'We want to send a notice to the BJP that Rajputs are no longer their slaves.'
The US Federal Reserve has retained the benchmark interest rate at near-zero level and struck an upbeat note saying that the American economy has continued to strengthen in recent months.
The comment was in response to a June 19 Reuters story citing sources with knowledge of the matter as saying that India planned to clear some oil payments to Iran through the United Arab Emirates central bank.
'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
Reflecting strong momentum in business, commercial banks, including one public sector lender, reported a year-on-year (YoY) growth in advances. This was higher than or around the banking sector trend in the first quarter ended June 2023. Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs 1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to Reserve Bank of India (RBI) data.
After three consecutive years of infusing huge funds, foreign portfolio investors retreated from the Indian equity markets in a big way in 2022 with the highest-ever yearly net outflow of nearly Rs 1.21 lakh crore. The huge outflow, which surpasses by a big margin the previous record of Rs 53,000 crore net withdrawal in 2008, came amid aggressive rate hikes by central banks globally but 2023 is expected to be better on positivity about overall macroeconomic trends in India, experts said. Apart from global monetary tightening, volatile crude, rising commodity prices along with Russia and Ukraine conflict led to an exodus of foreign money in 2022.
The recession-hit American economy is slowly witnessing signs of stabilisation, with significant reduction in the pace of GDP contraction and job losses. Going by the latest Beige Book from the US Federal Reserve, economic activity in most of the districts in the country have either improved or stabilised.
Benchmark stock indices opened the week on a muted note on Monday, with the Sensex plunging nearly 483 points due to selling in IT, capital goods and banking shares amid losses in global equities. The Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. During the day, it tumbled 552.78 points or 0.92 per cent to 58,894.40. The 50-issue Nifty declined by 109.40 points or 0.62 per cent to finish at 17,674.95 as 29 of its stocks declined.
Nine of the top-10 most valued companies together lost a whopping Rs 309,178.44 crore in market valuation last week as selloffs continued. In a holiday-shortened past week, the 30-share BSE Sensex plummeted 1,836.95 points or 3.11 per cent amid geopolitical tensions, global sell-off triggered by a hawkish US Federal Reserve and unabated foreign fund outflows. From the top-10 list, State Bank of India was the lone gainer as its valuation jumped Rs 18,340.07 crore to reach Rs 467,069.54 crore.
'An eerie similarity with 2019 inflation trajectory could now mean that the RBI and market inflation estimates could go awry.'
The filing of offer documents with the capital markets regulator - Securities and Exchange Board of India - has more than halved this financial year (2022-23, or FY23) as the outlook for new share sales has worsened, following correction in the secondary market. So far in FY23, 66 companies filed their draft red herring prospectus (DRHP), as opposed to 144 in the preceding financial year (2021-22, or FY22).
A sharp rally in domestic stocks from June lows has once again rendered Indian markets expensive to their emerging-market (EM) peers. The 12-month forward price-to-earnings (P/E) multiple for the Nifty50 Index is around 20.6x - 82 per cent higher than 11.3 per cent for the MSCI EM Index. India's valuation premium has hit a five-month high. This is on the back of sharp outperformance to EM and global peers from June lows and also due to earnings downgrades, following the April-June quarter of 2022-23 earnings.
'While foreign institutional investor flows are still negative, they will turn positive in the latter part of 2023 as India's resilient growth becomes perceptible.'
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
The US Federal Reserve has earned a whopping $14 billion profit on loan programmes made in the last two years, says a media report.
Brokers said investor sentiment turned choppy on selling by foreign institutional investors ahead of the September month derivatives expiry on Thursday.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
Images from Day 2 of the Wimbledon tennis championships in London, on Tuesday.
An aggressive rate hike by the US Fed and the possibility of a recession can trigger a slide in these stocks, which will be a good opportunity to buy from a long-term perspective.
The International Monetary Fund (IMF) on Tuesday said it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 per cent from 6.8 per cent during the current fiscal ending March 31. The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024. "Our growth projections actually for India are unchanged from our October Outlook.
'The market will focus on the fact that India does have strong earnings growth this year.'
The US Federal Reserve, on Wednesday, announced a 0.25 per cent cut in benchmark interest rate, which is expected to increase capital flow from foreign institutional investors in the Indian stock market.
Bharti Airtel was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Axis Bank, Tata Steel, Titan, Maruti and Bajaj Finance. NSE Nifty surged 225.85 points to its record closing of 16,931.05.
Tech Mahindra, the top loser in the Sensex pack, shed over 2.5 per cent. It was followed by UltraTech Cement, Reliance Industries, HCL Tech, HDFC, Kotak Bank, HDFC Bank and TCS. NSE Nifty plunged 179.35 points to 17,745.90.
China would contribute $41bn towards the pool. Brazil, India and Russia would contribute $18bn each; South Africa $5bn.
Asian Games trials exemption to Phogat, Punia: HC to pronounce order on Saturday
This was the near-unanimous replies of 10 market participants.
Gains in realty, teck, IT, power, consumer durables, banking and oil & gas stocks helped both the key indices to score gains.
The market capitalisation of BSE-listed companies reached an all-time high of Rs 261.73 lakh crore on Thursday, helped by a massive rally in the equities where the benchmark Sensex zoomed 958 points to end at a fresh lifetime peak. The 30-share BSE benchmark jumped 958.03 points or 1.63 per cent to settle at its new closing peak of 59,885.36. During the day, it gained 1,029.92 points to touch an intra-day record high of 59,957.25.
Days after the US Fed raised the interest rate, the RBI may go in for its third consecutive policy rate hike by at least 35 basis points to check high retail inflation, experts said. The central bank has already announced to gradually withdraw its accommodative monetary policy stance. The Reserve Bank of India's rate-setting panel -- the Monetary Policy Committee -- will meet for three days from August 3 to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
Jailed ex-Pakistan premier Imran Khan's party-backed independent candidates on Friday sprang a surprise by winning 86 seats out of the 201 results declared following unusual delays and allegations of rigging, as the country appeared heading towards a hung assembly.
Hero MotoCorp was the top gainer in the Sensex pack, spurting 4.46 per cent. IndusInd Bank, Tata Motors, Vedanta, SBI, M&M, Sun Pharma, Tata Steel, HDFC and HDFC Bank too rose up to 3.63 per cent.
Domestic equities will be mainly driven by global market trends, foreign institutional investors' movement and developments around new Covid variant Omicron this week, according to analysts. Markets traded under pressure last week following weak global cues and overall investor sentiment remained downbeat throughout the week, they observed. "Global markets, Omicron variant, dollar index and FIIs' behaviour will be key factors to drive the market this week," said Santosh Meena, head of research, Swastika Investmart Ltd. One major event last week was US Federal Reserve's announcement that it will end bond-buying from March, and it also signalled starting rate hike cycle thereafter.
The recent run on the US-based Silicon Valley Bank (SVB) and the subsequent seizure of its assets by the regulators may have sparked a global wave of risk aversion, particularly for start-ups. However, the Indian banking sector is unlikely to be a victim of any contagion effects, said analysts. he bank, which played a big role in financing start-ups and technology players, faced stress after incurring huge losses on its holdings of US bonds, following the most-aggressive monetary tightening cycle by the Federal Reserve in around four decades.
State Bank of India's (SBI) two-year-long wait to expand its operations in the United States is set to end with the New York State Banking Department (NYSBD) clearing the bank's application for opening another branch, senior SBI officials confirmed.
Bajaj Finserv was the top gainer in the Sensex pack, rising over 4 per cent, followed by L&T, HDFC, Axis Bank, SBI, Reliance Industries and IndusInd Bank. NSE Nifty soared 276.30 points to its new closing peak of 17,823.
Gold price is declining due to the strengthening of dollar in the wake of the US Federal Reserve's move to control rate on inflation concerns.
Amid volatility in stock markets generated by tension between Russia and the US over Ukraine, LIC chairman M R Kumar on Monday said that the insurance behemoth was watching the geo-political situation carefully, though it was keen on listing of the IPO in March. The Life Insurance Corporation (LIC) has already filed the DRHP with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). "We are watching the situation closely and carefully...but we are very keen on having listing in March," Kumar said, when asked about the impact of the evolving geopolitical situation on the upcoming IPO.
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