US Fed rate rise raises risk of further drying up of FII flows.
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, HUL, Asian Paints, Titan and SBI.
Currently, trades on the Indian stock exchanges are settled within two days, just like most major markets such as Singapore, Hong Kong, Australia, Japan, and South Korea. Indian exchanges, however, will be moving to T+1 settlement from February 25 in a phased manner.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
US chipmaker Advanced Micro Devices (AM) on Friday announced a $400 million investment in India over the next five years and said it will build its largest design centre in Bengaluru. AMD chief technology officer Mark Papermaster made the announcement at the annual semiconductor conference in the presence of Prime Minister Narendra Modi. Undeterred by Taiwan's Foxconn pulling out of his group's $20 billion semiconductor-making venture, mining baron Anil Agarwal said the first phase of Vedanta's chip-making project will be ready in two-and-a-half years.
Stock market barometers Sensex and Nifty ended marginally higher on Monday as rise in wholesale inflation capped early gains despite a positive trend in global markets. The 30-share index settled 32.02 points or 0.05 per cent higher at 60,718.71 with half of its constituents ending in green. The broad based Nifty edged up 6.70 points or 0.04 per cent to close at 18,109.45.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
Bumper liquidity as a result of global central bank stimulus measures should prevent a sharper downturn.
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.
Russia dominated Saudi Arabia in oil supplies as the world's fastest-growing major economy for fossil fuels in October, relegating the Kingdom to third place. Iraq was India's top oil supplier, according to the data from Vortexa. Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi. Saudi Crown Prince Mohammed bin Salman Al Saud is visiting India this month to meet Prime Minister Narendra Modi.
The rally in silver may continue if the global economic recovery remains on course.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
Analysts say the sell-off in risky assets will be temporary and could be a buying opportunity for long-term investors.
Experts tell Ujjval Jauhari that investors need to be careful in picking stocks given high valuations and with markets possibly ignoring potential risks
BofA Securities has revised its year-end Nifty target from its earlier projection of 16,000 to 14,500 now - down over 6 per cent from the current levels. Fast tightening monetary conditions, slowing growth/fears of US recession and the likely Nifty EPS (earnings per share) cuts, BofA Securities said, are the key headwinds for the markets in the near-term. However, clarity on macro and monetary policy outlook in the US/India, it said, is the silver lining that could see markets bottom out by August/September 2022.
Chinese leaders may well respond to challenges with heightened rhetoric.
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
'Building on the potential for closer ties is the changing narrative in each country about the other. The Chinese narrative on India has become significantly more positive over the past few years,' says Walter Andersen and Zhong Zhenming.
The country's two top telcos, Reliance Jio and Airtel, are working overnight to undertake one of the fastest global roll-outs of 5G services in any country just a month down the line. India might be late in the game (already 70 countries have some kind of 5G and there are 698 million 5G subscribers across the world), but it's moving at breakneck speed. In his speech at the Reliance Industries AGM, Mukesh Ambani unveiled his plan to roll out the fastest 5G network in the world, starting from four metros in October but hitting every town taluka and tehsil - there are some 5,600 of them - in the country in 18 months.
Amid sustained weakness across categories, the Indian stock market remained below the trillion-dollar mark for the third consecutive day today, as the total valuation of all listed companies slipped further to $944 billion.
The surge in volatility across the globe sparked by Russian invasion of Ukraine has led to an increase in prices of gold and silver - considered to be safe-haven investment bets. In the past month, silver funds have delivered returns of 7.34 per cent, while gold funds on an average have risen around 6 per cent. In comparison, the benchmark Nifty has declined 4 per cent. Fund managers say precious commodities act as a good hedge against inflation and phases of geopolitical uncertainty.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
In the United States, economic data is likely to take a back seat next week.
Finding enough shows to air, creating content that gets people to pay and watch and wooing advertisers back into the fold are going to be the biggest challenges the M&E industry faces.
Sensex closed 63.82 points higher at 26,851.05 in Muhurat trading; Nifty rises 18.65 points to end at 8,014.55.
Many investors want to exit equities now and re-enter when they begin to rise. Such timing is difficult to pull off.
India is projected to grow at 6.3 per cent in 2015 and 6.5 per cent in 2016, when it is likely to cross China's projected growth rate of 6.3 per cent, the IMF said.
The new rail and road cargo service launched on Friday, linking Guangdong, Tibet and Nepal, aims to boost trade with the South Asian neighbour as China pushes forward its Belt and Road (Silk Road) initiative, state-run Xinhua news agency reported on Saturday.
Equity benchmark Sensex rallied 478 points on Monday after gains in index majors HDFC, Infosys and Kotak Bank despite a negative trend in the global markets.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
IndusInd Bank was the top gainer in the Sensex pack, soaring over 7 per cent, followed by Bharti Airtel, HCL Tech, Tata Steel, Tech Mahindra and Dr Reddy's.
Billionaire philanthropist George Soros believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government -- a statement which was strongly countered by BJP as an attack on Indian democracy.
PM Modi's China visit may strengthen ties between both the countries.
A lesson we have not learnt from China is the urgent need to knit the vast country together to keep it from falling apart at the seams. While there is considerable dent in poverty, sadly, the North East remains as distant today as it always was, points out Shreekant Sambrani.
Three researchers from the Wuhan Institute of Virology sought hospital care in November 2019, weeks before Beijing disclosed the COVID-19 pandemic, a United States media report said, citing a previously undisclosed American intelligence document that could add weight to growing calls for a full scale probe of whether the coronavirus may have escaped from China's top bio lab.
Broader market outperformed the frontline indices with the Smallcap and Midcap gaining up to 1%
India has become the world's fourth largest market for optic-fibre cable after Japan, the US, and China following adoption of new telecom policy, a new study has said.
The bank said in its 'Global Development Horizons 2011 - Multipolarity: The New Global Economy' report that Brazil, China, India, Indonesia, South Korea and Russia will help drive growth in lower income countries through cross-border commercial and financial transactions. It said the international monetary system will no longer be dominated by a single currency.
They believe that long-term story is intact.
The broader markets also ended lower in line with the benchmark indices
