Wall Street remained under pressure on Tuesday and ended on a mixed note with S&P and Dow ending in the red while Nasdaq claimed some gains. The higher interest rates have been weighing on stocks as investors are worried the central banks will hit the brakes too hard on an already slowing economy
IMF urges UK to “re-evaluate” tax cuts on inflation concerns
The International Monetary Fund has urged the U.K. government to “reevaluate” a package of unfunded tax cuts that it says may fuel inflation and are likely to increase economic inequality.
The value of the pound sagged Wednesday morning after the rare IMF warning to a Group of Seven economy, trading at under $1.07.
Treasury chief Kwasi Kwarteng was meeting Wednesday with executives from investment banks as the Conservative government seeks to soothe markets
The government of Prime Minister Liz Truss on Friday unveiled a 45 billion-pound ($48 billion) package of tax cuts in an effort to spur economic growth. But the plan wasn’t accompanied by spending cuts, or even an independent cost estimate, raising concerns that it would swell government debt and add to inflation that is already running at close to a 40-year high. (AP)
GST revenue in September likely at ₹1.45 lakh crore
Goods and Services Tax (GST) revenue mop-up in September is expected to be around ₹1.45 lakh crore, an official said.
The collection has been over ₹1.4 lakh crore since March and in August it was ₹1.43 lakh crore.
“The collection in September is likely to be little more than ₹1.45 lakh crore. Improved business activity is expected to yield better collections in coming months,” the official said.
Official revenue figures will be released on October 1.
The mop-up in September last year was ₹1.17 lakh crore.
The official further said as per estimates, the average yearly revenue from GST in 2022-23 is expected to be around ₹1.55 lakh crore. (PTI)
ONGC remains one of the biggest draggers in today’s sessions, drops 2%
Exports of broken rice consignments in transit extended till Oct 15
The government has again extended the last date for export of broken rice in transit by 15 days till October 15.
It banned export of broken rice on September 8 but allowed shipments of certain consignments during September 9-15. On September 20, the date was extended till September 30.
“Export of consignments of broken rice…as permissible under notification dated September 8 has been…extended till October 15, 2022,” the Directorate General of Foreign Trade said in a notification. (PTI)
Ambit Asset Management view’s on the fall of rupee: RBI will have to increase repo rates
Aishvarya Dadheech, Fund Manager, Ambit Asset Management: The Dollar index at a 20-year high had led to sharp depreciation in the Indian rupee over the last week. Despite that, INR has outperformed other global currencies, as RBI has been actively supporting the domestic currency by selling US dollars.
In the short term, due to global risk-off sentiment, we can expect more pressure on the Indian rupee. It will be difficult for RBI to continue selling US dollars aggressively any further, as the remaining forex reserves are around 9-10 months of import cover only. Most likely, RBI will have to increase repo rates (post the recent FED outcomes) to defend against further pressure on INR. Nevertheless, in the medium term, the outperformance of the Indian rupee will be supported by lower external debt (below 20% as of Mar’22), robust inflows (FDI+FII), a resilient economy, and adequate forex reserve ($540 bn).
Russia’s Gazprom says it will pump 41.6mcm of natural gas to Europe via Ukraine on Wednesday
Russia’s Gazprom said it will pipe 41.6 million cubic metres (mcm) of gas to Europe via Ukraine on Wednesday, slightly down on the 42.4 mcm it has pumped in recent days. (Reuters)
‘Indian specialty chemicals story strong’, says Anand Rathi, suggests these top 8 stocks to buy, hold
Domestic brokerage and research firm Anand Rathi analyzed the FY22 annual reports of six chemicals companies (SRF, Vinati Organics, Fine Organic, Navin Fluorine, Deepak Nitrite and Atul). The Covid-19 pandemic impact, widespread supply bottlenecks, non-availability of key raw materials, higher energy and raw material prices were key challenges in FY22, as per the brokerage house.
The brokerage house has Buy ratings on specialty chemical stocks Aarti Industries with a target price of ₹960, Atul (TP: ₹10,145), and Sudarshan Chemicals (TP: ₹585).
Meanwhile, it has Hold stances on Navin Fluorine (TP: ₹4,650), Vinati Organics (TP: ₹2,350), Galaxy Surfactants (TP: ₹3,500), and Neogen Chemicals (TP: ₹1,572), and Nocil (TP: ₹296). (Read More)
ITC stock sheds 2% in today’s trading
Chain stores comprise 35% of India’s retail gold jewellery market: report
Gold jewellery chain stores have grown over the last 10-15 years, gaining 35% market share as of 2021, driven by evolving consumer preferences and government regulation that has encouraged the industry to become more organised, according to a report by the World Gold Council.
It is projected that over the next five years, such stores will continue to expand, and their market share will surpass 40%. The top five retailers alone are likely to open 800-1,000 stores during this period. (Full Report)
India’s RBI may opt for term repos over permanent liquidity infusion- analysts
India’s central bank is unlikely to undertake any bond purchases or reduce the cash reserve ratio and may instead prefer to stick to term repo auctions to add funds to the country’s banking system, analysts said.
India’s banking system liquidity slipped into deficit for the second time in one week on Tuesday. It dipped into deficit for the first time in nearly 40 months last week.
“The RBI may look at conducting 14-day or 28-day term repos and not opt for any permanent measure. They may not prefer doing outright open market purchases or cutting the cash reserve ratio,” said Vijay Sharma, senior executive vice president at PNB Gilts.
“Some people are expecting OMOs (open market operations), but I do not endorse that view. For the next two to three months, they may stay with term repos.” (Reuters)
Noon Update: Indices turn marginally green after shedding as much as a per cent in morning trading. Sensex up 100 pts and Nifty 20
IT and Pharma are trading higher, whereas Bank and Metal indices are under pressure.
Tokyo shares close lower after Wall Street falls
Tokyo stocks fell on Wednesday after US blue-chip shares slid with the S&P 500 notching a new low for the year.
The benchmark Nikkei 225 index lost 1.50% or 397.89 points, to close at 26,173.98, while the broader Topix index gave up 0.95%, or 17.86 points, to 1,855.15. (AFP)
NSE co-location case: Delhi HC grants bail to Chitra Ramkrishna, Anand Subramanian
The Delhi High Court on Wednesday granted bail to former National Stock Exchange (NSE) head Chitra Ramkrishna and ex group operating officer Anand Subramanian in the co-location scam case being probed by the CBI.
An FIR was registered in the case in May 2018, amid fresh revelations about irregularities at the country’s largest stock exchange. (Full Story)
Torrent Pharma shares fall post Curatio Healthcare acquisition. Should you buy the stock?
Shares of Torrent Pharmaceuticals plunged over 3% to ₹1,483 apiece on the BSE in Wednesday’s early deals after the company said it will acquire Curatio Healthcare for ₹2,000 crore to strengthen its presence in the dermatology segment, entering into definitive agreements to acquire 100% of Curatio Healthcare. (Read More)
India’s potash demand languishes as world reels from high prices
India, one of the world’s biggest potash importers, is facing demand destruction due to high prices and the loss of critical supplies from Belarus and Russia.
Potash consumption will probably fall to 3 million tons in the year through March 2023 from 5 million a year earlier, according to P.S. Gahlaut, managing director of Indian Potash Ltd., the country’s top importer of the crop nutrient. Farmers have been using less of it to grow crops like rice, wheat and sugar.
Potash is a fertilizer that helps plants withstand drought and diseases. Prices soared earlier this year after the invasion of Ukraine, with many shippers, banks and insurers avoiding trade with Russia even though fertilizers are not directly targeted by sanctions. The industry is also contending with US and European Union sanctions on potash sales from Belarus, as well as China’s move to restrict exports to protect its domestic market. (Bloomberg)
China’s real estate sector poses ‘large risks’ to shadow bank lending: Moody’s
China’s property sector still poses “large risks” to shadow bank lending amid ongoing liquidity stress, despite the falling proportion of shadow banking in the industry, Moody’s Investors Service said.
Shadow banks are those that are typically outside regulatory oversight.
Although Trusts lending to the property sector has fallen sharply in three years, real estate Trusts accounted for around 80 per cent of defaulted trust schemes over the first seven months of 2022, the global rating agency said in a statement Wednesday.
“Furthermore, contagion risk from small banks remains because they are more exposed to the distressed property sector than large banks and significantly fund non-bank financial institutions,” said Lillian Li, Moody’s Vice President and Senior Credit Officer. (ANI)
Metal Index under pressure, sheds more than a per cent with most stocks in red
New York Life to further invest ₹196 cr in Max Estates’ commercial project in Noida
US-based New York Life Insurance Company will further invest ₹196 crore in a commercial project being developed by Max Estates in Noida.
In November 2020, Max Ventures & Industries Ltd’s (MaxVIL) realty arm Max Estates roped in New York Life to develop a 7-lakh square feet commercial project ‘Max Square’ comprising mainly office space, in Noida with an investment of ₹400 crore.
A special purpose vehicle (SPV) Max Square Ltd was formed to develop this project. Max Estates has 51 per cent and New York Life has 49 per cent stake in the SPV.
In a regulatory filing late Tuesday, MaxVIL informed that the SPV in August won a bid to acquire two land parcels, auctioned by Axis Bank, in Noida for ₹220 crore. (PTI)
Rupee depreciates to new lifetime low; stocks decline for sixth day
Continuing with the consistent depreciation, the rupee slipped further from the recent low and hit another lifetime low on Wednesday morning. This consistent depreciation follows the ongoing strengthening of the US dollar index for a two-decade high, on hopes that demand for safe-haven currency such as the dollar would pick up.
The rising trade deficit, depleting forex reserves, and the latest monetary policy tightening by the US Federal Reserve too triggered the depreciation of the currency.
On Wednesday, it touched a low of 81.90 against the US dollar, as against the previous day’s closing at 81.70. (ANI)
Prabhudas Lilladher on Westlife Development (WLDL IN): Rating: BUY | CMP: Rs689 | TP: Rs847
Amnish Aggarwal – Head of Research, Prabhudas Lilladher Pvt Ltd on Westlife Development (WLDL IN):
Rating: BUY | CMP: Rs689 | TP: Rs847
§ 2Q23 builds on strong demand momentum witnessed in 1Q23
§ Targets mid to high teen pre-INDAS EBITDA margins over the medium term
§ Plans 35-40 stores additions in FY23, 200 over FY22-26
We increase EPS estimates (1.0%/3.4% FY23/FY24 and introduce FY25 EPS estimates) and increase our DCF based target price to Rs847 (Rs781 earlier). Our recent management interaction reinforced our positive stance on the company given 1) Plans to add 35-40 stores in FY23 and 200 stores by FY26 2) Strong innovation pipeline across Burgers and Chicken 3) Probability of staggered increase in royalty (4% in FY23, 4.5% in FY24, 5% in FY25/26) beyond FY26 4) Sustained success of launches like Gourmet Burgers & Meals and Fried Chicken and 5) strong start to new stores in Tier2/3 with sales at par with older stores.
Growth momentum remains strong on the back of sustained growth in Dine in and Convenience channel (2x pre-COVID levels), positive response to Fried Chicken pilot in West (5-10 stores in Mumbai) and traction in Gourmet Burgers & Meal options. We believe input cost pressures have peaked out and 5% price increase from May22 will aid margin expansion in coming quarters. We estimate Sales CAGR of 27.3% over FY22-25 with an EPS of Rs8.3/Rs11.5 in FY23/24 and we introduce FY25 EPS at Rs15. We assign DCF based target price of Rs847 (Rs781 earlier). Although WDL has gained 70% from May 22 lows, long term prospects remain positive. Retain Buy.
Sun Pharmaceutical shine in today’s trading, gains more than a per cent
Covid-19 Update: India sees 3,615 new infections, active cases further decline
India saw a slight increase in Covid-19 cases in the country as it reported 3,615 cases in 24 hours, according to an update by Union Ministry of Health and Family Welfare on Wednesday. This slight increase comes a day after the country reported 3,230 Covid cases.
With this, the active caseload also dropped to 40,979 from the earlier 44,000 cases. The death toll climbed to 5,28,584 with 22 fatalities which includes eight deaths reconciled by Kerala, the data updated at 8 am stated. (Full Story)
Ashika Stock Broking on today’s market: Avoid trading aggressively in the market
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty witnessed another consecutive day of decline validating the following bearish formation of ‘Three Black crow’ which has an inherent bearish implication but however a pullback hereon cannot be ruled out due to the oversold nature of the Indices. On an overall basis, the market continues to remain rangebound with negative bias and one needs to recall that secondary corrections are a part of the bull market. Presently a trader needs to show patience and need to avoid trading aggressively in the market as the risk of a bare minimum correction of 38.2% of the entire rally from 15,183 to 18,096 comes around 16990 followed by a 50% correction at 16650 remains. Market respected the 38.2% retracement level of 16990 coinciding with the 200dma for the second consecutive day in a row hence sustained close below which can be extremely negative for the market and lower levels of 16600-16500 might be seen. During the day index is likely to open on a negative note due to weak global cues. However, despite the ongoing volatility one can expect the crucial 200dma to act as the trend deciding level for Nifty, sustained close below which can seriously alter the short-term trend in the market.
Mauritius-based FII trims stake in multibagger stock that has surged 400% in 2 years
Mauritius-based foreign portfolio investor (FPI) Elevation Capital V FII Holdings Limited has booked partial profit in KDDL shares, which is one of the multibagger stocks of the Indian stock market in the last one year. As per the NSE bulk deal details, the Mauritius-based FII has sold out 3.60 lakh shares of the company at ₹850 apiece levels. This means the FII sold KDDL shares worth ₹30.60 crore. The FPI offloaded its stake in the scrip through a bulk deal executed on 26th September 2022. (Read More)
Oil tumbles as dollar hits record in fresh blow to commodities
Oil retreated as further gains in the dollar and figures pointing to higher US stockpiles countered speculation that OPEC+ will cut output.
West Texas Intermediate sank below $78 a barrel, dropping toward the lowest level since early January that was hit earlier this week. The US currency advanced to a record after a senior Biden administration official rejected the notion that there may be a coordinated global effort to rein in the US currency.
The industry-funded American Petroleum Institute, meanwhile, reported that US crude inventories swelled by more than 4 million barrels last week, according to people familiar with the figures. Official data will follow later Wednesday. (Bloomberg)
Motherson Sumi Wiring’s bonus shares issue decision to be taken this week; stock rallies
Motherson Sumi Wiring India Ltd’s board will meet this week on Friday September 30, 2022 to consider the proposal for the issue of bonus equity shares of the company. Shares of Motherson Sumi Wiring jumped more than 5% to ₹89 apiece on the BSE in Wednesday’s opening deals. (Read More)
Bank stocks, especially PSU Banks, sink at open on Wednesday, shed more than a percent
Indices tumble as Sensex and Nifty open 450 and 150 points lower, respectively
Three-day RBI monetary policy meet starts today; another repo rate hike likely
The monetary policy committee of the Reserve Bank of India is all set for its bi-monthly review meeting starting today.
Like several other central banks, the main focus of the RBI during the three-day-long meet will again remain on containing high inflation.
The MPC is a six-member body that is mandated to determine the policy interest rates required to achieve the inflation target while keeping in mind the objective of economic growth. As of now, this committee meets at least six times in a financial year, i.e every two months.
In its previous review meeting in early August, the monetary policy committee had unanimously decided to raise the repo rate by 50 basis points to 5.40 per cent in order to contain the persistently high inflation. The hike took the repo rate above pre-pandemic levels of 5.15%. (ANI)
Geojit Financial Services on market: India cannot remain immune to major global trends
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “Globally equity markets are in bear territory. Nasdaq is down 33.2 % from the peak and S&P 500 is down 24.3% from the peak. The Euro Stoxx 50 is down 24.3% from its peak. These are clear bearish signals from markets in the developed world. India is a distinct outlier with only 8.5% decline from the peak in Nifty. India can remain an outperformer supported by its strong fundamentals but India cannot remain immune to major global trends.
Sensex tumbles 250 points at preopen; Bhel, Torrent Pharma, Axis Bank, IGL in focus
Apple ditches iPhone production increase after demand falters
Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, according to people familiar with the matter.
The Cupertino, California-based electronics maker has told suppliers to pull back from efforts to increase the assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year, said the people, asking not to be named as the plans are not public. Instead, the company will aim to produce 90 million handsets for the period, roughly the same level as the prior year and in line with Apple’s original forecast this summer, the people said.
Demand for higher-priced iPhone 14 Pro models is stronger than for the entry-level versions, according to some of the people. In at least one case, an Apple supplier is shifting production capacity from lower-priced iPhones to premium models, they added. (Bloomberg)
INDIA RUPEE-Rupee set for record low on rise in U.S. yields, risk aversion
The Indian rupee is tipped to open at a record low against the dollar on Wednesday, after U.S. Treasury yields rose and equities extended losses. The rupee is expected at around 81.80-81.85 per U.S. dollar at open, down from 81.58 in the previous session. The rupee reached a record low of 81.6525 on Monday. (Reuters)
Reliance Securities Stock in Focus for today: Kalpataru Power
STOCK IN FOCUS
Kalpataru Power (CMP Rs.425)
In the view of revenue visibility led by a healthy order inflow, sustained earnings momentum, lower debt and improvement in return ratios, we have our BUY rating on KPP, with a SOTPbased Target Price of Rs535.
SHREECEM (PREVIOUS CLOSE: 21,163) BUY
For today’s trade, long position can be initiated in the range of Rs20,550-20,400 for the target of Rs21,400-21,800 with a strict stop loss of Rs20,000.
GODREJCP (PREVIOUS CLOSE: 883) BUY
For today’s trade, long position can be initiated in the range of Rs874- 868 for the target of Rs900 with a strict stop loss of Rs854.
EICHERMOT (PREVIOUS CLOSE: 3,571) SELL
For today’s trade, short position can be initiated in the range of Rs3,610- 3,630 for the target of Rs3,460 with a strict stop loss of Rs3,680.
Bitcoin, ether fall over 6% each, other crypto prices today also tank
Cryptocurrency prices failed to hold on to gains with Bitcoin, the world’s largest and most popular cryptocurrency, trading more than 6% lower at $18.641. The global crypto market cap today remained below the $1 trillion mark, as it was down over 4% in the last 24 hours at $956 billion, as per CoinGecko. (Read More)
Stocks to Watch: Bhel, Torrent Pharma, Axis Bank, Power Grid, IGL, PVR, Motherson Sumi Wiring, Birla Corporation, Reliance
Vodafone Idea and Zee Entertainment will be under the F&O ban list for Tuesday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read More)
Ashwath Damodaran’s warning to stock market investor
Finance professor and valuation guru Ashwath Damodaran believes that if investors are underestimating expected inflation in the long term, as they did in the 1970s, we are in for an extended period of malaise in markets.
“Investors are expecting inflation to peak over the next year and subside in the long term, close to the levels that we saw in the last decade. That may be hopeful thinking, and the returns on stocks and bonds over the rest of the decade will be determined by the correctness of this assessment; if investors are under estimating expected inflation in the long term, as they did in the 1970s, we are in for an extended period of malaise in markets,” he said in his blog on Monday. (Read More)
JSW Energy to issue 3-year bonds – traders
India’s JSW Energy plans to raise 2.50 billion rupees ($30.60 million) through sale of bonds maturing in three years, three merchant bankers said on Wednesday.
The company will pay an annual coupon that is five basis points higher than one-year MCLR rate of State Bank of India and currently works out to be 7.75%, they said.
It has invited commitment bids for Thursday from bankers and investors, and the issue will close for subscription on Friday.
The notes are rated AA by India Ratings. (Reuters)
Jet may opt for Airbus A320neo as part of the first phase of its flight operations,
Jet Airways (India) Ltd is likely to opt for Airbus A320neo aircraft as part of the first phase of its flight operations, people aware of the development said. An Airbus A320neo aircraft in Jet Airways livery was spotted recently, indicating that the airline is close to making an announcement on the fleet.
So far, the airline has not announced plans for its fleet composition. Jet Airways used a Boeing 737 while operating test flights for its air operator certificate. However, it initiated the hiring process for pilots for Airbus A320, Boeing 737NG and Boeing 737 MAX in July. (Read More)
Market wrap for Tuesday from LKP Securities, Geojit Financial Services and Angel One
Rupak De, Senior Technical Analyst at LKP Securities: The benchmark Nifty remained range bound ahead of the RBI policy meet. The index briefly slipped below 16950 as it failed to sustain at the lower level leading to a close above 17000. On the lower end, bulls have managed to protect the 200 DMA on a closing basis. The momentum indicator is in a bearish crossover. The trend remains weak; however, the proximity to the crucial support may induce a pullback in the market. On the higher end, resistance is visible at 17150-17200. Above 17200, the Nifty may move towards 17500. On the other hand, a decisive fall below 16950 may trigger a panic button.
Vinod Nair, Head of Research at Geojit Financial Services: In search of a safer dollar and elevated bond yields, foreign investors are withdrawing from Indian equities, resulting in the decline of the domestic market. In contrast to the recent trend of sector performance, banks and autos are exhibiting negative bias, while IT and pharma are showcasing resilience. Crude price are closing down, despite expectations that OPEC+ will take more action to cut production in the coming meeting, due to weakening global economy.
Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd: We allude to the previous commentary on the benchmark index entering the cluster of key moving averages, i.e. 89-day EMA and 200-day SMA. Technically, the support of 17000-16800 shows their resilience as bulls retaliate from the same during intraday declines. As long as the mentioned zone is decisively held back by the bulls, one need not worry about further correction. Also, since the markets are extremely oversold, we advocate reducing short positions. Meanwhile, the intraday hurdles are seen around 17100 – 17200. Only a sustainable move beyond 17200 would trigger a sharp short covering rally in the market. Until then, the broad range (16800 – 17200) continues with a lot of indecisive swings on both sides. Traders are advised to keep a close eye on global development as well. Any respite in oversold global peers would certainly uplift the overall market sentiments.
Spike in oil price is breaking our back, says S Jaishankar after talks with US
Focusing on the energy needs of developing countries like India, External Affairs Minister S Jaishankar on Tuesday said India is concerned over the spike in the price of oil due to the Russia-Ukraine conflict and said it is “breaking our back.”
After holding bilateral talks with the US, Foreign Minister S Jaishankar expressed concern over the spike in the price of oil due to the Russia-Ukraine conflict and said it is breaking India’s back. (Read More)
Torrent Pharma to acquire Curatio Healthcare for ₹2,000 crore
Torrent Pharmaceuticals Limited (Torrent Pharma) on Tuesday said it has entered into definitive agreements to acquire 100 per cent stake in Curatio Healthcare for ₹2,000 crore.
The consideration includes ₹115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an Enterprise Value of ₹1,885 crore.
“The transaction is subject to conditions precedent and is expected to close within one month,” Torrent Pharma said in a statement.
Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. Curatio’s portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, which are ranked among the top 5 brands in their covered market. Top ten brands of Curatio account for 75 per cent of total revenue. With this acquisition, Torrent Pharma will add a Field Force of 600 MRs and a distribution network of 900 stockists, Torrent Pharma said in a statement. (ANI)
India unwilling to bend for index inclusion to bring in billions
India has ruled out any changes to tax policies that will make it easier for the nation’s bonds to be included in global indexes, according to people familiar with the matter.
The government doesn’t plan to waive capital gains taxes, and it’s concerned that foreign inflows will increase the volatility of local markets, said the people, who didn’t want to be identified discussing policy matters. Those taxes have been a stumbling block in previous negotiations.
FTSE Russell and JPMorgan Chase & Co. are due to unveil the results of their index reviews in coming weeks, with investors piling into Indian bonds on bets the country will replace Russian debt. While the index compilers could proceed to include the securities without changes, discussions earlier fell apart over the government’s demand to retain the right to tax capital gains, dashing analysts’ predictions of $30 billion of foreign inflows. (Bloomberg)
Rupee rises 14 paise to close at 81.53 against US dollar on Tuesday
The rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the US dollar on Tuesday as the American currency retreated from its elevated levels.
At the interbank forex market, the local unit opened at 81.45 against the greenback. It witnessed an intra-day high of 81.30 and a low of 81.64 during the session.
It finally ended at 81.53, up 14 paise from its previous close.
This is the first gain after four consequent sessions of losses for the rupee, during which it lost 193 paise against the American dollar. (PTI)
Rajesh Palviya of Axis Securities recommends 3 stocks to buy today — 28 Sept
Following weakness in global equity markets, Dalal Street ended in red zone on Tuesday. Among sectors oil & gas, telecom and IT were the main gainers while power, metals and banks were the main losers. However, small-cap index outperformed key benchmark indices after logging an intraday gain of around 0.49 per cent. Rajesh Palviya, VP – Technical and Derivative Research at Axis Securities believes that both Nifty and Bank Nifty index is indicating negative bias in short term. On buy or sell stocks for today, Rajesh Palviya of Axis Securities recommended 3 stocks to buy today — Indian Hotels, Cipla and MindTree.
Here we list out full details in regard to these buy or sell stocks for today’s session:
1] Indian Hotels: Buy at ₹329, target ₹345 to ₹350, stop loss ₹322;
2] Cipla: Buy at ₹1102, target ₹1140 to ₹1150, stop loss ₹1075; and
3] MindTree: Buy at ₹3258, target ₹3340, stop loss ₹3210.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. (Read More)
Adani group to invest $100 billion by 2032
Billionaire Gautam Adani, the second richest person in the world, on Tuesday said his group would invest $100 billion over the next decade, primarily in energy transition and digital opportunities, as well as sectors such as aerospace and defence, metals and petrochemicals. Adani’s plans in the energy transition space include adding 45 GW of hybrid renewable power generation capacity. (Read More)
US stocks end mixed a day after Dow entered a bear market
A wobbly day of trading on Wall Street ended with a mixed finish for U.S. stock indexes Tuesday as markets stagger amid worries about a possible recession.
The volatile trading comes a day after a broad sell-off sent the Dow Jones Industrial Average into a bear market, joining other major U.S. indexes.
The S&P 500 slipped 0.2%, its sixth consecutive loss. The benchmark index had been up 1.7% in the early going before a midafternoon pullback. The Dow fell 0.4%, while the Nasdaq composite wound up with a 0.2% gain.
Major indexes remain in an extended slump. With just a few days left in September, stocks are heading for another losing month as markets fear that the higher interest rates being used to fight inflation could knock the economy into a recession. (AP)
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