Global equities staged a partial comeback on Wednesday, after Britain’s central bank launched an emergency bond buying programme to stabilise the bond market in an attempt to dampen investors’ concerns of a contagion across the financial system. [MKTS/GLOB]
Foreign institutional investors sold a net 27.72 billion Indian rupees ($340.5 million) worth of equities on Wednesday, while domestic investors purchased 25.44 billion rupees of shares, as per provisional data available with the National Stock Exchange.
The Nifty metals index rose 2.5%, while the auto index gained 1.4%
Indian cosmetics-to-fashion retailer Nykaa’s parent FSN E-Commerce Ventures rose 4.3% after the company said it will consider an issue of bonus shares.
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NSE index rejig to bring inflows of up to $189 million
Adani Enterprises, BEL, Adani Total Gas, HAL, PowerGrid, IRCTC, and Mphasis, among others, will see inflows ranging between $26 million and $189 million on September 30, when the NSE rebalances its key indices such as Nifty 50, Nifty Bank, and CPSE Index, according to Edelweiss Alternative & Quantitative Research.
FSN E-Commerce Ventures, which runs beauty and fashion e-commerce platform Nykaa, will consider the issuance of bonus shares on October 3.
Price as on 29 Sep, 2022 09:30 AM, Click on company names for their live prices.
When negative sentiments become dominant, the risk-off gathers momentum and markets get oversold. Then, usually, an unexpected trigger reverses the near-term outlook leading to short covering and a market rally. This was precisely what happened yesterday in global markets when the Bank of England surprised markets with Quantitative Easing. This desperate act by BoE is more a reflection of the economic woes of the UK. But the market’s interpretation of the BoE’s surprise decision is that the Fed might pause its rate hike to avert a sharp economic downturn. The relief rally is likely to soon run out of steam and, therefore, investors need not make aggressive buys now. The MPC is likely to raise rates by 50bps and may move to a neutral stance. But this is already discounted by the market and therefore will not have any market moving impact.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Opening Bell: Sensex jumps over 500 points, Nifty near 17,000; Nykaa gains 5%, Axis Bank 3%
Pre-open session: Sensex rises over 150 points; Nifty above 16,920
Asian stocks bounce but sterling slippery after BoE buys bonds
Asian share markets rose on Thursday after Britain’s central bank launched an emergency bond buying programme to stabilise a furious sell-off in gilts, though trade was skittish and sterling remained under pressure.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 175 points, or 1.04 per cent, higher at 17,061.50, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty bulls fail to guard 200-DMA.
The index formed a small bodied bearish candle on the daily scale with a long upper shadow, indicating pressure at higher zones.
Tokyo stocks open higher after US gains
Tokyo stocks opened higher on Thursday extending gains on Wall Street, where investors were reassured by the Bank of England’s intervention that helped push bond yields lower. The benchmark Nikkei 225 index rose 0.85 percent, or 223.59 points, to 26,397.57, while the broader Topix index added 0.29 percent, or 5.30 points, to 1,860.45.
Wall Street ends sharply higher as Treasury yields dip
Wall Street ended sharply higher on Wednesday following its recent sell-off, helped by falling Treasury yields, while Apple dropped on concerns about demand for iPhones. The S&P 500 recorded its first gain in seven sessions after closing on Tuesday at its lowest since late 2020.
Oil prices fall amid strong dollar, economic concerns
Oil prices fell in early Asian trade on Thursday as a strong dollar and economic woes outweighed optimism over consumer demand. Brent crude futures fell 59 cents, or 0.7%, to $88.73 per barrel by 0016 GMT while U.S. crude futures fell by 54 cents, or 0.7%, to $81.59. Both benchmarks rebounded in the prior two sessions amid volatile trade after reaching nine-month lows this week.
Rupee breaches 82 mark against dollar on forex outflows, surging US yields
The rupee plunged below the 82 mark for the first time in day trade before settling down by 40 paise at 81.93 against the US dollar on Wednesday due to heavy forex outflows amid strengthening US treasury yields.
Sensex, Nifty on Wednesday
Amid a sharp spike in US bond yields and the depreciation of the rupee, the domestic benchmark indices declined for the sixth consecutive day on Wednesday, with the Sensex falling 509 points to end at 56,598.28 while Nifty50 ended at 16,858, down 148.80 points.
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