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Impact on imports: Global factors causing rupee fall against dollar

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Finance minister Nirmala Sitharaman on Monday said global factors such as the Russia-Ukraine war, soaring crude oil prices and tightening international financial conditions are the major reasons for the weakening of the rupee against the dollar. For the first time, the domestic currency dropped below the psychological 80-mark against the dollar in intra-day trade on Monday, before ending the session 16 paise lower at 79.97. The minister said currencies such as the British pound, the Japanese yen and the Euro have weakened more than the Indian rupee against the US dollar. Therefore, the Indian rupee has strengthened against these currencies …

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Sensex snaps losing streak to end in green, Nifty regains 16000; will bulls rally next week?

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Bulls turned out victorious in Friday’s battle on Dalal Street as headline indices and broader markets closed with gains. At close, S&P BSE Sensex was up 344 points or 0.65% at 53,760 while NSE Nifty 50 ended at 16,049, up 0.69%. Hindustan Unilever was the top gaining stock on Sensex, up 2.86%, followed by Titan and Maruti Suzuki India. Tata Steel, Power Grid, and HCL Tech were the laggards. Bank Nifty ended 0.09% higher while India VIX fell 4% to settle at 17.6%. Rupak De, Senior Technical Analyst at LKP Securities– Palak Kothari, Senior Technical Analyst, Choice Broking- “Nifty has …

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US Stocks: Wall St set for stronger open; Citi shines after results

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Wall Street’s main indexes were set for a stronger open on Friday as upbeat retail sales data allayed some concerns about an economic slowdown, while Citigroup’s shares surged after quarterly results. The third-largest U.S. bank jumped 4.9% before the bell as strong trading activity in the second-quarter helped offset a slump in investment banking.Wells Fargo fell 0.7% as it set aside more money to cover potential loan losses. Investors are jittery over a potential 1% Federal Reserve rate hike at the end of July after grim inflation reports this week highlighted that price pressures were unabated in June. Calming some …

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Institutional investors dissent resolutions of Delhivery, Havells India, shows data

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Institutional investors dissented four resolutions each of supply chain firm Delhivery and electrical goods company Havells India, with more 50% of votes cast, even as they supported 89 motions with 100% majority. Further, they also supported 26 motions with over 99% of votes polled. Delhivery’s resolutions, all employee stock option plans, were voted against with 72% of institutional shareholders’ votes. The motions of Havells India, all of them employee stock-purchase schemes, were voted with upwards of 50% votes, according to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS). However, all resolutions were approved by the total …

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US Stocks: Wall Street climbs as investors trim bets on supersized rate hike

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U.S. stocks climbed on Friday as upbeat retail sales data allayed some concerns about an imminent recession, while investors scaled back bets of a supersized interest rate hike this month after comments from Federal Reserve policymakers. The benchmark S&P 500 and the blue-chip Dow rose after a five-day run of losses, which were mostly fanned by worries of a 100 basis points rate hike at the July policy meeting following hot inflation data. Two of the Fed’s most hawkish policymakers on Thursday said they favored another 75 bps rate increase this month. “The debate of a rate hike of a …

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HDFC Bank Q1 result preview: Expect robust profits, business growth to continue; eyes on merger update

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HDFC Bank, India’s largest private sector lender, is expected to report strong on-year growth in net profit and net interest income, when it announces April-June quarterly results tomorrow (Saturday). Analysts also expect HDFC Bank provisions to fall along with NPAs (non-performing assets). Investors will also keenly wait for management comments on HDFC Bank’s impending merger with Housing Development Finance Corporation, which was announced earlier. The merger has received a green light from the stock exchanges and the Reserve Bank of India. HDFC Bank’s stock price is down 11% so far this year to now trade at Rs 1,353 per share. …

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BSE’s Ashishkumar Chauhan to be next NSE MD, CEO; SEBI gives go-ahead

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BSE Ltd’s Managing Director and Chief Executive Officer Ashishkumar Chauhan is tipped to be the next CEO of the bigger rival National Stock Exchange, after markets regulator SEBI cleared his name per latest reports. According to PTI, the Securities and Exchange Board of India has cleared Ashishkumar Chauhan’s name for the top job at NSE. It should be noted that, Chauhan’s current tenure as BSE CEO would end in November this year. This would be his second stint at the NSE, which he had helped in founding back in 1990s. Buzz is that the BSE has already started the hunt …

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Despite high cane dues, sugarcane sowing up 4% in UP

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Uttar Pradesh, the country’s largest sugarcane producer, is expected to see another bumper crop in the coming season. The total area under sugarcane cultivation is estimated to be up by 3-4% year-on-year. According to industry sources, there is a continuous uptick in sugarcane planting for the 2022-23 (October-September) season, with higher cane prices providing the incentive for farmers to grow the crop instead of paddy and wheat. As per data, the state is estimated to have upward of 2.93 million hectare of land under sugarcane cultivation in 2022-23, against 2.84 million hectare in 2021-2022 season. The total area under cane …

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Wall Street Week Ahead: Recession fears loom over US value stocks

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Fears of a potential economic slowdown are clouding the outlook for value stocks, which have outperformed broader indexes this year in the face of surging inflation and rising interest rates. Value stocks – commonly defined as those trading at a discount on metrics such as book value or price-to-earnings – have typically underperformed their growth counterparts over the past decade, when the S&P 500’s gains were driven by tech-focused giants such as Amazon.com Inc and Apple Inc. This month, however, fears that the Fed’s monetary policy tightening could bring on a U.S. recession have shifted the momentum away from value …

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SEBI files FIR in cyber security incident, no sensitive data lost

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Capital markets regulator Sebi on Saturday said it has lodged a complaint against a cyber security incident noticed on its e-mail system but maintained that no sensitive data was lost. Recently, a cyber security incident has been noticed on the e-mail system of the Securities and Exchange Board of India (Sebi) which was undergoing a system upgrade and accordingly an FIR (First Information Report) as per the relevant provisions of law has been filed, the regulator said in a statement. CERT-In is the national nodal agency for responding to computer security incidents as and when they occur. An official spokesperson …

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