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Stock Market LIVE: Sensex tanks 300 pts, Nifty 100 pts; Metal, Pharm, IT drag

The US services sector showed growth in November and business orders at US factories in October also rose more than expected. The reports make the Fed’s fight against inflation more difficult. Back in India, 2nd day of RBI’s MPC meeting will be in focus.

06 Dec 2022, 01:17:00 PM IST

Media index drags, sheds 1% in today’s trading with almost all stocks in red

Media Index

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Media Index
06 Dec 2022, 01:12:40 PM IST

Foreign equity funds pile into Indian financials as credit cycle picks up

Foreign investors are buying into Indian financial firms, lured by the prospects of a fresh credit cycle that may boost the stocks of the country’s largest lenders.

Indian shares are trading at a record-high valuation premium to their Asian counterparts, BNP Paribas said, but overseas investors have found a bright spot in financials, considering them relatively cheap given their strong fundamentals.

The optimism is reflected in inflows, with foreign investors buying a net of $1.74 billion worth of Indian financial stocks in November, data released by the National Securities Depository Ltd this week showed.

That is more than a third of the total $4.44 billion net inflows for the month. (Reuters)

06 Dec 2022, 01:09:49 PM IST

UPI transactions surge 650% in semi-urban, rural stores: PayNearby

Assisted financial transactions across semi-urban and rural retail counters in India have grown 25% and 14% in value terms and volumes, respectively, so far in 2022, according to PayNearby, a branchless banking and digital network. This indicates a behavioural shift, with more people adopting assisted digital means for banking and lifestyle requirements and getting incorporated into the formal economy.

As per the report, Unified Payments Interface (UPI) transactions saw a whopping 650% and 500% increase in value and volume across PayNearby retail counters, representing the growing adoption of UPI beyond Tier II regions in the country. This also highlights the pivotal role UPI can play in promoting digital financial inclusion. (Read More)

06 Dec 2022, 12:52:07 PM IST

Sri Lanka to resume flights from Jaffna to India next week: Aviation Minister

Sri Lanka will resume flights from the northern Jaffna peninsula to Chennai by next week, a senior minister has said, a move that will help the cash-strapped country’s tourism sector and provide a fillip to its beleaguered economy.

The tourism sector is the main source of foreign exchange earnings for Sri Lanka.

However, the onset of the pandemic in 2020 severely crippled the tourism sector and was one of the major reasons for Sri Lanka’s economic travails.

The island nation’s earnings from international tourist arrivals for November touched USD 107.5 million, with the cumulative tally in the first eleven months of the year notching up a whopping USD 1129.4 million, according to the Central Bank of Sri Lanka. (PTI)

06 Dec 2022, 12:35:44 PM IST

Shriram Housing Finance, Credit Fair and Indel Money on their expectation on monetary policy  

Ravi Subramanian, MD & CEO of Shriram Housing Finance Ltd: There is a sign of inflation cooling off as CPI-based inflation in October is at its three-month low of 6.7%. This is still higher than the RBI’s tolerance limit of 4-6%. We expect a moderate rate hike of 25-35 basis points this time around. Since the housing loan demand, especially the affordable sector, is not very sensitive to the interest rate fluctuation, it won’t immediately affect the home finance business. RBI’s directional approach will be closely monitored by the industry, which is waiting for long-term signals. In order to bring about stability in the market, we look forward to a clear indication.

Aditya Damani, founder and CEO of Credit Fair: We are expecting only a moderate rate hike this time as the domestic situation warrants some serious measures to sustain growth. Though the Q2 GDP numbers are in line with RBI’s expectations, rating agencies and institutions are revising India’s growth rate downwards, given the global headwinds. Now, I think the priorities are changing, and the immediate focus should be on maintaining the growth momentum. Current inflationary pressures are largely imported, and we shouldn’t worry much about it. As far as food price is concerned, the domestic supply side is intact and a good Rabi harvest will further strengthen the rural economy. So, the demand for retail loans may remain robust. However, the repo rate touching the 6.2 percentage levels in a period of eight months is a bit tricky and, going forward, it will affect consumer sentiments.

Umesh Mohanan, executive director & CEO, Indel Money: As inflation remains elevated, the MPC is expected to continue with the rate hikes. However, as CPI inflation is expected to moderate in the next few months due to falling commodity prices, RBI may keep the rate hike scale smaller. With the high-frequency economic indicator denoting healthy recovery, the MPC is likely to keep the rate hike moderate this time.

06 Dec 2022, 12:28:45 PM IST

Angel One increases its client base to 12.19 million in Nov, an increase of 66.5% YoY

FinTech company, Angel One Limited exhibited a 66.5% YoY increase in its client base as it reached the 12.19 million mark with 0.32 million gross client acquisition in November’22. Angel One also witnessed business growth with 70.82 million orders, registering an increase of 23.8% YoY.

The company’s Average Daily Turnover surged to Rs. 12.97 trillion, depicting a 79.7% YoY growth. Its market share in overall retail equity turnover increased to 21.1% with a 4bps YoY expansion. Angel One’s average client funding book for November’22 was at Rs. 12.92 billion.

06 Dec 2022, 12:23:47 PM IST

India’s economy expected to grow 6.9% this year – World Bank

India’s economy is expected to grow 6.9% in the current fiscal year, the World Bank said in a report on Tuesday, citing tightening monetary policy and high commodity prices as factors impacting the country’s growth. The report sees average retail inflation at 7.1 this year. (Reuters)

06 Dec 2022, 12:16:23 PM IST

UPL struggling in today’s session, sheds 1.5% among the top laggards


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06 Dec 2022, 12:09:09 PM IST

PNB hits fresh 52-week high: Vaishali Parekh gives’ buy’ tag to the banking stock

Government-owned Punjab National Bank (PNB) on Tuesday witnessed a bull run with the stock hitting a fresh 52-week high. In early deals, the banking stock zoomed more than 4%. Based on the technical view, Prabhudas Lilladher’s Vaishali Parekh suggests buying PNB shares as a decisive breach above 57 level would anticipate further upside.

On Tuesday, Prabhudas Lilladher’s Vice President – Technical Research, Vaishali Parekh said, “PNB has moved nearly 12% since our last analysis and is now approaching the first resistance level. A decisive breach above 57 would anticipate for fresh further upside movement till 80 and 100 levels. Any pullback or retest of breakout levels will be a good buying opportunity. We suggest to buy and accumulate this stock.” (Read More)

06 Dec 2022, 12:02:23 PM IST

Noon Update: Indices remain in red on Tuesday as Sensex and Nifty struggle to defend 62,500 and 18,600 marks, respectively 

Sensex at Noon

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Sensex at Noon
06 Dec 2022, 11:53:15 AM IST

Japanese shares end higher as chip stocks, exporters gain

Japanese shares closed slightly higher on Tuesday, supported by gains in chip-related stocks and as exporters advanced after the yen weakened against the dollar overnight.

The Nikkei share average rose 0.24% to close at 27,885.87, while the broader Topix ended 0.12% higher at 1,950.22.

“As the yen weakened, some shares looked attractive,” said Chihiro Ohta, assistant general manager at the investment research and investor services at SMBC Nikko Securities.

The dollar gained against the yen overnight, after data showed that U.S. services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected. (Reuters)

06 Dec 2022, 11:37:45 AM IST

Multibagger infra stock surges to record high, up 145% in 6 months

Shares of Power Mech Projects Ltd surged to a record high of 2,374 apiece on the BSE in Tuesday’s early trading session. The stock, which has seen bullish momentum lately, has outperformed this year (YTD) by giving multibagger returns during the last six months period.

Power Mech Projects shares have rallied more than 145% in the last six months, from trading around 960 per share level to currently at an all-time high. Meanwhile, the multibagger infra stock has gained over 137% in a year’s period. (Read More)

06 Dec 2022, 11:21:41 AM IST

India sees massive drop in Covid cases; active cases further decline

India reported a massive drop in Covid cases with 165 new infections reported in the last 24 hours, according to the Union Health Ministry data updated on Tuesday. This drop in cases came a day after the country reported 226 cases.

The death toll has climbed to 5,30,633 with two reconciled by Kerala and one death reported from Delhi in the last 24 hours, the data updated at 8 am stated.

The active cases comprise 0.01 per cent of the total infections, while the national COVID-19 recovery rate increased to 98.80 per cent, according to the ministry website. (Read More)

06 Dec 2022, 11:15:18 AM IST

PSU Bank index zooms in an otherwise muted market; most stocks trading in green

PSU Bank

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PSU Bank
06 Dec 2022, 11:12:32 AM IST

Radhakishan Damani sells stake in this fundamentally strong stock. Here’s why

The stock in question today is VST Industries and the seller here is market maven Radhakishan Damani.

Last week on Friday, Damani sold stake in VST Industries in the open market via a block deal.

In this case, has the company’s valuation become higher than what Damani perceived it to be or are there other reasons? (Read More)

06 Dec 2022, 10:57:33 AM IST

Adani Enterprises shines in today’s trading; jumps 2%

Adani Enterprises

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Adani Enterprises
06 Dec 2022, 10:53:33 AM IST

US risks stoking inflation if carbon-linked tariffs hit China, says MBMG

China’s steel and aluminium exports are under attack once again, as the US and European Union weigh new tariffs linked to carbon emissions.

The idea from President Joe Biden’s administration would probably have the biggest impact on the aluminium market, particularly in the EU, which has relied on Chinese smelters to plug gaps in output following Russia’s invasion of Ukraine. That dependency highlights the inflationary risks of any measures that would shrink supply or add costs based on climate goals. (Read More)

06 Dec 2022, 10:32:24 AM IST

Rupee drops to 1-month low, falls below 50-day moving avg

The Indian rupee extended its opening decline against the dollar on Tuesday, to slip to its lowest level in over a month and below a key level.

The rupee was at 82.30 to the U.S. dollar by 9.30 a.m. IST, down from 81.79 in the previous session. The local unit opened at 81.9350 before swiftly falling below the 50-day moving average of 81.98 and the psychological level of 82.

There was probably another round of stop losses triggered once USD/INR moved about 82, a trader said, recalling a possible dividend dollar outflow of a mining company. However, they added “it was difficult to be sure”.

“It could be that the news is chasing the price action.”

The trader requested anonymity as they are not allowed to speak to the media. (Reuters)

06 Dec 2022, 10:11:05 AM IST

Kotak Securities outlook on Commodities – Gold and Crude

Gold & Crude by Ravindra Rao, CMT, EPAT, VP-head commodity Research, Kotak Securities Ltd:

Gold: COMEX Gold trades mildly higher today recovering from the lows of $1778/oz hit in yesterday’s session. After solid gains posted in the previous week, gold gave away a part of gains on Monday as the US Dollar and bond yields recovered amid some encouraging US data prints. The US Dollar recovered from a five-month low as US factory orders and ISM services PMI rose above expectations. With better-than-expected data prints, the Federal Reserve gets more room for extended interest rate hikes that is not good for non-yielding assets like bullion. On the price front, COMEX gold has not sustained above the 252 DMA resistance near $1804. Additionally, $1825 would act as the next hurdle. So, till the said resistances hold, we expect a range-bound move in gold between $1773 to $1820.

Crude: NYMEX WTI crude oil trades 1% higher in today’s early session after a sharp drop in the previous session. Recovery in the US dollar after better-than-expected US data prints has pressurized commodity prices, including oil. Crude oil fell 3.89% in the previous session, once again failing to sustain above the $81.50 resistance level. Apart from dollar, crude will take cues from China’s COVID situation that has been haunting oil markets as well as the Russian oil cap that kicked off on Monday. With EU embargo and the price cap on Russian oil, along with China’s COVID situation, the price might witness wild moves from one direction to another. On the price front, WTI crude oil has once again failed to sustain above $81.50/bbl and fell deep towards $76.77/bbl. The trend seems to be consolidative with immediate support near $76/bbl followed by strong support near $73.60/bbl. There would be resistance near $81.50/bbl on closing.

06 Dec 2022, 10:07:19 AM IST

Vedanta’s high dividend payout to continue, says Edelweiss, raises target price

Brokerage and research firm Edelweiss interacted with Vedanta (VEDL) to get an update on its ongoing expansion plans, parent’s deleveraging target and more. The highlights of which were – FY24 is the year of commissioning of the ongoing expansion in zinc, aluminium, alumina, coal; high dividend pay-out to continue in FY24 & FY25; focus on curbing carbon emissions at the forefront.

“Vedanta’s low cost status in zinc and efforts to reduce its aluminium CoP below $1,500/t on a sustainable-basis (likely by FY26) will be a long-term positive. The expectation of reopening of China (demand to improve) will help base metal prices to sustain higher, providing a cushion to our financial numbers,” the note stated. (Read More)

06 Dec 2022, 09:46:00 AM IST

Hindalco leads the downward spiral in Metal index as the stock sheds more than 1.5%


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06 Dec 2022, 09:45:12 AM IST

Oil Resumes Advance as China’s Covid Pivot Aids Demand Outlook

Oil rose after a two-day drop on more signs China is moving away from its strict Covid Zero policy, and as investors assessed the implications for global flows from the price cap imposed on Russian crude.

West Texas Intermediate climbed toward $78 a barrel following a roller-coaster session on Monday, when a broad shift away from risk assets saw prices close down 3.8% after earlier gains. The city of Beijing will scrap Covid testing requirements at public venues following similar moves in other centers, bolstering the outlook for demand in the world’s largest crude importer. (Reuters)

06 Dec 2022, 09:37:58 AM IST

IT index drags with a drop of 1% in early trading, all stocks in red

IT Index

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IT Index
06 Dec 2022, 09:36:34 AM IST

RPT-India’s sugar output set to drop 7%, could crimp exports

India’s sugar output is likely to fall 7% this year as erratic weather conditions have cut cane yields, which could dampen exports from the world’s biggest producer of the sweetener, farmers, millers and traders said.

Lower sugar exports from India, also the world’s second biggest exporter, could lift global prices and allow rivals Brazil and Thailand to increase their shipments.

“The crop was just looking like last year but when we started harvesting we realised that yields were very low,” said Pradip Jagtap, a farmer from the Solapur district of the western state of Maharashtra, India’s No.1 sugar-producing state.

This year, Jagtap could gather 530 tonnes of cane from his nine-acre plot, down from the previous year’s 750 tonnes. (Reuters)

06 Dec 2022, 09:28:00 AM IST

SBI Life shines in an otherwise depressing start to the day; gains 2%

SBI Life

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SBI Life
06 Dec 2022, 09:25:14 AM IST

Kalpataru Power to consider fundraising proposal via NCDs issuance this week

Kalpataru Power Transmission to consider the fundraising proposal later in the current week. The company’s executive committee is scheduled to meet on December 8 to consider the proposal. The leading EPC company is looking to raise funds through the issuance of Non-Convertible Debentures on a private placement basis. Kalpataru shares will be in focus this week. (Read More)

06 Dec 2022, 09:20:23 AM IST

Indices open in red as Sensex is down 250 points and Nifty 75 points

Sensex at Open

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Sensex at Open
06 Dec 2022, 09:10:35 AM IST

Dharmaj Crop Guard IPO: Check GMP as all eyes on shares listing after allotment

The finalisation of the basis of share allotment of Dharmaj Crop Guard IPO is done and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, December 7. Now, all eyes are on the company’s stock market debut which is expected to happen this week.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 52 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE later this week on Thursday, December 8, 2022. (Read More)

06 Dec 2022, 09:05:20 AM IST

INDIA BONDS-Bond yields seen tad higher tracking U.S. peers, MPC decision key

Indian government bond yields are…

Read More: Stock Market LIVE: Sensex tanks 300 pts, Nifty 100 pts; Metal, Pharm, IT drag

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