Investors are looking for hints at the next course of action from central banks. Though the signs are mixed, most investors seem to be still betting on Fed’s continuing its hawkish stance against inflation.
NBFC stock rises 4% on rating upgrade, AAA; up 95% in a year
Poonawalla Fincorp shares have been rising for last two successive sessions. The NBFC stock has risen from ₹306.55 to ₹329 apiece levels, logging over 7 per cent rise in this time horizon. However, in intraday session, Poonawalla Fincorp share price opened upside and went on to hit intraday high of ₹329 apiece on NSE, logging near 4 per cent rise on Thursday session. (Read More)
JSW Steel surges in today’s session, adds more than 4%
Oil Holds Surge on OPEC+ Output Cut and Russian Supply Warning
Oil held a three-day rally after the OPEC+ alliance agreed to the biggest production cut since 2020 and Russia reiterated a warning that it won’t sell crude to any countries that adopt a price cap.
West Texas Intermediate traded near $88 a barrel after jumping 10% over the previous three sessions. OPEC+ plans to slash daily output by 2 million barrels, a move that drew a swift rebuke from the US. The Biden administration has previously sought more oil from producers as it battles energy-driven inflation. (Bloomberg)
Weekly expiry below 17400, signals options data
Heavy selling has been witnessed at the 17400 strike weekly call option in the Nifty, making the level a strong resistance today. The weekly option expires today.
The premium is already down from an intraday high of ₹67 a share to ₹19.55, causing a significant loss to option buyers who didn’t place a stop loss. (Read More)
Japan’s Nikkei hits two-week top amid jump in energy, chip shares
Japan’s Nikkei index closed higher on Thursday, after touching a two-week peak during the session, as markets extended their rebound from multi-month lows, helped by energy and chip-related stocks.
The Nikkei share average ended 0.7% higher at 27,311.30, after reaching a high of 27,399.19, a level not seen since Sept. 21.
The benchmark faded in the final minutes of trading, after spending most of the afternoon preserving the strong gains from the morning.
The broader Topix rose 0.5% to 1,922.47, also gaining for a fourth day and touching a two-week peak of 1,930.47. (Reuters)
World Trade Organization cuts global trade forecast for 2023 to 1%
The growth in world trade is expected to slow down to 1 percent in 2023, down sharply from the previous estimate of 3.4 percent, due to global uncertainties, World Trade Organization (WTO) has said in its forecast.
“World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks weigh on the global economy,” it in its press release. (Read More)
Noon Update: Sensex adds 300 points and Nifty 100 points. Metal, Media and Realty shine
Bajaj Finance stock drags, sheds 1.5% in today’s session
Covid-19 update: India’s active cases decline to 32,282
India recorded 2,529 new coronavirus infections taking the total tally of COVID-19 cases to 4,46,04,463, while the active cases dipped to 32,282, according to the Union Health Ministry data updated on Thursday.
The death toll climbed to 5,28,745 with 12 fatalities which includes eight deaths reconciled by Kerala, the data updated at 8 am stated.
A decline of 1,036 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. (Read More)
Sri Lanka says Japan agrees to help in its credit reconciliation process
Japan has agreed to assist Sri Lanka in its credit reconciliation process, the South Asian island nation said on Thursday.
Japan has also agreed to co-chair the summit on negotiations with the creditor countries, President Ranil Wickremesinghe told Parliament, a statement from his media division said. (Reuters)
Media index shines as it gains 3% in today’s trading
India Sept services growth slumped to 6-month low on cooling demand -PMI
Growth in India’s services industry slumped in September to a six-month low, led by a substantial easing in demand amid high inflation, a private survey showed.
The S&P Global India services Purchasing Managers’ Index fell to 54.3 in September from August’s 57.2, much lower than the Reuters poll expectation for a gentle drop to 57.0.
Despite staying above the 50-mark separating growth from contraction for the fourteenth straight month – the longest stretch of expansion since October 2016 – the index fell to its lowest since March.
“The Indian service sector has overcome many adversities in recent months, with the latest PMI data continuing to show a strong performance despite some loss of growth momentum in September,” noted Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. (Reuters)
Lodha reports decent pre-sales in Q2FY23, stock rises 2%
Shares of Macrotech Developers Ltd. (Lodha) rose 2% on the National Stock Exchange in opening deals on Thursday, reacting to the company’s Q2FY23 operational update. The real estate developer has reported sales bookings despite Q2 typically being a weak quarter for the industry due to monsoon and the inauspicious shradh period. (Read More)
Axis Securities Auto Monthly Volume Update: Robust growth momentum in PV & CV sales; 2Ws lag behind
“The wholesale volumes in Sep’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season. The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters. According to our estimates, PV domestic wholesale dispatches posted impressive growth of 95%/7% YoY/MoM, suggesting improving supply to fulfil order backlogs. However, 2W Domestic wholesale volumes growth lagged the PV and CV segment, growing by 15%/10% YoY/MoM (ex. HMSI), indicating a slower pick up in the rural demand. The growth was mainly driven by the low base of the last year and inventory buildup for the festive season. The CV segment growth remained steady and was up 44%/12% YoY/MoM, indicating the continuation of demand momentum led by the pick-up in the infrastructure activities. Domestic tractor sales jumped MoM which was driven by improved farmer sentiments on account of the above-normal monsoon and onset of an early festive season. Moving forward, we expect PV growth will be led by easing supply with chip supply normalising as well as due to demand led by premiumisation and new vehicle launches. 2W demand will be contingent on the pick up in rural demand, product premiumisation for urban centres, and response to new EV launches. The pick-up in the Capex cycle for completion of the infrastructure projects post the monsoon, correction in oil prices, and replacement demand will continue to drive the CV growth momentum.”
BillDesk, Byju’s, Zetwerk, Swiggy among startups hit by defaulting investors
A growing number of startups have seen investors renege on binding contracts or share purchase pacts in the past few quarters, a trend that is likely to exacerbate, said several executives, as a funding winter engulfs the broader startup ecosystem.
Startups that have faced investor default over the last six to eight months include BillDesk, Byju’s, Zetwerk, Goqii and Swiggy, said the executives familiar with the potential deals, on the condition of anonymity.
On Monday, Prosus NV, the investment unit of South Africa’s Naspers, said it was walking away from buying payments service provider BillDesk in an all-cash transaction of $4.7 billion after the long stop date to close the deal expired. (Full Story)
Rupee slips as oil price rises, bond inclusion delay weighs
The Indian rupee was trading lower against the dollar on Thursday, weighed by the uptick in oil prices and the delay in the inclusion of local bonds into a widely followed index.
The rupee was quoted at 81.63 per U.S. dollar by 0426 GMT, against 81.52 in the previous session.
The local unit opened almost flat at 81.51, before slipping on dollar demand by foreign banks and speculators, traders said.
Brent crude…
Read More: Stock Market LIVE: Sensex up 400 pts, Nifty 100; Metal, Media, Realty flourish