Sensex Today: Stock Market LIVE Updates: Sensex erases most losses, turns flat; Nifty tests 17,150; financials, FMCG stocks lead gainers; Vedanta shares fall 5%
10:02 AM
Global Surfaces shares list at 17% premium over issue price
The Rs 155 crore IPO was subscribed 12.21 times on strong demand among non-institutional investors. The retail part was subscribed 5.12 times, and the NII category was subscribed 33 times. The portion reserved for qualified institutional buyers (QIBs) saw 8.95 times subscription.
The 25 bp rate hike by the Fed and dovish commentary were on expected lines. The Fed is trying its best to balance inflation control with financial stability. The strong message from Jerome Powell that “the US banking system is sound, resilient and well capitalised with adequate liquidity” should calm the markets. But the late day sell-off was triggered by the Treasury Secretary Janet Yellen’s comment that they are not considering blanket deposit insurance. This kind of gyrations happen in a highly volatile whipsawing market driven by daily doses of news. The Fed has signalled perhaps one more rate hike this year and then a pause. Investors need to expect only moderate returns from the market in the present context of high interest rates. Investment in fixed income and systematic investment in high quality stocks for the long-term is the ideal investment strategy now.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
09:01 AM
Market View | Dhawal Ghanshyam Dhanani, Fund Manager, SAMCO MF on US Fed’s decision to hike interest rates by 25 bps.
However, markets would take a sigh of relief with Fed setting the stage for peaking of rate hikes, hinting departure from previous statements which cautioned “ongoing increases” would be appropriate to tackle inflation, despite status quo in quantitative tightening.
Despite the much anticipated 25 bps rate hike, bond yields are falling suggesting a classic understanding that rates have peaked out and are set to reverse ahead. Given what Mr. Bond Market is indicating, Fed may blink in the next show.
08:06 AM
SGX Nifty50 signals a negative start
Nifty futures on the Singapore Exchange traded 47 points or 0.27% lower at 17,111, signalling a negative start for Dalal Street.
08:05 AM
Asian markets under pressure
- Japan’s Topix fell 1%
- South Korea’s Kospi fell 0.7%
- Australia’s S&P/ASX 200 Index fell 0.9%
- Hang Seng Index futures rose 0.8%
08:05 AM
Wall Street ends sharply lower
- Dow Jones Industrial Average fell 1.63%
- S&P 500 lost 1.65%
- Nasdaq Composite dropped 1.6%
08:05 AM
Dollar slips as Fed outlook shifts
- Euro rose 0.2% to $1.0873
- Japanese yen rose 0.2% to 131.17 per dollar
- Offshore yuan was little changed at 6.8581 per dollar
- Australian dollar rose 0.2% to $0.6698
08:05 AM
Oil prices fall
Brent crude futures fell 80 cents, or 1%, to $75.89 a barrel by 00:09 GMT, while U.S. West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2%, to $70.06. Both crude benchmarks had settled on Wednesday at their highest close since March 14.
08:04 AM
Stocks in F&O ban today
1) Indiabulls Housing Finance
2) Biocon
08:04 AM
FII/DII action
After relentless selling for the past few days, foreign portfolio investors (FPIs) have turned marginal net buyers at Rs 61.72 crore Wednesday. DIIs, on the other hand, too bought shares worth Rs 383 crore.
08:04 AM
IPO Watch
The initial public offering (IPO) of Udayshivakumar Infra was subscribed 5.15 times on Day 3. The issue will be available for subscription till March 23. The company has fixed a price band of Rs 33-35 per share and investors can bid for 428 shares in 1 lot and in multiples thereof.
08:04 AM
US Fed policy
Markets will likely react to the US Federal Reserve policy outcome. The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks.
08:04 AM
Sensex, Nifty edged higher on Wed for 2nd day
In a largely range-bound session, the 30-share BSE Sensex advanced 139.91 points or 0.24 per cent to settle at 58,214.59, with 18 of its constituents posting gains. During the day, the index witnessed a high of 58,418.78 and a low of 58,063.50. The broader NSE Nifty climbed 44.40 points or 0.26 per cent to end at 17,151.90, with 33 of its scrips ending in the green.
08:03 AM
Good morning, dear readers
Here’s something to kickstart your trading session.
