5 Minutes Read

Stock Market Highlights | Nifty 50 holds 22,000, end near day’s high; all sectoral indices end in the green

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex bounced back from morning lows, closing near the day’s peak. Nifty held 22,000, buoyed by gains in Hero Moto, Maruti, UPL, and Apollo. Except IT index, all sectoral indices closed positively, with Nifty FMCG up 2%. Sensex rose 190 points, while Nifty 50 gained 84 points to settle at 22,096. Nifty Bank gained 179 points, closing at 46,863, and the Midcap index rose 279 points. Overall, BSE-listed companies saw an increase in market capitalisation, adding ₹2.3 lakh crore on Friday alone. The market recorded its second consecutive week of gains, with frontline indices each up 1%. Except for IT and FMCG, all indices ended the week positively, with auto and realty sectors gaining 2% each. 

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex bounced back from morning lows, closing near the day’s peak. Nifty held 22,000, buoyed by gains in Hero Moto, Maruti, UPL, and Apollo. Except IT index, all sectoral indices closed positively, with Nifty FMCG up 2%. Sensex rose 190 points, while Nifty 50 gained 84 points to settle at 22,096. Nifty Bank gained 179 points, closing at 46,863, and the Midcap index rose 279 points. Overall, BSE-listed companies saw an increase in market capitalisation, adding 2.3 lakh crore on Friday alone. The market recorded its second consecutive week of gains, with frontline indices each up 1%. Except for IT and FMCG, all indices ended the week positively, with auto and realty sectors gaining 2% each.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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A potential third term for PM Narendra Modi? UBS analyses three scenarios post Lok Sabha polls

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

While sharing its views on the possible election outcomes scenarios, UBS said that the recent performance in assembly elections suggest that the ‘Modi factor’; the perception of the work done; and implementation of welfare programmes worked in favour of BJP.

Brokerage firm UBS in a recent note said Prime Minister Narendra Modi remains the most popular leader in India, citing recent opinion polls ahead of the Lok Sabha Elections, scheduled to begin on April 19 and will be conducted across seven phases.

UBS also believes that political stability would likely lead to policy continuity, which could bode well for market sentiment.

“During a potential third term for Modi, we would expect further progress towards digitisation and continued policy push toward manufacturing/exports, given India’s increasing footprint in global value chains,” said UBS Economist Tanvee Gupta Jain.

While sharing its views on the possible election outcomes scenarios, UBS said that the recent performance in assembly elections suggest that the ‘Modi factor’; the perception of the work done; and implementation of welfare programmes worked in favour of BJP.

UBS on three potential scenarios

UBS is analysing three potential political scenarios post the Lok Sabha elections:

  • A single-party majority for the BJP
  • A BJP-led coalition
  • A weak coalition led by the I.N.D.I.A alliance

Although it has not assigned a probability to each of the three above-mentioned scenarios, UBS’ discussions with investors and valuation multiples suggest that the first two are largely priced by India’s $4 trillion stock market.

Single-Party Majority For The BJP

In the first scenario, UBS thinks the focus would be on policy continuity, which could bode well for business sentiment and the much-anticipated private corporate capex recovery.

“In addition, further progress in supply-side reforms could be seen, including the clean energy transition, higher infrastructure spending, a manufacturing push and other targeted policy initiatives towards the youth, poor, women and farmers,” the brokerage noted.

A BJP-led Coalition

For the second scenario, UBS wrote that reform momentum will remain broadly similar, but some tough policies may not progress and / or are likely to be put on hold, including disinvestment, a land bill and a uniform civil code. “However, comfort about fiscal discipline could be less of a concern for investors in this scenario,” UBS said.

A Weak Coalition Led by the I.N.D.I.A

In the third scenario, the economic policy approach would be largely aligned, but markets could have concerns about fiscal discipline and a less decisive government, leading to lags in implementing supply-side reforms, the foreign broking firm said.

“There could also be a delay in the private corporate capex recovery due to weaker business confidence caused by the surprise political outcome,” it added.

The seven-phase Lok Sabha election will conclude on June 1, while counting of votes will take place on June 4, Chief Election Commissioner Rajiv Kumar announced over the weekend.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Stocks in Asia echo US gains on Fed rate signals

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Australian, South Korean shares and equity futures for Hong Kong all advanced. Japanese stocks also rose after a Wednesday holiday as the nation’s exports grew for a third consecutive month, offering support for the economy.

Asian equities rallied Thursday after US stocks touched fresh highs as the Federal Reserve indicated it would meet market expectations with three rate cuts this year.

Australian, South Korean shares and equity futures for Hong Kong all advanced. Japanese stocks also rose after a Wednesday holiday as the nation’s exports grew for a third consecutive month, offering support for the economy. The S&P 500 index climbed 0.9% to a new high while the tech-heavy Nasdaq 100 index, which is more sensitive to policy, rose 1.2%. US futures climbed further in early Asian trading.

The Magnificent Seven group of mega-caps powered to new highs. US small-caps, which typically do well when the economy is expanding, rose almost 2% for the best session in more than a month.

Australian and New Zealand bonds rallied, echoing a rise in Treasuries. Gains were tilted toward the short end with two-year yields falling eight basis points and the 10-year falling by two basis points. The moves reflected an increase in expectations the Fed may cut as early as June. The dollar extended losses, while Treasuries steadied during Asian trading.

Policymakers kept their outlook for three cuts in 2024 and moved toward slowing the pace of reducing their bond holdings, suggesting they aren’t alarmed by a recent uptick in inflation. While Jerome Powell continued to highlight officials would like to see more evidence that prices are coming down, he also said it will be appropriate to start easing “at some point this year.”

“Asian markets are likely to see a wave of relief rally as traders gain confidence from a clearer view of the near-term picture,” said Hebe Chen, an analyst at IG Markets in Melbourne. “This enhanced sense of certainty is likely to be particularly appreciated by the Japanese market.”

The Bloomberg dollar index extended losses after falling 0.4% Wednesday after the move in Treasuries. The yen pared an intraday loss against the greenback early Thursday after declines in the prior session to trade at around 151 per dollar.

The New Zealand dollar also reversed earlier losses as gross domestic product data showed the country unexpectedly fell into a recession in the second half of 2023. Output in the fourth quarter contracted 0.1% to mark its second quarter of negative growth.

In corporate news, shares in Micron Technology Inc., the largest US maker of computer memory chips, jumped in late trading on a surprisingly strong revenue forecast. Elsewhere, Tencent Holdings Ltd. plans to raise its stock buyback program to at least $12.8 billion this year.

Gold rallied to trade over $2,200 an ounce for the first time following the Fed comments. A lower interest rate environment is typically positive for the precious metal, which doesn’t generate interest. Meanwhile, Bitcoin stemmed a recent decline to advance near $68,000. West Texas Intermediate, the US oil price, rose after a Wednesday drop.

Also Read: Trade Setup for March 21: Nifty bulls get hope from the Fed ahead of weekly expiry

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Stock Market Highlights | Dovish Fed and positive cues lead to broad-based buying, Nifty 50 holds 22,000

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex are ended higher amid dovish signals from Fed and optimistic global cues. BSE-listed companies’ market cap increased ₹5 lakh crore. The Midcap Index snapped a four-day downturn, recouping losses from the past four sessions. Midcap stocks outshone, with a remarkable 2% surge, surpassing the Sensex and Nifty’s 1% gains. Sensex soared by 540 points to 72,641, while Nifty climbed 173 points to 22,012. 

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex are ended higher amid dovish signals from Fed and optimistic global cues. BSE-listed companies’ market cap increased ₹5 lakh crore. The Midcap Index snapped a four-day downturn, recouping losses from the past four sessions. Midcap stocks outshone, with a remarkable 2% surge, surpassing the Sensex and Nifty’s 1% gains. Sensex soared by 540 points to 72,641, while Nifty climbed 173 points to 22,012.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Long weekend cancelled for tax dept, market closed, banks open on March 30: How to plan your tax work?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

March 31 is the deadline for various tax-related activities, including filing updated income tax returns (ITR-U) for the assessment year 2021-22 and making tax-saving investments.

As the financial year 2023-24 draws to a close, individuals must be preparing for several tax-related work. However, this year poses a unique situation with March 31 falling on a Sunday, and the preceding days comprising a long weekend due to Good Friday falling on March 29.

Despite this, the Income-Tax department has announced that it will not be observing this long weekend and will remain operational from March 29 to March 31 to facilitate the completion of pending tax-related tasks.

This decision comes as a relief for many taxpayers who might have been concerned about the limited timeframe to address any pending tax matters.

With March 31 being the deadline for various tax-related activities, including filing updated income tax returns (ITR-U) for the assessment year 2021-22 and making tax-saving investments, the extended working days will provide individuals with the opportunity to meet these obligations without undue stress.

However, with the stock market set to be closed during this long weekend, investors should adjust their trading strategies accordingly.

Additionally, banks will be open on Saturday, March 30, marking the fifth Saturday of the month, allowing individuals to carry out any necessary banking transactions.

March deadline also holds significance for those required to deduct tax at source (TDS) as they must file challan statements for tax deducted under specified sections for February by March 30.

Individuals filing updated income tax returns for FY20-21 must use the ITR forms notified for the respective assessment year along with the newly introduced form ITR-U.

Electronic filing is mandatory for them, with options for using Digital Signature Certificates (DSC) or Electronic Verification Codes (EVC), depending on the taxpayer’s category.

Before delving into tax-saving investments, it’s paramount for taxpayers to estimate their tax liability.

This involves factoring in unavoidable investments or payments eligible for tax deductions, such as EPF contributions, repayment of home loan principal and interest, NPS contributions within the salary package, term insurance plans, and HRA deductions.

Salaried individuals should carefully assess which tax regime — old or new — best suits their financial profile and invest accordingly.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Stock Market Highlights | Nifty 50 recovers after turning negative for 2024 ahead of Fed policy announcement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex closed flat today after a rangebound session ahead of Fed policy. Nifty managed to recover after briefly turning negative for 2024, ending above 21,800. Sensex gained 90 points, while Nifty added 22 points, closing at 21,839. However, Nifty Bank slipped 74 points to 46,311, and the Midcap Index dropped 6 points to 45,920.

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex closed flat today after a rangebound session ahead of Fed policy. Nifty managed to recover after briefly turning negative for 2024, ending above 21,800. Sensex gained 90 points, while Nifty added 22 points, closing at 21,839. However, Nifty Bank slipped 74 points to 46,311, and the Midcap Index dropped 6 points to 45,920.

Catch highlights here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Asia stocks echo US rally eyes on US Fed meet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Equities advanced in Australia and South Korea, while Hong Kong equity futures also rose. Japanese markets are closed for a holiday.

Stocks in Asia rose after US equities touched fresh highs and bonds also rallied as traders brace for the latest monetary policy decision from the Federal Reserve.

Equities advanced in Australia and South Korea, while Hong Kong equity futures also rose. Japanese markets are closed for a holiday.

US equity futures were little changed after Wall Street closed higher, spurred on by a rebound in the “Magnificent Seven” cohort of tech megacaps. Nvidia Corp.’s new chips helped support the rally.

Treasuries pushed higher Tuesday, with a $13 billion sale of 20-year bonds drawing strong demand. Asia trading in Treasuries will be closed Wednesday given the holiday in Japan.

Despite the Tuesday bond gains, traders have stepped up short bets in anticipation of a selloff ahead of the Fed’s monetary decision due later Wednesday. The Bloomberg dollar index climbed for a fourth day, strengthening against most major currencies.

The Fed is expected to hold rates steady for a fifth consecutive meeting and attention will shift to the central bank’s projections in the so-called dot plot.

The summary of economic projections will reveal whether still-robust data are giving officials cause to dial back intentions to cut rates — or if their outlook for three reductions this year remains on track.

“If the rise in yields and the dollar can continue comes crucially down to whether the Fed validates the hawkish narrative or not,” said Win Thin and Elias Haddad at Brown Brothers Harriman. “If Jerome Powell can stick to the hawkish script, the message will remain consistent and market reaction will likely be limited. If he veers from the script and delivers a dovish tilt, then market reaction will likely be quite violent.”

In Asia, data set for release includes China loan prime rate settings, export orders in Taiwan and a monetary policy decision in Indonesia.

In China, the property-debt crisis has entered a new stage, as tensions have increasingly shifted to developers’ court battles with creditors over debt restructuring plans. Separately, Hong Kong fast-tracked into law domestic security legislation, prompting fresh warnings from the US, European Union and UK about open discussion in the global finance hub.

The yen extended losses Wednesday after trading at a 2024 low against the greenback in its previous session as the Bank of Japan’s decision to end its negative interest rate policy failed to spur fresh support for the currency. Investors and economists are divided over how long it will take before the central bank opts for another hike.

US Federal Reserve

In addition to hints about upcoming policy moves, the Fed will also begin in-depth discussions about its balance sheet this week, including when and how to slow the pace at which the central bank drains excess cash from the financial system.

Since 2022, the Fed has been letting as much as $60 billion in Treasuries and as much as $35 billion in agency-backed mortgage debt mature each month and roll off its balance sheet, a process known as quantitative tightening.

“In our view, commentary around plans for the Fed’s balance sheet will be at least as important as remarks around the potential timing of rate cuts,” said Chris Senyek at Wolfe Research. “While we don’t expect an official QT tapering announcement until the May meeting, we’re hoping for color around the potential timing and pace of the wind down.”

Oil edged lower after a two-day rally, while gold steadied after Tuesday gains. Bitcoin fell against the dollar for a third session in a further retreat from its recent highs and traded at around $62,000.

US Stocks

Wall Street is divided on whether the US stock market’s meteoric rise has gone too far, too fast. The latest Bank of America fund manager survey showed that investors were split on whether or not artificial intelligence stocks are in a bubble — with 40% saying “yes” and 45% answering “no.” The S&P 500 closed just shy of 5,180.

Investors should buy the dip in stocks in the case of pullbacks amid a backdrop of good economic growth and inflation normalization, according to Goldman Sachs Group Inc. strategists led by Christian Mueller-Glissmann.

“While equity momentum has somewhat supported broader risk appetite, we see limited implications of a continued reversal barring a material US rate shock,” they said.

Also Read: Trade Setup for March 20: More declines in store for Nifty after falling to a one-month low?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Stocks in Asia muted ahead of BOJ rate decision

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

South Korean equities slightly fell, while Japanese and Australian stocks were mostly flat. Contracts for Hong Kong and US shares pointed to losses. That followed Monday’s tech-led rebound on Wall Street ahead of a raft of other central-bank decisions this week from the US to the UK.

Asian shares traded within tight ranges as investors prepared for a potentially historic rate decision in Japan that’s expected to end the world’s last negative rates regime.

South Korean equities slightly fell, while Japanese and Australian stocks were mostly flat. Contracts for Hong Kong and US shares pointed to losses. That followed Monday’s tech-led rebound on Wall Street ahead of a raft of other central-bank decisions this week from the US to the UK.

The S&P 500 halted a three-day slide, the Nasdaq 100 rose 1% and a gauge of the “Magnificent Seven” tech megacaps climbed twice as much. Alphabet Inc. jumped as Bloomberg News reported Apple Inc. is in talks to build Google’s Gemini artificial-intelligence engine into the iPhone. In late hours, Nvidia Corp.’s chief Jensen Huang showed off new chips aimed at extending his company’s dominance of AI computing.

Meanwhile, some 90% of Bank of Japan watchers see the chance of authorities ending the negative rate on Tuesday at the meeting’s conclusion, with the nation’s first interest rate hike in 17 years. The yen steadied amid a news report the BOJ is also poised to end its policy of guiding government bond yields — known as yield curve control.

Bank officials are also considering ending their buying of exchange-traded funds and real estate investment funds, according to people familiar with the matter. Traders betting on the BOJ outcome boosted their positions in yen futures to the highest since 2007.

“First off, they’re going to engineer a dovish hike,” Yue Bamba, head of Japan active investments at BlackRock Inc., said on the BOJ on Bloomberg Television. “It’s also important to note that the world’s most global investors still remain underweight Japanese equities. So there’s more money that can come into this market.”

Australia’s central bank will also announce its rates policy on Tuesday and is widely expected to hold them at a 12-year high, with the economy showing signs of slowing further while unemployment trends higher.

Treasuries were little changed in early Asian trading. Yields on the two-year note hovered near 2024 highs Monday as expectations for Federal Reserve rate cuts continued to erode. The dollar and yen were little changed.

Investors in Asia will be watching China, where the top securities regulator said the defaulted developer at the heart of the nation’s real estate crisis falsely inflated revenue by more than $78 billion in the two years leading up to its failure. China Evergrande Group and its massive debt have become symbolic of the nation’s stuttering economy, particularly in its property and construction sectors.

Jam-packed week

Back in the US, Wall Street is gearing up for more insights on the Fed’s resolve to ease as central banks set policy for almost half the global economy. The week features the world’s biggest agglomeration of decisions for 2024 to date, including judgments on the cost of borrowing for six of the 10 most-traded currencies.

“It’s a jam-packed week of central bank meetings,” said Win Thin and Elias Haddad at Brown Brothers Harriman. “There are sure to be some surprises and so today’s calm is likely to give way to greater volatility ahead.”

Goldman Sachs Group Inc. economists led by Jan Hatzius changed their forecast to call for three quarter-point Fed cuts this year — instead of four. The change, which brings the forecast in line with the median forecast policymakers made in December, is “mainly because of the slightly higher inflation path,” they said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

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Answer Anonymously

Should Elon Musk be able to buy Twitter?

Stocks To Watch | TCS, Tata Steel, IOL Chemicals, L&T Finance, HG Infra and more

stock split
TCS stock
TCS | Promoter Tata Sons to sell 0.64% equity via block deals. The offer price or 4,001 is a 3.6% discount to Monday’s closing price. As of December 31, Tata Sons had a 72.38% stake in TCS. Read more here.
Man Industries Share Price, Man Industries share, Man Industries API certification, Man Industries stock, Man Industries shares, Man Industries API certification for pipes, Man Industries pipes
Aditya Birla Sun Life AMC | Promoters plan to sell 3.3 crore shares or 11.47% of the total equity through and Offer for Sale (OFS). Base size for the OFS is 7% and the rest is a green shoe option. Floor Price for the OFS is 450.
tata steel results
Tata Steel | UK unit to cease operations of coke ovens at Port Talbot Plant, WAles. To cease operations due to deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures.
IOL Chemicals | Successfully completes Brazilian Health Regulatory Agency (ANVISA) GMP audit. The Audit was for 10 APIs manufacturing units at Barnala, Punjab and has completed without any observation. The inspection was conducted between March 11 – 15, 2024.
L&T Finance | Gets board approval to raise ₹1.01 lakh crore via NCDs in one or more tranches.
RITES Share Price, RITES stock, RITES shares, RITES new order, RITES latest order, RITES bags order from national small industries corporation, RITES latest, latest on RITES, RITES stock exchange filing,
Genesys International | Consortium with Veritas (India) gets LoA for a project worth ₹155.85 crore from the BMC.
HG Infra Engineering | Joint Venture with Stockwell Solar Services gets Letter of Award for ₹1,026 crore project from Jodhpur Vidyut Vitran Nigam.
Sonata Software | Signs go-to-market partnership with zones to simplify enterprise application delivery.
stock market, stocks, investing
RPP Infra: Gets new orders worth ₹94.13 crore from SPICOT, or State Industries Promotion Corporation of Tamil Nadu.

 

 

 

 

 

 

v

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 5 Minutes Read

Asian stocks gain led by Japan on Bank of Japan rate hike momentum

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The MSCI Asia Pacific Index advanced in early Asian trading, lifted by a rally in Japan amid a slightly weaker yen. The tech-heavy Nikkei 225 index jumped the most in a month. Hong Kong shares and those on the mainland were little changed ahead of a swath of activity data due Monday. US equity futures rose after the S&P 500 fell 0.7% on Friday.

Asian stocks climbed, led by Japanese shares into a week that includes policy decisions from the Bank of Japan and Federal Reserve which will likely set the near-term direction for global markets.

The MSCI Asia Pacific Index advanced in early Asian trading, lifted by a rally in Japan amid a slightly weaker yen. The tech-heavy Nikkei 225 index jumped the most in a month. Hong Kong shares and those on the mainland were little changed ahead of a swath of activity data due Monday. US equity futures rose after the S&P 500 fell 0.7% on Friday.

Speculation is mounting the BOJ will raise its key interest rate after Japan’s largest union group announced the strongest wage deals in more than three decades. The yen edged lower against the dollar in Asian trading.

“Japanese stocks are rising driven by weakness of the yen, and expectations that the currency won’t strengthen even if the central bank hikes,” said Charu Chanana, a strategist at Saxo Capital Markets based in Singapore. “Seems like BOJ is all priced in and focus is much more on Nvidia and Fed this week.”

While swaps traders have priced about 28 basis points worth of rate hikes this year, they see the chance of a March hike at about 54%, according to data compiled by Bloomberg.Goldman Sachs sees the BOJ hiking rates on Tuesday following the wage gains and news reports that predict the short-term rate in the 0%-0.1% range.

“These developments imply that the BOJ probably no longer needs more data for the policy change, nor to wait to justify the policy change with the quarterly Economic Outlook report in April,” Goldman Sachs Group Inc. economist Tomohiro Ota wrote in a note.

Elsewhere in Asia, China’s economic activity due Monday was likely mixed at the start of the year with property remaining a major drag, raising doubts about the nation’s ability to gain momentum and hit an ambitious growth target of around 5%. The data, however, is unlikely to push the yuan out of its recent tight range, torn between China’s central bank and the upcoming Fed policy meeting, according to Commonwealth Bank of Australia.

“A potentially hawkish FOMC meeting can place upward pressure on dollar-offshore yuan” this week, CBA strategists led by Joseph Capurso wrote in a note to clients. But that “will likely be capped by the People’s Bank of China’s continued onshore yuan support at the daily fix.”

The Fed’s policy meeting Wednesday may dictate the direction of global stocks for the next quarter. Prior to the blackout period, Chairman Jerome Powell indicated the central bank was close to having the confidence to cut, while others debated how deep, or shallow, those declines will be.

Bond traders, meanwhile, appear to have painfully surrendered to a higher-for-longer reality. Yields on policy sensitive two-year Treasuries have climbed 11 basis points this month to 4.73%, extending last month’s gain. Swaps traders are pricing about 71 basis points of rate cuts by year-end, down from 134 basis points at the start of the year, according to data compiled by Bloomberg.

“The Fed may have less confidence on inflation than before, but it still has confidence in the disinflation trend,” and may keep its median forecast of three cuts this year, Bank of America economists including Michael Gapen wrote in a note to clients. “This may be fanciful thinking on our part, but there are several inflation reports and plenty of time between now and June to change course if needed.”

A gauge for the dollar traded slightly higher after posting its best week since January. The greenback was stronger against most of a Group-of-10 peers.

Elsewhere this week, the Reserve Bank of Australia is set to extend its rate pause while Bank Indonesia and the Bank of England also deliver policy decisions. Eurozone inflation data is due as well as Reddit Inc.’s initial public offering.

In commodities, oil steadied Monday after its biggest weekly advance in a month as Ukrainian attacks on Russian refineries heightened geopolitical risks. Gold edged lower while iron ore fell below $100 a ton in Singapore to its lowest level since last May.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?