Sensex today: Stock Market Highlights: FPI inflows continue; foreign investors buy shares worth Rs 1,185 cr
08:30 PM
LIC Q4 Results: PAT at Rs 13,428 cr Vs Rs 2372 cr YoY
Net premium income at Rs 1.32Lcr vs Rs 1.44 Lcr YoY
07:59 PM
FPI inflows continue; foreign investors buy shares worth Rs 1,185 cr
Foreign portfolio investors net bought shares worth Rs 1,185 crore on Wednesday. DIIs too were net buyers at Rs 300.9 crore.
07:41 PM
Credit Suisse forecasts BoE rates will peak at 5%
Credit Suisse said on Wednesday that it now expects the Bank of England to raise rates to 5% in August, up from a previous peak of 4.75% after April inflation data released earlier in the day showed a smaller decline than economists had forecast.
“But we expect the BoE to hike rates to less than market pricing, which has peak rates at 5.4%. Our expectation is for headline inflation to continue to fall and for some of the strength in core inflation seen today to reverse,” Credit Suisse’s head of UK economics, Sonali Punhani, said.
07:32 PM
Dollar gains on flight to safety; pound, Swedish crown, kiwi struggle
The dollar index, which tracks the U.S. currency against six major peers, rose to as much as 103.77, up 0.25% on the day, its highest since March 20.
The impasse in Washington over debt ceiling negotiations has helped lift the dollar, even though it could lead to a default and push the country into recession, as investors reckon this could spell worse trouble for the global economy.
07:31 PM
UK has too many small pension funds, BoE’s Bailey says
“I think we have probably got too many small pension funds,” Bailey told an event hosted by the Wall Street Journal.
“The problem with that world is that there are dis-economies of scale, clearly, in risk management,” he added.
07:23 PM
US stocks open lower as debt ceiling impasse keeps investors on edge
The Dow Jones Industrial Average fell 33.75 points, or 0.10%, at the open to 33,021.76.
The S&P 500 opened lower by 12.62 points, or 0.30%, at 4,132.96, while the Nasdaq Composite dropped 78.35 points, or 0.62%, to 12,481.90 at the opening bell.
07:18 PM
Adani Group weighs $3 billion investment in Vietnam
The statement came after a meeting in Hanoi on the same day between Vietnamese Prime Minister Pham Minh Chinh and Karan Adani, chief executive officer of Adani Ports and Special Economic Zone, a unit of the cooking oil-to-coal mining conglomerate Adani Group.
“Vietnam is willing to create more favourable conditions for India’s large companies, including Adani, to invest and do business in the country,” Chinh told Karan at the meeting, according to the statement.
06:14 PM
Citigroup announces to pursue IPO in Mexico
To pursue IPO of consumer, small business and middle market banking operations in Mexico
To resume share buybacks this quarter
To retain and continue to grow institutional clients business in Mexico Consumer, small business and middle market banking operations in Mexico
Will retain Banamex name
About 38,000 employees of Banamex will remain part of Banamex
Expects separation of Banamex businesses will be completed in H2 of 2024 and IPO will take place in 2025
Will continue to operate locally-licensed banking business in Mexico
05:41 PM
Brigade Enterprises Q4 profit at Rs 63 cr; FY’23 profit stands at 222cr
Realty firm Brigade Enterprises Ltd on Wednesday reported a consolidated net profit of Rs 63 crore for the quarter ended March 2023. The company posted a net loss of Rs 11.63 crore in the year-ago period.
Total income fell to Rs 872.11 crore in the fourth quarter of the last fiscal from Rs 964.72 crore in the corresponding period of the previous year, according to a regulatory filing.
05:24 PM
Tech View: Nifty stuck between 18,200-18,400. What should traders do on Thursday expiry
Now it has to hold above 18281 zones, for a bounce towards 18400 and 18442 zones while on the downside supports exist at 18181 and 18081 zones, said Chandan Taparia of Motilal Oswal.
India VIX was up by 4.07% from 12.60 to 13.11 levels. Volatility has been rising from the last three sessions and causing swings in the market.
Option data suggests an immediate trading range in between 18150 to 18400 zones.
05:20 PM
Market value of LIC investment in Adani stocks hits Rs 44,670 cr
Market value of investments made by state-owned Life Insurance Corporation of India (LIC) in seven companies of the Adani group has swelled to Rs 44,670 crore as stock prices rose from the lows seen in the aftermath of the Hindenburg report. The country’s largest insurer and leading institutional investor in the Adani group has seen the market value of its holdings in Adani stocks increase by around Rs 5,500 crore since April, stock exchange data showed.
LIC’s biggest bet is Adani Ports & SEZ Ltd where it holds 9.12 per cent shares. At Wednesday’s closing price of Rs 717.95 on the BSE, that holding is worth Rs 14,145 crore.
04:42 PM
Euro zone bond yields slip after hitting one-month high
Germany’s 10-year bond yield rose to 2.501%, the highest since April 24, after British inflation data came in stronger than expected.
However, it then slipped after a survey showed that German business morale fell for the first time in six months in May. It was last down 3 basis points (bps) at 2.432%.
04:41 PM
Nomura raises forecast for peak Bank of England rate to 5.25%
“We see few signs of easing in UK inflation that would give the BoE an opportunity to stop hiking sooner rather than later,” Nomura economists wrote in a note to clients.
04:08 PM
Market View | Ajit Mishra, VP – Technical Research, Religare Broking
With the major earnings behind us, participants are eyeing global markets for cues but they’re not offering any clarity as of now. In between, sectors like banking and financials, which have considerable weight in the index, are largely dominating the move. While the tone is still positive, we feel participants should limit positions and wait for further clarity.
03:53 PM
UK inflation slides to 13-month low, stays elevated
The rate of price increases slowed from 10.1 percent in March to below double digits for the first time since August last year, the Office for National Statistics said in a statement.
At 8.7 percent, UK inflation is at the lowest level since March last year when the rate stood at 7.0 percent, the ONS added.
03:45 PM
Cummins India Q4 Results: Net profit jumps 61% on robust domestic, international demand
Diesel and natural gas engines maker Cummins India Ltd posted a 61.3% rise in fourth-quarter profit after tax on Wednesday, supported by robust demand in domestic and international markets. The company reported consolidated profit after tax at 3.49 billion rupees ($42.7 million) in the three months ended March 31, compared to 2.16 billion rupees a year earlier. Income from operations jumped over 28% to 18.97 billion rupees.
The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause. European markets also declined, triggered by higher-than-expected UK inflation figures that bet on more rate hikes by the BoE
– Vinod Nair, Head of Research at Geojit Financial Services
01:09 PM
European shares slump 1% as global risk mood sours
The Europe-wide STOXX 600 index fell 1.1% by 0718 GMT to hit a nearly three-week low, with all regional markets trading in the red.
Wall Street stocks finished sharply lower on Tuesday and short-term Treasury yields advanced as investor jitters grew over a lack of progress in the U.S. debt-limit talks
12:34 PM
Oil prices rise as much as $1 on concerns over tightening supply
Brent crude futures last rose 74 cents, or 1%, to $77.58 a barrel by 0645 GMT, while the U.S. West Texas Intermediate crude (WTI) gained 84 cents, or 1.2%, to $73.75 a barrel.
12:11 PM
Japan’s Nikkei drops on profit-booking, US debt impasse
Shares of cosmetics giant Shiseido Co, which had soared 20% since mid-March, sank 5.63%, leading Nikkei decliners. CyberAgent Inc, a major investor in a new share sale in Rakuten Group Inc, dropped 4.7% ahead of a pricing of the offering. Shares of Rakuten slid 2.01%.
11:52 AM
HSBC, Citi, Deutsche Bank, Morgan Stanley and RBC traders broke competition law, watchdog finds
In a statement, the watchdog said it had provisionally found Citi, Deutsche Bank, HSBC, Morgan Stanley and Royal Bank of Canada each unlawfully shared information by participating in one or more series of one-to-one conversations in Bloomberg chatrooms between a small number of traders.
