Both gold and silver tumbled on the bullion market on Thursday on fresh selling by stockists and weak global trend, recording substantial losses.
Sensex climbs higher on favourable global cues.
While sellers don't get enough attention, they play a critical balancing role in the markets.
'I can tell shareholders we're going to be very responsible with our capital, we're going to be absolutely execution focused.'
After years of living with his family in a poky 110 sq. ft. 'house', textile worker Sambhaji Surve dreams of moving into a home four times the size once the Maharashtra government starts its ambitious redevelopment of the 39-acre Kamathipura shanty town in south-central Mumbai. Sharing his dream are about 8,000 other families hoping for a better life when the redevelopment project, part of the government's effort to redevelop old settlements and make life more livable for some residents, gets underway. The Shiv Sena-Nationalist Congress Party aims to redevelop BDD Chawl and Dharavi but for Surve all the matters is Kamathipura where he arrived in the 1970s from Nasik to work in a textile mill. Kamathipura was originally built 150 years ago following construction of a causeway to connect the seven islands of Mumbai. From the British Raj to post-independence, it became infamous for slums and brothels.
The NSE Nifty too slipped by 37 points to fall to 2324.
Mid- and small-cap indices have outperformed the frontline benchmarks - the S&P BSE Sensex (up around 10 per cent) and the Nifty50 (13 per cent) - in the first half of calendar year 2021 (H1-CY21) by rallying 26 per cent and 39 per cent, respectively. The trend, analysts believe, is likely to continue in H2-CY21 as well. The outperformance in H1-CY21 comes on the back of improved earnings and strong inflows from the foreign portfolio investors (FPIs) in Indian equities. However, good monsoon so far, gradual opening up of the economy and the pick-up in the pace of vaccination provides support to the market.
As if wanting to be an antidote to the coronavirus pandemic, the Indian stock market adorned carnival robes in 2021 with a tsunami of liquidity unleashed by global central banks coupled with supportive domestic policies and the world's largest vaccination drive sparking off a world-beating rally on Dalal Street, despite bouts of uneasiness over fizzy valuations. While the wider economy shuttled between recovery and relapse, dictated by multiple mutations of the virus, equity market benchmarks appeared headed in just one direction -- skywards. The dizzying upward journey has added a whopping Rs 72 lakh crore during 2021 to investors' wealth, measured as the cumulative value of all listed shares in the country, taking it to nearly Rs 260 lakh crore.
The market capitalisation of BSE-listed companies on Thursday crossed the historic Rs 200 lakh crore mark for the first time, driven by a continuous rally in the broader market. Riding high on the bullish investor sentiment, the market capitalisation of BSE-listed companies reached a record Rs 2,00,47,191.31 crore at close of trade. The 30-share BSE index closed the day with a gain of 358.54 points or 0.71 per cent at its lifetime peak of 50,614.29. This is the fourth consecutive day of gains for the markets.
The shipping business is like the heaving sea -- it's up and down, observes Shyam G Menon.
'This fall is nothing. We could see worse if everybody hits the panic button.'
'All imaginary figures are pushed by government bureaucrats.' 'They never showed that the production of wheat was less this time.'
Optimism about a stable govt at the Centre, a demand revival and falling oil prices buoyed the markets.
Experts say that despite the sizeable client base, PMS providers lag their domestic MF counterparts by quite a distance, when it comes to reporting and disclosure standards.
Rakesh Jhunjhunwala-backed new airline Akasa is in talks with US aerospace company Boeing for buying up to 100 737 Max aircraft. Former Jet Airways CEO Vinay Dube and his family members are promoters while ex-IndiGo president Aditya Ghosh is a board member of the airline. The airline is in negotiation with Boeing and has reached out to the government to recertify the aircraft which has been grounded since 2018 after two crashes killing 349 persons, according to sources in the know.
Sensex slumped 518 points to end the day at 25,582 and the Nifty slipped 164 points to close at 7,623.
Blue-chips like Reliance Industries, TCS, Tata Steel and Infosys plunged into deep red on stock market on Friday, as investors dumped stocks with significant export exposure after an overnight sell-off in the US market.
Infosys burnt its fingers as the biggest loser -- sinking as much as 9.60 per cent to Rs 923.10 -- after the surprise announcement. Intra-day, it hit a low of Rs 884.40.
In India, however, the Nifty continues to climb a wall of worry as general elections loom, fiscal deficit surges and the current account deficit is barely under control following subdued gold and crude prices, says Sonali Ranade.
The ongoing consolidation in equities would improve return prospects during the second half of 2021, an American brokerage said on Tuesday. Leading indicators relating to fundamentals including growth, stability, government policy and RBI policy, and corporate earnings are "generally positive" about equity returns, analysts at Morgan Stanley said. It can be noted that since the start of the second wave of COVID-19 infections, which also coincided with inflation worries in the US, there has been an uneasiness within investors. From its levels on March 10, the markets are down by nearly 3 per cent despite the late surge over the last two trading sessions.
A rising rupee is a tailwind for dollar investors.
Apple unveiled its highly anticipated iPhone 14 during its 'Far Out' event on Wednesday along with the iPhone 14 Plus variant, the iPhone 14 Pro and Pro Max. This new lineup is inspired by the iPhone 13, with sharp metal edges, rounded corners, a glass back, the recognisable notch at the top of the handset, and a lightning port.
'India has many attractive features for the long-term investor; it combines: A low per capita income, a young population, and a heavier presence of high margin, asset-light firms in the technology sector.'
The aircraft, which has been grounded since March following two fatal crashes which killed 346 on board, is crucial to Indian low-cost airline SpiceJet's fortune, which has up to 205 aircraft on order. With the grounding, the airline's capacity expansion plan is suffering.
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.
'It is going to be a buyers' market and you will get a good number of companies at reasonable valuations and that's when one has to be very greedy.'
Tech Mahindra was the top loser in the Sensex pack, crashing over 9 per cent, followed by Kotak Bank, Axis Bank, TCS, Infosys and HUL. On the other hand, Hero MotoCorp, Bajaj Auto, Bajaj Finance and Titan were the gainers.
'This issue is related to national security because they were compromising the entire capital markets's core infrastructure by leaking confidential information.' 'What would have happened if the servers had come down?' 'Or some confidential information leaked to terrorists who could have knocked out our capital market?'
'A strong foreign exchange reserve is the best safety net against global spillovers.'
Trade pundits and quick think piece experts can speculate all they like, but what works at the box-office is a mystery as always.
Where do the commodities market go in the new year? Sonali Ranade offers an insight.
Axis Bank was the top loser in the Sensex pack, shedding over 4 per cent, followed by Asian Paints, SBI, IndusInd Bank, ICICI Bank, Bajaj Finance, HDFC and Reliance. On the other hand, Bajaj Auto, Hindustan Unilever, UltraTech Cement, TCS, Bajaj Finserv and Infosys were the gainers.
Gold prices rose on the bullion market in New Delhi on Monday on emergence of buying by investors amid purchasing by stockists, as funds got diverted from falling equity markets.
Top performers were PowerGrid, ONGC, Ultratech Cement, Asian Paint, Kotak Bank and Titan. Nifty settled with a gain of 232.40 points at 14,761.55.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
SIPs keep MFs afloat as investors redeem Rs 1.3 lakh crore in one year
Ahead of two crucial audits, the Ministry of Civil Aviation (MoCA) has proposed to allow deputy director generals (DGs) and officers of Indian Air Force (IAF) to apply for the post of chief of India's aviation regulator. The current head of the Directorate General of Civil Aviation (DGCA), Arun Kumar, has been promoted as secretary and is expected to move out some time soon. DGCA has four Deputy DGs with experience in different fields of aviation.
Mumbai, the financial capital of India, witnessed the sharpest decline in rental values in the first quarter of 2009, while the National Capital Region witnessed significant decline in rental values in central business district in the first quarter of 2009, according to Cushman & Wakefield's latest office market report. Demand declined by approximately 30 per cent over the first quarter of 2008.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
