Diabytes
Stock Market LIVE Updates: Markets pare early gains; Sensex, Nifty drop 1%
International oil benchmark Brent crude climbed 1.08 per cent to USD 80.85 per barrel. Foreign institutional investors (FIIs) bought shares worth a net Rs 455.94 crore on Tuesday, according to exchange data.
Trending Photos
8- 9
- 7
- 7
)
New Delhi: Equity benchmarks Sensex and Nifty gave up early gains and closed the day lower by 1% on Wednesday negative trend in Asian markets and a sell-off in index heavyweights Reliance Industries, ICICI Bank, and the HDFC twins. The 30-share BSE Sensex fell 635.05 points or 1.03 percent to close at 61,067.24 on the BSE. It fell by 763.91 points or 1.23 percent over the day to 60,938.38. The broader NSE Nifty declined 186.20 points or 1.01 per cent to end at 18,199.10.
Major losers in the Sensex pack were IndusInd Bank, Bajaj Finserv, Maruti, UltraTech Cement, Tata Motors, Axis Bank, State Bank of India and Kotak Mahindra Bank. Sun Pharma, HCL Technologies, Tata Consultancy Services, Tech Mahindra, Nestle, Wipro and Infosys ended in the green.
Narendra Solanki - Head Fundamental Research- Investment Services, Anand Rathi Shares & Stock Brokers said, “Indian markets opened in red following negative Asian market peers with Chinese markets lead losses in Asia-Pacific despite government pledge to stabilize economy and Bank of Japan's surprise increase in 10year yield control band to 0.5% which took the markets by surprise with negative sentiments. During the afternoon session equity benchmarks trimmed some of their losses with both Sensex and Nifty coming off their intraday low points. Losses got cut, as traders took some support with Minister of state for Micro, Small and Medium Enterprises (MSMEs)’s statement that 1.31 crore people were employed in the MSMEs incorporated in the financial year 2021-22 (FY22), up by 16% as against 1.13 crore employees in the MSMEs incorporated in FY21. However, heavy selling at metal, realty and telecom counters kept indices down.”
Here are the highlights of stock market today
Indian stock market: Sensex, Nifty drop 1 percent
Markets pared early gains. Sensex, Nifty dropped 1 percent
Gold climbs Rs 192; silver jumps Rs 433
Gold price rose Rs 192 to Rs 55,261 per 10 grams in the national capital on Wednesday amid gains in precious metal prices internationally. In the previous trade, the yellow metal had closed at Rs 55,069 per 10 grams. Silver also jumped Rs 433 to Rs 69,962 per kilogram.
Airtel launches 5G services in Ahmedabad, Gandhinagar, Imphal
Telecom operator Bharti Airtel on Wednesday announced the launch of high-speed 5G services in Ahmedabad, Gandhinagar and Imphal. The company said that the services are currently operational at SG Highway, Memnagar, Satellite, Navrangpura, Sabarmati, Motera, Chandkheda, South Bopal, Gomtipur, Memco, Bapunagar in Ahmedabad and Koba, Raysan, Sargasan, Pethapur and other key locations in Gandhinagar town. Airtel said it plans to augment the network making its services available across the city over time.
Rupee slips 10 paise to 82.80 against dollar
The rupee declined 10 paise to settle at 82.80 (provisional) against the US dollar as a massive sell-off in domestic equities and risk aversion in global markets dented investor sentiment. At the interbank forex market, the local unit opened weak at 82.76 against the greenback and witnessed an intra-day high of 82.66 and a low of 82.83. It finally ended at 82.80, a decline of 10 paise over its previous close of 82.70.
GIC RE scrip trading down
Hours after the Insurance Regulatory and Development Authority of India (IRDAI) announced scrapping of the `burning cost` model of pricing by reinsurers, investors in General Insurance Corporation of India Ltd (GIC Re) saw their pockets burnt. The share prices of national reinsurer GIC Re which was on the upswing for the past several days opened at Rs 188.45, touched a high of Rs 190.45 and came down to Rs 176.45 on the BSE.
The GIC Re scrip was changing hands for Rs 177.10 intra day on Thursday.
Coordinated approach between govt and RBI on price rise: RBI Guv
Reserve Bank Governor Shaktikanta Das said there is a "very coordinated approach" between the Union government and the central bank to fight inflation. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the government is "equally serious" about taming inflation.
Guar seed futures decline amid ample supplies
Guar seed prices declined by Rs 240 to Rs 5,810 per 10 quintal in the futures trade amid increasing supplies from producing regions. On the National Commodity and Derivatives Exchange, guar seed contracts for January delivery fell by Rs 240 or 3.97 per cent to Rs 5,810 per 10 quintal with an open interest of 51,940 lots.
IL&FS completes transfer of two more Road SPVs to Invit at Enterprise Value (EV) of Rs 979 crore
Hazaribagh Ranchi Expressway Limited (HREL) and Thiruvananthapuram Road Development Company Limited (TRDCL) both transferred to Roadstar Infra Investment Trust (`InvIT`) at Enterprise value of Rs 979 crore. Senior Secured lenders of the both the assets -- HREL and TRDCL -- with combined debt of over Rs 630 crore will achieve 100 per cent recovery through restructuring of their debt under InvIT.
BPCL to lay network, build, operate 8 city gas distribution projects with Rs 35,355-cr investment
Bharat Petroleum Corporation (BPCL) on Wednesday said its board of directors had approved the financial plan and capital expenditure for laying the piped gas network, and building and operating of eight city gas distribution (CGD) projects for an estimated investment of Rs 35,355 crore.According to the statement shared by BPCL with stock exchanges, the company is authorised to undertake the projects "under PNGRB (Petroleum and Natural Gas Regulatory Board) CGD Bid Round 11 and 11A with an estimated investment of Rs 35,355 crore in a phased manner".
BPCL to lay network, build, operate 8 city gas distribution projects with Rs 35,355-cr investment
Bharat Petroleum Corporation (BPCL) on Wednesday said its board of directors had approved the financial plan and capital expenditure for laying the piped gas network, and building and operating of eight city gas distribution (CGD) projects for an estimated investment of Rs 35,355 crore.According to the statement shared by BPCL with stock exchanges, the company is authorised to undertake the projects "under PNGRB (Petroleum and Natural Gas Regulatory Board) CGD Bid Round 11 and 11A with an estimated investment of Rs 35,355 crore in a phased manner".
As Tesla stocks bleed amid heavy losses, Elon Musk last week blamed the Federal Reserve for the current situation, saying his electric car company is doing better than ever. The falling Tesla shares have hit Musk`s net worth which fell to $174 billion, taking him to the second spot at the world`s richest person`s list, toppled by French fashion and cosmetics magnate Bernard Arnault. Musk saw his net worth tumble by more than $100 billion in 2022.
Tesla stock tanks to its lowest
Electric car company Tesla`s shares tumbled further to around $137 apiece, its lowest ever, as Elon Musk on Wednesday again blamed global macroeconomic conditions. Tesla`s stock has plunged dramatically since Musk bought Twitter in April this year. Tesla shares are down more than 60 per cent since then, as Musk is busy micro-managing daily affairs at Twitter.
With MCL acquisition, SMEL now plans foray into stainless steel business
By successfully acquiring Mittal Corp Limited (MCL) through the National Company Law Tribunal (NCLT) route, Shyam Metalics and Energy Limited (SMEL) is now targeting to increase its capital expenditure to Rs 10,000 crore in the next five years to meet the organic and inorganic growth plans through internal accruals.
SMEL Vice Chairman and Managing Director, Brij Bhusan Agarwal, said the estimated cost of acquiring MCL was Rs 450 crore and with this development, SMEL has embarked on a diversification approach in the metal space to chart the company's growth journey.
He also proposed to further invest Rs 7,500 crore over the next five years. According to Agarwal, SMEL has already invested Rs 2,400 crore out of the Rs 3,950 crore existing capex plan of the company in the last two years.
Gold prices in the US bullion market rose to $1,823, up by 1.73 per cent and silver prices rose to $24.09, up by 1.03 per cent over previous close, mainly due to long term speculations over rate hikes by US Federal Reserve.
The US Federal Reserve is expected to announce another round of hikes in its first meeting in the new year, scheduled for February 1, 2023.
Rise in prices of yellow metal and silver in global markets are likely to impact domestic prices and they may see a rise on December 21 in India.
Gold and silver prices in the US on Tuesday rose by more than 1 per cent, fuelling expectations of a sharp rise in their prices in India on Wednesday.
The BSE Sensex rose 233.34 points to 61,935.63 in early trade. NSE Nifty too opened in the green.
In 2021-22, TCIL achieved standalone revenue and profit after tax of Rs 1,581.18 crore and Rs 30.33 crore, respectively, according to the statement.
TCIL has paid a dividend of Rs 279.99 crore to the government till 2021-22 on government`s initial investment in equity of Rs 0.3 crore. A sum of Rs 16 crore was further infused during 2015-16. The group and standalone net worth of the company are Rs 1,527.24 crore and Rs 612.78 crore, respectively, as on March 31, 2022.
Telecommunications Consultants India (TCIL) has paid a dividend of Rs 12.13 crore to the government.The ministry of communications in a statement said Sanjeev Kumar, Chairman & Managing Director, Telecommunications Consultants India (TCIL) presented a dividend cheque of Rs 12.13 crore to K Rajaraman, Chairman of Development Coordination Committee (DCC) and Secretary of Telecom.
Tesla Inc shares dropped nearly 6% on Tuesday after a host of brokerages cut their price targets on the electric-vehicle maker's shares. Risk from Elon Musk's Twitter distraction was cited as the reason for cutting target price.
The Nasdaq Composite jumped 1.08 points, or 0.01%, to 10,547.11 while the S&P 500 gained 3.96 points, or 0.10%, to 3,821.62. The Dow Jones Industrial Average jumped 92.2 points, or 0.28%, to 32,849.74. The energy index, one of the S&P 500's 11 key industries, finished the day up 1.52% as crude oil prices increased.
Wall Street closed slightly higher after four-day sell off
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.
 "DNA: Supreme Court Halts Bulldozer Justice, Warns Officials")
 "DNA: RSS Mobilizes in Maharashtra’s Muslim Areas for BJP Support")
 "DNA: Inside Story of Muslim Politics in Maharashtra Election")
 "DNA: UPPSC Exam Controversy: Why Are UP Students Protesting?")
 "DNA: How Are Indian Muslims Responding to Mohammad Adeeb 'Pak Remark'?")
 "DNA: Chaos Over Article 370 in J&K Assembly’s Third Day")
 "DNA: Why Does AMU Seek Minority Status?")
 "DNA: All India Ulama Board’s Conditional Support to Mahavikas Aghadi")
 "DNA: Scuffle Over Article 370 in Jammu & Kashmir Assembly: Why Was Abdullah Smiling?")
 "DNA: Secret Strategy Revealed Ahead of Maharashtra Elections?")
