India’s annual consumer inflation remained painfully above the 7% mark, beyond the central bank’s tolerance band for a sixth month in a row, official data showed on Tuesday, raising prospects of more rate hikes by central bank next month.
The Nifty fast moving consumer index rose 0.8%, while the public sector bank index gained 1.1%.
Global benchmark Brent crude tumbled $7 on Tuesday to settle below $100 a barrel for the first time in three months. India, world’s third largest importer of oil benefits from fall in crude prices as it brings down imported inflation in the country.
Now market focus is on U.S. consumer price index due later in the day, to gauge the path of interest rate hikes from the Federal Reserve.
“The market direction will be set by the US market move today which, in turn, will be determined by the CPI inflation data for June to be released today. June CPI inflation is expected to touch 8.8 % YoY. If the actual numbers and indications are below expectations, markets will stage a rebound. Conversely, if the actuals are higher than expectations, there can be a further sell-off impacting markets globally. So, watch out for the US inflation numbers,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Highlights from trade:
- HCL Tech falls 2.3% after firm misses quarterly profit estimates
- Bond yields edge lower tracking CPI data, U.S. yields
- Bajaj Healthcare stock rises 3% as firm to enter opiate processing business
- Paint stocks back in demand as crude prices slip below $100/bbl
- Nomura slashes India 2023 GDP forecast to 4.7%
- Palm tumbles over 6% on weak outlook for exports, China lockdown fears
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Finance Minister Nirmala Sitharaman may meet RBI on Thursday to discuss IDBI Bank strategic sale. As per ET NOW sources, FinMin is seeking certain relaxation from the RBI for the strategic sale. At present, there are limitations as to who can buy a stake in the lender. FinMin is seeking relaxation in the 10 per cent holding limit by PE firms.
Price as on 13 Jul, 2022 02:10 PM, Click on company names for their live prices.
Shares of Care Ratings zoomed over 14 per cent in Wednesday’s trade as the company announced plans to consider a proposal to buyback equity shares. The Board of Directors of the rating agency said they will consider a proposal for buyback of equity shares of the company in a meeting to be held on July 20. At 9:45 am, the scrip traded at Rs 458.85 around 10 per cent above its previous close of Rs 415.35.
Price as on 13 Jul, 2022 02:09 PM, Click on company names for their live prices.
Sensex LIVE Updates: Index tanks over 300 points
Market LIVE Updates: Nifty Private Bank index in sea of red
Price as on 13 Jul, 2022 01:30 PM, Click on company names for their live prices.
ET NOW Exclusive | Finance Ministry to seek relaxation in 10% holding limit by private equity firms in IDBI Bank.
#ETNOWExclusive | Finance Ministry to seek relaxation in 10% holding limit by private equity firms in #IDBIBank.… https://t.co/wsGuyJiuMl
— ET NOW (@ETNOWlive) 1657696483000
The Indian rupee hit a record low for a third straight session on Wednesday as foreign investors continued to dump riskier assets ahead of US inflation data that could determine the pace of tightening in the world’s largest economy. The partially convertible rupee was trading at 79.66/67 per dollar compared to its previous close of 79.5975. The unit touched a life low of 79.6675.
BSE midcap outperforms Sensex
Realty firm Signature Global files Rs 1,000-cr IPO papers with Sebi
The IPO will comprise a fresh issue of equity shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore, according to the draft red herring prospectus (DRHP) filed on Tuesday.
As a part of the OFS, promoter Sarvpriya Securities and investor International Finance Corporation will sell equity shares worth up to Rs 125 crore each.
Bajaj Healthcare Limited (BHL) has been awarded tenders for the highly regulated opiate processing business by the Centre, the pharma company said on July 13, announcing its entry into the sector as the government seeks to boost the yield of alkaloids used in various drugs.
Price as on 13 Jul, 2022 12:29 PM, Click on company names for their live prices.
Market LIVE Updates: Nifty Pharma among better performers today
Price as on 13 Jul, 2022 12:28 PM, Click on company names for their live prices.
Not only have new demat account openings come down, we are at two-year lows in terms of trading volumes on the exchanges. Markets are volatile and the very active intraday traders who trade on Futures and Options, still have opportunities to trade. So that piece of business is still okay but investing is down 20-30% at least for someone like us who added a lot of accounts. But on the overall exchange level, those drawdowns are more. We are almost at two to two-and-a-half year lows in terms of equity trading volumes as well.
– Nithin Kamath, Founder & CEO, Zerodha
Mindtree Q1 preview: Profit likely to surge over 35% YoY; margin may fall on sequential basis
Mindtree is likely to report over 35 per cent year-on-year (YoY) rise in net profit for the June quarter on a 30 per cent-plus rise in sales. Analysts said the strong growth would be led by travel and hi-tech verticals, adding that the commentary on attrition and deal win momentum will be keenly watched.
Sterling and Wilson Renewable Energy has reported widening of its consolidated net loss to Rs 355.99 crore for the quarter ended June 30, mainly on account of increased input costs. The company had clocked a net loss of Rs 76.02 crore during the April-June period of 2021-22 financial year (FY).
Price as on 13 Jul, 2022 11:59 AM, Click on company names for their live prices.
Palm oil headed for one-year low
#MarketsWithETNOW | #PalmOil heads for one-year low on poor #exports and soyoil slump #MarketAlert #GlobalMarket… https://t.co/OFeB6c2TgE
— ET NOW (@ETNOWlive) 1657693338000
Market LIVE Updates: Anand Rathi Wealth has reported 33.6 per cent jump in profit after tax at Rs 39.7 crore for three months ended June 2022. In comparison, the company had posted a Profit After Tax (PAT) of Rs 29.7 crore in the same quarter preceding fiscal.
Price as on 13 Jul, 2022 11:36 AM, Click on company names for their live prices.
Tata Consultancy Services (TCS) launched TCS Pace Port Toronto, its fifth global research and co-innovation centre.
Price as on 13 Jul, 2022 11:31 AM, Click on company names for their live prices.
Yes Bank’s credit committee is likely to meet on Wednesday to consider the sale of its asset reconstruction company (ARC), media reports suggest.
Price as on 13 Jul, 2022 11:06 AM, Click on company names for their live prices.
Market LIVE Updates: Here’s how the realty index is faring
Price as on 13 Jul, 2022 11:02 AM, Click on company names for their live prices.
Having slipped to 16040 on anticipated lines, we would be comfortable seeing it getting extended to 15950 before a more sustainable upswing could be played. But having retraced almost240 points from the recent top, it is fair to expect a swing back higher, though low vix could again limit the possibilities of a clean breach of 16150 which had held firm on anticipated lines, yesterday as well.
– Anand James – Chief Market Strategist at Geojit Financial Services
Nomura slashes India 2023 GDP forecast to 4.7% as it expects a growth slowdown
- As worries of recession pick up across the world in an inflationary environment, analysts at Nomura have cut India’s 2023 growth forecast to 4.7% from 5.4% earlier as it expects growth to slow down over the next year.
- “Higher inflation, monetary policy tightening, dormant private capex growth, the power crunch and the global growth slowdown pose medium-term headwinds. Consequently, we lowered our 2023 GDP growth projection from 5.4% to 4.7%,” the firm said in a note co-authored by Aurodeep Nandi and Sonal Varma.
SIP inflows on rise while demat account additions have moderated, Nithin Kamath of Zerodha shares the details
LIVE | SIP inflows on rise while demat account additions have moderated. @Nithin0dha of @zerodhaonline shares the d… https://t.co/UfYI3u2RzD
— ET NOW (@ETNOWlive) 1657685763000
Bond yields edge lower tracking CPI data, U.S. yields
India’s benchmark 10-year bond yield edged down on Wednesday morning after June retail inflation data came in slightly below market expectations while fears of a global recession continued to aid sentiment for safe-haven government debt. The 10-year bond yield was at 7.36% at 0355 GMT, compared to its close of 7.39% on Tuesday.
Axis Bank say RBI) has approved the reappointment of Rakesh Makhija as the Non-Executive Chairman till October 2023. RBI vide its letter dated July 12, has approved the re-appointment of Makhija as the Non-Executive (Part Time) Chairman of the bank, with effect from July 18 up to October 26.
Price as on 13 Jul, 2022 10:07 AM, Click on company names for their live prices.
Market LIVE Updates: PSU Bank index all in green
Price as on 13 Jul, 2022 10:03 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The market direction will be set by the US market move today which, in turn, will be determined by the CPI inflation data for June to be released today. June CPI inflation is expected to touch 8.8 % YoY. If the actual numbers and indications are below expectations, markets will stage a rebound. Conversely, if the actuals are higher than expectations, there can be a further sell-off impacting markets globally. So, watch out for the US inflation numbers.
An important short- term trend playing out in the market is the weakness in IT and strength in banking. IT is weak on margin pressure in the industry and fears of a possible US recession fallout. Banking is strong due to the strong fundamentals of the banking segment and the impressive credit growth underway in the economy.
Most Active Stocks by Volume on Nifty50 at this hour
Market LIVE Updates: HCL Technologies hit a 52-week low after reporting a 2.4 per cent year-on-year rise in its consolidated net profit for the three months ended June 2022 at Rs 3,283 crore. The revenue of the Noida-headquartered firm stood at Rs 23,464 crore, nearly 17 per cent higher than the year-ago period.
Price as on 13 Jul, 2022 09:42 AM, Click on company names for their live prices.
Buy or Sell: Stock ideas by experts for July 13, 2022
The country’s largest iron ore producer, NMDC, has slashed the prices of lump ore and fines by Rs 500 a tonne each. The prices were effective from Tuesday, the company which is also the largest seller of the mineral.
Price as on 13 Jul, 2022 09:40 AM, Click on company names for their live prices.
Market LIVE Updates: The state-owned UCO Bank has received shareholders’ approval to raise equity capital by way of issuing up to 100 crore shares. The bank would raise equity capital at appropriate time in the current fiscal to support growth.
Price as on 13 Jul, 2022 09:39 AM, Click on company names for their live prices.
The casino and gaming company, Delta Corp, returned to black and reported a net profit of 53.17 crore in the quarter ended June 2022, thanks to a manifold jump in the revenue of the company. It had reported a net loss of Rs 28.93 crore in the same period previous year.
Price as on 13 Jul, 2022 09:38 AM, Click on company names for their live prices.
Bajaj Healthcare stock rises 3% as firm to enter opiate processing business for the govt
Price as on 13 Jul, 2022 09:31 AM, Click on company names for their live prices.
STOCK IN FOCUS: Bajaj Healthcare
#StocksInNews | Bajaj Healthcare to enter opiate processing business for the govt #StockMarket #StocksToWatch… https://t.co/9An1HEoQh7
— ET NOW (@ETNOWlive) 1657684188000
Stocks in focus: Delta Corp, Anand Rathi, Care ratings, HCL Tech, Axis Bank, NMDC and more
Paint stocks back in demand as crude prices slip below $100/bbl
Price as on 13 Jul, 2022 09:23 AM, Click on company names for their live prices.
Opening Bell: Sensex gains 200 points, Nifty above 16,100; Kansai Nerolac jumps 3%, Adani Power 2%
Asian stocks trade higher
Major Asian stocks started Wednesday morning slightly higher following two days of big losses, though gains were limited by ongoing worries about a possible recession and China’s latest Covid-19 outbreak. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.66 per cent.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 50.5 points, or 0.31 per cent, higher at 16,110.50, signaling that Dalal Street was headed for a positive start on Wednesday.
Quarterly earnings today
Mindtree, Tata Metaliks, Rajnandini Metal, Global Education, Premier Polyfilm, International Travel House , Gujarat Hotels and Ramasigns Industries are among companies that will announce their quarterly earnings today.
Tech View: Nifty forms bearish candle; a fall below 16,000 may attract selling
Nifty50 on Tuesday formed a small bearish candle on the daily chart and moved below its 50-day simple moving average. Analysts said the index has failed to see a follow-up buying after recently breaking out of a strong hurdle. They believe a lack of strength is a cause of concern and that the support of 16,000 will be crucial for the index to sustain recent positive momentum.
Oil prices slip on anticipated US inventory build amid demand worries
Oil prices fell in early Asian trading on Wednesday as U.S. inventory data showed buildups in crude oil and refined products amid rising fears of a global economic slowdown. Brent crude futures dropped 68 cents, or 0.7%, to $98.81 a barrel at 0002 GMT. U.S. West Texas Intermediate crude declined 72 cents, or 0.8%, at $95.12, also the lowest in three months.
Tokyo stocks open higher ahead of US inflation data
Tokyo stocks opened higher on Wednesday ahead of a key US inflation report and with worries growing over rising Covid-19 cases in Japan and abroad. The benchmark Nikkei 225 index was up 0.53 percent, or 138.69 points, at 26,475.35 in early trade, while the broader Topix index edged up 0.43 percent, or 8.09 points, to 1,891.39.
Wall Street tumbles at close as worries mount ahead of CPI report
Wall Street ended in negative territory on Tuesday as growing signs of recession kept buyers out of the equities market ahead of inflation data. The Dow Jones Industrial Average fell 192.51 points, or 0.62%, to 30,981.33, the S&P 500 lost 35.63 points, or 0.92%, to 3,818.8 and the Nasdaq Composite dropped 107.87 points, or 0.95%, to 11,264.73.
Rupee slips 14 paise to fresh low of 79.59 per US dollar
The rupee weakened by 14 paise to close at a new lifetime low of 79.59 against the US dollar on Tuesday as a strong greenback overseas and persistent foreign fund outflows continued to weigh on investor sentiment.
Sensex, Nifty on Tuesday
Dragged by broad-based selling across sectors, the 30-share pack Sensex ended nearly 1 per cent lower at 53,887. The index settled below 54,000 after four sessions. Its broader peer, Nifty50, also fell by a similar magnitude but managed to hold the 16,000 mark. Forty-four stocks from the Nifty 50 pack settled with cuts while six ended higher.