victorybull

Tag: Market

  • Hacker steals $625 mn in crypto from Blockchain platform Ronin

    In one of the largest decentralized finance (Defi) breaches yet, a hacker has stolen cryptocurrencies worth $625 million from Ronin, a Blockchain platform behind the popular non-fungible token (NFT) game Axie Infinity.

    The Blockchain platform and Axie Infinity operator Sky Mavis admitted the security breach, saying that 173,600 Ethereum and 25.5M USDC (a cryptocurrency pegged to the US dollar) were drained from the Ronin bridge in two transactions.

    “The attacker used hacked private keys in order to forge fake withdrawals. We discovered the attack after a report from a user being unable to withdraw 5k ETH from the bridge,” Ronin Network said in a statement late on Tuesday.

    The company has temporarily paused the Ronin Bridge to ensure no further attack vectors remain open.

    The company was working with law enforcement officials, forensic cryptographers, and investors to make sure all funds are recovered or reimbursed.

    “As we’ve witnessed, Ronin is not immune to exploitation and this attack has reinforced the importance of prioritising security, remaining vigilant, and mitigating all threats,” said the Blockchain platform.

    “As of now, users are unable to withdraw or deposit funds to Ronin Network,” it added.

    In January this year, hackers stole crypto tokens worth $120 million from the Blockchain-based decentralized finance (Defi) platform BadgerDAO. Several crypto wallets were drained before the platform could stop the cyber attack.

    In December last year, cyber criminals stole cryptocurrency worth $80 million from Qubit Finance, a decentralised finance (DeFi) platform.

  • Sensex jumps over 300 points in early trade; Nifty above 17,300

    Equity benchmark Sensex surged over 300 points in early trade on Tuesday, following gains in index majors HDFC, Maruti Suzuki, and ICICI Bank amid a largely positive trend in global equity markets.

    Besides, a fall in international crude prices supported the market sentiment, traders said.

    The 30-share BSE barometer was trading 317.22 points higher at 57,910.71. Similarly, the broader NSE Nifty gained 93.45 points to 17,315.45.

    From the 30-share pack, UltraTech Cement, HDFC, Asian Paints, Bharti Airtel, Maruti Suzuki and ICICI Bank were the lead gainers.

    On the other hand, ITC, Tata Steel and NTPC were among the laggards.

    In the previous trade, the BSE barometer climbed 231.29 points or 0.40 per cent to settle at 57,593.49. The NSE Nifty recovered 69 points or 0.40 per cent to 17,222.

    Elsewhere in Asia, bourses in Tokyo, Seoul and Hong Kong trading in the green, while Shanghai quoted marginally lower during mid-session deals.

    Stock exchanges in the US ended with gains on Monday.

    Meanwhile, international oil benchmark Brent crude declined 1.30 per cent to USD 111.02 per barrel.

    Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 801.41 crore on Monday, according to stock exchange data.

  • Rupee advances 22 paise to 76.78 against US dollar in early trade

    Rupee advances 22 paise to 76.78

    The rupee advanced 22 paise to 76.78 against the US dollar in the opening trade on Wednesday, supported by the weakness in the American dollar and recovery in domestic equity markets.

    Forex traders said the rupee could remain range-bound and can witness high volatility amid the deepening Russia-Ukraine conflict.

    At the interbank foreign exchange, the rupee opened at 76.90 against the US dollar, then gained momentum and touched 76.78, registering a gain of 22 paise from the previous close.

    On Tuesday, the rupee fell for the fifth consecutive day and depreciated by 7 paise to close at a lifetime low of 77 against the US dollar, weighed by surging crude oil prices.

    The Indian rupee could remain range-bound this Wednesday and will continue to witness high volatility, said Sriram Iyer, senior research analyst at Reliance Securities.

    The dollar fell, while a recovery in the domestic equity markets could cap weakness. However, oil continued to move higher after the US ban on Russian energy products and could cap the appreciation bias, Iyer noted.

    Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 99.01.

    Meanwhile, global oil benchmark Brent crude futures jumped 2.59 per cent to USD 131.29 per barrel.

    On the domestic equity market front, the 30-share Sensex was trading 550.95 points or 1.03 per cent higher at 53,975.04, while the broader NSE Nifty rose 117.70 points, or 0.74 per cent, to 16,131.15.

    Foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 8,142.60 crore, as per stock exchange data.

  • Forex reserves jump by $2.76 bn to $632.95 bn: RBI data

    The country’s foreign exchange reserves increased by USD 2.762 billion to USD 632.952 billion for the week ended February 18 on a healthy rise in the value of gold reserves and core currency assets, the RBI said on Friday.

    In the previous reporting week, the overall reserves had declined by USD 1.763 billion to USD 630.19 billion.

    During the reporting week, the rise in overall reserves was on account of an increase in the foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.

    FCA increased by USD 1.496 billion to USD 567.06 billion in the week ended February 18, it said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

    Gold reserves increased by USD 1.274 billion to USD 41.509 billion in the reporting week, the data showed.

    The special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased by USD 11 million to USD 19.162 billion, RBI said.

    The country’s reserve position with the IMF increased by USD 4 million to USD 5.221 billion in the reporting week, the data showed.

  • Rupee sinks to record low with stocks as Ukraine crisis boosts oil

    The Indian rupee tumbled to a record low along with stocks and bonds as a spike in oil prices spurred by the war in Ukraine threatened to inflate the nation’s oil-import bill and fan inflationary pressures.

    The rupee declined as much as 1% to 76.9625 per dollar, past its previous low of 76.9088. Benchmark government bond yields rose six basis poaints to 6.87%, while the S&P BSE SENSEX Index fell as much as 3.3% to 52,542.64, the lowest since July.

    Today’s move has turned the rupee into Asia’s worst performer this year as surging crude prices fueled worries about the country’s balance of payments. India imports nearly three-fourth of its oil, making it one of the most vulnerable in Asia to higher prices.

    India’s benchmark equity index dropped to its lowest level in more than seven months with most of the 30 stocks of the S&P BSE Sensex trading in the red.

    “Geopolitical risks will likely stay elevated, especially on the terms of trade shock and current-account deficit implications,” Barclays Plc. analysts including Ashish Agrawal wrote in a note. “The INR is more sensitive to supply side oil shocks,” he said, adding that the Reserve Bank of India “is likely to continue selling USD passively, but is unlikely to defend any particular level.”

    Foreign funds have taken out about $16 billion from India’s equity markets since September. The initial share sale of Life Insurance Corp., widely referred to as India’s Aramco moment, is also increasingly likely to be deferred given the volatile geopolitical conditions.

  • Sensex, Nifty surrender early gains as boiling oil plays spoilsport

    Equity indices relinquished early gains to close in the red for the second straight session on Thursday as surging oil prices amid the ongoing conflict between Russia and Ukraine sapped risk appetite.

    Crude oil prices ratcheted up towards the USD 120 per barrel mark on fears of supply disruptions as western nations tightened sanctions on Russia, which accounts for around 10 percent of global oil output.

    A weakening rupee and persistent foreign fund outflows also weighed on sentiment, traders said.

    The 30-share BSE Sensex started the trade on a firm footing and jumped 527.72 points in morning deals to a high of 55,996.62. However, during the afternoon session, it surrendered all its early gains and finished at 55,102.68, down 366.22 points or 0.66 percent.

    UltraTech Cement was the biggest drag among the Sensex components, tumbling 6.47 percent, followed by Asian Paints, Dr. Reddy’s Laboratories, Maruti Suzuki India, Hindustan Unilever Limited, and ICICI Bank. Similarly, the broader NSE Nifty declined 107.90 points or 0.65 percent to close at 16,498.05.

    In contrast, PowerGrid, Wipro, Tech Mahindra, HCL Tech, ITC, Tata Steel, and Infosys were among the prominent gainers, climbing as much as 3.34 percent.

    “Domestic equity markets closed lower as the geopolitical scenario continue to worsen due to the Russia-Ukraine crisis. Soaring crude prices due to supply disruptions from Russian sanctions have further escalated the situation,” according to Mitul Shah, Head Of Research at Reliance Securities.

    Vinod Nair, Head of Research at Geojit Financial Services, said the release of strategic reserves of oil in India and abroad along with increased output Afrom OPEC is expected to ease crude prices in the future.

    “Additionally, the Indian market will look at the state elections exit poll data while the global market will track war developments, BoE and Fed policy meeting status from next week,” he noted.

    Among sectors, BSE auto dropped the most at 2.24 percent, followed by consumer discretionary goods and services, bank and capital goods, while utilities, power, and oil and gas mustered gains.

    The BSE midcap and smallcap indices ended on a mixed note.

    International oil benchmark Brent crude surged 2.75 percent to USD 116.03 per barrel.

    Bourses in Hong Kong and Tokyo settled with gains, while Shanghai was marginally lower.

    Stock exchanges in the US closed in the positive territory in the overnight session. European markets were mostly lower in the afternoon session.

    The rupee declined by 16 paise to close at 75.96 against the US dollar on Thursday.

    Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 4,338.94 crore on a net basis on Wednesday, as per exchange data.

  • Rupee slumps 49 paise to 75.82 against US dollar in early trade

    The rupee declined 49 paise to 75.82 against the US dollar in opening trade on Wednesday amid a weak risk appetite as tensions escalated in Eastern Europe.

    Forex traders said sustained foreign fund outflows, a lackluster trend in domestic equities and elevated crude oil prices weighed on investor sentiment.

    At the interbank foreign exchange, the rupee opened at 75.78 against the US dollar, then slipped further to 75.82, registering a decline of 49 paise from the last close.

    On Monday, the rupee had settled at 75.33 against the US dollar.

    The forex market was closed on Tuesday on account of Mahashivratri.

    “The Rupee opened gap down against the US Dollar this Wednesday, tracking a rebound in the dollar index after ceasefire negotiations between Russian and Ukraine forces failed,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

    Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01 percent to 97.41.

    Stronger crude oil prices and weaker Asian currencies against the US Dollar could weigh on sentiments, Iyer said.

    Meanwhile, global oil benchmark Brent crude futures jumped 5.15 percent to USD 110.38 per barrel.

    Markets will continue to remain volatile, and trade will continue surrounding headlines in Eastern Europe. The RBI could be present to curb excess volatility, Iyer added.

    On the domestic equity market front, the 30-share Sensex was trading 748.79 points or 1.33 percent lower at 55,498.49, while the broader NSE Nifty slipped 177.20 points, or 1.06 percent, to 16,616.70.

    Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 3,948.47 crore, as per stock exchange data.

  • Indices end strong after bleak opening session; Tata Steel rises over 6%

    Benchmark Bombay Stock Exchange (BSE) Sensex recovered after a weak opening, as the 30-share barometer plunged more than 1,025 points to the day’s low of 54,833.50, before staging a recovery to close 388.76 pts or 0.70 per cent higher at 56,247.28, marking its second session of gains.

    On similar lines, the broader National Stock Exchange (NSE) Nifty climbed 135.50 points or 0.81 points to settle at 16,793.90. The Indian indices mirrored a rebound in Asian equities, even as the Ukraine crisis continued to roil western markets.

    Tata Steel emerged as the lead gainer among Sensex scrips, jumping by 6.61 per cent, followed by Power Grid, Reliance Industries, Titan, NTPC, L&T, Asian Paints and ICICI Bank.

    On the other hand, Dr Reddy’s, M&M, Axis Bank, HDFC twins and Kotak Bank were among the major laggards, shedding up to 2.81 per cent.

  • Sensex, Nifty end lower in see-saw session; HDFC bucks trend

    Market benchmarks closed in the red after a highly volatile session on Wednesday despite a positive trend in global equities amid signs of cooling of Russia-Ukraine tensions.

    The 30-share BSE Sensex swung nearly 800 points during the session before closing at 57,996.68 — marking a loss of 145.37 points or 0.25 per cent

    Likewise, the NSE Nifty see-sawed between gains and losses before settling 30.25 points or 0.17 per cent lower at 17,322.20.

    On the Sensex chart, NTPC, SBI, UltraTech Cement, ICICI Bank, Tata Steel, Bajaj Finserv and Bjaja Finance were among the major laggards, shedding as much as 1.63 per cent.

    In contrast, Bharti Airtel was the top performer, spurting 1.41 per cent, followed by HDFC, M&M, Dr Reddy’s, Kotak Bank and Nestle India.

    Of the index constituents, 22 shares closed with losses.

    Ajit Mishra, VP – Research, Religare Broking Ltd, said markets are currently dancing to the global tunes and the trend is likely to continue.

    “The US Fed meeting minutes and lingering tension over the Russia-Ukraine crisis will remain on the radar. Besides, the scheduled weekly expiry would further add to the choppiness. We reiterate our cautious stance and suggest waiting for further clarity,” he noted.

    Sectorally, metal, banking and basic materials indices fell the most — dropping up to 0.66 per cent. Of the 19 indices, 11 indices closed in the red. Broader BSE midcap and largecap gauges followed the benchmark to end lower, while the smallcap index logged gains.

    World stocks edged higher after Russia said it was pulling back some troops from the Ukraine border, even as the US administration reiterated its commitment to respond “decisively” in case of a Russian attack.

    Elsewhere in Asia, bourses in Tokyo, Shanghai, Hong Kong and Seoul closed with significant gain.

    Markets in Europe too were largely trading higher in the afternoon session. Global crude oil benchmark Brent Futures slipped 0.19 per cent to USD 93.06 per barrel.

    The rupee appreciated by 23 paise to close at 75.09 against the US dollar. Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 2,298.76 crore, according to stock exchange data.

  • Oil prices steady as investors eye US-Iran nuclear talks

    Oil prices were mixed on Thursday, after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.

    Brent crude futures slid 10 cents, or 0.1%, to $91.45 a barrel at 0130 GMT, while U.S. West Texas Intermediate crude was at $89.74 a barrel, up 8 cents.Robust demand recovery from the coronavirus pandemic has kept global oil supplies snug, with inventories at key fuel hubs globally hovering at multi-year lows.

    U.S. crude inventories fell 4.8 million barrels in the week to Feb. 4, dropping to 410.4 million barrels – their lowest for commercial inventories since October 2018, the Energy Information Administration said. Analysts in a Reuters poll had forecast a 369,000-barrel rise.

    U.S. product supplied – the best proxy for demand – peaked at 21.9 million barrels per day (bpd) over the past four weeks due to strong economic activity nationwide, EIA data showed.

    The surprise crude draw reinforces how tight the oil market remains, OANDA analyst Edward Moya said in a note.

    “Crude prices have too many catalysts that support a move to $100 oil in the near future,” he said, pointing to geopolitical tensions across Europe and the Middle East, and improving demand globally as normal travel resumes in large parts of the world.

    However, investors are closely watching the outcome of U.S.-Iran nuclear talks which resumed this week. A deal could lift U.S. sanctions on Iranian oil and ease global supply tightness.

    The White House publicly pressured Iran on Wednesday to revive the 2015 Iran nuclear agreement quickly, saying that it will be impossible to return to the accord if a deal is not struck within weeks.

    “The core uncertainty remains whether Iran is willing to sign on the dotted line,” Eurasia analyst Henry Rome said, adding that the consultancy was holding onto a 40% call on a return to the agreement.

    Separately, U.S. President Joe Biden and King Salman of Saudi Arabia discussed energy supplies and developments in the Middle East, including in Iran and Yemen, during a phone call on Wednesday.

    Salman also spoke about maintaining balance and stability in the oil markets and emphasised the need to maintain the OPEC+ supply agreement, state news agency SPA said.In Europe, U.S. Vice President Kamala Harris will be meeting its allies and partners in Munich next week seeking to deter Russian aggression in Ukraine.