 2.44 per cent and realty 1.63 per cent. On the other hand, telecom was among the top sectoral gainers, rising 4.60 per cent. IT index rose 2.62 per cent.
On the Sensex chart, Vedanta was the biggest loser with 4.66 per cent decline. Other major laggards were were Tata Steel, IndusInd Bank, HDFC Bank, Kotak Bank, Axis Bank, HUL and Bharti Airtel, losing up to 3.36 per cent.
From the Sensex pack, Tata Motors, Sun Pharma, Wipro, Tata Consultancy Services, UltraTech Cement, Tech Mahindra, Bajaj Finserv, HCL Technologies, Infosys and IndusInd Bank were the major laggards. NTPC, Power Grid, Reliance Industries, Tata Steel, HDFC and HDFC Bank were the major winners.
The major beneficiaries of loan recasting will be sub-Rs 500 crore corporate exposures and retail exposures, which were earlier expected to see the highest increase in NPAs in percentage terms.
'His way of communication is different than the first yatra.' 'Maybe his anger and frustration stems from the fact that no one is asking hard questions to the government and he is trying to do that.'
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Markets have opened on a flat note with a negative bias tracking subdued global cues. The Sensex has shed 17 points to open at 17,367 and the Nifty is down 3 points at 5,251.
The sensitive index of the Bombay Stock Exchange regained the 15,000 level in morning trade on Wednesday, after a gap of nine months, on increased capital inflow by funds after a positive infrastructure data for April fuelled hopes of an economic recovery.
