The U.S. Federal Reserve’s members’ projections for aggressive hikes and persistently high rates over the next year or so has unleashed another round of dollar buying that put other assets on the run.
The Nifty bank index was down 0.8%, while the finance index dropped 0.9%.
Shares of Mahindra and Mahindra Financial Services fell more than 8% after the Reserve Bank of India directed the company to stop using third-party services for loan recovery until further orders.
!1 New UpdateClick here for latest updates
China’s yuan ends near 28-month low, set for worst week since April
China’s yuan finished the domestic trading session at a near 28-month low on Friday and looked set for its biggest weekly loss in five months, as a widening yield differential between the world’s two largest economies continued to weigh on the Chinese currency.The U.S. dollar strengthened in global markets, with benchmark U.S. Treasury yields hitting an 11-year high overnight, as investors positioned for more Federal Reserve interest rate hikes to tame high inflation after its latest hike this week.In the spot market, the onshore yuan weakened past the key 7.1 per dollar to finish the domestic session at 7.1104 per dollar, the weakest such close since June 4, 2020. It was 314 pips, or 0.44%, softer than the previous late night close of 7.0790.
Manappuram Finance: Accepted right issue proposal of Asirvad Micro Finance; Board approved subscription to rights issue up to 93.28 lakh shares worth Rs 250 crore
Price as on 23 Sep, 2022 03:08 PM, Click on company names for their live prices.
NIFTY TURNS NEGATIVE FOR 2022
Two- and three-wheeler major TVS Motor has rolled out a celebratory edition of its scooter TVS Jupiter Classic, commemorating the ‘fastest five million vehicles on road’ milestone, the company said on Friday. The TVS Jupiter Classic has been introduced at a price of Rs 85,866 (ex-showroom New Delhi).
Price as on 23 Sep, 2022 02:41 PM, Click on company names for their live prices.
Top Sensex drags
TRIPLE DIGIT FALL ON SENSEX AS INDEX CRASHES 1000 POINTS
Kotak group announces key leadership changes
- Lakshmi Iyer to take charge as ceo of investment advisory business at KIAL
- Deepak Agarwal to lead fixed income investments as CIO at KMAMC
- Abhishek Bisen elevated to head, fixed income at KMAMC
- Source: Reuters
“Witnessing the currency slide the world over, not only for the Rupee,” Govt sources say
#ETNOWExclusive | Rupee breached 81 per $1 today. "Witnessing the currency slide the world over, not only for the R… https://t.co/qNTCMEntCc
— ET NOW (@ETNOWlive) 1663922855000
BSE advance-decline ratio at 1:2
Indian automaker Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million to accelerate its plans to build electric vehicles (EVs), a source with direct knowledge of the matter told Reuters.
Price as on 23 Sep, 2022 02:11 PM, Click on company names for their live prices.
These stocks fall in line with market move
Price as on 23 Sep, 2022 02:10 PM, Click on company names for their live prices.
New telecom bill is likely to be in place in next 6-10 months: Telecom Minister Ashwini Vaishnaw
Price as on 23 Sep, 2022 01:10 PM, Click on company names for their live prices.
NIFTY FALLS BELOW 17,400
SENSEX TUMBLES OVER 800 POINTS
Glenmark Pharmaceuticals on Friday announced approval by Health Canada for its nasal spray Ryaltris used in symptomatic treatment of moderate to severe seasonal allergic rhinitis and associated ocular symptoms. Health Canada granted approval to partner Bausch Health Companies Inc and Glenmark Specialty SA, a subsidiary of the company, for Ryaltris (olopatadine hydrochloride and mometasone furoate nasal spray), Glenmark Pharmaceuticals said in a statement.
Price as on 23 Sep, 2022 01:01 PM, Click on company names for their live prices.
What’s behind rupee weakness?
#MarketsWithETNOW | "The rupee was impacted purely because the Dollar is getting stronger," says Challa Sreenivasul… https://t.co/G6XK26Tt6X
— ET NOW (@ETNOWlive) 1663916664000
Hero MotoCorp, the largest two-wheeler maker in India, on Thursday said that it will hike the prices of its vehicles by up to Rs 1,000 effective immediately to offset high input costs.
Price as on 23 Sep, 2022 12:42 PM, Click on company names for their live prices.
STERLING FALLS AROUND 0.60% TO AS LOW AS $1.1188, A FRESH 37-YEAR TROUGH
India’s top palm oil buyer Patanjali Foods expects 23% jump in imports
India’s palm oil imports in 2022/23 could jump 23% from a year earlier to 9.5 million tonnes, the highest in eight years, as a rebound in consumption and competitive prices prompts refiners to increase purchases, the country’s top palm oil buyer said. “Palm is very attractive as prices are under pressure because of stocks,” Sanjeev Asthana, chief executive officer at Patanjali Foods Ltd said on the sidelines of Globoil conference.
Countries that have raised rates in the last two days:
- USA +75 bps
- South Africa +75 bps
- UAE +75 bps
- Saudi Arabia +75 bps
- Hong Kong +75 bps
- Phillipines +50 bps
- Indonesia +50 bps
- Switzerland +75 bps
- Norway +50 bps
- Taiwan +12.5 bps
NBFC stocks crack up to 11%
Price as on 23 Sep, 2022 11:50 AM, Click on company names for their live prices.
Top 5 gainers in late morning session on Friday
Price as on 23 Sep, 2022 11:37 AM, Click on company names for their live prices.
Sterling and Wilson jumps to over 4-mth high on unit’s Nigeria MoU
- Shares of solar engineering company Sterling and Wilson Renewable Energy rise as much as 10% to 362.05 rupees, highest since May 5
- Stock posts biggest intraday pct gain since Oct. 11, 2021
- Sterling & Wilson stock set to gain for 4 consecutive sessions
D-STREET TAKE ON TATA STEEL MERGER
#MarketsWithETNOW | "Tata Steel was seen articulating the merger in their annual report. One of the advantages with… https://t.co/QnLkACbUu8
— ET NOW (@ETNOWlive) 1663904295000
Sterling And Wilson renewable energy unit enters into MoU along with its consortium partner with government of Federal Republic Of Nigeria to deliver development, design, construction and commissioning of solar photovoltaic power plants. The plant will have total installed capacity of 961 MWDC at five different locations in Nigeria.
Price as on 23 Sep, 2022 10:55 AM, Click on company names for their live prices.
Indoco Remedies re-appoints Aditi Panandikar as MD
Price as on 23 Sep, 2022 10:44 AM, Click on company names for their live prices.
Glenmark receives EIR from USFDA indicating closure of the inspection at Aurangabad facility
Price as on 23 Sep, 2022 10:27 AM, Click on company names for their live prices.
Tobacco-to-food consumer conglomerate ITC Limited is competing with Nestle India to buy into Yoga Bar, an 8-year old health snack company based in Bengaluru as the company is looking at growth equity, said people aware of the development.
Price as on 23 Sep, 2022 10:24 AM, Click on company names for their live prices.
The RBI exercising its powers has directed the Mahindra and Mahindra Financial Services to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. However, the said NBFC may continue to carry out recovery or repossession activities, through its own employees.
Price as on 23 Sep, 2022 10:06 AM, Click on company names for their live prices.
The global risk-off is gaining strength aided by the steadily rising dollar. Dollar is rising against all currencies and this will impact capital flows into emerging markets including India. Resumption of FPI buying since July has been supporting the rally in India. Now this is under threat with FPIs turning sellers in 5 out of the last 7 days. FPIs are unlikely to buy consistently when the US 10-year bond yield is above 3.7% and the dollar index is above 111. The near-term market outlook is bearish. Investors may wait and watch before committing more money. There is a trend of selective bottom up stock picking in the broader market. This trend is likely to continue even when the headline indexes turn negative.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Sensex extends fall, down over 500 points
US$INR as long as it sustains above 79.00 it is likely to depreciate till 81.50 in coming month amid strong dollar and concern over widening of the trade deficit. However, possible RBI intervention in forex market to curb volatility may prevent sharp rupee depreciation. Additionally, FIIs have turned net buyers after a long period of time. Moreover, the market expects inflows up to $30 billion in 2023-24 if JP Morgan includes Government of India bonds in its index, which should help the rupee to show continued resilience.
Proxy advisory firm Stakeholders Empowerment Services (SES) has raised certain corporate governance issues in PB Fintech, owner of Policybazaar, regarding its amalgamation with Makesense Technologies and grant of stock options.
Price as on 23 Sep, 2022 09:33 AM, Click on company names for their live prices.
The board of Tata Steel approved the amalgamation 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 on 23 Sep, 2022 09:30 AM, Click on company names for their live prices.
FMCG, metal and pharma indices gain in a weak market
OPENING BELL: Sensex falls 300 points, Nifty below 17,600; Tata Steel jumps 4%, M&M Financial tanks 7%
Pre-open session: Sensex slips over 100 points; Nifty below 17,590
RUPEE FALLS PAST 81 PER DOLLAR FOR THE FIRST TIME
M&M Financial responds to RBI circular
JUST IN: Glenmark receives EIR from USFDA indicating closure of the inspection at Aurangabad facility
Bonds lead losses as rate hikes hit; yen in focus
Asian stocks limped toward a fourth straight weekly decline on Friday and bonds nursed big losses as investors scrambled to catch up with the U.S. Federal Reserve’s interest rate outlook, while currency markets were on edge at the end of a wild week.
Mega Merger: 7 metal companies of Tata Group to be merged with Tata Steel
In an attempt to consolidate its metal business, the Tata Group on Friday announced the merger of seven of its metal companies into Tata Steel. The decision was taken at a board meeting of the company held yesterday, an exchange filing said.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 74 points, or 0.42 per cent, lower at 17,566, signaling that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty recovers marginally from US Fed outcome
The Nifty50 recouped some losses as it staged a smart bounce back from its crucial support placed near 17,500-17,550 levels. It formed a small-bodied candle on the daily charts.
Australia shares hit over two-month low on Fed’s stance
Australian shares hit a more than two-month low on Friday, as investors returning to trading after a one-day holiday exited riskier assets, following the U.S. Federal Reserve reiterating its hawkish monetary policy outlook to fight searing inflation.
Wall Street ends down for third day as growth concerns weigh on tech
Major Wall Street indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve’s latest aggressive move to rein in inflation by selling growth stocks, including technology companies.
Oil prices rise as Iran deal stalls, Russian supply amid conflict
Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow’s new mobilization campaign in its invasion of Ukraine would further restrict global supplies.
Rupee tanks 83 paise to close at record low of 80.79 on Fed rate hike
The rupee plunged by 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 US Federal Reserve’s interest rate hike and its hawkish stance weighed on investor sentiments.
Sensex, Nifty on Thursday
Led by losses in banks and financials, and after the US Fed projections turned out to be harsher than expected, domestic indices ended in the red for the second day in a row on Thursday. While the Sensex ended 337 points lower, Nifty declined 0.5% to end the weekly expiry day above 17,600.