Sensex today: Stock Market LIVE Updates: Sensex, Nifty gyrate between gains & losses; IT stocks gain after Accenture earnings; AMC stocks decline
LIC plans investment exposure caps post Adani share rout- sources
The Life Insurance Corp. of India (LIC) is planning to impose caps on its debt and equity exposure to companies, two sources said, in a bid to lower concentration of risk following criticism of its investment in Adani group comapnies.After the Adani group lost over $100 billion in valuation post scathing allegations by U.S.-based Hindenburg Research, state-run LIC was criticized for having over $4 billion exposure to companies from the group.
JUST IN | Emami to buyback shares worth Rs 186 cr at price not exceeding Rs 450/sh
Vedanta Ltd in a communication to stock exchanges on Thursday said its board will meet on March 28, 2023, to consider and approve the fifth interim dividend on equity shares, if any, for the financial year 2022-23.
Tokyo shares end lower
Tokyo shares ended lower Friday as global investors weighed fresh interest rate hikes by central banks and signs of a possible pause in US monetary tightening. The benchmark Nikkei 225 index fell 0.13 percent, or 34.36 points, to 27,385.25, while the broader Topix index slid 0.10 percent, or 2.00 points, to 1,955.32.
These stocks gain most in volatile trade
State-owned Punjab National Bank (PNB) is likely to raise at least Rs 500 crore by selling Additional Tier-1 (AT1) bonds to investors on Friday. The issue is likely to be priced in the range of 8.50-8.60%. This will be the first AT1 bond issue from India after the collapse of the Swiss bank Credit Suisse over the weekend. Bank officials said that the uncertainty in global banking is unlikely to have any substantial impact on the lender’s issue.
Power Grid Corporation Of India approves raising of Powergrid bonds worth up to Rs 600 crore
Market LIVE Updates | Metal stocks melt in trade today. Check out the top losers
COMEX Gold prices rose more than 2% on Thursday, holding near the highest since the Russia Ukraine war, amid weakness in the greenback and treasury yields after a slightly dovish FOMC coupled with safe haven bids stemming from financial market uncertainties. Prices were also supported by Janet Yellen’s comments, after she told the Senate that regulators aren’t looking to provide “blanket” deposit insurance to stabilize the US banking system, putting the focus back on the weak regional banks. Despite Powell reiterating for holding rates throughout the year, markets are expecting a cut of more than 75 bps in 2023, taking into account the lags of monetary policy and the fact that Fed will have no choice but to cut rates, in the event of a hard landing. Gold prices might continue to trade with an upside bias, amid the ongoing banking sector uncertainty and rising odds of similar events in futures.
– Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
Shreeji Translogistics adds BHEL as new client in its full truck load (ftl) segment
The steady decline in bond yields, across tenors, in the US reflect the market perception that interest rates are near peaks. The Fed is likely to pause, after perhaps one more 25 bp rate hike, and if the disinflation trend continues on expected lines, the FOMC may cut rates by end 2023 or early 2024. A lot will depend on the extent of slowdown in the US economy. If a hard landing of the US economy is avoided, equity markets will bounce back. The ongoing stress in the US banking system is a short-term challenge, but a long-term opportunity for equity investors. Market corrections triggered by negative news from the US can be used by long-term investors to buy high quality stocks, which will bounce back once interest rates start trending down.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Shares of asset management companies trade lower as govt may remove income tax benefit given to debt mutual fund investors
Rupee slips 4 paise to 82.24 against US dollar in early trade
SENSEX TODAY | Index erases opening gains, drops 150 points
HAL OFS opens for retail investors today; stock gains in early trade
MARKET LIVE UPDATES: IT stocks gain post Accenture earnings report
Opening Bell: Sensex flat, Nifty below 17,100; Campus Activewear drops 5%, HAL gains 2%
Pre-open session: Sensex dips over 50 points; Nifty below 17,040
Street View | Kirtan A Shah on proposed removal of LTCG
I hope proposed change in the Finance Bill to remove LTCG with indexation status on debt funds is reviewed: Radhika Gupta
Long-term capital gains benefits set to go away for debt schemes, as per a key amendment the Govt is likely to propose in the Finance Bill 2023
Asian shares falter on banking concerns, bonds bet on last rate hikes
Asian shares were lower on Friday as lingering banking stability concerns gripped Wall Street, while bonds bet the recent slew of rate hikes by central banks will be among the last of the cycle, allowing for policy relief later in the year.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%% on Friday, erasing some of the recent gains to be up 1.7% for the week. Japan’s Nikkei also slid 0.4%.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 28.5 points, or 0.17 per cent, lower at 17,055, signaling that Dalal Street was headed for negative start on Friday.
Tech View: Nifty charts indicate sell on rise pattern
Nifty today formed a small red candle with a long upper shadow on the daily charts. Chart readers said this pattern indicates that the market is on a sell on rise mode from near the crucial overhead resistance of 17200 levels.
Tokyo shares open lower after global rate hikes
Tokyo shares opened lower Friday as global investors weighed fresh interest rate hikes by central banks and signs of a possible pause in US monetary tightening.The benchmark Nikkei 225 index fell 0.31 percent, or 84.69 points, to 27,334.92 at the open, while the broader Topix index slid 0.39 percent, or 7.64 points, to 1,949.68.
Wall Street ends higher as Yellen vows actions to safeguard deposits
All three major U.S. stock indexes reversed an earlier rally, turning red before clawing their way back to positive territory in the final hour as Yellen resumed her congressional testimony.
Rupee gains 39 paise to close at 82.20 against US dollar
The rupee gained 39 paise to close at 82.20 against the US dollar on Thursday, tracking the weakness of the American currency in the overseas market.
Oil falls as US holds off refilling strategic reserve
Oil prices fell on Friday, extending the previous day’s losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years.Brent crude futures slid 48 cents, or 0.6%, to $75.43 a barrel by 0039 GMT, while U.S. West Texas Intermediate crude futures dropped 52 cents, or 0.7%, to $69.44 a barrel.
Sensex, Nifty on Thursday
The 30-share BSE benchmark Sensex plunged 289 points or 0.50% to settle at 57,925 on the day of the weekly expiry. The broader NSE Nifty dropped 75 points or 0.44% to end at 17,077.