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Category: Financial News

  • Sensex Stops 6-Day Losing Streak With A 180-Point Gain; DMart Rallies 10%, ACC 4%

    Sensex Stops 6-Day Losing Streak With A 180-Point Gain; DMart Rallies 10%, ACC 4%

    On Monday, equity markets closed a bumpy day in the green, increasing for the first time in seven days, as global markets backed up the trade sentiment. The benchmark S&P BSE Sensex fluctuated between 796 points and 52,974 points, or 0.34 percent higher. On the other side, the NSE Nifty closed at 15,842, up 60 points or 0.38 percent The biggest gainers on the Sensex index today were NTPC, Bajaj Finance, Maruti Suzuki, SBI, HDFC, Kotak Bank, M&M, and IndusInd Bank, which rose between 1.6 and 2.9 percent.





    Ultratech Cement, Asian Paints, ITC, TCS, HCL Tech, Nestle, and Dr Reddy’s Labs were the worst performers, with losses ranging from The BSE MidCap and SmallCap indexes outpaced the benchmarks by 1.5 percent and 1.15 percent, respectively, in the wider market. The Nifty PSU Bank index was the best performer, up 3%, while the Nifty IT index was the poorest performer, down 0.75 percent.

  • IN EARLY TRADE, THE RUPEE JUMPED 8 PAISE TO 76.40 AGAINST THE US DOLLAR

    In early trade on Wednesday, the rupee rose 8 paise to 76.40 against the US dollar in anticipation of foreign fund inflows through the LIC IPO.

    The rupee began at 76.46 against the dollar on the interbank foreign exchange, then gained ground to quote at 76.40, an increase of 8 paise from the previous close.

    The rupee was trading at 76.48 against the US dollar on Monday.

    Due to Id-Ul-Fitr, the FX market was closed on Tuesday.

    The government is selling 22,13,74,920 shares in the Life Insurance Corporation (LIC) at a price range of Rs 902-949 per share, with a target of raising Rs 21,000 crore. From May 4 to 9, institutional and retail buyers will be able to purchase the issue.

    The anchor investor part of LIC’s IPO has been fully subscribed, raising roughly Rs 5,620 crore.

    Foreign fund inflows from the LIC IPO, according to Sriram Iyer, Senior Research Analyst at Reliance Securities, could counter a strong currency, which has extended gains amid aggressive rate hikes by the US Fed.

    The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.05 percent at 103.51.

    The 30-share Sensex was down 21.42 points, or 0.04 percent, at 56,954.57 points, while the wider NSE Nifty was down 9.65 points, or 0.06 percent, at 17,059.45.

    Brent crude futures increased 0.99 percent to USD 106.01 per barrel, the global benchmark.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 1,853.46 crore.

  • The10 gm of gold is Rs 51,510, while the price of a kg of silver is Rs 62,700

    On Tuesday, the price of ten grammes of 24-carat gold fell by Rs 1,280 to Rs 51,510, while the price of one kilogramme of silver fell by Rs 800 to Rs 62,700 per kilogramme.

    the price of 10 grams of 22-carat gold has dropped by Rs 1,190, and the precious metal is now selling for Rs 47,200.

    The price of 10 grammes of 24-carat gold in Delhi and Mumbai is the same as it is in Bengaluru, Hyderabad, and Kolkata, with the precious metal retailing at Rs 51,510 in these cities.

    However, 10 kilos of 24-carat gold sell for Rs 52,970 in Chennai, whereas 10 grammes of 22-carat gold sells for Rs 48,550.

    In Delhi, Mumbai, and Kolkata, one kilogramme of silver costs Rs 62,700, while the metal costs Rs 67,600 in Chennai, Bengaluru, and Hyderabad.

    By the drop in international precious metal prices, gold in the national capital fell from Rs 745 to Rs 50,936 per 10 kilos on Monday. Silver fell by Rs 1,228 per kilogramme to Rs 63,028, down from Rs 64,256 per kilogramme in the previous trading.

  • Bajaj Auto’s April sales fell 20% to 310,774 units, with domestic sales down 24%

    Bajaj Auto Ltd reported a 20% drop in overall sales in April to 3,10,774 units on Monday. Bajaj Auto said in a statement that it sold 3,88,016 vehicles in the same month last year.

    It stated that total domestic sales in April 2021 were 1,02,177 units, down 24% from 1,34,471 units in April 2021.
    Last month’s exports were also down 18%, at 2,08,597 units, compared to 2,53,545 units a year ago.
    Domestic two-wheeler sales were 93,233 units, down 26% from 1,26,570 units in the same month previous year, according to the business.

    It said that the company’s two-wheeler shipments were down 15% to 1,88,478 units in April 2021, compared to 2,21,603 units in April 2021.

    Commercial vehicle sales in the domestic market, on the other hand, increased by 13% to 8,944 units from 7,901 units in the same month last year, according to Bajaj Auto.

    However, commercial vehicle exports fell 37% to 20,119 units in April 2021, compared to 31,942 units in April 2021, according to the business.

  • In early trade, the rupee rose 6 paise to 76.44 against the US dollar

    In early trade on Monday, the rupee rose 6 paise to 76.44 against the US dollar, owing to a drop in global petroleum prices. However, currency traders claimed that the rupee’s advances were restrained by a sluggish trend in domestic equities and a strong dollar in the overseas market.

    The rupee opened strong at 76.48 against the US dollar on the interbank foreign exchange, rising 6 paise from the previous close to 76.44. The rupee had finished at 76.50 against the greenback in the previous session.

    The 30-share Sensex was down 336.59 points, or 0.59 percent, at 56,724.28, while the wider NSE Nifty was down 102.60 points, or 0.60 percent, at 16,999.95 on the domestic equity market.

    The dollar index, which measures the strength of the greenback against a basket of six currencies, increased by 0.43 percent to 103.40.

    Brent crude futures fell 0.94 percent to USD 106.13 per barrel, the global benchmark. According to exchange data, foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 3,648.30 crore.

  • As the yen falls on the dovish BOJ, the dollar reaches a 20-year high and the euro a 5-year low

    The dollar rose to a 20-year high against its peers on Thursday as the Bank of Japan maintained its dovish stance, sending the yen to its lowest level since 2002 and the euro to a five-year low amid concerns about the region’s economic growth.

    The dollar soared beyond 130 yen as the Bank of Japan reaffirmed its commitment to maintaining ultra-low interest rates by promising to buy an infinite number of bonds everyday to meet its yield target.
    Given the pressure mounting throughout foreign exchange markets, there had been considerable market speculation that the BOJ might take a step back.

    After reaching a high of 103.93, the dollar index was last seen at 103.73, up 0.74 percent for the day.

    After data showed that the US economy unexpectedly fell in the first quarter due to a resurgence in COVID-19 cases, the greenback lost ground.

    Rai, on the other hand, claimed that the data did not necessarily show a sluggish economy, but that it was skewed by a much higher trade deficit caused by rising imports.

  • 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.