Investors' wealth eroded by Rs 3.46 lakh crore on Wednesday as equity markets took a sharp tumble amid weak global trends and foreign fund outflows. The 30-share BSE Sensex fell by 676.53 points or 1.02 per cent to settle at 65,782.78. During the day, it plunged 1,027.63 points or 1.54 per cent to 65,431.68. In line with the weak trend in equities, the market capitalisation of BSE-listed firms eroded by Rs 3,46,947.54 crore to Rs 3,03,33,258.69 crore.
Benchmark equity indices Sensex and Nifty closed higher on Friday after two days of fall, helped by buying in metal, telecom and auto stocks amid a firm trend in global markets. Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra reporting robust wholesales of passenger vehicles and GST collections crossing Rs 1.50 lakh crore for the third straight month in May also added to the optimism. The 30-share BSE Sensex climbed 118.57 points or 0.19 per cent to settle at 62,547.11.
From the Sensex pack, Infosys tanked over 8 per cent after the company reported a lower-than-expected 11 per cent rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5 per cent on delayed decision-making by clients amid global macro uncertainties. Hindustan Unilever, HCL Technologies, Wipro, and Tech Mahindra were the other major laggards. On the other hand, Larsen & Toubro rose the most by 3.88 per cent after it bagged an order of worth over Rs 7,000 crore from the bullet train project.
Supporting West Bengal Chief Minister, Buddhadeb Bhattacharjee's stand, Mittal said, "Let us see for the next 7-10 years what Indian companies deliver and then we can take a call."
However, in the last few sessions, the stock of Mukesh Ambani-controlled Reliance Industries Limited (RIL), hit its 52-week low level of Rs 2269.75, and has been one of the worst performers among the Sensex pack thus far in calendar year 2023 (CY23). Thus far in CY23, RIL has tanked nearly 11 per cent as compared to a fall of around 5 per cent in the S&P BSE Sensex. The fall in the stock, according to Gaurang Shah, senior vice-president at Geojit Financial Services is mostly due to the overall dip in the market sentiment, which in turn has impacted large-caps, including RIL.
Domestic stock markets would be driven by inflation numbers, global trends, and the last batch of Q4 earnings this week, analysts said. Markets will also react to industrial production data and consumer inflation numbers that were released after market hours on Friday. "Participants will react to macroeconomic data viz. IIP and CPI first, which were released post-market hours on Friday.
The threat may be a decade away, but it has brick-and-mortar sellers rethinking their strategies and banking on the govt to regulate online companies.
Walmart is waiting to understand as to how much multibrand retail might or might not move forward.
Benchmark equity indices Sensex and Nifty reversed their early gains to close lower on Wednesday due to selling in oil & gas, banking and IT stocks amid weak trends in European markets. The 30-share BSE Sensex declined by 372.46 points or 0.69 per cent to close at 53,514.15, extending its falling streak to a third day. The index opened higher and touched the day's high of 54,211.22 amid gains in Asian markets.
Future, which recently tied up with Amazon in India to sell its fashion and food products exclusively on the American giant's marketplace platform, is looking at a gross merchandise value of about Rs 6,000 crore (Rs 60 billion) in the next three years from the venture.
Benchmark equity indices Sensex and Nifty closed higher by more than half a per cent on Wednesday following buying in IT, financial and oil stocks after the RBI slowed down the pace of interest rate hikes. Ending its two-day slide, the 30-share BSE Sensex rebounded by 377.75 points or 0.63 per cent to close at 60,663.79 with 24 of its constituents posting gains. The broader Nifty of the NSE spurted by 150.20 points or 0.85 per cent to settle at 17,871.70, riding on a rally in Adani Enterprises, Adani Ports and HDFC Life.
Benchmark indices bounced back on Wednesday after a two-day decline, with the Sensex and Nifty climbing nearly 1 per cent each, tracking a positive trend in European markets. Buying in IT and bank stocks also supported the recovery in equities. The 30-share BSE benchmark jumped 547.83 points or 0.99 per cent to settle at 55,816.32.
Benchmark Sensex rallied 455 points and Nifty rose more than 133 points to close above the key 18,000-mark for the first time since April on Tuesday as foreign institutional investors continued to be bullish on the domestic market. Continuing its rally for the fourth straight session, the 30-share Sensex rose 455.95 points or 0.76 per cent to close at 60,571.08 points. The broader Nifty climbed 133.70 points or 0.75 per cent to settle at 18,070.05 points. Previously, the Nifty had closed above the 18,000-mark on April 4 this year.
While the investment amount could not be immediately ascertained, a report pegged it at about $2 billion.
M&M was the biggest loser in the Sensex pack, declining nearly 3 per cent, followed by TCS, Bajaj Finance, Wipro, Kotak Bank, Tech Mahindra, HCL Tech and Tata Motors. In contrast, Titan, Bharti Airtel, ICICI Bank and L&T were among the gainers, rising up to 0.93 per cent.
Tata Steel was the biggest gainer in the Sensex chart, rising 2.39 per cent, followed by Tata Motors, Power Grid, Reliance Industries, UltraTech Cement, NTPC, Nestle, HUL, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank and Asian Paints. In contrast, Bajaj Finance, IndusInd Bank, Axis Bank, Bharti Airtel, Bajaj Finserv, ICICI Bank, Infosys and Titan were among the laggards.
Seven consecutive sessions of decline in the equity market has eroded the wealth of investors by a whopping Rs 10.42 lakh crore and the benchmark Sensex has tumbled more than 2,000 points during this period. Concerns over more rate hikes by developed economies, weak global equity markets and fresh foreign fund outflows from the domestic market have dented investor sentiments. On Monday, the BSE Sensex dropped 175.58 points or 0.30 per cent to end at 59,288.35 points, marking a decline for seven straight trading sessions.
Equity markets extended their rally on Friday, with the Sensex and Nifty jumping over 1 per cent each, in tandem with a positive trend in global equities. Buying in Infosys and banking counters helped markets maintain their winning run. The 30-share BSE Sensex rallied 632.13 points or 1.17 per cent to settle at 54,884.66.
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
Not just Tesco, Auchan, Walmart, even Biyani & Reliance keen on food FDI: Harsimrat Kaur Badal
Private equity investments into domestic companies fell sharply year-on-year by 42 per cent to $23.3 billion in 2022, which is the lowest since 2019, when it was $15.8 billion, according to an industry report. The numbers reflect the overall funding winter that the startup space in particular, and the overall foreign investments in general have been witnessing since the Ukraine war began last February. Private equity investment inflows into the country fell by a sharp 42 per cent in 2022 from last year to $23.3 billion -- the lowest annual inflows since 2019 when it was a low $15.8 billion, but still relatively elevated compared to historical levels, said Elaine Tan, a senior analyst at Refinitiv, the LSEG business arm that provides financial markets data and insights.
Bharti Airtel on Thursday announced new postpaid plans and discontinued some previous ones. "In the post-pandemic world, an abundance of high-speed data is increasingly becoming a key need for customers as work from home and online education is the new normal. "In this context, Airtel has further simplified its postpaid plans to offer industry-leading data benefits backed by a 5G-ready network and superior digital-first customer care. "The plans also come with a range of exclusive benefits such as bundled content and business productivity tools," Airtel said in a press release.
Many CEOs said they plan to give special leave to women employees so as to encourage their participation in the workforce.
Reliance Industries was the top gainer in the Sensex pack, rising over 1 per cent, followed by M&M, HCL Tech, Axis Bank, ICICI Bank and HUL. On the other hand, Bharti Airtel, Maruti, SBI, PowerGrid, NTPC and Tata Steel were among the laggards.
The commerce and industry ministry has informed the Prime Minister's Office that the Bharti Group has conveyed to the government that its joint venture with Wal-Mart was in compliance with the existing FDI policy.
Equity indices nursed losses for the second consecutive session on Tuesday as investors continued to dump IT, banking and FMCG stocks amid a bearish trend in global markets. Unabated foreign fund outflows and the rupee dropping to another record low against the US dollar added to the woes, traders said. Participants were also in wait-and watch mode ahead of release of retail inflation and factory output data.
From the stock perspective, though, even as all the 10 analysts polled by Bloomberg have a 'buy' recommendation on FRL, their target price of Rs 535 suggest most of the positives are already priced in.
Indian businesses' weak ability to compete overseas says much about the infirmities imposed by the intensity of government dominance of economic policy and the nature of this dominance, observes Kanika Datta.
Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's pursuit to be on the top. Now arrested in connection with the ICICI Bank loan fraud case, Venugopal Dhoot during his heydays was not the one to simply sit on small achievements like Videocon becoming the largest television set manufacturer in India.
The BSE Sensex maintained its winning run for the fourth session on the trot on Wednesday to reclaim the 60,000-level after a gap of over four months as investors remained upbeat amid softening crude oil prices and persistent foreign fund inflows. A strengthening rupee and positive Asian markets further bolstered sentiment, traders said. The 30-share BSE benchmark jumped 417.92 points or 0.70 per cent to settle at 60,260.13 -- closing above the psychologically key 60,000-mark for the first time since April 5 this year.
Unlike many other B-schools, IIM Ahmedabad follows a cluster system of final placements process where sectors are invited in cohorts at regular intervals.
Investors added more than Rs 10.56 lakh crore to their wealth as markets continued their rally for the sixth straight session on Thursday. The BSE Sensex went past 61,000-mark for the first time ever on Thursday. It jumped 568.90 points or 0.94 per cent to its new closing peak of 61,305.95.
ONGC was the top loser in the Sensex pack, shedding 4 per cent, followed by Bharti Airtel, SBI, IndusInd Bank, NTPC, Sun Pharma and ITC. On the other hand, Bajaj Finance, Bajaj Auto, Reliance, Bajaj Finserv and Asian Paints were among the gainers.
Global trends, WPI inflation data for April and the ongoing quarterly earnings of corporates would be the major driving factors for the stock markets, analysts said. Investors would also keep a tab on the movement of foreign institutional investors who are on a selling spree in the domestic equity market for the past many days. "Inflation concern and monetary tightening across the globe are key concerns for the equity markets. "Equity markets are under the strong grip of bears however they look extremely oversold and due for a pullback rally.
He's betting big on small stores to help him reach 10 million households by FY21, report Abhineet Kumar and Raghavendra Kamath.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
In percentage terms, IndusInd Bank, SBI, HDFC, ICICI Bank and L&T were among the top losers. On the contrary, Bharti Airtel, Reliance, Sun Pharma, HCL Tech and Maruti Suzuki emerged as major gainers.
AV Birla Group chairman, Kumar Mangalam Birla and the chief executive officer of Aditya Birla Retail, Sumant Sinha bare the details, in this open-ended conversation, about their plans for Aditya Birla Retail.
Walmart is getting embroiled in one controversy after the other in India. Political parties in opposition are already rallying against FDI in retail. Can it still manage to launch its retail business successfully in the country?
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