Sensex ends 4-day losing streak, adds 345 pts; Nifty reclaims 16K; autos zoom | Mint – Mint

Indian benchmark share indices rebounded on Friday after four days of decline and closed with decent gains led by auto and consumer goods companies. Global shares were mixed after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home.

15 Jul 2022, 03:59:12 PM IST

Indices end in green after 4 days of losses; HUL, Titan, Maruti shine

Key share indices, Sensex and Nifty, rebounded on Friday, after four days of losses, led by strong buying support in auto and FMCG stocks. The 30-stock Sensex ended at 53,760.78, up 344 points. HUL, Titan and Maruti surged over 2.5% each, while Power Grid, Tata STeel and HCL Tech ended with cuts of more than 2.%.

The broader Nifty 50 index ended at 16,049.20, up110.55 points higher. Tata Consumer, Titan and Airtel led the pack. Tata Steel, HCL Tech and Wipro lagged.

Earlier, the index started the day in the positive and then moved in the narrow range around noon. However, good buying support in FMCG and auto stocks helped the indices clock decent gains. Midcap and smallcap stocks also gave an impressive performance. The Indian rupee, meanwhile, recovered 8 paise to close at 79.91 against the US dollar.

Mitul Shah, Head Of Research at Reliance Securities said,”Inflationary pressure is a major concern and fears of a recession is looming. India’s CPI inflation stayed above 7% in June, while the U.S recorded a 41-year-high inflation at 9.1%. Major central banks around the world are likely to consider a steep hike in interest rates in order to tackle elevated price levels. Additionally, recent data suggested that consumer sentiment across the globe continues to be low. India’s depreciating rupee, widening trade deficit, selling pressure from FIIs and volatility in global crude prices are augmenting the economic and financial impediments. The RBI is attempting to diversify sources of forex funding, mitigate volatility in the forex market and contain global spill-overs in order to prevent the devaluation of rupee, and boost foreign inflows. We expect strong economic rebound, normalized commodity prices, inflation within targeted range and better visibility in 2HFY23, which would transform. We expect FII inflows to return by end of 1HFY23, while the DII investments would continue in FY23. Sectors like Automobile, Capital goods, Consumer would be in focus in FY23.”

Sensex at close

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Sensex at close
15 Jul 2022, 03:26:53 PM IST

BSE FMCG jumps 1.5%; Vadilal, DCM Shriram up 6-7%

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15 Jul 2022, 03:18:50 PM IST

Ventura Securities says buy HFCL with a target of ₹86 in 24 months with an upside potential of 28.4%.

HFCL has forayed into telecom equipment for the 5G spectrum, Indian Railways and metro rail. The equipment will be supplied to domestic as well as European and US companies, which are expected to increase export revenue from INR 350 cr in FY22 to INR 1,500 cr in FY24

· Diversification in some new verticals is expected to improve business opportunities for HFCL and de-risk the overall business model

· Over the period of FY22-25E, the management is expecting revenue/ EBITDA/ net profit to grow at a CAGR of 20.0%/ 21.7%/ 30.4% to INR 8,167 cr/ INR 1,172 cr / INR 695 cr respectively

· FY18-22: The company maintained consistency in performance in a turbulent period

· The Company has state-of-the-art Optical Fiber and Optical Fiber Cable manufacturing facilities at Hyderabad, Optical Fiber Cable manufacturing plant in Goa and in its subsidiary i.e., HTL Ltd at Chennai along with FRP Rod manufacturing facility in its subsidiary at Hosur. It also has a telecom equipment manufacturing facility at Solan

15 Jul 2022, 03:11:14 PM IST

Airtel deploys India’s first private 5G network at Bosch facility

Bharti Airtel trialed its first 5G private network at Bosch Automotive Electronics India Pvt Ltd (RBAI) facility in Bengaluru utilizing trial spectrum, where it has implemented two industrial grade use cases for quality improvement and operational efficiency at the plant.

Airtel’s on-premise 5G Captive Private Network was built over the trial 5G spectrum allocated by the Department of Telecom (DoT).

15 Jul 2022, 03:01:15 PM IST

European markets open with gain after a mixed day in Asia 

European shares opened higher Friday after a mixed session in Asia following a report that China’s economy contracted by 2.6% in the last quarter due to virus shutdowns that kept businesses closed and people at home. Germany’s DAX gained 1.5% to 12,706.96 while the CAC 40 in Paris added 0.6% to 5,950.63. Britain’s FTSE 100 advanced 0.9% to 7,104.57.

15 Jul 2022, 02:59:08 PM IST

Most Nifty banks in red; Bandhan Bank slips 2%

Nifty

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Nifty
15 Jul 2022, 02:53:07 PM IST

India’s long-term growth prospects embedded in public capex programmes: Sitharaman at G20

Emphasising on the importance of capital spending amid global uncertainty, Finance Minister Nirmala Sitharaman on Friday said that India’s long-term growth prospects were embedded in public capex programmes. Speaking at the 3rd G20 Finance Ministers and Central Bank Governors Meeting hosted by Indonesia in Bali, Sitharaman outlined that evidence-based policy making was vital for resilient economic systems.

15 Jul 2022, 02:43:56 PM IST

Mindtree-LTI synergies are already producing results: Debashis Chatterjee

Mindtree Ltd just reported its sixth consecutive quarter of more than 5% revenue growth in constant currency and closed the June quarter with its highest-ever total contract value (TCV) of deals which stood at $570 million. Mindtree, owned by Larsen and Toubro Ltd (L&T), is in the process of being merged with L&T Infotech (LTI) to form a separate entity ‘LTIMindtree’ which is poised to become India’s sixth largest IT services firm by revenue and fifth in terms of market capitalization. In an interview, Debashis Chatterjee, chief executive officer and managing director, Mindtree, talks about the demand environment, integration process, and hiring plans. (Full iterview here)

15 Jul 2022, 02:33:38 PM IST

Asian stocks mixed as recession fears grow, China data disappoints

Stocks were mixed in Asia on Friday as soaring inflation and a series of interest rate hikes around the world continued to fan recession fears, while a big miss on Chinese growth added to anxiety about the world’s biggest economies.

ikkei 225 ended 0.5% higher, Hang Seng Index slipped 2.2% and Shanghai – Composite: closed 1.6% lower.

15 Jul 2022, 02:24:28 PM IST

Sensex check: Up 150 points; HUL, Titan, M&M up 2% each, Tata Steel, HCL Tech, Wipro lag

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15 Jul 2022, 02:12:37 PM IST

Is it the right time to buy midcaps?

Have you ever seen any famous investor make a fortune by investing in largecaps?

Outperformance in the stock market is achieved by investing in small and mid-cap companies.

To reiterate the point, HDFC Bank was a nobody in the banking world in the 1990s. Hero MotoCorp in 1990s, was an unknown brand. Titan was just another push by the Tatas in the jewellery segment which was dominated by small jewellers. (Read to kow more)

15 Jul 2022, 02:03:28 PM IST

Indian rupee hits all-time low tracking peers, bond yields edge up

The Indian rupee hit a record low on Friday, continuing its downward spiral, as a weak outlook for global growth prompted investors to dump riskier assets, although easing crude prices limited the unit’s fall.

The partially convertible rupee was trading at 79.90/91 to the dollar versus Thursday’s close of 79.8750. Earlier it touched 79.9525, touching an all-time low for the fifth consecutive session.

15 Jul 2022, 01:53:03 PM IST

IT dept conducts search on Power Mech Projects for alleged tax evasion; shares down 2.5%

The Income Tax Department has searched engineering and construction company Power Mech Projects (PMPL) covering around 20 of its premises.

The group is found to have claimed artificially inflated deduction under special provisions in respect of certain incomes, by resorting to suppression of expenses and over-appropriation of revenue to the unit eligible for such deduction, sources said. (ANI)

BSE

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BSE
15 Jul 2022, 01:43:09 PM IST

BSE MidCap index performs better than Sensex; Tata Consumer leads 

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BSE
15 Jul 2022, 01:34:27 PM IST

Yes Securities on L&T Infotech, ACC

L&T Infotech: Maintains robust operating performance

Overall, the performance was robust across operating parameters. While revenue came inline, EBIT margin was above estimates. Demand environment continues to remain robust for the company; though few clients have become cautious about evolving macroeconomic situation. Offshore and onsite employee attrition has started to moderate and that should ease pressure on margin. We expect it to be among the growth leaders in the Tier 2 IT companies led by its capabilities across verticals and service lines and should be able to maintain net margin of 14‐15% for FY23. We maintain BUY on the stock with revised target price of 4,960/share at revised multiple of 27x on FY24E EPS.

ACC: Revenue in‐line; Energy cost dents margin

ACC Ltd reported weak numbers with EBITDA margin declining to 9.5% (14% YSEC est.) in Q2CY22. While, in-line volumes & 3% y/y NSR growth resulted in Rs44.7bn revenues (+15% y/y). In Feb-22, ACC commissioned Tikaria 1.6MTPA GU and others on commissioning would take total capacity to ~39MTPA by H1CY23E. Recent addition & upcoming capacity in central market will accelerate the volume growth to +8% CAGR over CY22-23E. For H1CY22, operating cost/te increased by +17% y/y due to unprecedented power cost/te surge by +39% y/y to Rs1,483, declined EBITDA/te to Rs669 (41% y/y). Therefore, the EBITDA/te for CY22E likely decline further to Rs678 (earlier est. Rs845) as imported coal prices sustaining +US$350/te & pet‐coke to US$240/te. ACC scaling up its green-power share and alternative fuel usage to improve operating efficiency. Currently stock trades at 15/9x of EV/EBITDA on CY22/23E. Therefore, recommend ADD with TP of Rs2,385 (earlier Rs2400) at 10x EV/EBITDA on CY23E.

15 Jul 2022, 01:26:53 PM IST

Kotak Mahindra Bank completes integration with new tax portal

Kotak Mahindra Bank has announced the completion of its technical integration with the new income tax e-filing portal, a move the bank said makes it one of the first private banks to be fully integrated with the new portal.

The bank said in a statement that Kotak Mahindra Bank customers – individuals as well as corporates – can now pay their direct taxes through the e-pay tax tab on the portal using Kotak net banking or by visiting a branch. This will make the tax payment process simple, instant and convenient for its customers, it said.

15 Jul 2022, 01:15:58 PM IST

Nifty FMCG up 0.9%; most players in green, Tata Consumer soar 3%

Nifty FMCG

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Nifty FMCG
15 Jul 2022, 01:10:18 PM IST

Federal Bank Q1 net profit rises over 63% to ₹600.6 crore, shares up

Federal Bank net interest income or NII, the difference between interest earned and interest expended, rose 13% to 1,604.5 crore in the June quarter as compared to 1,418 crore a year ago.

Federal Bank.

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Federal Bank.
15 Jul 2022, 01:04:03 PM IST

White paper on status of EV adoption in India to be unveiled at EVConIndia 2022

Industry leaders and experts will unveil a white paper on the status of electric vehicle (EV) adoption in India at EVConIndia 2022 conference this month.

The EVConIndia 2022 is being organised by the world’s first sector-specific professional networking platform Blue Circle in Gurugram on July 29, a statement said.

The white paper on the current status of the EV industry and opportunity it offers will also be unveiled during the event, it added.

15 Jul 2022, 12:58:06 PM IST

Nifty metal slips 1% dragged by Tata Steel, Hind Copper, SAIL

NSE

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NSE
15 Jul 2022, 12:48:19 PM IST

Tata Elxsi jumps 3% post Q1 earnings

The technology service company reported Rs. 725.9 crore of revenue from operations, a growth of 6.5% quarter on quarter and 30.0% year on year. The Ebitda for the quarter grew 7.6% compared to the previous quarter to 238.2 crore. Profit after tax stood at Rs. 184.7 crore which is a year-on-year rise of 62.9 crore.

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15 Jul 2022, 12:37:58 PM IST

Ranil Wickremesinghe sworn in as Sri Lanka interim president until Rajapaksa successor elected: Reports

15 Jul 2022, 12:31:07 PM IST

G20 finance leaders in Bali to tackle Ukraine, inflation

Top financial officials from the Group of 20 leading rich and developing nations met on the Indonesian island of Bali on Friday seeking strategies to counter the economic fallout from the war in Ukraine, inflation and other global crises.

Indonesian Finance Minister Sri Mulyani Indrawati opened the two-day meeting by urging fellow finance ministers, central bank chiefs and other leaders to find ways to “build bridges, not walls.” She said the consequences of failure, especially for less wealthy nations, would be “catastrophic.”

15 Jul 2022, 12:24:21 PM IST

L&T Infotech up over 2% on robust Q1 earnings

The IT firm has reported a net profit of 634.40 crore for the first quarter of the current financial year, up 27.7% year-on-year. The company’s revenue from operation surged by 30.6% year-on-year to 4,522.8 crore in the quarter. On a quarter-on-quarter basis, the company’s revenue rose by 5.1%, while net profit fell 0.5%.

BSE

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BSE
15 Jul 2022, 12:16:02 PM IST

Passengers avoid SpiceJet after slew of safety lapses: Survey

Passengers are starting to avoid SpiceJet after a series of mid-air safety failures, according to a survey, dealing a blow to the cash-strapped airline that’s been summoned by authorities to explain the lapses.

A survey of more than 21,000 fliers conducted by LocalCircles showed 44% are currently steering clear of India’s third-biggest airline due to safety concerns versus 21% who are avoiding Air India Ltd. and IndiGo and 18% for Go First. Some 37% of respondents said they don’t avoid any particular airline.

15 Jul 2022, 12:07:20 PM IST

Nifty broad market indices at this hour: SmallCaps lag; India VIX down 2.5%

NSE

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NSE
15 Jul 2022, 12:03:04 PM IST

Sensex at noon: Up 100 points; Bharti Airtel, Titan up 2%; Wipro, HCL Tech main laggards

BSE

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BSE
15 Jul 2022, 11:54:11 AM IST

Earnings downgrades pour in for ACC on dismal June quarter margin performance

Pan-India focused cement manufacturer ACC Ltd. reported dismal earnings performance in the June quarter of calendar year 2022 (Q2CY22). 

Despite the challenges the cement sector is facing, the ACC stock has seen lower decline than the Nifty50, so far in this calendar year. ACC has also done better than peers Ultratech Cement, Ambuja Cements Ltd., and Shree Cement

(Full report)

15 Jul 2022, 11:46:10 AM IST

Shanghai’s economy shrinks 14% as lockdown takes toll

Shanghai’s economy shrank almost 14% in the second quarter when a two-month lockdown in the financial and trading hub shuttered factories, curbed consumer spending and disrupted operations at the world’s largest port.

Shanghai’s economy contracted 13.7% from a year ago, the biggest decline among China’s provinces and municipalities. In Jilin — which also imposed a lockdown to curb Covid infections — GDP shrank 4.5%. General public budget revenue in Shanghai slumped 12.9% in the first half of the year, compared with a 4.7% increase nationwide, showing the hit to government finances from the Covid controls. (Bloomberg)

15 Jul 2022, 11:36:32 AM IST

IndiGo’s Delhi-Vadodara flight diverted to Jaipur following engine vibrations

15 Jul 2022, 11:26:32 AM IST

Adani Ports higher after winning an Israel port for $1.2 Billion

Adani Port

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Adani Port
15 Jul 2022, 11:21:34 AM IST

Yes Bank picks JC Flowers ARC as partner for sale of ₹48,000 crore worth stressed loan portfolio

Yes Bank on Friday said its the board of directors have signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) for strategic partnership in relation to sale of identified stressed loans of the bank.

In August last year, Yes Bank invited expressions of interest to set up the ARC, in which it proposed to own a 20% stake.

15 Jul 2022, 11:11:30 AM IST

India reports over 20,000 new covid cases, 47 deaths in last 24 hours

15 Jul 2022, 11:01:53 AM IST

Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One on gold

After having witnessed a positive closing in the previous session, the price of gold was back again in the negative territory as it ended with a cut of 1.49 percent, ending at 1709.4$ per ounce,

After a one-day pause, gold prices resumed their downward trend. The metal is now headed for yet another weekly fall due to a persistent rise in the dollar and concerns over hasty increases in U.S. interest rates.

The dollar was hovering near 20-year highs, which restrained demand from customers holding other currencies for bullion priced in the greenback. A strong dollar sent gold down nearly 2% in the previous session.

Although the benchmark 10-year Treasury yield inched lower on Thursday, two of the Fed’s hawkish officials indicated they preferred another 75 basis-point increase in interest rates at this month’s policy meeting.

Outlook: We expect gold to trade lower towards 49790 levels, a break of which could prompt the price to move lower to 49370 levels.

15 Jul 2022, 10:54:29 AM IST

Nifty Auto gains 0.7%; all players in the green

Nifty Auto

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Nifty Auto
15 Jul 2022, 10:46:19 AM IST

Tata Steel Long Products slips around 4%; posts net loss of ₹331 crore in the June quarter

The company posted a net loss of 331.09 crore in the June quarter, mainly on account of higher expenses. Its total income, however, rose to 2,154.78 crore from 1,726.82 crore in the quarter ended June 2021. The company saw its expenses rise to 2,489.58 crore from 1,282.59 crore in the same period a year ago.

15 Jul 2022, 10:35:00 AM IST

Angel One’s Top Picks for 15 July

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15 Jul 2022, 10:18:53 AM IST

Reliance Research says ‘buy’ Bharat Electronics with target price of ₹270

Intraday Picks

BHARATFORG (PREVIOUS CLOSE: 659) BUY

For today’s trade, long position can be initiated in the range of Rs653- 648 for the target of Rs674 with a strict stop loss of Rs637.

NESTLEIND (PREVIOUS CLOSE: 18,363) BUY

For today’s trade, long position can be initiated in the range of Rs18,360-18,270 for the target of Rs18,650-18,720 with a strict stop loss of Rs18,090.

ICICIPRULI (PREVIOUS CLOSE: 513) SELL

For today’s trade, short position can be initiated in the range of Rs519- 523 for the target of Rs508 with a strict stop loss of Rs529.

15 Jul 2022, 10:08:20 AM IST

Syngene International jumps 3.5%; co signs 10-year agreement with animal health company Zoetis

The Biocon arm has signed a 10-year agreement with animal health company, Zoetis, to manufacture the drug substance for Librela which is used for treating osteoarthritis in dogs. This agreement paves the way for development and manufacturing of other molecules in the coming years and is expected to be worth up to $500 million to Syngene in over 10 years.

15 Jul 2022, 10:00:50 AM IST

Market view: Sameet Chavan, chief analyst-Technical and Derivatives, Angel One

We can see the key support zone of 15950 – 15900 getting defended successfully on a closing basis. Hence, the bias still remains positive and one should use this as a buying opportunity till the time we do not sneak below it on a sustainable basis. On the flip side, there are a lot of headwinds that are not willing markets to stay at higher levels.

For the coming session, 16040 – 16070 are to be seen as immediate resistances and only a move beyond this would trigger some broad-based buying in the market. At this juncture, it’s advisable to stay light and identify the apt themes that remain a key for momentum traders. Sectorally, banking and IT again started sulking, and hence, their participation is a must in order to lift the overall sentiments in the traders’ fraternity.

15 Jul 2022, 09:53:56 AM IST

LIC takes ₹40,000 crore hit on valuation; shares down

Life Insurance Corp. of India has suffered a 40,000 crore hit on its valuation due to the extended fall in equity markets and rising interest rates affecting yields from its debt investment, a top executive said.

“The equity market fall has impacted the valuation of equity investment holdings by LIC,” an executive director of the country’s largest life insurer said at a conference call hosted by chairman M.R. Kumar on Thursday.

BSE

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BSE
15 Jul 2022, 09:48:36 AM IST

Nifty sectoral indices: IT, metal, PSU Banks weak; FMCG tops pack

NSE

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NSE
15 Jul 2022, 09:37:59 AM IST

Nifty up 0.3%; NTPC, Hero MotoCorp gain, ICICI Bank, Eicher Motors top losers at this hour

Nifty

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Nifty
15 Jul 2022, 09:31:21 AM IST

Sensex up 223 higher in early trade;  Tata Steel, Axis Bank drop; HUL, Bharti Airtel top gains

BSE

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BSE
15 Jul 2022, 09:18:18 AM IST

Sensex opens higher; Nifty above 16,000

15 Jul 2022, 09:11:48 AM IST

Rupee opens at record low of 79.94 against US dollar

15 Jul 2022, 09:06:48 AM IST

Sensex flat in pre-opening; HCL Tech, NTPC weak

BSE

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BSE
15 Jul 2022, 09:00:14 AM IST

Gold inches higher

Gold inched higher on Friday, as the dollar rally eased, although the greenback’s remarkable performance overall and fears of aggressive U.S. interest rate hikes weighed on demand for bullion and set prices for a fifth straight weekly loss.

Spot gold was up 0.2% at $1,713.04 per ounce, but has lost 1.6% so far this week. U.S. gold futures rose 0.4% to $1,712.10. Spot silver dipped 0.1% to $18.36 per ounce, but has fallen about 4.9% in what could be its seventh straight weekly loss.

15 Jul 2022, 08:53:12 AM IST

Cryptocurrencies rise; bitcoin breaks above $20,000 again

Cryptocurrencies rose for the second day as US tech stocks also posted an advance and investors got more clarity on the bankruptcy of a major digital-assets lender.

Bitcoin, the largest digital coin by market value, rose as much as 5.6% on Thursday to once again trade above the closely watched $20,000 level. Ether, the second-biggest, surged 12% at one point to above $1,200. The rallies were broad-based, with an index of 100 of the most-tracked coins rising roughly 6%, and happened as the market digested Celsius Network Ltd.’s filing for bankruptcy, which cleared a major overhang.

15 Jul 2022, 08:44:17 AM IST

Trade gap widens to record even as exports touch $40bn

India’s trade deficit grew to a record in June, attributed to expensive imports of coal and petroleum, even as exports recorded robust growth amid global headwinds, according to official data.

Exports touched the $40 billion-mark for the third time in 2022 and the second time in the current fiscal year despite high inflation and fears of a recession in key markets including the US and the EU.

India’s merchandise exports grew 23.5% year-on-year in June to touch $40.13 billion, while imports grew 57.5% to a record $66.31 billion, leaving the highest ever monthly trade deficit of $26.18 billion.

15 Jul 2022, 08:32:36 AM IST

KKR may sell stake in Max for ₹12,000 crore

KKR & Co. Inc., the largest shareholder of Max Healthcare Institute Ltd, plans to sell its entire stake in India’s third-largest hospital chain for around 10,000-12,000 crore, two people familiar with the development said.

The New York-based private equity firm is in talks with strategic and equity investors, including private equity firms, family offices, and wealthy individuals, to sell its 27.54% stake in the hospital chain, one of the two told Mint. (Read more)

15 Jul 2022, 08:23:08 AM IST

Indian indices likely to open flat, remain under pressure

Benchmark indices Sensex and Nifty are likely to see subdued opening on Friday tracking weak global cues. SGX Nifty also indicated a flat start for domestic indices. On Thursday, markets gave up early gains to close lower for a fourth straight session with he 30-share Sensex closing 98 points lower at 53,416.15 while Nifty ending 0.18% lower at 15,938.70.

15 Jul 2022, 08:14:39 AM IST

Stocks to Watch: Adani Ports, Dabur, L&T Infotech, ACC, Tata Elxsi

Jindal Steel & Power, Federal Bank, Aditya Birla Money, Den Networks, Just Dial, L&T Technology Services, Oberoi Realty, will also be in focus as they declare their June quarter earnings today. (Read more)

15 Jul 2022, 08:06:27 AM IST

Gold set for longest run of weekly losses since 2018

Gold is heading for its fifth weekly loss, the longest streak of such declines in almost four years, with its haven credentials sidelined by investors becoming super-bullish on the US dollar.

Gold slumped below $1,700 an ounce on Thursday for the first time in almost a year, while Bloomberg’s dollar gauge climbed to a record.

15 Jul 2022, 07:57:32 AM IST

Crude oil prices climb

Oil prices rose in early Asian trading on Friday amid uncertainty around how aggressive the U.S. Federal Reserve will be in hiking interest rates to combat rampant inflation.

Brent crude futures for September delivery rose 80 cents, or 0.8%, to $99.90 a barrel, while WTI crude rose 69 cents, or 0.7%, to $96.47 a barrel.

15 Jul 2022, 07:43:22 AM IST

China’s Q2 GDP growth slows sharply to 0.4% year on year, missing forecast

China’s economic growth slowed sharply in the second quarter, expanding 0.4% year-on-year and missing expectations, official data showed on Friday, as widespread lockdowns to curb record COVID cases hit industrial activity and consumer spending.

15 Jul 2022, 07:40:04 AM IST

Asian stocks fall due to worries over US inflation

Stocks fell in Asia on Friday as the dollar held a surge that underscores concerns about a global economic slowdown as monetary policy tightens to tackle inflation.

MSCI Inc.’s Asian share gauge dropped for a second day, including a more than 1% drop in commodity-exporter Australia amid lower raw material prices.

The benchmark Nikkei 225 index was down 0.04%, at 26,632.24 in early trade, while the broader Topix index was down 0.51%

15 Jul 2022, 07:29:48 AM IST

Wall Street ends lower

Wall Street stocks finished mostly lower Thursday following another troubling inflation report as disappointing banking earnings set a downcast tone about the second-quarter earnings season.

The Dow Jones Industrial Average fell 142.62 points, or 0.46%, to 30,630.17, the S&P 500 lost 11.4 points, or 0.30%, at 3,790.38 and the Nasdaq Composite added 3.60 points, or 0.03%, at 11,251.19.


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