Market Highlights: Sensex closes below 65k, Nifty down 50 pts: IT stocks tank; Jio Financials to debut on 21 Aug – DairyScoop

Global negative cues continue to drag the market as Sensex lost 200 pts and Nifty 55 pts on Friday; IT stocks tumble

Indian shares fell on Friday dragged by IT stocks, tracking a slide in global equities on rate concerns in the United States and deflation and demand worries in China. However, highly weighted RIL’s climb in the second half somewhat controlled the slide.

The Nifty 50 index shed around 50 pts to close the week just above 19,300, at 19,310. Meanwhile, the S&P BSE Sensex fell around 200 pts to close at 64,948. Both the indices lost around a per cent each this week and have registeered a slide for the fourth consecutive week, the first such instance since May 2022.

RIL shares rebounded after the announcement of Jio Financial Services listing on 21st August on NSE. Adani stocks also gained amidst news of more investments pouring into their entities. TCS, Wipro, Infosys, and Tech Mahindra were major laggards.

IT firms shed as they earn a significant share of their revenue from the US on rising rate concerns in the world’s largest economy. Pharma and Consumer Durable also ended in red. PSU Bank, Media and FMCG ended in the green with a jump of around 0.5% each.

Global shares mostly slipped Friday as rising yields in the bond market on Wall Street set off expectations that high interest rates would continue in the U.S.

Japan’s Nikkei share average posted its biggest weekly loss in eight months as it fell for a third session amid lingering concerns about China’s economic outlook and fears for rising yields.

The Nikkei lost 3.1% for the week, its biggest weekly decline since the week ended Dec. 23. For the day, the index fell 0.55% in its third straight losing session. The broader Topix lost 0.70% and fell 2.8% for the week.

China and Hong Kong stocks dropped as investor sentiment remained subdued amid a lack of concrete stimulus to boost consumption and support a troubled real estate sector.

China’s blue-chip CSI300 Index closed down 1.2%, while the Shanghai Composite Index lost 1%. Hong Kong’s benchmark Hang Seng Index was down 2.1%. For the week, CSI300 Index was down 1.3%, while the Hang Seng Index lost 5.9%, marking the worst week in five months.

European shares sank to their lowest in over a month on track to post weekly losses, as concerns around interest rates across the world remaining higher for longer and dwindling growth prospects in China hammered risk sentiment.

UK stocks fell and were set for weekly losses, led by declines in retailers’ shares after data showed domestic retail sales fell more than expected in July.

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Stock Market Live: NCLAT allows Go First lessor to inspect aircraft

he National Company Law Appellate Tribunal (NCLAT) on Friday allowed Go First Airline’s engine lessor, Engine Lease Finance BV, to inspect its four parked engines leased to the grounded airline.

This decision modified the NCLT’s 26 July order, which permitted Go First to use the leased aircraft, and noted that it does not approve the part of the NCLT order that restrained the engine lessor from inspecting the engines.

The NCLAT instructed NCLT to promptly dispose of the matter. The court also directed the resolution professional (RP) to provide an inspection date within 10 days. (Read More)

Share Market Live: India plans to hold FTA talks with UK, EU, Canada on sidelines of G20 meet: trade secy

India plans to hold bilateral talks on free trade agreements with the United Kingdom, the European Union and Canada on the sidelines of a G20 meeting next week, a top trade official said on Friday.

The trade ministers are likely to discuss trade and World Trade Organisation reforms during their meeting next week, trade secretary Sunil Barthwal told reporters. (Reuters)

Sensex Today Live: Jio Financial Services Lts to list on Nifty on August 21 

Jio Financial Services (JFSL), which was demerged from Reliance Industries Ltd (RIL), will be listed on Indian stock exchanges on August 21, Monday.

“Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities,” a notice on BSE said.

Stock Market Live Updates: In a first this monsoon season, water levels at key reservoirs dip below 10-year average

Water level in India’s key reservoirs slipped below the 10-average, a first this monsoon season, as rainfall activity turned sluggish across many parts of the country.

According to data from the Central Water Commission (CWC), water level at 146 reservoirs as on Thursday was at 111.285 billion cubic metres (bcm), 62% of their combined storage capacity. The level was unchanged week-on-week, but was lower than 135.88 bcm a year ago, and less than the 10-year average of 112.92 bcm. “The live storage available in 146 reservoirs as of Thursday is 82 % of the live storage of corresponding period of last year and 99% of storage of average of last ten years,” the CWC said. (Read More)

Share Market Live: Pfaudler sells 13.56% stake in GMM Pfaudler

Pfaudler Inc. has divested 60,94,817 equity shares, equivalent to 13.56% of the equity share capital of GMM Pfaudler, through block deals. This announcement was disclosed by the glass-lined equipment manufacturing company in a filing made to the stock exchange on Friday.

“Pfaudler, Inc. (Pfaudler) has sold 13.56% of the securities held by it in the company (share sale). On completion of the share sale, the shareholding of Pfaudler in the company is now at 1%,” GMM Pfaudler said in the filing.

Pfaudler Inc. is held by private equity fund DBAG Fund VI. (Read More)

Share Market Live: Adani stocks gain 2%-9%, Adani Enterprises, Adani Port among top gainers on Nifty

Seven Adani Group stocks exhibited notable gains ranging from 2% to 9% during Friday’s trading session, driven by various recent developments. Among these, Adani Enterprises Ltd and Adani Ports & Special Economic Zone Ltd both surged by over 3%, ranking them among the top gainers on the Nifty 50 index.

The Adani Group’s stocks have garnered attention due to reports suggesting that Abu Dhabi National Energy Company PJSC (TAQA) is exploring the possibility of investing up to $2.5 billion in the group’s power sector. This news has been a significant factor influencing the rise in Adani stocks. (Read More)

Sensex Today Live: Reliance Industries jumps in the second half and has gained more than 1.5% 

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Stock market news: Coal India down 2%; stock trades ex-dividend today

Coal India’s shares witnessed a 2% decline on Friday due to trading ex-dividend. The stock dropped by up to 2.17% to reach 227.25 on the NSE at 1.28 pm. The central public sector undertaking (CPSU) had declared a final dividend of ₹4 per equity share during its Q4 and annual earnings announcement in May 2023.

Additionally, August 18 was established as the record date for determining the eligibility of members to receive the final dividend payment. (Read More)

Share Market Live: Realty sector continues to remain subdued with most stocks in the red

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Stock Market Live: NLC India signs pact with Rajasthan govt for 300 MW solar power supply

State-owned NLC India on Friday said it has entered into an agreement with Rajasthan Urja Vikas Nigam (RUVNL) for supplying 300 megawatt of solar power under the CPSU scheme.

“The company has secured 510 MW solar project capacity in the CPSU Scheme Phase-II Tranche-III, floated by Indian Renewable Energy Development Agency through competitive bidding,” it added.

According to the ministry of coal, NLC’s 300 MW solar project capacity is under execution at Barsingsar, Bikaner district, Rajasthan. The engineering, procurement, and construction (EPC) contract for the project has been awarded to Tata Power Solar Systems through competitive bidding. (Read More)

Sensex Today Live: TCS leads the drag in the IT index as it sheds more than 2% in today’s session

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Share Market Updates Live: India Needs Major Reforms in Food Supply Management, Says RBI

India needs to adopt a sound policy on how to store perishables to shield the economy from repeated food price shocks, researchers in the country’s central bank said.

“The vulnerability of the economy to recurring incidence of vegetable price shocks, especially ahead of and during the monsoon, warrants major reforms in perishable supply chains covering transportation networks, warehousing and storage technologies,” the Reserve Bank of India said in its monthly State of the Economy report Thursday.

These reforms will lead to efficiency and productivity gains and enable “stable prices for consumers, assured supplies and remunerative proceeds for farmers,” it said. (Bloomberg)

Stock Market Live: Nomura Cuts China’s Growth Forecast to 4.6% on ‘Downward Spiral’

Nomura Holdings Inc. lowered this year’s growth forecast for China to 4.6% after weaker-than-expected data in July and an ongoing “downward spiral” in the economy.

The bank cut its estimate from 5.1% previously, it said in a report on Friday. The growth forecast for next year was maintained at 3.9%.

“In coming months, growth will face further pressure as the post-pandemic pent-up demand for travel runs its course,” Nomura’s economists led by Ting Lu wrote in the note. It’s more likely Beijing will miss this year’s growth target of around 5%, rather than meet it, they said.

Morgan Stanley earlier this week slashed its 2023 growth forecast to 4.7%, while JPMorgan Chase & Co. lowered its projection to 4.8% (Bloomberg)

Share Market Live: Centrum Broking views on JK Cement: Good volumes growth, margin recovery slower

Centrum Broking on JK CEment: Good volumes growth, margin recovery slower

Reduce, TP: Rs3,164

JK Cements (JKCE) reported results largely in line with our estimate at EBITDA level. The company has restated its financials to factor in the effect of amalgamation of its subsidiary Jay kay cem central ltd (recently commissioned Panna and Hamirpur plants) with the parent and as a result, 1QFY24 and 4QFY23 numbers have been restated. On consolidated basis, the company delivered impressive volume growth of 25% for 1QFY24 on account of ramp-up of Panna and Hamirpur. The company has achieved utilization of 75% at its new plants within a short span of 9 months. It has also commissioned 22MW WHRS plant at Panna during the quarter which is likely to improve margins for the company going forward. We have marginally tweaked our estimates and maintain our TP of Rs3,164 for the company. We also maintain our Reduce rating on the stock on account of fair valuations of 12.5x FY25 EV/EBITDA.

Sensex Today Live: Gold rate today: Yellow metal gains as US dollar, yields retreat; may face resistance at ₹59,800 per 10 grams

Gold prices in India exhibited an upward trend on the Multi Commodity Exchange (MCX) on Friday, aligning with the gains observed in international gold prices due to a decline in the US dollar’s value.

Around 11:55 am, the futures contract for gold delivery in October experienced a 0.19% increase, reaching ₹58,398 per 10 grams. This uptick followed the previous close at ₹58,290 and the opening price of ₹58,370 on the MCX. Simultaneously, silver futures noted a 0.54% rise, reaching ₹70,394 per kilogram.

On the global front, the international price of gold recovered from a five-month low as the US dollar and bond yields slightly receded from their recent highs. The 10-year US Treasury yields, which had reached their highest level since October, declined, while the dollar index dropped by 0.3%. These shifts rendered gold, which doesn’t offer yield, relatively less expensive for international buyers. This information comes from a report by Reuters. (Read More)

Stock Market Noon Update: Indices continue to drag as Sensex sheds 250 pts and Nifty around 50 pts; IT stocks tank, while PSU Bank remains stable

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Share Market Live: Global wealth management firm UBS Group AG to expand team in India

After the acquisition of Credit Suisse, UBS Group AG is strategizing to reestablish its team presence in India. The bank is intending to onboard a minimum of seven relationship managers, effectively boosting its advisory workforce to approximately 25 professionals in India. This information was reported by Bloomberg, with insights gathered from sources acquainted with the situation.

According to the report, UBS is in the process of recruiting two senior executives from competing firms for its portfolio management services. This division focuses on developing specialized products tailored for the Indian market. (Read More)

Stock Market Live: JM Financial views on Zomato: Volatility due to technical reasons a good opportunity to BUY

JM Financial Institutional Securities recommendations on Zomato: Volatility due to technical reasons a good opportunity to BUY

BUY INR 115

Zomato’s stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal. While we cannot accurately predict when (if at all) these shareholders would want to exit, we note that several of them are already sitting on sizeable gains, albeit a large chunk of it is unrealised. A few cues from past actions of these investors suggest that at least some of them would be eager to book profits post the recent run-up in the stock. So, a sizeable proportion of Zomato’s shares could be available for trade in the near term. In fact, the total value of the Zomato stock that all these investors hold basis CMP is ~INR 180bn. Even if one were to assume that only 50% of the VC/PE/Chinese investor stake would be available for trade, the total short-term outflows could be close to Zomato’s total IPO size of INR 93.75bn. We strongly suggest that long-term investors use these liquidity events to build a sizable position in Zomato as it not only offers a strong play on India’s online food services market (refer our report) but is also, post the Blinkit acquisition, shaping up into a formidable diversified play on online retail (refer our report).

Sensex Today Live: Yatharth Hospital share price rallies over 10% after strong Q1 results

On Friday, the share price of Yatharth Hospital experienced a significant surge of more than 10% following the release of its Q1 results for the fiscal year 2023-24. The shares of Yatharth Hospital saw an impressive increase of up to 10.81%, reaching ₹345.40 per share on the BSE.

Yatharth Hospital, a recent addition to the stock market, posted a noteworthy net profit of ₹19 crore for the quarter ending in June. This represents a substantial year-on-year (YoY) growth of 73%.

The company’s revenue from operations during Q1FY24 recorded a notable rise of 39%, totaling ₹154.5 crore in comparison to the previous year’s ₹111.1 crore, reflecting positive YoY growth. (Read More)

Stock Market Live: China sees spiraling selloff as yuan near 16-year low – Here’s what is happening

Beijing’s financial woes continued to mount this week with a selloff in Chinese assets gaining momentum and the yuan nearing a 16-year-low. The Xi Jinping-led government is now considering a cut in stamp duty on stock trades for the first time since 2008 while the People’s Bank of China has already introduced a surprise interest rate cut. The strain on China’s financial markets has continued to grow amid a prolonged COVID-induced shutdown followed by a slew of disappointing economic data, renewed concerns about the property sector and an unfolding crisis in the nation’s shadow banking system. (Read More)

Share Market Live: Srivari Spices SME IPO Listing: Shares double investors money on debut at 142% premium

Srivari Spices and Foods, following its IPO, witnessed a remarkable listing as its shares were introduced at ₹101.50 each. This represented a substantial premium of 141.66% compared to the issue price of ₹42 per share. The listing of Srivari Spices and Foods shares took place on NSE Emerge, a dedicated platform for SME companies.

The Srivari Spices and Foods IPO had been open for subscription from August 7 to August 9, 2023. The response from investors was robust, with the offering being oversubscribed by a remarkable factor of 450.03 times in total. This overwhelming demand was reflected across different categories, as the IPO saw subscription rates of 517.95 times in the retail category, 79.10 times in the Qualified Institutional Buyer (QIB) category, and an astonishing 786.11 times in the Non-Institutional Investor (NII) category. (Read More)

Sensex Today Live: GMM Pfaudler share price tanks 11% on reports of a block deal

GMM Pfaudler share price tanked 11% in the morning today on reports of a block deal but recovered soon after. GMM Pfaudler shares opened at an intraday low of ₹1,350 as compared to the previous close of ₹1,523. At the time of writing this copy, GMM Pfaudler’s share price was at ₹1,490.65, down ₹32.45, or 2.13%.

Stock Market Live: PSU Bank index continues to climb despite an overall negative sentiment

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Sensex Today Live: India’s ‘output gap’ now positive, stagflation risk at only 3%: RBI bulletin

The Reserve Bank in its August bulletin said the risk of stagflation, a period of weak growth and high inflation, remains low in India despite a sharp uptick in prices

“Stagflation risk remains low for India with a probability of only 3% with easing of financial conditions, stability of the INR/USD exchange rate and steady domestic fuel prices,” the study conducted by the Reserve Bank showed.

The uptick in June inflation mutated in July with the unprecedented shock to tomato prices spilling over to prices of other vegetables, the RBI wrote in its State of the Economy article. (Read More)

Share Market Live: New RBI rules to regulate penal charges on loans to come into effect from next year

The Reserve Bank of India (RBI) has released guidelines pertaining to penal charges in loan accounts, aimed at ensuring transparency in the disclosure of such charges as well as interest rates in loan accounts. These guidelines are scheduled to take effect from January 1, 2024. The RBI’s directive is intended to promote clearer and more transparent practices in the realm of penal charges associated with loan accounts.

“Under the extant guidelines, lending institutions have the operational autonomy to formulate Board approved policy for levy of penal rates of interest,” RBI said in a notification on Fair Lending Practice – Penal Charges in Loan Accounts. (Read More)

Stock Market Live: Concord Biotech shares make stellar debut; list with 21% premium at ₹900 apiece on BSE

Concord Biotech’s IPO listing marked an impressive start on the stock exchanges on Friday. The company’s shares debuted with a substantial premium of 21.46%, opening at ₹900.05 per share on the BSE. This stands in contrast to the issue price of ₹741 per share.

Similarly, Concord Biotech’s listing on the NSE also saw a premium of 21.46% above the issue price, with shares opening at ₹900.05 per share.

The Concord Biotech IPO garnered significant interest from investors, as evidenced by a strong subscription rate of 24.87 times the total offering during the IPO subscription period. (Read More)

Sensex Today Live: Pyramid Technoplast IPO opens today. GMP, review

The Initial Public Offering (IPO) of Pyramid Technoplast Limited in the primary market will start today. The IPO is now accessible for subscription and will remain open for investors to participate until August 22, 2023. Pyramid Technoplast has set the IPO price range at ₹151 to ₹166 per share, and each lot of the IPO will encompass 90 shares of the company.

Pyramid Technoplast, a manufacturer of polymer-based molded products, intends to raise a total of ₹153.05 crore through this IPO. Out of this amount, ₹91.30 crore will be generated through fresh issuances of shares, while the remaining ₹61.75 crore is allocated for the Offer for Sale (OFS) route. The company’s aspiration is to list the IPO on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). (Read More)

Share Market Live: Hero Motocorp among biggest laggards in early trading as it sheds more than a per cent

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Stock Market Live: TAQA considers $2.5 billion investment in Gautam Adani’s power business: Report

Abu Dhabi National Energy Company PJSC (TAQA) is currently in the process of considering an investment that could amount to as much as $2.5 billion in the power business owned by Indian billionaire Gautam Adani. This development has been reported by the Economic Times. TAQA stands as the second-largest stock on the Abu Dhabi Securities Exchange (ADX).

Additionally, it was disclosed that on a recent Wednesday, the US-based boutique investment firm GQG Partners made a substantial investment of $1.1 billion in Adani Power. This investment translated into an acquisition of an 8.1% stake in the company. Notably, GQG Partners accomplished this by procuring 31 crore shares of Adani Power in what marks the largest-ever secondary market equity transaction. (Read More)

Sensex Today Live: Geojit Financial views on today’s market: There are no immediate triggers that can lead to sharp rebound in the market

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Globally stock markets have declined this month. In the mother market US the S&P 500 is down by 4.25%. This pullback has been triggered mainly by the rising dollar and spiking US bond yields in the US, which, in turn, is in response to the view of most Fed officials that the Fed will have to tighten rates more to rein in inflation.

Nifty is down 3% from the July peak of 19979, moving in sympathy with the global cues.

There are no immediate triggers that can lead to sharp rebound in the market. Further weakness in the market will make valuations reasonable. Long-term investors can utilise market corrections to buy high-quality stocks in growth sectors like capital goods, banking, automobiles and construction.

Share Market Live Updates: Rupee opens 13 paise higher at 83.02 as US dollar retreats

On Friday, the Indian rupee displayed strength by opening 13 paise higher against the US dollar. This rebound was influenced by a decrease in the value of the greenback and US yields. The rupee commenced trading at 83.02 against the dollar, in contrast to its previous closing rate of 83.15.

According to a report by Reuters, the US dollar index, a gauge that evaluates the currency’s performance against six major developed-market counterparts, including the yen and euro, experienced a decline of 0.14% to reach 103.26. This followed its recent attainment of a two-month high at 103.59. (Read More)

Stock Market Live Updates: Sensex sheds 200 pts and Nifty around 50 pts with Tech stocks lagging the most

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Stock Market Live: Emami Group aims to complete AMRI Hospitals sale to Manipal Group this month: report

Emami Group aims to complete the sale of AMRI Hospitals this month to Manipal Group for about ₹2,400 crore, said a report by Economic Times on Thursday.

The report citing industry executives said that about ₹1,650 crore of the proceeds of the deal will be utilised for servicing the existing debt of AMRI Hospitals.

According to a report by Moneycontrol, in February this year, Manipal Group has hiked its offer of ₹1,800 crore to buyout Kolkata- based Emami Group’s hospital business AMRI Hospitals. (Read More)

Share Market Live Updates: Sensex starts flat at the preopen session; focus to remain on RIL, Airtel, JSW Steel in today’s trading

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Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 18

The Indian equity indices are likely to open on a weak note following a selloff in Asian and US markets on dampened risk appetite.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading flat at around 19,310 level as compared to the Nifty futures’ previous close of 19,384.

On Thursday, the benchmark indices, Sensex and Nifty ended over half a percent lower each dragged by weak global cues. (Read More)

Stock Market Live: RBI approves appointment of PR Seshadri as Managing Director and CEO of South Indian Bank

The Reserve Bank of India (RBI) granted its approval on Thursday for the appointment of PR Seshadri as the Managing Director & CEO of South Indian Bank. His term will span three years and commence from October 1, 2023.

In accordance with a statement released by the South Indian Bank, PR Seshadri is a distinguished banker with a diverse background encompassing various business sectors, functional roles, and global regions. He possesses extensive expertise in overseeing enterprise-level operations and managing crucial commercial banking business segments. His considerable experience also includes effectively handling relationships with investors, boards, and regulatory authorities across multiple geographical locations. (Read More)

Sensex Today Live: Stocks to Watch: RIL, JSW Steel, ACC, PNB, Airtel, Indian Oil, South Indian Bank, LTIMindtree, Emami, Dodla Dairy, Hatsun Agro, and SJVN

Reliance Industries removed from FTSE Indices; JSW Steel considers acquiring Teck Resources’ coal business; NSE adjusts primary indices; Bharti Airtel, RIL, and Vi SIM card dealers to undergo police verification; IOCL acquires land for Panipat Refinery expansion; PR Seshadri appointed as MD & CEO of South Indian Bank; LTIMindtree chosen as digital transformation collaborator by Aflac; Emami aims to sell AMRI Hospitals to Manipal Group; Crisil predicts revenue growth for India’s dairy industry; SJVN signs pacts to supply solar power to PSPCL. (Read More)

Share Market Live: Robust demand to whip up dairy industry revenue 14-16%, says Crisil

Strong demand for value-added products and stable milk consumption will lead to a 14-16% revenue growth for India’s organised dairy industry this fiscal. With raw milk supply improving, there will be fewer price hikes and profitability will recover 20-50 basis points, said rating agency Crisil.

Last fiscal, disruptions in raw milk supply had led to multiple hikes in retail milk prices, pushing up the topline 19% but impacting profitability.

“The profitability of various dairy processors has been coming down over the last couple of years and this implies dairy processors are not being able to completely pass on the cost increase that they have faced to final retail buyers. As a result, we have seen a significant hike in milk prices,” Crisil director Pushan Sharma told Mint earlier in an interview. (Read More)

Stock Market Live Updates: Bulk sale of sim cards banned; agents need police verification

In a move to curb frauds using mobile phone sim cards, the government on Thursday said that bulk sales of sim cards will be barred and mandated registration of franchisee, agents and distributors or point of sales by telecom companies besides police verification for sim dealers.

Telecom minister Ashwini Vaishnaw said that bulk buying of sim cards has been completely done away with but connections or sims for businesses, corporates or events would be permitted. However, know-your-customer, or KYC norms, will be applicable to each of the individual sim owner. (Read More)

Sensex Today Live: Jio Financial to be removed from FTSE Indices

Jio Financial Services is facing removal from multiple FTSE Indices due to its failure to initiate trading within 20 business days. FTSE Russell has released a notice stating that the company, which was added to the indices on July 20, has not provided a definite trading date. Consequently, this omission will take effect from August 22.

“Further to the FTSE Russell notice issued on 13 July 2023 in relation to the demerger of Jio Financial Services (India, constituent) from Reliance Industries (India, constituent), since Jio Financial Services did not commence trading after 20 business days and no firm trading date has been announced,” read an official update. (Read More)

Share Market Updates Live: China’s real estate giant Evergrande files for bankruptcy protection in US, seeks restructuring deal

China’s real estate giant Evergrande Group has filed for bankruptcy protection in the United States on Thursday.

The company has sought protection under Chapter 15 of the US bankruptcy code, a measure that protects non-US companies undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.

Evergrande’s affiliate companies, Tianji Holding and Scenery Journey, also filed for Chapter 15 protection in Manhattan bankruptcy court, AFP reported. (Read More)

Stock markeet Live: Buy or sell: Vaishali Parekh recommends three stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends these stocks for today’s day trading: 

1] Bajaj Auto: Buy at ₹4660, target ₹4840, stop loss ₹4580;

2] RCF: Buy at ₹111, target ₹117, stop loss ₹108; and

3] Bandhan Bank: Buy at ₹230, target ₹242, stop loss ₹226. (Read More)

Sensex Live Updates: Concord Biotech IPO listing date today. GMP, experts see moderate debut of shares

The IPO of Concord Biotech Limited is scheduled to be listed today, on August 18, 2023. In accordance with the notice from the Bombay Stock Exchange (BSE), starting from this Friday, the equity shares of Concord Biotech Limited will be officially listed and authorized for trading on the exchange under the ‘B’ group of securities. The listing of Concord Biotech IPO will occur during a special pre-open session commencing at 10:00 AM.

Market analysts anticipate that the debut of Concord Biotech shares on Dalal Street might be relatively moderate, considering the recent downward pressure experienced by the secondary market over the past week.

Share Market Live Updates: NSE rejigs Nifty indices

On August 17th, the National Stock Exchange of India (NSE) revealed adjustments to its primary indices. This will result in the removal of ACC, Nykaa, and HDFC Asset Management Company (HDFC AMC) from the Nifty Next 50 index, with the alteration taking effect on September 29th. In addition to these three companies, Indus Towers and Page Industries will also be ousted from the Nifty Next 50. In their place, Punjab National Bank, Shriram Finance, Trent, TVS Motor, and Zydus Lifesciences will be included. Here is the complete list:

Stock market today: Wall Street weakens again on  Thursday as higher bond yields keep biting

Wall Street fell for a third straight day Thursday as rising yields in the bond market keep cranking up the pressure.

The S&P 500 sank 33.97, or 0.8%, to 4,370.36, and August is on track to be its worst month of the year by far. The Dow Jones Industrial Average dropped 290.91 points, or 0.8%, to 34,474.83, and the Nasdaq composite fell 157.70, or 1.2%, to 13,316.93.

The losses were widespread. Some of the hardest hit were high-growth stocks seen as the most vulnerable to higher interest rates. Meta Platforms sank 3.1%, and Tesla dropped 2.8%. Apple fell 1.5% and was the heaviest weight on the S&P 500.

Stocks broadly have been retreating in August following a torrid first seven months of the year. That’s in part because a swift rise in bond yields is forcing a reassessment of how much to pay for stocks.

The 10-year Treasury, which is the centerpiece of the bond market, is now yielding 4.28% after touching its highest level since October in the morning.

If it reaches 4.34%, it will be at a level unseen since 2007, according to Tradeweb. That’s before the financial crisis and Great Recession caused yields to collapse to record lows. The 10-year Treasury was yielding less than 0.70% three years ago. (AP)