India's economy is in much better shape to weather tighter U.S. monetary policy.
Equity benchmarks fell sharply on Thursday in line with an extremely weak trend in the global markets, with the Sensex plunging 1,154.78 points in early trade. Persistent foreign fund outflows and a spurt in crude oil prices also dampened sentiment. The 30-share BSE benchmark was trading 1,154.78 points lower at 53,053.75. The broader NSE Nifty tumbled 335.65 points to 15,904.65.
Besides, some PSUs that have remote locations are unable to communicate the public offer message to their employees and face various difficulties like opening demat accounts.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.
The recent sell-off in IT stocks such as Infosys and Tata Consultancy Services (TCS) has resulted in a sharp decline in the IT sector weighting in the Nifty50 index. The sector's weighting in the index has slipped to a five-year low of 12.2 per cent, down from the 17.7 per cent at the end of March 2022. The top IT companies - TCS, Infosys, Wipro, HCL Technologies, and Tech Mahindra - accounted for 13.6 per cent of the index at the end of March this year.
Government believes privatisation would increase the airline's efficiency and make it profitable, enriching the value of the remaining stake with it.
The government has also decided that all unlisted CPSEs which have made profit in the past 3 years and have a positive networth should get listed on stock exchanges.
Among Sensex shares, Bajaj Finserv fell the most by 4.08 per cent. Bajaj Finance declined by 3.01 per cent, Tata Steel by 2.2 per cent, Wipro by 2.09 per cent, Tata Motors by 1.96 per cent, IndusInd Bank by 1.9 per cent, SBI by 1.75 per cent, Tech Mahindra by 1.66 per cent and HCL Tech by 1.2 per cent. TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&T, M&M, NTPC and Ultratech Cement were also among the losers.
The commerce ministry has consented to 10 per cent disinvestment in MMTC that can fetch the government Rs 17,000 crore (Rs 170 billion)at present valuation.
After withdrawing record funds in 2021-22, foreign portfolio investors (FPIs) continued their sell-off in the last fiscal too and pulled out Rs 37,631 crore from Indian equities amid aggressive rate hikes by central banks globally. The outflow trend is likely to reverse in the current financial year since India has the best growth potential in the financial year 2023-24 (FY24), VK Vijayakumar, chief investment strategist at Geojit Financial Services, said. Market analysts believe that FPI flows in the current financial year would be decided by a host of factors, such as the US Federal Reserve's policy stance, oil prices movement and development in the geopolitical situation.
After the massive sell-off since October, foreign portfolio investors (FPIs) are no longer the biggest non-promoter-shareholders in top Indian companies. This has happened for the first time in over a decade. "At 25.6 per cent ownership of India's largest 75 companies, domestic investors are now larger holders than FPIs for the first time since 2010," said Morgan Stanley strategists Ridham Desai, Sheela Rathi and Nayant Parekh in a note.
The steel ministry has sent the proposal to sell 10 per cent of the government's holding in state-run Manganese Ore India Ltd to the Department of Disinvestment, Parliament was told on Friday.
Work on disinvesting government holdings may gather pace after the first week of August. Administrative ministries of around 15 Public Sector Undertakings have been asked to give feedback on the feasibility of coming out with initial public offers by then.
Gold as well as crude oil prices surged, with the latter even crossing the $103 per barrel mark. The domestic stock market opened deep in the negative territory, tumbling over 1,700 points and eroding investors' wealth by more than Rs 8 lakh crore in less than an hour of start of trade on Thursday.
A year ago, VHP international president Pravin Togadia had allegedly advised VHP members and other residents of that area to insult Muslims to make them vacate their properties in areas dominated by the majority community.
Benchmark indices managed to settle in the positive territory on Friday, with the Sensex climbing over 59 points, as fag-end volatility trimmed most of the day's gains. A largely firm trend in global markets and foreign fund inflows propped up the bourses, traders said. The BSE Sensex climbed 59.15 points or 0.10 per cent to settle at 58,833.87.
Ride-hailing app Uber is selling off its entire holding in Indian food delivery company Zomato for at least $373 million (Rs 2,939 crore) through a block deal of shares, merchant banking sources said on Tuesday. The development comes on a day when the Zomato scrip witnessed a nearly 20 per cent surge to close at Rs 55.60 apiece on the BSE. The sources said the offer price range for the deal to be carried out on Wednesday will be between Rs 48-54 per share.
The collapse of Silvergate Bank, Silicon Valley Bank (SVB) and Signature Bank in the US might create temporary liquidity issues but will not have any significant impact on the Indian crypto market in the long run, officials from several exchanges told Business Standard. All three banks are considered crypto-friendly. SVB offered services such as cryptocurrency custody and lending.
In the midst of a raging debate over allowing multinationals in the retail sector, Infosys mentor N R Narayana Murthy on Saturday favoured MNCs in the sector saying consumers will benefit from their entry.
Equity benchmarks eked out marginal gains to settle in the positive zone after swinging between gains and losses during the session on Wednesday amid weakness in global bourses. In a trade marked with highs and lows, the 30-share BSE Sensex climbed 54.13 points or 0.09 per cent to settle at 59,085.43. During the day, it hit a high of 59,170.87 and a low of 58,760.09. Similarly, the broader NSE Nifty went up by 27.45 points or 0.16 per cent to 17,604.95.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
From the peak of $3.67 trillion in January, India's market cap has eroded by $676 billion amid rising bond yields and a record-breaking sell-off by overseas investors.
The meeting is believed to be called to chalk out the strategy of the Opposition in Rajya Sabha on Monday.
The Indian aviation sector is on the cusp of a change as airlines look to induct a record number of aircraft. This, analysts said, will put the sector on a growth runway, though keeping it viable for only long-term investors. According to Vinit Bolinjkar, head of research at Ventura Securities, expectations of strong air traffic, coupled with low penetration, is the prime reason for a solid long-term outlook.
The current crisis in the euro zone will not create any major problems for India, but a 10-15 per cent correction in markets is not ruled out if it worsens, says Ridham Desai, managing director and head of equities at Morgan Stanley India.
'...The more the Pakistan army becomes weaker, then there is every possibility that terrorist groups may create more anarchy in Pakistan.'
Equity markets will be driven by the outcome of the US Federal Reserve's interest rate decision this week, analysts said. Moreover, equity benchmarks will also continue to be guided by foreign fund movement and trend in Brent crude oil, they added. "The global markets are looking nervous after the US inflation numbers, which have caused the dollar index to hover around 110," said Santosh Meena, head of research, Swastika Investmart Ltd. Now everyone is eyeing the outcome of the upcoming US Federal Open Market Committee (FOMC) meeting.
Continuing its heavy selling spree for the eighth consecutive month, foreign investors pulled out nearly Rs 40,000 crore from the Indian equity market in May on fears of an aggressive rate hike by US Federal Reserve that dented investor sentiments. With this, net outflow by foreign portfolio investors (FPIs) from equities reached at Rs 1.69 lakh crore so far in 2022, data with depositories showed. Going ahead, FPI flows will remain volatile in the emerging markets on account of rising geo-political risk, rising inflation, tightening of monetary policy by central banks, among others, Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities said.
Investors' wealth eroded by more than Rs 2.21 lakh crore in early trade on Wednesday, with the market witnessing a selling-off amid prospects of aggressive rate hikes by the US Federal Reserve to tackle high inflation, and sluggish global trends. In less than an hour of the start of trading on Wednesday, the key indices -- Sensex and Nifty -- were deep in the red and witnessed significant volatility, reflecting jittery investor sentiments. The market capitalisation of BSE-listed companies, which is also an indicator of wealth of investors, tumbled more than Rs 2.21 lakh crore to Rs 2,84,49,727.56 crore amid the 30-share Sensex falling 564.76 points to 60,006.32 points.
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.
'Markets could face uncertainty in the short to medium term.' 'It would be prudent to invest in alternative asset classes, especially debt, for about a year.' 'Bank fixed deposits are offering rates as high as 9 per cent per annum and these can be used as a great hedging tool until equity markets stabilise.'
The agreement says UB Group and Adventz will have the right of first refusal over each other's shares.
Equity investors became poorer by over Rs 5 lakh crore in early trade on Thursday as domestic benchmark indices tumbled mirroring weak trends in global equities. The 30-share BSE benchmark Sensex tanked 1,154.78 points to 53,053.75 in early deals tracking weak global markets, persistent foreign fund outflows and a spurt in crude oil prices. The weak broader market trend pulled down the market capitalisation of BSE-listed firms by Rs 5,02,731.03 crore to Rs 2,50,74,714.78 crore in early trade.
Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the conglomerate despite a share rout triggered by a damning report by a US short-seller. Group CFO Jugeshinder (Robbie) Singh in an earnings call said the group is confident of its internal controls, compliance and corporate governance. Separately, it released a compendium of group companies to highlight that it has adequate cash reserves and has ability to refinance debt.
Investors' wealth fell by Rs 2.39 lakh crore on Monday in line with a weak trend in the global equity markets. The BSE Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47.
The Supreme Court on Friday reserved its order on petitions challenging the Union government's decision to privatise oil sector PSUs Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
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