Despite Wall Street ending in green on Thursday, uncertainty over the pace of interest rate hikes kept Asian and European traders on their toes on Friday. Indian stocks lost more than a per cent but other Asian stocks had mostly a flat day. Europe also lost ground in the morning trade.
Sensex ends below 59,600, and Nifty around 17,750, ceding more than a per cent.
Indian benchmark indices snapped the green run on Friday and lost more than a percentage. Sensex slipped below the psychological mark of 60,000 and ended the week at 59,646, down 651 points. Nifty slipped almost 200 points to close at 17,758.
Almost all indices ended in red with Pharma, Health Sector, Realty and Autos leading the race to the bottom. IT index though ended flat.
Adani Ports shined on an otherwise depressing day and surged more than 4%. L&T, Infosys and TCS also ended in the green.
On the red side, IndusInd Bank slipped 4%. Bajaj Twins, SBI Bank and Tata Steel also featured among of stocks that sank today.
Other markets in Asia also remained cautious. Chinese stocks had a mixed day on Friday as concerns over rising COVID-19 cases and a sluggish economic recovery lingered. However, real estate shined on expectations that authorities would support the sector.
Shanghai Composite Index closed the day 0.6% down, while Hang Seng closed flat with a gain of around 0.05%.
Tokyo’s benchmark Nikkei index closed nearly flat on Friday, with investors gravitating towards profit-taking but also cheered by a weaker yen. The Nikkei 225 index inched down 0.04%.
European stock indexes fell on Friday after German producer prices saw their biggest rise on record.
Traders remain worried about a global economic slowdown and the pace of interest rate hikes by various central banks.
Commercial vehicle industry may witness 12-15% growth in FY23: Report
The commercial vehicle industry is likely to witness a growth (in volume) of 12-15% in the current fiscal year in the country, rating agency ICRA said in a report. Until June this year, the commercial vehicle industry has registered a growth of 112% on a yearly basis in wholesale sales. (Full Report)
Rajasthan accounted for highest share in cost of projects sanctioned by banks in FY22: RBI article
Rajasthan accounted for the highest share in the total cost of projects sanctioned by banks and financial institutions in 2021-22, retaining the top place for two consecutive years, as per an article published in RBI bulletin.
Rajasthan was followed by Uttar Pradesh and Gujarat.
“State-wise data reveals that during 2021-22, more than half (56.4 per cent) of the projects were taken up in five states, viz., Rajasthan, Uttar Pradesh, Gujarat, Maharashtra and Tamil Nadu,” said the article titled ‘Private Corporate Investment: Growth in 2021-22 and Outlook for 2022-23’. (PTI)
IRCTC shares surge on data monetisation buzz. Company issues clarification
IRCTC share price has been in uptrend for last two days, rallying around 12 per cent in last two sessions. The Indian Railways’ PSU stock on Thursday surged from ₹671.65 apiece levels to ₹714.15 levels. This rally got extended on Friday and the stock touched intraday high of ₹752.75 levels logging around 5 per cent intraday gain on Friday session. So, the IRCTC share price has ascended from ₹671.65 to ₹752.75 apiece levels in last two session, logging near 12 per cent rise in this small time. (Full Report)
Sebi eases norms on AIF, VCF investments in overseas firms; drops India connection clause
Capital markets regulator Sebi has allowed India registered Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) to invest in foreign entities without having an India connection.
Earlier, one of the conditions was that such overseas investments were allowed only in those companies which had an Indian connection. Like, a company has a front office overseas, while having its back office operations in India.
“The requirement of the overseas investee company to have an Indian connection… has been done away with,” Sebi has said in a circular. (PTI)
Jet Airways livery: CEO Sanjiv Kapoor says ‘Don’t fix what is not broken’
Jet Airways CEO Sanjiv Kapoor on 19 August has answered questions related to the new livery of the carrier who is planning to start commercial flight operations in September. Livery is a specific paint scheme comprising logo that is applied on aircraft.
Kapoor on his social media handle wrote that he has been receiving many questions related to the aircraft’s new livery. He also said that the date of reveal of the aircraft is not too far. (Full Report)
Realty index among biggest droppers, down more than 2%.
Retail inflation for farm, rural workers rise to 6.6%, 6.82% in July
Retail inflation for farm and rural workers increased to 6.60% and 6.82%, respectively, in July mainly due to higher prices of certain food items.
In June retail inflation for farm and rural workers stood at 6.43 per cent and 6.76 per cent respectively.
“Point-to-point rate of inflation based on the CPI-AL (Consumer Price Index-Agricultural Labourers) and CPI-RL (Consumer Price Index-Rural Labourers) stood at 6.60 per cent and 6.82 per cent in July, 2022 compared to 6.43 per cent & 6.76 per cent respectively in June, 2022 and 3.92 per cent and 4.09 per cent respectively during the corresponding month (July 2021) of the previous year,” a labour ministry statement said. (PTI)
Gold futures fall on low demand
Gold prices on Friday fell by ₹93 to ₹51,510 per 10 gram in futures trade as speculators reduced their positions.
On the Multi Commodity Exchange, gold contracts for October delivery traded lower by ₹93 or 0.18 per cent at ₹51,510 per 10 gram in a business turnover of 14,653 lots.
Analysts attributed the fall in gold prices to the trimming of positions by participants.
Globally, gold was trading 0.26 per cent lower at USD 1,753.95 per ounce in New York. (PTI)
Multibagger stock hits upper circuit on four straight session. Do you own?
Despite global economy reeling under the slowdown and inflation concerns, Indian stock market has produced a good number of multibagger stocks in last one year. This includes some penny stocks as well. Integra Essentia share are one of those multibagger penny stocks that is continuously giving stellar return to tis shareholders and it has recently witnessed big spurt in its trade volume as well. This multibagger penny stock has hit upper circuit on all four sessions this week delivering more than 23 per cent weekly gain to its shareholders. (Full Report)
ReNew Power reports ₹10.4 crore loss in April-June
ReNew Power on Friday reported a loss of ₹10.4 crore in April-June quarter of FY23 due to certain adjustment of one-time expense.
“Net loss for Q1 FY23 (April-June 2022) was ₹104 million (USD 1 million or ₹10.4 crore) compared to a net profit of ₹425 million (USD 5 million or ₹42.5 crore) for Q1 FY22 (April-June 2021),” a company statement said.
The company explained that the net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the balance sheet of ₹2,531 million (USD 32 million or ₹253.1 crore) for the refinancing of dollar bonds with lower cost rupee debt.
Jubilant Foodworks bullish about medium-term market potential in India
Jubilant Foodworks, Domino’s Pizza master franchisee for Indian operations, has accelerated its pace of network expansion in the country and is bullish about its medium-term market potential in India.
“The company’s present assessment of the medium-term market potential in India is 3,000 stores. Accordingly, the company has systematically strengthened its business development capabilities and as a result, has now significantly accelerated the pace of network expansion…,” according to the company’s latest annual report.
During the financial year 2021-22, Jubilant Foodworks has crossed the 1,500th Domino’s store milestone in India, the only Domino’s market outside the USA to have achieved this feat, it said. (PTI)
Crypto prices update: Bitcoin falls by over 6% to $21,969; Ether plunges 5.4%
Top cryptocurrencies on August 19 continue to trade in red with the global crypto market cap declined 5.92 per cent to $1.05 trillion over a day earlier. Over the 24 hours, the total crypto market volume though gained 5.97 per cent and is currently at $72.83 billion, according to coinmarketcap.com. (Full Report)
Read More: Sensex tanks 650 pts, Nifty ends sub 17,750; Bank, Pharma Auto lag