victorybull

Author: victorybull

  • Profit-booking in banking, financial, and IT stocks has sent the indices back into the red

    After a recent rise, the Sensex and Nifty50 stock indices fell roughly 1% on Wednesday due to profit-booking in banking, financial, and IT firms.

    The 30-stock BSE Sensex fell 537.22 points, or 0.94 percent, to 56,819.39, as 24 of its constituents fell. It fell 772.57 points, or 1.34 percent, during the day, reaching a low of 56,584.04.

    The broader NSE Nifty50 index fell 162.40 points (0.94%) to 17,038.40, with 39 of its constituents ending the day in the red.
    With a 7.24 percent decline, Bajaj Finance was the worst performer on the Sensex. ICICI Bank fell 2.21 percent, Bajaj Finserve fell 3.88 percent, and SBI fell 1.78 percent.
    Infosys was down 1.68 percent, and Wipro was down 1.91 percent. Titan was down 2.19 percent, Dr. Reddy’s was down 1.94 percent, UltraTech Cement was down 1.63 percent, M&M was down 1.46 percent, and Maruti was down 1.44 percent.

    Tata Steel, on the other hand, increased by 1%, as did Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries, and HDFC Bank.
    The BSE midcap index fell 0.88 percent, while the smallcap index fell 0.61 percent in the broader market.

    Power slid the most (1.86%) among BSE sectors indices, followed by utilities (1.81%), telecom (1.72%), banking (1.40%), and oil and gas (1.40%). (1.24 per cent). Metal was the sole asset to gain ground, gaining 0.02 percent.

    There were 2,202 stocks that fell, 1,161 that rose, and 120 that were constant.

    Stock markets dropped substantially lower in continuation of the current consolidation period, according to Ajit Mishra, VP – Research, Religare Broking Ltd.

  • After Q4 earnings, Bajaj Auto shares fell over 2% to Rs 3,804.80 on the BSE.

    Bajaj Auto's stock fell over 2% in early Thursday trade after the business reported a 2% drop in consolidated net profit for the fourth quarter ended March 2022.

    Bajaj Auto’s stock fell over 2% in early Thursday trade after the business reported a 2% drop in consolidated net profit for the fourth quarter ended March 2022.

    On the BSE, Bajaj Auto shares fell 2.58 percent to Rs 3,804.80.

    The stock fell 2.57 percent to Rs 3,805 per share on the NSE.

    Bajaj Auto reported a 2% drop in consolidated net profit to Rs 1,526 crore for the fourth quarter ended March 2022, owing to sluggish demand and a semiconductor shortage in both domestic and international markets.
    In the January-March quarter of 2020-21, the Pune-based company posted a combined net profit of Rs 1,551 crore.

    Total revenue from operations fell to Rs 7,975 crore in the fourth quarter of FY21, down from Rs 8,596 crore the previous year.

    In the fourth quarter, the company’s total two-wheeler and commercial vehicle sales fell by 17% to 9,76,651 units, compared to 11,69,664 units in the same time of the 2020-21 fiscal year.

  • Reliance Industries has become the first Indian business to have a market capitalization of Rs 19 trillion

    After reaching a new high, Mukesh Ambani’s Reliance Industries Ltd (RIL) became the first Indian listed firm to have a market capitalization of Rs 19 trillion. In an otherwise sluggish market, the stock set a record high of Rs 2,827.10, up 2% on the BSE in intraday trade on Wednesday.

    RIL’s market capitalization was Rs 19.02 trillion at 09:33 a.m., according to BSE data, with the stock up 1.3 percent at Rs 2,811.85. The S&P BSE Sensex, on the other hand, was down 0.61 percent at 56,977.

    RIL’s stock price has increased by 11% in the last seven trading days, from a low of Rs 2,544 on April 18, 2022. The stock has gained 20% in the last three months, compared to a 0.42 percent fall in the S&P BSE Sensex.

    “Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore gross refining margin (GRM) is at an all-time high. Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business that opening more opportunities for the company,” said Santosh Meena, Head of Research, Swastika Investmart.

    RIL is a well-diversified commercial entity with a presence in refining or marketing petrochemicals (O2C), oil and gas exploration, retail, digital services, and media, making it one of India’s largest conglomerates. O2C and oil and gas contributed 50% of EBITDA in the 9MFY22 period, whereas retail, digital, and others contributed 10%, 34%, and 6%, respectively.

    On Tuesday, RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) inked a shareholder agreement for a chemical project in Abu Dhabi’s Ruwais. The development is significant because it will concentrate on the manufacturing of chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC), which are all used in a variety of industrial applications.

  • In early trade, the rupee fell 16 paise to 76.72 against the US dollar.

    stock exchange data

    In early trade on Wednesday, the rupee fell 16 paise to 76.72 against the US dollar, driven down by the greenback’s strength and continuous foreign fund outflows.

    The rupee opened at 76.69 versus the dollar on the interbank foreign exchange, before losing ground to quote at 76.72, a drop of 16 paise from the previous close.

    The rupee was trading at 76.56 against the dollar on Tuesday. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened worse against the dollar on Wednesday as the American currency resumed its upward trend.

    Asian and emerging market counterparts were mixed, but Iyer noted that anticipation of Chinese intervention should limit the peers’ depreciation bias and boost sentiment for the local currency.

    The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.05 percent at 102.34.

    Concerns about China’s weakening growth and predictions that the Federal Reserve will raise rates rapidly increased demand for the greenback, according to Iyer.

    On the domestic front, the 30-share Sensex was down 392.12 points, or 0.68 percent, at 56,964.49, while the wider NSE Nifty was down 126.25 points, or 0.73 percent, at 17,074.55.

    Brent crude prices increased 0.27 percent to USD 105.27 per barrel, the global benchmark.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 1,174.05 crore.

  • Today, a gram of gold costs Rs 53,440, while a kilogram of silver costs Rs 66,700.

    On Monday, the price of 10 grammes of 24-carat gold fell by Rs 10 to Rs 53,440, while the price of 1 kilogramme of silver rose by Rs 100 to Rs 66,700.

    On Monday, the price of 10 grammes of 24-carat gold fell by Rs 10 to Rs 53,440, while the price of 1 kilogramme of silver rose by Rs 100 to Rs 66,700.

    The price of 10 grammes of 24-carat gold in Delhi and Mumbai is the same as it is in Bengaluru, Hyderabad, and Kolkata, and is selling for Rs 53,440.

    The price of 10 grammes of 22-carat gold in Delhi is Rs 48,890, while it is Rs 48,990 in Mumbai, Bengaluru, Hyderabad, and Kolkata.

    In Chennai, however, 10 kilos of 24 carat gold costs Rs 53,940, while 10 grammes of 22 carat gold costs Rs 49,440.

    In Delhi, Mumbai, and Kolkata, a kilogramme of silver costs Rs 66,700, while the precious metal costs Rs 71,600 in Bengaluru, Hyderabad, and Chennai.

    The price of gold varies depending on several factors such as excise duty, making costs, and state taxes in different parts of the country.

  • In early trade, the rupee fell 23 paise to 76.65 against the US dollar.

    Rupee advances 23 paise to 75.93

    The rupee fell 23 paise to 76.65 against the US dollar in early trade on Monday, reflecting the dollar’s surge in the international market.

    The rupee opened at 76.58 against the dollar on the interbank foreign exchange, then plummeted to an early low of 76.65 in early trades, a drop of 23 paise from its previous close.

    The rupee fell 25 paise versus the US dollar on Friday, closing at 76.42.

    According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee began down against the US dollar, pressured down by hawkish remarks from Federal Reserve Chair Jerome Powell last week.

    Meanwhile, Brent crude futures sank 2.85% to USD 103.61 per barrel, the global benchmark.

    The dollar index, which measures the value of the dollar against a basket of six currencies, increased by 0.02 percent to 101.23.

    On the domestic stock market, the 30-share Sensex was down 645.45 points, or 1.13 percent, at 56,551.70, while the broader NSE Nifty was down 189.05 points, or 1.1%, at 16,982.90.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 2,461.72 crore.

  • Rupee slips for third session in a row; oil near $113 a barrel

    Rupee slips for third session

    The rupee depreciated for the third straight session to close 10 paise lower at 76.29 against the dollar on Monday, tracking the strength of the greenback overseas, coupled with foreign fund outflows.

    At the interbank foreign exchange market, the rupee opened lower at 76.41 against the American currency, and shuttled between a high of 76.20 and a low of 76.43. It settled at 76.29, down 10 paise over its previous close of 76.19. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.20 per cent higher at 100.70.

    The rupee also weakened as hawkish Fed officials and dovish ECB continued to push the bond yields higher. The benchmark 10-year bond yield traded down to 7.15 per cent after earlier rising to a high of 7.26 per cent.

    Sriram Iyer, senior research analyst at Reliance Securities, said the rupee weighed was weighed down by the rising crude prices and bond yields.

    Oil prices rose on Monday as the shut down of Libya’s biggest oil field in an already under-supplied market overshadowed signals that China’s lockdowns are weighing on its economic growth.

    Brent crude futures rose above $113 a barrel for the first time since late March. West Texas Intermediate traded around $108. Global markets face further interruptions to oil supplies after demonstrations against Libya’s PM Abdul Hamid Dbeibah shut down Sharara, the country’s biggest oil field.

  • Gland Pharma advances 9% on heavy volumes; stock hits 9-week high

    Gland Pharma advances 9%

    Shares of Gland Pharma moved higher by 9 per cent to its nine-week high of Rs 3,556 on the BSE in Thursday’s intra-day trade amid heavy volumes. In the past two trading days, it has rallied 11 per cent as compared to 2 per cent gain in the S&P BSE Sensex.

    At 09:15 am, around 5.42 million equity shares, representing 3.3 per cent of total equity of Gland Pharma, changed hands on the BSE, exchange data shows. The names of the buyers and sellers, however, could not be ascertained immediately.

    The stock is at its highest level since February 14, 2022. It had hit a record high of Rs 4,350 on August 12, 2021. At 11:40 AM; it was ruling 8 per cent higher at Rs 3,527, as against 1.2 per cent gain in the benchmark index.

    According to Motilal Oswal Financial Services, the prospects of Gland Pharma remain positive given its niche product pipeline in injectables, volume gains in existing products, wider market operations for its portfolio, a strong cash cushion for inorganic growth, and consistent compliance.

    Among Indian players present in the US, Gland appears to be the largest beneficiary from drugs under shortages due to consistent compliance and manufacturing capacity/capabilities. The company has 11 injectable products in the USFDA shortage list, which have combined sales of ~$400 million over the past 12-months.

    “The overall number of drugs under shortage in the US has declined to a 15-year low at present. However, the number of injectables facing a shortage is at its 20-year average, but is at a record high as a percentage of total drug shortages,” the brokerage firm said in a stock update. It has a ‘buy’ rating and a target price of Rs 4,040 per share.

  • India’s foreign exchange reserves fall for fifth straight week

    India's foreign exchange reserves continued its fall for the fifth straight week as the Reserve Bank of India appears to be selling dollars from its co

    India’s foreign exchange reserves continued its fall for the fifth straight week as the Reserve Bank of India appears to be selling dollars from its coffers to prevent sharp depreciation of the rupee amid a surge in global crude prices.

    The reserves fell by $2.471 billion in the week to April 8 to $604.004 billion, RBI data showed.. In the last five weeks, reserves fell by a massive $28.5 billion.

    RBI does not give reasons behind changes in forex reserves.

    The foreign currency assets, which includes holdings of dollars as well as other global currencies such as euro, pound and yen expressed in dollar terms, fell $10.7 billion in the reporting week to $539.727 billion.

  • India expected to attract $100 billion FDI in 2022-23: PHD Chamber

    India is expected to attract $100 billion foreign direct investment (FDI) in 2022-23 on the back of economic reforms and ease of doing business in recent years, industry chamber PHDCCI said on Thursday.

    It also said the current financial year is expected to attain a GDP growth of more than 8 per cent.

    However, the inflation scenario has been stoked by rising international commodity prices, particularly of crude oil, it said.

    “India is expected to attract a $100 billion FDI inflow in 2022-23 supported by various ground touching economic reforms and significant ease of doing business in recent years,” the chamber said.

    It has suggested a ten-pronged strategy to strengthen the economic growth and achieve the target of becoming a $5 trillion economy in next five years.

    The suggestions include speedy infrastructure investments, inclusion of more sectors under the PLI scheme, increase in public investments in agriculture sector, addressing the high commodity prices and shortages of raw materials.