Amid rupee sliding below 64 to a dollar, global agency Standard & Poor's on Tuesday said it will maintain negative outlook for the country as currency depreciation is adversely impacting investor confidence.
Adani Ports, HUL and L&T gained the most, while ICICI Bank, ONGC, GAIL and Tata Steel lost the most
The Nasdaq Composite hit a high of 5,143.316.
Long-term investors should not reduce or stop their equity mutual funds through SIPs.
S&P, which holds 51.4 per cent in Crisil, named Roopa Kudva as the region head for South Asia. Kudva would be part of S&P's Asia-Pacific executive committee, the agency said in a statement. She would continue as the managing director and CEO of Crisil.
As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
The regulator is more carefully scrutinising applications by infrastructure investment vehicles that have a limited number of investors. They have been asked to broaden their investor base before application approval, according to two people familiar with the matter. The Securities and Exchange Board of India is concerned about the structure being used for getting around tax requirements, according to one of the sources.
The S&P BSE Sensex ended at 24,900, down by 66 points.
Global rating agency Standard & Poor's on Tuesday said tight monetary policy to tame rising inflation will slow down India's growth a bit to 7.5-8 per cent in 2008 and expressed concern about the worsening fiscal situation.
So, what does 2016 have in store for the Indian markets? Will they be able to take a giant leap forward in the leap year, and what are the key risks?
Two mid-sized Indian companies - Rolta India and Nestle India have been named among 300 top challengers to the world's leading blue chip firms, complied by leading global index provider Standard and Poor's.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
The S&P BSE Sensex ended up 232 points to settle above 27,000 at 27,010 for the first time since October 28, 2015.
In a bull-case scenario it sees the Sensex at 61,000 levels, while it's bear case scenario pegs the Sensex at 41,000 levels by December 2021.
The growth prospects are particularly high for Indian companies in the speciality and complex generic drugs segment in the US, the report said.
On the contrary, the fall in the US markets was lower with the S&P 500 and Dow Jones both declining by around 9 per cent and 6 per cent respectively, while emerging markets lost around 18 per cent during the month. Pessimism in the financial markets following the filing for bankruptcy by Lehman Brothers, Merrill Lynch's sell-off, the AIG bailout and perceived uncertainty around the US bailout package added to investor fears.
A favourable monsoon and government support to the rural economy are among the reasons that agrochemical companies, including makers of pesticides and fertilisers, have done well.
Fitch Ratings on Wednesday cut India's growth forecast to 10 per cent for the current fiscal, from 12.8 per cent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280bp to 10 per cent, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said. Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
Extending losses for 7th session, Nifty fell below the 8,000 mark for the first time since Nov 25
Liquidity issues post the crisis at DHFL, progress of monsoon, rupee trajectory at the domestic level and oil prices are some factors that will keep markets choppy, analysts say.
'The pressure on relative performance and the feeling of being left out among many investors may also account for the belief among many that this has to be a technology stock bubble.' 'The feeling of a bubble is also reinforced by the extreme performance gap between growth and value investing.' 'While at first glance, one can only stand back awestruck by the wealth creation delivered by technology stocks globally. It does not seem at all like the internet bubble of 1999-2000, says Akash Prakash.
Aviation companies were in focus with all the three airliners SpiceJet, InterGlobe Aviation and Jet Airways adding in the range of 2% to 3% on the BSE
Given that there has been no negative news flow around Zomato, analysts believe it's time to lap up the shares at lower levels.
The Nifty PSU Bank pared losses to end flat after falling as much as 1.05%
The S&P BSE Sensex ended up by 39 points at 24,646.
Geopolitical concerns, earnings sees investors rush to safe haven plays post the Union Budget presentation in July.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
Very gradual fiscal consolidation glide path with looser-than-expected fiscal policy; good quality spending mix and reasonable assumption on fiscal math; and focus on privatisation, asset monetisation and long-term funding for infrastructure investments, according to Morgan Stanley, are the three key themes from the Budget 2021.
The eight Indian companies are part of S&P's list of 300 mid-size companies across 37 countries in the latest S&P Global Challengers List.
Metal stocks were trading under pressure while IT, auto, realty stocks gained in today's deals
Dr Reddy's was the top gainer in the Sensex pack, rising over 3 per cent, followed by PowerGrid, TCS, HCL Tech, Infosys and Reliance Industries. On the other hand, L&T, IndusInd Bank, Bajaj Finserv and Bharti Airtel were among the laggards.
Global rating agency S&P forecast on Tuesday a slowdown in Indian economy to 8.6 per cent this fiscal due to high interest rates and appreciating rupee but expected no change in key rates and cash reserve ratio in RBI's credit policy on October 30. But the strong domestic demand would ensure that India maintains high growth. The moderation from last year's 9.4 per cent to 8.6 per cent this year therefore reflected a soft landing, S&P said in its mid-year review.
The breadth, indicating the overall health of the market, was slightly positive
The S&P BSE Sensex shed over 255 points and ended at 25,062.67 while the CNX Nifty traded 76 points lower and ended at 7,493.20.
The top three companies in terms of the largest value of physical shares showed over 30 per cent shares are held in physical form. Two of the top three were part of the S&P BSE Sensex and the Nifty50 indices.
Beat gains made by mid-cap, broader indices.
With the Budget overhang gone, investors are breathing a sigh of relief and are back to make fresh calls.
Fitch had last upgraded India's sovereign rating from BB+ to BBB- with a stable outlook on August 1, 2006.
Women account for less than 5 per cent of the CEOs in S&P 500 companies.
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