The S&P BSE Sensex shed 112 points to close at 27,167 and the Nifty50 dropped 35 points to finish at 8,336.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
Mutual funds have ratcheted up Rs 53,700 crore (Rs 537 billion) through new fund offers (NFOs) in 2022 until November, against Rs 1 trillion in Calendar 2021, notwithstanding the number of launches this year eclipsing the 2021 tally. Industry insiders cite the absence of launches in popular categories as the reason behind lower collections this year. Typically, only NFOs in popular categories from major fund houses rake in the moolah.
With the international markets facing uncertainty after Russia invaded Ukraine and Western nations retaliated with sanctions, Indian companies are putting their international fundraising plans on hold as they wait for the markets to recover. Bankers said apart from the geopolitical crisis, international rates are hardening in anticipation of interest rate hikes by the US Federal Reserve to control rising prices in the US. The Ukraine situation has implications for the market. In such a situation, international investors try to shift to safe haven assets by exiting from emerging markets.
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.
Swiss seventh seed Belinda Bencic was stunned by Slovakia's Magdalena Rybarikova while former champion Ana Ivanovic was also sent packing in third-round action at the BNP Paribas Open in California.
In the ATP doubles, Leander Paes slid to 25, a loss of four places.
The Australian Open champion never faced a break point and used her hard and accurate serve to dispatch Gauff.
So far in 2019, India has been one of the highest recipients of foreign flows among Asian and Emerging Market (EM) economies
Bajaj Finance was the top laggard in the Sensex pack, plunging around 6 per cent, followed by IndusInd Bank, SBI, M&M, Axis Bank, Bajaj Auto and ICICI Bank. NSE Nifty sank 229.55 points to 14,637.80.
Big-serving Czech Karolina Pliskova cruised into the semi-finals of the BNP Paribas Open with a 6-3, 6-2 victory over Russian teenager Darya Kasatkina on Thursday.
Russia's Maria Sharapova was knocked out of the BNP Paribas Open at Indian Wells on Monday after a shock loss to Italian qualifier Camila Giorgi.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
IMAGES from matches played at the BNP Paribas tennis tournament played in Indian Well, California, on Thursday
Players will be banned from handing their towels to ball-kids at next week's BNP Paribas Open in Indian Wells in an effort to prevent the spread of the coronavirus, organisers said on Friday.
Daniil Medvedev was knocked out in the fourth round of Indian Wells by Bulgarian Grigor Dimitrov on Wednesday as the world number two's near-flawless start turned nightmarish in a 4-6, 6-4, 6-3 defeat.
Notwithstanding the inflation pinch, analysts believe the Indian retail sector is on the 'cusp of accelerated earnings growth' as consumer sentiment and discretionary purchases bounce back from the Covid-19 pandemic. "The shift in consumer preference from the unorganised sector to the organised, coupled with uptick in domestic demand as people resume work from office, will cheer the Indian retail sector," says Nishit Master, portfolio manager, Axis Securities. Shopping malls are witnessing increased footfall in lower tier towns and standalone stores as consumption picks up and mobility improves.
Rafael Nadal of Spain poses at the BNP Paribas Open players party during the Indian Wells ATP and WTA tennis tournament in Indian Wells, California.
Equity mutual funds witnessed an outflow of Rs 9,253 crore in January, making it the seventh consecutive monthly withdrawal, primarily due to profit booking and portfolio rebalancing amid markets touching new highs. The pace of outflows from equities has however slowed for the third month and Gautam Kalia, head - Investment Solutions, Sharekhan by BNP Paribas said that it will likely turn positive soon as investors get used to the new normal. In addition, investors pulled out Rs 33,409 crore from debt mutual funds last month after investing Rs 13,863 crore in December, data from the Association of Mutual Funds in India showed on Tuesday.
Fintech firm MobiKwik on Monday filed a draft red herring prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (Sebi), for its initial public offering (IPO). According to its DRHP, the company plans to raise Rs 1,900 crore, which includes a fresh issue of Rs 1,500 crore and an offer for sale of Rs 400 crore. The selling shareholders include American Express Travel, Bajaj Finance, Cisco Systems and Sequoia Capital India, besides founder Bipin Preet Singh. MobiKwik is the latest among tech majors wanting to list on stock exchanges. Food delivery start-up Zomato will launch its IPO on Wednesday.
Osaka, 21, said she lacked maturity when as a relative unknown player she won the tournament last year to kick off her meteoric rise through the rankings.
Financial services major BNP Paribas on Wednesday cut India's GDP growth forecast for the current fiscal to 3.7 per cent from 5.7 per cent earlier, saying the country's 'macro muddle' is fast approaching crisis proportions.
SBI was the top gainer in the Sensex pack, spurting over 2 per cent, followed by ICICI Bank, Nestle India, IndusInd Bank, M&M, Bajaj Auto and Maruti. NSE Nifty advanced 135.55 points to 14,819.05.
Italy's Flavia Pennetta captured the biggest title of her career on Sunday when she beat Poland's ailing Agnieszka Radwanska in the final of the BNP Paribas Open at Indian Wells.
Although they registered contrasting wins, Serbian tennis stars Novak Djokovic and Jelena Jankovic marked a good day for Serbs at the BNP Paribas Open in Indian Wells on Tuesday.
In a bizarre coincidence, top seed Victoria Azarenka and seventh-seeded Australian Samantha Stosur withdrew from their quarter-final matches at the BNP Paribas Open on Thursday due to leg injuries.
Maria Sakkari knocked out reigning champion Paula Badosa in Friday's Indian Wells semi-finals and will take on Iga Swiatek in the title decider after the world number four fought back from a break down in each set to overpower Simona Halep.
Novak Djokovic tamed World No 1 Rafael Nadal 6-3, 6-3 to claim his fourth Sony Open title on Sunday, denying the Spaniard a maiden win on the Miami hard courts.
Novak Djokovic beat his old rival Roger Federer 3-6, 6-3, 7-6(3) on Sunday to win a nail-biting BNP Paribas Open final at Indian Wells and capture his first title of 2014.
Italian veteran Flavia Pennetta upset China's Australian Open champion Li Na on Friday to join Poland's Agnieszka Radwanska in the women's final of the BNP Paribas Open at Indian Wells.
China's Li Na won her rematch with Slovakia's Dominika Cibulkova in the quarter-finals of the BNP Paribas Open at Indian Wells on Thursday.
Roger Federer cruised into the quarter-finals of the PNB Paribas Open at Indian Wells on Wednesday after Wimbledon champion Andy Murray and Australian Open winner Stanislas Wawrinka both fell in the fourth round.
Novak Djokovic remained on course for his first title of the season with a second round victory over Victor Hanescu 7-6, 6-2 at the BNP Paribas Open on Sunday.
Top seed Rafael Nadal survived a scare from Radek Stepanek before winning his BNP Paribas Open second round match in three tight sets at Indian Wells on Saturday.
The incidence of shareholder activism in India is more than that in other Asian countries, according to a BNP Paribas Asia Strategy report.
Richard Illey, chief economist, (Asia, ex-Japan) at BNP Paribas, talks to Business Standard on inflation and related issues ahead of the Reserve Bank's annual review of monetary policy.
Former champion Maria Sharapova cruised into the third round of the BNP Paribas Open with a ruthless 6-2, 6-1 demolition of Italy's Francesca Schiavone on Friday.
Elena Vesnina survived a battle of attrition and nerves to beat fellow Russian Svetlana Kuznetsova 6-7(6), 7-5, 6-4 in the BNP Paribas Open final on Sunday and secure the biggest title of her career.
One animal seems to have heard the Prime Minister's call to revive animal spirits in the economy.
Maria Sharapova played aggressively from the start to win her first title since last year's French Open with a 6-2, 6-2 demolition of Caroline Wozniacki in the BNP Paribas Open final on Sunday.
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