Gold prices are struggling and are down 18 per cent from their March highs. But stock prices have fallen even more. As a result, the precious metal has begun to outperform equities - both in the domestic market and international markets. Gold prices are up 2.6 per cent in the domestic market in the current calendar year (CY22) so far, according to the World Gold Council (WGC), compared to a 1.7 per cent decline in the Sensex year-to-date (YTD).
Two firms belonging to the Adani group - India's most valued conglomerate - are part of the Nifty 50 index. The group, however, has no representation in the Sensex. And it could stay this way if a proposed index qualification rule change gets approved. Recently, Asia Index, a joint venture between S&P Dow Jones Indices and BSE responsible for index composition, floated a consultation paper where it proposed that a stock must have a derivative contract to be eligible for inclusion in the flagship 30-share Sensex index.
From the 30-share pack, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were the major gainers, jumping up to 5.56 per cent.
Back home, the Nifty IT index - a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years - has lost nearly 2 per cent in CY23.
Monday's drop followed an 8.5 per cent slump in Chinese markets.
The broad-based Nifty slipped below the 8,600-level by losing 24.60 points, 0.28 per cent, to 8,590.65
The broader NSE Nifty closed below the 10,200-mark by slumping 99.85 points, or 0.98 per cent at 10,124.905.
L&T was the top gainer in the Sensex pack, spurting over 6 per cent, followed by Hero MotoCorp, HDFC Bank, IndusInd Bank, Maruti, HDFC and HCL Tech. On the other hand, ITC, SBI and Bharti Airtel ended in the red.
If you plan to send your child to the US five years from now and expect the rupee to depreciate five per cent every year, adding US funds to your portfolio might be a good idea, says Ashley Coutinho.
Sentiment got a leg-up after the Lok Sabha on Thursday gave its approval for Rs 80,000 crore recapitalisation bonds for strengthening public sector banks, traders said.
From the 30-share pack, Sun Pharma, TCS, Tech Mahindra, NTPC, Wipro, UltraTech Cement, Dr Reddy's Laboratories and Infosys were the major gainers, jumping up to 3.99 per cent. In contrast, Tata Steel, Nestle, Titan Company, PowerGrid, Reliance Industries Limited and State Bank of India were among the laggards.
From the BSE 30-share blue chip pack, 27 scrips ended with losses led by SBI and Tata Steel.
Sensex has shed over 150 points in afternoon trade.
The benchmark Sensex companies' underlying earnings per share are down 3 per cent (on a cumulative basis) since January 2015, against 25 per cent rise in the index value during the period
As per the new methodology, stocks must have an annualised traded value of at least Rs 1,000 crore for their inclusion in the BSE 100 index at each semi-annual rebalancing
Kotak Bank was the top loser in the Sensex pack, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints. On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers.
Analysts say the sell-off in risky assets will be temporary and could be a buying opportunity for long-term investors.
In a historic referendum on Thursday, the United Kingdom voted to leave the Eurozone.
The S&P and Dow dipped the most in a day since September 28.
The faster-than-expected rise in interest rates by the US Federal Reserve (US Fed) shook global financial markets in early 2022. And now the ongoing war between Russia and Ukraine has lifted commodity prices, with Brent crude oil hitting a 14-year high of $139 a barrel in intraday trade. All these developments have sent the equity markets across the world into a tailspin.
All nine Adani stocks saw a rise in their share price in H1FY23, ranging from 6.1% in case of Adani Ports to 102% in case of Adani Power.
The 30-share BSE index reclaimed the 30,000-mark to trade at a new record high of 30,071.61 by surging 128.37 points, or 0.42 per cent. This surpassed the previous record high of 30,024.74 (intra-day) that the Sensex touched on March 4, 2015.
Both the debt and equity markets have seen sharp volatility in recent months.
News of all that's transpired on and off the football field
Sebi will soon put in place new norms for changes in constituents of the key stock market indices.
The market's sensitivity to the US Fed's balance sheet changes makes it vulnerable to the possible tapering of the bond buying programme and the resulting stagnation or even shrinkage in the balance sheet.
L&T was the top loser in the Sensex pack, dropping 4.99 per cent, after the engineering major posted a 45 per cent decline in consolidated net profit for the September quarter. Titan, ONGC, Axis Bank, HUL, NTPC, M&M and HDFC were the other major laggards, shedding up to 3.32 per cent. NSE Nifty fell 58.80 points or 0.50 per cent to 11,670.80.
Lupin was the top gainer after the USFDA cleared its Goa facility
New York City has the world's largest number of billionaires but Asian cities, which include Mumbai, dominate the list of top 20 billionaire places in the world, indicating that the region is at the beginning of a new cycle in wealth creation, says a report.
"I think the Fed is out of control. I think what they're doing is wrong. Under the Obama administration, you had a lot of help because they had very little interest," Trump told reporters at the White House Thursday while responding to questions on the down sliding of the stock market for a second consecutive day.
On BSE, 1,826 shares declined and 982 shares rose, while a total of 194 shares were unchanged
Other losers included Vedanta, Tata Steel, NTPC, ONGC, L&T, M&M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, dropping up to 5.75 per cent. On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp rose up to 0.95 per cent.
India was the best performing wealth market globally in 2017 as its total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017
India is the next major breeding ground for start-ups.
Except investing more and investing for a longer period mankind will do anything to increase its wealth.
The latest allegation of rape was levelled against Akbar by Pallavi Gogoi, chief business editor of National Public Radio, a Washington-based American media organisation, who has detailed the "most painful memories" of her life in an article in The Washington Post.
The global billionaire population reached a record 2,325 with the addition of 155 new billionaires in 2014, registering a rise of 7 per cent from 2013.
Markets will remain closed today on account of voting for the general elections in Mumbai constituencies.
Sahai, who did his master's in economics from the University of Delhi, is currently head of Citi's Securities and Fund Services business.
