Projections by members of the US Federal Reserve for aggressive hikes and consistently high rates over the next year or so sparked another round of dollar buying that sent other assets on the run.
The Nifty banking index fell 0.8%, while the financial index fell 0.9%.
Shares of Mahindra and Mahindra Financial Services fell more than 8% after the Reserve Bank of India ordered the company to stop using third-party services for loan collection until new orders.
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NBFC shares climb as high as 11%
Price as of Sep 23, 2022 11:50 a.m.Click on company names for their live prices.
Top 5 Friday Morning Late Winners
Price as of Sep 23, 2022 11:37Click on company names for their live prices.
Sterling and Wilson climb to over 4 months on unity memorandum of understanding with Nigeria
- Shares of solar engineering firm Sterling and Wilson Renewable Energy rise 10% to 362.05 rupees, highest since May 5
- Stock posts biggest intraday gain in PCT since Oct. 11, 2021
- Sterling & Wilson stock set to gain for 4 consecutive sessions
D-STREET TAKES MERGER OF TATA STEEL
#MarketsWithETNOW | “Tata Steel was seen articulating the merger in its annual report. One of the benefits with… https://t.co/QnLkACbUu8
— AND NOW (@ETNOWlive) 1663904295000
Sterling And Wilson’s Renewable Energy Unit enters into a Memorandum of Understanding with its Consortium Partner with the Government of the Federal Republic of Nigeria to provide development, design, construction and commissioning of solar PV power plants . The plant will have a total installed capacity of 961 MWDC at five different sites in Nigeria.
Price as of Sep 23, 2022 10:55Click on company names for their live prices.
Indoco Remedies Reappoints Aditi Panandikar as Managing Director
Price as of Sep 23, 2022 10:44 amClick on company names for their live prices.
Glenmark receives EIR from USFDA indicating closure of inspection at Aurangabad plant
Price as of Sep 23, 2022 10:27Click on company names for their live prices.
Food-tobacco consumer conglomerate ITC Limited is in competition with Nestle India to buy Yoga Bar, an 8-year-old health snacks company based in Bangalore, as the company eyes equitable growth, people aware of the development have said.
Price as of Sep 23, 2022 10:24 a.m.Click on company names for their live prices.
The RBI exercising its powers has ordered Mahindra and Mahindra Financial Services to immediately cease all recovery or repossession activities through outsourcing arrangements, until further notice. However, said NBFC may continue to conduct salvage or repossession activities, through its own employees.
Price as of Sep 23, 2022 10:06Click on company names for their live prices.
Global risk aversion is strengthening, helped by the steady rise in the dollar. The dollar is rising against all currencies and this will impact capital flows to emerging markets, including India. The resumption of REIT buying since July has supported the rally in India. Now that is under threat with REITs turning sellers in 5 of the last 7 days. REITs are unlikely to buy consistently when the US 10-year bond yield is above 3.7% and the dollar index is above 111. The short-term market outlook is bearish. Investors can wait and watch before committing more money. There is a trend of bottom-up selective stock picking in the broader market. This trend should continue even when the global indices turn negative.
– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Sensex extends its fall, down more than 500 points
INR$US as long as it holds above 79.00, it is likely to depreciate down to 81.50 in the coming month amid a strong dollar and concern over the widening of the trade deficit. However, a possible intervention by the RBI in the foreign exchange market to curb volatility could prevent a sharp depreciation of the rupee. Moreover, FIIs have become net buyers after a long period. Additionally, the market expects inflows of up to $30 billion in 2023-24 if JP Morgan includes Indian government bonds in its index, which should help the rupiah show continued resilience.
– ICICI Direct
Proxy advisory firm Stakeholders Empowerment Services (SES) has raised some corporate governance issues at PB Fintech, owner of Policybazaar, regarding its merger with Makesense Technologies and the granting of stock options.
Price as of Sep 23, 2022 09:33Click on company names for their live prices.
Tata Steel’s Board of Directors has approved the merger of seven of its subsidiaries – Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining into and with their parent company Tata Steel.
Price as of Sep 23, 2022 09:30Click on company names for their live prices.
FMCG, metals and pharmaceutical indices gain in weak market
OPENING BELL: Sensex drops 300 points, Nifty below 17,600; Tata Steel jumps 4%, M&M Financial drops 7%
Pre-open session: Sensex exceeds 100 points; Clever below 17,590
RUPEE FALLS BEYOND 81 PER DOLLAR FOR FIRST TIME
M&M Financial responds to RBI circular
JUST IN: Glenmark receives EIR from USFDA indicating closure of inspection at Aurangabad plant
Bonds drive losses as rate hikes hit; yen to the point
Asian stocks limped to a fourth straight weekly decline on Friday and bonds suffered heavy losses as investors scrambled to catch up with the US Federal Reserve’s interest rate outlook amid jitters in currency markets. at the end of a crazy week.
Mega Merger: 7 metallurgical companies of the Tata Group will merge with Tata Steel
In a bid to consolidate its metallurgical business, the Tata Group on Friday announced the merger of seven of its metallurgical companies with Tata Steel. The decision was made at a meeting of the company’s board of directors held yesterday, according to an exchange filing.
SGX Nifty reports a negative start
Nifty futures on the Singapore Stock Exchange traded 74 points, or 0.42%, at 17,566, signaling that Dalal Street was heading for a negative start on Friday.
Tech View: Nifty recovers slightly from US Fed results
The Nifty50 recouped some losses by staging a smart bounce off its crucial support placed near the 17,500-17,550 levels. It formed a small body candle on the daily charts.
Australian stocks hit two-month low on Fed stance
Australian shares hit a more than two-month low on Friday as investors returning to trading after a holiday day moved out of riskier assets, after the US Federal Reserve reiterated its hawkish monetary policy outlook for fight against galloping inflation.
Wall Street ends down for third day as growth worries weigh on tech
Wall Street’s major indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve’s latest aggressive move to contain inflation by selling growth stocks, including tech companies .
Oil prices rise as Iran deal stalls, Russian supply amid conflict
Oil prices rose at the start of Asian trade on Friday on the prospect that a stalled Iran nuclear deal and Moscow’s renewed push for its invasion of Ukraine would further restrict global supplies.
Rupee breaks 83 paise to close at record low 80.79 on Fed rate hike
The rupee plunged 83 paise – its biggest single-day loss in nearly seven months – to close at an all-time low of 80.79 against the US dollar on Thursday after the Reserve raised interest rates federal government and its hawkish stance weighed on investor sentiment.
Sensex, Nifty on Thursday
Led by losses in banks and financials, and after the US Fed’s projections turned out to be tougher than expected, domestic indices ended in the red for the second day in a row on Thursday. While the Sensex finished 337 points lower, Nifty fell 0.5% to end the weekly expiry day above 17,600.
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