Stocks on Wall Street extended a rally Thursday, bonds rose and the dollar held losses as the prospect of a slower pace of Federal Reserve monetary tightening filtered across global markets. The Fed raised rates by 75 basis points for a second month to fight inflation but indicated the pace of hike will slow down.
India’s Bajaj Finance sees best day in over 1-1/2 years as profit more than doubles
Shares of India’s Bajaj Finance jumped as much as 9% on Thursday, their biggest intraday gain since November 2020, a day after it reported that its June-quarter profit more than doubled on growth across segments and lower bad loan provisions.
The non-banking finance company on Wednesday reported consolidated profit after tax of 25.96 billion rupees ($325.37 million), while its assets under management grew by 28% to 2.04 trillion rupees.
Most broad sectoral indices in green with the financial sector and IT leading the race
Yes Securities says BUY for Apollo Pipes, SIS, Bajaj Finance, UTI AMC, ABSL AMC, Tata Motors, Bajaj Auto
Maruti Suzuki – ADD
Dixon Technology – ADD
Colgate-Palmolive – ADD
L&T – ADD
Gas prices shoot up in Europe as Russia cuts supply to Germany
Russia further cuts the flows through the Nord Stream 1 pipeline to Germany, with it now operating at less than 1/5th of its normal capacity. European gas prices have jumped up to €204.85 (£172.08), the third highest price on record.
Pharma and healthcare stocks drag in an otherwise strong market. Index down 0.8%. Biocon tumbles
India’s SpiceJet falls over 9% after aviation regulator halves capacity
Shares of India’s SpiceJet fell as much as 9.3% on Thursday, a day after the country’s aviation regulator ordered the budget carrier to slash its approved fleet to 50% this summer for eight weeks, citing multiple safety snags.
The Director General of Civil Aviation also said on Wednesday the domestic airline will be subjected to “enhanced surveillance”.
Biocon tumbles 4%. The pharma company had reported a 71% increase in net profit on Wednesday
Indices soar at open gaining 0.8%. Tata Steel and Bajaj Finserv shine
Tata Motors shares: Brokerages bullish post Q1 results despite widening loss
Tata Motors reported a widening consolidated net loss to ₹4,951 crore for the June quarter, from a ₹4,450.92 crore loss a year earlier, primarily on account of pressures faced by JLR. Consolidated revenue from operations during the period under review stood at ₹71,935 crore as against ₹66,406 crore in the year-ago period. (Full Report)
Sensex pre-opens on a high note.
Inflation, price rise could dent India’s gold demand in July-Dec -WGC
India’s gold demand in the first half of 2022 jumped 42% from a year ago but consumption in the second half could be lower than last year as higher inflation erodes disposable income, the World Gold Council (WGC) said on Thursday.
Lower purchases by the world’s second-biggest gold consumer could weigh on prices, which are trading near their lowest level in more than a year.
But falling demand for gold imports could help narrow India’s trade deficit and support an ailing rupee.
Stocks to Watch: Tata Motors, Biocon, Colgate-Palmolive, IIFL, Hero MotoCorp
Bajaj Finserv, Dr Reddy’s Laboratories, Nestle India, Jubilant Foodworks, and SBI Life Insurance will be in focus as they declare their June quarter earnings today. (Full Report)
India’s imports from China increased 29 pc in 5 years: Centre in Parliament
India’s total imports from China increased by nearly 29 per cent in the past five years. Compared to 2017-18 and 2021-22, the annual imports from China rose from USD 89714.23 million to USD 115,419.96 million, Union Minister of State for Commerce and Industry Anupriya Patel informed Lok Sabha.
The minister was responding to a question on the details of commodity-wise trade with China during the last five years.
A large portion of the total imports are animal or vegetable fats; ores, slag and ash; mineral fuels, inorganic chemicals, organic chemicals, fertilizers, tanning or dyeing extracts, miscellaneous chemical products, plastic and articles, paper and paperboard, cotton, textile fabrics, footwear, glass and glassware, iron and steel, copper; nuclear reactors, boilers, machinery, and mechanical appliances; electrical machinery, furniture, among others, government data showed.
Reliance Research – Market Lens for July 28, 2022
Reliance Securities research shows:
STOCK IN FOCUS
Astral (CMP Rs.1,794)
In view of the strong all-round growth ahead, rising market share, revival in infrastructure and real estate activities, foray into new segments, we have BUY rating on the stock, with a Target Price of Rs2,215.
BERGEPAINT (PREVIOUS CLOSE: 597) BUY
For today’s trade, long position can be initiated in the range of Rs592- 588 for the target of Rs604 with a strict stop loss of Rs583.
BEL (PREVIOUS CLOSE: 273) BUY
For today’s trade, long position can be initiated in the range of Rs273- 271 for the target of Rs280 with a strict stop loss of Rs269.
ICICIGI (PREVIOUS CLOSE: 1,188) BUY
For today’s trade, long position can be initiated in the range of Rs1,188- 1,180 for the target of Rs1,215 with a strict stop loss of Rs1,169.
Facebook parent Meta posts first revenue decline in history
Meta, the parent company of Facebook and Instagram, posted its first revenue decline in history Thursday, dragged down by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies.
The results largely followed a broader decline in the digital advertising market that is dinging Meta rivals such as Google, Twitter — which also posted a revenue decline — and Snap. Google’s parent company Alphabet reported its slowest quarterly growth in two years on Tuesday.
CEO Mark Zuckerberg said Meta is slowing its pace of investments and plans to “steadily reduce” employee growth after a hiring blitz earlier this year.
Cryptocurrency prices today surge as Bitcoin, Shiba Inu jump 8%, Uniswap rallies 28%
Cryptocurrency prices today surged with Bitcoin trading above the $22,000 mark. The world’s largest and most popular cryptocurrency rose more than 8% to $22,757. The global cryptocurrency market cap today was above the $1 trillion mark, as it surged more than 7% in the last 24 hours to $1.09 trillion, as per CoinGecko.
Tokyo stocks opened higher extending US gains but now trading flat
Tokyo stocks opened higher on Thursday, extending rallies on Wall Street after the US Federal Reserve announced a large interest rate hike. As the day went on, the caution kicked in and the index is now trading flat.
These 2 stocks are under F&O ban on NSE today
Two stocks have been put under the ban for trade on Thursday, July 28, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they has crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Indiabulls Housing Finance and Delta Corp continue to be part of F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day.
Qualcomm cites alarm of sales slowdown from cooling smartphone demand
The US chip supplier Qualcomm Inc on 27 July forecast fourth-quarter revenue below Wall Street targets bracing for a difficult economy and a slowdown in smartphone demand which may hurt its mainstay handset chip business.
The US chip supplier Qualcomm Inc now expects smartphone sales to fall 5% in 2022, compared with its prior outlook for flat growth.
Oil extends gains after US crude stockpiles drop, exports soar
Oil extended gains after a big draw in US crude inventories, while the prospect of a slower pace of interest-rate hikes from the Federal Reserve swept across markets, buoying commodities.
West Texas Intermediate futures climbed toward $99 a barrel after closing 2.4% higher in the previous session. US crude stockpiles dropped by the most since the end of May, while exports rose to a record, according to government data. The spread between WTI and global benchmark Brent is continuing to widen as a reduction in Russian flows exacerbates market tightness in Europe.
How the big Fed interest rate hike can affect your finances
Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling.
The Federal Reserve’ on Wednesday raised its benchmark interest rate by a sizable 0.75 percentage point for a second straight time. The step comes to cool the economy and defeat the worst outbreak of inflation in two generations
Banks, financial institutions can look at having paperless branches: RBI discussion paper
The Reserve Bank on Wednesday suggested that banks and other financial institutions could consider eliminating the use of paper at their branches as well as introducing e-receipts at ATMs.
In a discussion paper on ‘Climate Risk and Sustainable Finance’, the RBI said it intends to prepare a strategy based on the global best practices on mitigating the adverse impacts of climate change, learnings from participation in standard-setting bodies and other international fora.
The thrust of the strategy would include broad guidance for all RBI Regulated Entities to have appropriate governance and strategies to address climate change risks and risk management structure to effectively manage them from a micro-prudential perspective, it said.
RIL partners with IOA to make India global sporting powerhouse
Reliance Industries Limited (RIL) and Indian Olympic Association (IOA) on Wednesday announced a long-term partnership that aims to elevate the performances of Indian athletes, support the national sports federations and build the credentials of India as a global sporting nation, with an aspiration to host the Olympic Games in the future.
Under this partnership, RIL and IOA will also establish the first-ever India House at Paris Olympics 2024.
Govt clears ₹1.64 trillion revival package for BSNL
The Union government on Wednesday cleared a ₹1.64 trillion revival package for debt-ridden state-owned telecom company Bharat Sanchar Nigam Ltd., (BSNL) and a ₹26,316 crore scheme for extending fourth-generation telecom services (4G) to close to 25,000 remaining villages, Communications and Electronics and Information Technology minister Ashwini Vaishnaw said at a briefing.
5G spectrum auction extends to 3rd day; receives bids worth ₹1.49 lakh cr on Day 2
India’s first 5G auction on Wednesday received bids worth ₹1.49 lakh crore on day two, as aggressive bidding across bands by players like Reliance Jio and Bharti Airtel pushed the sale over to the third day.
As many as five rounds of bidding were conducted on Wednesday for the 5G spectrum, capable of offering lag-free connectivity and ultra-high-speed internet.
Telecom Minister Ashwini Vaishnaw said that “good competition” was seen in almost all bands on offer.
Stocks, Bonds Climb on Glimpse of Slower Fed Hikes
Stocks extended a rally Thursday, bonds rose and the dollar held losses as the prospect of a slower pace of Federal Reserve monetary tightening filtered across global markets. S&P 500 rose 2.6% and the tech-heavy Nasdaq 100 had its best day since 2020. US equity futures dipped.
The Fed raised rates by 75 basis points for a second month, said such a move is possible again and reiterated its commitment to fighting inflation. But Chair Jerome Powell added the pace of hikes will slow at some point.
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