Sensex today: Stock Market Highlights: Nifty charts hint at downside towards 16,800 levels. What should traders do next week
06:41 PM
Futures fall as bank contagion worries grip investors
Treasury Secretary Janet Yellen’s reassurances that measures will be taken to keep Americans’ deposits safe amid turmoil in the banking sector, sparked by the collapse of two U.S regional banks, had driven Wall Street’s main indexes higher on Wednesday. Treasury Secretary Janet Yellen’s reassurances that measures will be taken to keep Americans’ deposits safe amid turmoil in the banking sector, sparked by the collapse of two U.S regional banks, had driven Wall Street’s main indexes higher on Wednesday.
The comments added to the upbeat mood fueled by growing expectations that central banks were close to ending their aggressive rate hike campaign as the Fed and the Bank of England signaled caution about their next moves amid the global banking crisis after raising rates as expected.
“The volatility is continuing because the concerns are still bubbling about just how stable the U.S. banking sector is,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.
06:40 PM
Binance halts deposits, withdrawals after technical glitches: CEO
“Initial analysis indicates matching engine encountered a bug on a trailing stop order,” he said in a tweet, adding that the pause in deposits and withdrawals was a standard operating procedure.
“Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up,” Zhao said in a subsequent tweet.
06:38 PM
Euro zone banks resilient, ECB can provide liquidity if needed, says Lagarde
Lagarde was presenting her assessment of economic and financial developments to EU leaders as European banking stocks fell sharply, with Deutsche Bank and UBS knocked by worries that actions by regulators and central banks have not yet contained the worst problems.
“The euro area banking sector is resilient because it has strong capital and liquidity positions,” EU officials at the meeting reported Lagarde as telling the leaders.
05:31 PM
Tech View: Nifty charts hint at downside towards 16,800 levels. What should traders do next week
Nifty today formed a long bear candle on the daily and weekly charts. Chart readers said the recent swing high of 17207 could now be considered as a new lower top of the sequence.Now, till it holds below 17000 zones weakness could be seen towards 16850 and 16666 zones, while on the upside hurdles are placed at 17071 and 17171 levels, said Chandan Taparia of Motilal Oswal.Fear gauge index India VIX was up by 5.18% from 14.49 to 15.24 levels. Volatility heated up after declines from the last three sessions and overall giving discomfort to the bulls.Option data suggests a broader trading range in between 16600 to 17300 zones while an immediate trading range in between 16700 to 17150 zones.
04:57 PM
Gold climbs Rs 70; silver jumps Rs 520
Gold price climbed Rs 70 to Rs 59,450 per 10 grams in the national capital on Friday amid gains in prices of precious metal internationally, according to HDFC Securities. The yellow metal had closed at Rs 59,380 per 10 grams in the previous trade.Silver also jumped Rs 520 to Rs 70,500 per kilogramme.”Spot gold prices in the Delhi markets traded at Rs 59,450 per 10 grams, up Rs 70 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.In the overseas market, gold and silver quoting higher at USD 1,987 per ounce and USD 23.17 per ounce, respectively.
04:51 PM
Finance Ministry clarifies on confusion over STT hike on selling options
The finance ministry today clarified that the securities transaction tax (STT) on selling options has been increased to 0.062% from 0.05% and not from 0.017% to 0.021% as mentioned in the latest amendment to Finance Bill 2023 that was passed by the Lok Sabha today.Option traders were left confused after the amendment was moved in the Lok Sabha today as options were already being taxed at the rate of 0.05%. Quoting finance ministry sources, ET Now said it was a typographical mistake.
04:29 PM
NSE rolls back 6% increase in transaction charges on equity cash, F&O trades
The National Stock Exchange has rolled back the 6% increase in transaction charges on equity cash and derivatives segment with effect from April 1. In January 2021, the charges were earlier increased by 6% partly to augment the investor protection fund trust.
04:26 PM
Shares of JPMorgan, Morgan Stanley and other US banks fall as sell-off in European banks intensifies; here are the numbers
03:58 PM
Market View | Ajit Mishra, VP – Technical Research, Religare Broking
The recent fall has faded hopes of sustained recovery and we might again end up seeing range bound moves in the index. Needless to say, the major support is intact at 16800 in the Nifty. We thus reiterate our view to limit positions and maintain positions on both sides.
The Bank Nifty bears took over the control on the last day of the week and the index ended on a negative note. The index as long as does not surpass the level of 40000 remains in a sell on rise mode. The immediate support on the downside is at 39000 and a breach below this will lead to a sharp decline. The momentum indicator RSI trading in the bearish zone confirms the weakness in the index.
– Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
Cues from both the global and domestic markets were subdued. The asset management industry was hit hard by tax changes and the elimination of the indexation benefit of debt mutual funds. The volatility was fuelled by weak European markets, which was driven by banking stocks as CDS spread increased. Although all major sectors traded in the red, selling in the IT sector was limited despite warnings of muted growth.
– Vinod Nair, Head of Research at Geojit Financial Services
03:37 PM
SECTOR WATCH | Barring IT, all sectors end with cuts
03:36 PM
SENSEX HEATMAP | Only 5 index stocks closed in the green
03:35 PM
Closing Bell: Sensex plunges for 2nd straight day, ends 398 pts lower; Nifty below 16,950; Bajaj twins crack up to 4%
03:31 PM
Five executives at Nykaa resign in latest departures
Five executives at India’s Nykaa have resigned, a spokesperson said on Friday, the latest departures at the beauty company amid intensifying competition and a falling stock price. Among the exits are Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of fashion division Gopal Asthana, and Chief Executive Officer of wholesale business Vikas Gupta – all executives of Nykaa.
The change in debt taxation would meaningfully impact allocation decision. For the same expected return, investors will have to take higher risk going forward. Assuming an investors target return was post tax 7% pa over 3 years, that is currently achievable by investing 100% in a Target maturity fund that invested in AAA papers. Going forward, assuming yields don’t change, the investor will have to invest over 25% in equities (assuming 13% equity return), to achieve the same target return! The change is risk is high
– Roopali Prabhu – Chief Investment Officer & Executive Director, Private Wealth Group, JM Financial
02:41 PM
Finance Ministry to clarify on STT on F&O soon
02:37 PM
Sensex Today | Index at day’s low
02:31 PM
Deutsche Bank shares extend losses, down 8.1%
Deutsche Bank said on Friday that it would redeem $1.5 billion Tier 2 notes due in 2028. The bank had already issued similar new notes in February, which were designed to replace the notes that the bank is now redeeming. The lenders shares extended losses, down 8.1%
01:43 PM
Income from debt mutual funds to be taxed by the Govt as interest income
01:41 PM
Zydus Lifesciences Ltd on Friday said it has received final approval from the US health regulator for its generic doxepin hydrochloride capsules used in the treatment of depression and anxiety. The approval granted by the US Food and Drug Administration (USFDA) is for doxepin hydrochloride capsules of strength 150 mg, the company said in a regulatory filing.
01:24 PM
These stocks fall most in volatile trade on D-Street
12:51 PM
JUST IN | STT on sale of options hiked to Rs 2,100 on turnover of Rs 1 cr vs earlier applicable levy of Rs 1,700
12:46 PM
JUST IN | LOK SABHA PASSES FINANCE BILL 2023
12:17 PM
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.
11:54 AM
JUST IN | Emami to buyback shares worth Rs 186 cr at price not exceeding Rs 450/sh
11:53 AM
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.
11:50 AM
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.
11:16 AM
These stocks gain most in volatile trade
10:56 AM
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.
10:49 AM
Power Grid Corporation Of India approves raising of Powergrid bonds worth up to Rs 600 crore
10:49 AM
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
10:00 AM
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
09:37 AM
Shares of asset management companies trade lower as govt may remove income tax benefit given to debt mutual fund investors
09:34 AM
Rupee slips 4 paise to 82.24 against US dollar in early trade
09:30 AM
SENSEX TODAY | Index erases opening gains, drops 150 points
09:21 AM
HAL OFS opens for retail investors today; stock gains in early trade
09:21 AM
MARKET LIVE UPDATES: IT stocks gain post Accenture earnings report
09:17 AM
Opening Bell: Sensex flat, Nifty below 17,100; Campus Activewear drops 5%, HAL gains 2%
09:07 AM
Pre-open session: Sensex dips over 50 points; Nifty below 17,040
08:37 AM
Street View | Kirtan A Shah on proposed removal of LTCG
08:35 AM
I hope proposed change in the Finance Bill to remove LTCG with indexation status on debt funds is reviewed: Radhika Gupta
08:34 AM
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
07:52 AM
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%.
07:36 AM
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.
07:36 AM
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.
07:36 AM
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.
07:36 AM
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.
07:35 AM
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.
07:35 AM
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.
07:35 AM
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.
07:35 AM
