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US stocks: Wall Street ends down sharply; investors fret over economy

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Wall Street ended sharply lower on Thursday on worries that the Federal Reserve’s aggressive fight against inflation could hobble the U.S. economy, and as investors fretted about a rout in global currency and debt markets. With tech heavyweights Apple Inc and Nvidia Corp slumping more than 4%, the Nasdaq sank to near its lowest level of 2022, set in mid-June.

The S&P 500 touched lows last seen in November 2020. Down more than 8% in September, the benchmark is on track for its worst September since 2008. A sell-off in U.S. Treasuries resumed as Fed officials gave no indication the U.S. central bank would moderate or change its plans to aggressively raise interest rates to bring down high inflation.

Also read| Reliance, PNB, Hero MotoCorp, Adani Power, Lupin, Bajaj Electricals, Rail Vikas Nigam stocks in focus

“Good news is bad news in that today’s job number again reiterates that the Fed has a long way to go,” said Phil Blancato, head of Ladenburg Thalmann Asset Management in New York. “The fear in the marketplace is that the Fed is going to push us into a very deep recession, which will cause an earnings recession, which is why the market is selling off.”

The most traded stock in the S&P 500 was Tesla Inc, with $20.8 billion worth of shares exchanged during the session. The shares declined 6.8%.The yields on many Treasuries, which are considered virtually risk-free if held to maturity, now dwarf the S&P 500’s dividend yield, which recently stood at about 1.8%, according to Refinitiv Datastream.

Also read| Bears may drag Nifty to 16650 once 16700 support breached; 5 things to know before market opening bell

The S&P 500 dropped 2.11% to end the session at 3,640.47 points.The Nasdaq declined 2.84% to 10,737.51 points, while the Dow Jones Industrial Average declined 1.54% to 29,225.61 points.Volume on U.S. exchanges was relatively heavy, with 11.6 billion shares traded, compared with an average of 11.4 billion shares over the previous 20 sessions.

All 11 S&P 500 sector indexes declined, led lower by utilities, down 4.06%, followed by a 3.37% loss in consumer discretionary.Declining stocks outnumbered rising ones within the S&P 500 by an 11.6-to-1 ratio.Meta Platforms ended down 3.7% after Bloomberg reported the Facebook owner froze hiring and warned employees of more downsizing to come.

CarMax Inc slumped nearly 25% after the used-car retailer missed expectations for second-quarter results, hurt by consumers cutting spending amid inflation, rising interest rates and higher car prices. General Motors Co and Ford Motor Co fell more than 5% each. Airline carriers and cruise operators fell on canceled or delayed trips after Hurricane Ian hit Florida’s Gulf Coast with catastrophic force. American Airlines, United Airlines Holdings and Delta Air Lines each lost more than 2%.Cruise ship operators Norwegian Cruise Line Holdings Ltd dropped 5.3% and Carnival Corp fell 6.8%.The S&P 500 posted no new highs and 106 new lows; the Nasdaq recorded 14 new highs and 518 new lows.

Electronics Mart India IPO opens on Tuesday, GMP rises; should you subscribe?

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Electronics Mart India Ltd’s (EMIL) Rs 500 crore-IPO will open for public subscription on Tuesday (4 October) and will conclude on 7 October. The price band for the issue has been fixed at Rs 56-59 per share. The consumer durables retail chain’s IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale (OFS) component. The company intends to utilise the net proceeds from the initial share sale to fund its capital expenditure, and support incremental working capital requirements. The proceeds will also go towards paying debt, and for general corporate purposes. Ahead of the IPO opening, Electronics Mart India shares were commanding a grey market premium (GMP) of Rs 33 per share.

Also Read: Nifty must hold above 17017 for upmove towards 17250; buy, sell these stocks to pocket gains

Angel One: Subscribe

“In terms of valuations, the post-issue P/E works out to 21.8x FY22 EPS (at the upper end of the issue price band) which is low compared to its peer Aditya Vision Ltd. Further, EMIL has better revenue growth (CAGR of 17%) over 2 years, better return on equity and an expansion plan on the cards. Considering all the positive factors, we believe this valuation is at reasonable levels. Thus, we recommend a SUBSCRIBE rating on the issue,” the brokerage said.

Nirmal Bang: Subscribe

“Being the 4th largest consumer durable and electronics retailer in India and the largest in South India, EMI enjoys favorable terms of pricing/margins from brands due to its scale – this is a key advantage. EMI has demonstrated superior performance among all major consumer durable and electronics retailers in India in terms of growth with revenue CAGR of 26% over FY15-20 (pre-covid) and also managed to deliver respectable ROE of 17.4% during the covid impacted year of FY22. We believe EMI is being offered at attractive valuations at PE of 21.8x FY22 & EV/EBITDA of 9.7x FY22. We recommend subscribing to the issue,” Nirmal Bang analysts said in a note.

Choice Broking: Subscribe

“Peer comparison and valuation: At the higher price band, EMIL is demanding an EV/Sales multiple of 0.7x, which is lower than the above peer average. Considering the expected growth in the business, we feel the IPO is attractively priced. Thus we assign a “SUBSCRIBE” rating for the issue,” Choice Broking said in a note.

Also Read: Rupee likely to consolidate in near-term, may fall to 83 level, if 82 breached amid global uncertainty

Hem Securities: Subscribe

“Company is bringing the issue at a price band of Rs 56-59 per share at p/e multiple of 17x on post issue FY22 PAT basis. The company is the 4th largest consumer durable and electronics retailer in India with a leadership position in South India. Company’s scale of operations along with its long-standing relationship with leading consumer brands enables it to procure products at competitive rates. The company being one of the fastest growing consumer durable and electronics retailers with a consistent track record of growth and industry-leading profitability has a business model that provides operational flexibility to create a long-term sustainable footprint. Hence, looking at all the above, we recommend “Subscribe” on the issue.” Hem Securities said in a note.

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Amid US Fed rate hike, government not averse to weaker rupee vs dollar, says source

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The Indian government is not averse to a weaker rupee in line with global market fundamentals, a senior official told Reuters, at a time when the central bank’s intervention has tried to moderate the depreciation in the Indian currency. The comments come against the backdrop of aggressive rate hikes from the U.S. Federal Reserve, which raised rates by 75 basis points overnight, vowing to battle to beat down inflation.

The Fed’s decision sent the dollar to a new 20-year high and the rupee to a record low of 80.61. “A weaker rupee in line with market fundamentals is not a cause of concern to us,” the government official, who did not want to be named, told Reuters late on Wednesday before the Fed’s rate-hike announcement.

Also read| Rupee hits lifetime low, may fall to 81 on strong dollar, risk aversion in markets after Fed jumbo rate hike

The central bank sold a net of $19 billion from its reserves in July alone to prevent the rupee from falling much below 80. Alongside its intervention in the spot market, the RBI’s forward dollar holdings have fallen to $22 billion from $64 billion in April. “India’s current account deficit will hit 4% in the first quarter and remain elevated for the rest of the year. Given the Fed stance, flows will not be adequate for a couple of years. All this points to a structurally weaker rupee,” said Dhananjay Sinha, chief economist at Systematix Shares & Stocks. Sinha said the rupee is overvalued by about 5-5.5% on a real effective exchange rate (REER) basis.

Also read| Rupee likely to depreciate on strong dollar, risk aversion in equity markets; USDINR to trade in this range

India’s current account deficit likely widened to 3.6%, its highest in nine years, in the April-June quarter, driven by soaring global commodity prices and the biggest capital outflows since the 2008 global financial crisis, a Reuters poll found. RBI Governor Shaktikanta Das had said earlier this month that the central bank’s endeavour, amidst the extraordinary global events, has been to anchor expectations and allow the exchange rate to reflect the fundamentals rather than overshoot.

Share Market HIGHLIGHTS: Sensex ends in red, Nifty at 17007 in volatile trade; HDFC twins, Kotak Bank drag

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market indices BSE Sensex and NSE Nifty 50 ended in the red on Tuesday, after oscillating between gains and losses. BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007. Stocks of Tata Steel, Titan Company, Kotak Mahindra Bank, State Bank of India, Housing Development Finance Corporation (HDFC), HDFC Bank, Tech Mahindra among others were top Sensex draggers. On the flip side, IndusInd Bank, Power Grid Corporation of India, HCL Technology, Infosys were among top index gainers.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates

15:36 (IST) 27 Sep 2022 Sensex, Nifty end flat with negative bias

BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007.

14:45 (IST) 27 Sep 2022 Gautam Adani says global turbulence accelerates opportunities for India; China to feel increasingly isolated

Billionaire Gautam Adani on Tuesday expressed confidence in India’s growth story, saying that global turbulence has accelerated opportunities for the nation. “It has made India one of the few relatively bright spots from a political, geostrategic, and market perspective,” Gautam Adani said at the 20th Forbes Global CEO Conference 2022 in Singapore. India is on the path to be the world’s third largest economy by 2030, the billionaire said. Read full story

14:39 (IST) 27 Sep 2022 Bank Nifty in red

Bank Nifty was trading 250 points down around 38300

14:24 (IST) 27 Sep 2022 FY23 CPI inflation estimate at 6.5%

“Inflation prints over the coming months are expected to remain elevated albeit moderating gradually to below MPC’s upper threshold of 6% in Q4FY23. With the MPC expected to continue with rate hikes, the lagged impact of monetary tightening will help curb inflation expectations. Accordingly, we expect the average CPI inflation trajectory to be lower than the RBI’s estimates by around 60 bps in H1CY23. We maintain our FY23 CPI inflation estimate at 6.5%. We retain our view that the MPC will continue with calibrated repo rate hikes towards 6% by end-CY22 with 35 bps hike in the September policy along with the shift in the operating target from SDF to repo rate by end-FY23.”

~Suvodeep Rakshit, Senior economist at Kotak Institutional Equities

14:15 (IST) 27 Sep 2022 Markets volatile; Nifty, Sensex hold in green

Sensex is up 229.00 points or 0.40% at 57374.22, and the Nifty added 69.90 points or 0.41% at 17086.20.

13:33 (IST) 27 Sep 2022 Orient Bell completes expansion at Hoskote plant in Bengaluru

Orient Bell announced completion of expansion at its Hoskote plant in Bengaluru district. This expansion involved capex of around Rs 34 crore well ahead of schedule. With this the total capacity of the company has increased from 32 MSM per annum to 33.8 MSM per annum including 10 MSM per annum of the associated entities. Orient Bell was quoting at Rs 609.35, up Rs 10.45, or 1.74 per cent.

13:15 (IST) 27 Sep 2022 Pharma stocks gain

Nifty Pharma index added 0.5 per cent supported by the Granules India, Abbott India, Dr Reddy’s Laboratories

13:13 (IST) 27 Sep 2022 Crude prices to witness recovery towards USD 80 a barrel for WTI

“Crude oil prices are showing signs of stabilizing after the swift decline towards a nine-month low with markets considering the prospects of further action by the OPEC+ members at their October 5 meeting, as the oil cartel hinted at their discomfort with declining crude prices. Softening of the dollar index and uncertainty over a price cap being imposed by the EU on Russian oil are also underpinning crude oil prices. We foresee prices to witness recovery towards USD 80 a barrel for WTI while for Brent, prices look to rebound towards USD 87 a barrel.”

~Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking

13:12 (IST) 27 Sep 2022 Nifty, Sensex trade flat amid volatility

Benchmark indices were trading higher in the highly volatile market. The Sensex was up 241.24 points or 0.42% at 57386.46, and the Nifty was up 66.70 points or 0.39% at 17083.

12:33 (IST) 27 Sep 2022 RBI Monetary Policy: MPC to hike repo rate by 35-50 bps; global recession may risk growth forecast

We expect a 35-50 bps hike in repo rates in the current monetary policy next week and the projected inflation easing announcements in the coming years could provide a shot in the arm as we have witnessed a sharp fall in commodities prices. A serious global recession could present downside risks to our growth forecast due to which we could also witness volatility in our bond and equities markets. Read full story

12:13 (IST) 27 Sep 2022 Rupee depreciates 9% YTD, may fall below 82 per Dollar; RBI intervention to continue to stall INR fall

The global growth slowdown worries spare none. Over the past week, the Fed removed any remaining doubt about its commitment to getting inflation under control. As a result, both bonds and stocks sold off sharply and the debate is now whether the recent risk rally is a trend reversal or a bear market rally and whether the dollar rally continues towards 121. S&P 500 dropped to its lowest level for 2022 and the Dow and global bond market closed in the bear market. Things didn’t look better for risk markets as globally the central banks turned hawkish amid geopolitical and global recession worries. We are seeing coordinated action from global central bankers to stem US Dollar strength. Read full story

11:47 (IST) 27 Sep 2022 MCX Crude oil October futures may rise to Rs 6800/bbl this week; medium-term fundamentals still remain bearish

Cuba on a path toward Florida, threatening to become the worst storm to hit Tampa in over a century. BP Plc and Chevron Corp said they have shut-in production at offshore oil platforms in the Gulf of Mexico, as Hurricane Ian approaches the region. We expect MCX Crude oil October futures to rise towards Rs.6,800 per bbl for the week. Read full story

11:35 (IST) 27 Sep 2022 Adani Group to invest $100 billion in next 10 years in new energy; here’s what the money will be used to build

Adani Group will invest more than $100 billion of capital in India over the next decade, with 70 percent of the investment for Energy Transition space, said the conglomerate’s founder Gautam Adani at the Forbes Global CEO Conference in Singapore today. Adding to the existing 20GW renewable portfolio of the group, the roughly $70 billion capital infusion will contribute another 45GW of hybrid renewable power generation. The group, under the banner of Adani new Industries, plans to augment the additional GWs over a 1,00,000 hectares of land, which is roughly 1.4 times the size of Singapore.

Read full story

10:56 (IST) 27 Sep 2022 Gold Price Today, 27 Sep 2022: Gold prices recover from Monday’s lows, rates may remain under pressure

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Tuesday on pullback in dollar. On Multi Commodity Exchange, gold October futures were ruling Rs 50 or 0.10 per cent down at Rs 49100 per 10 gram as against the previous close of Rs 49150. Silver December futures were up Rs 48 at Rs 55400 per kg. Globally, yellow metal prices rose as the dollar’s rally paused, but prices held close to a 2-1/2-year low on expectations of further policy tightening by the US Federal Reserve in its efforts to quell soaring inflation. Read full story

10:46 (IST) 27 Sep 2022 Rupee may fall to 82 level against US Dollar

We are within touching distance of the 81.8 target, which may be extended to 82. Meanwhile, we will look for inability to break 81.8 or slippages below 81.55, to ease away from the bullish view, in which case, 81.25 could be expected. Anand James – Chief Market Strategist at Geojit Financial Services

09:55 (IST) 27 Sep 2022 Dish TV shares fall 3%, shareholders reject financial results

Dish TV India Ltd said in a notice to exchanges that its shareholders had rejected four of six resolutions at an annual general meeting on Monday. The firm said its AGM adjourned without assigning a day for a further meeting and the board strength is now down to two members. The resolutions not approved by shareholders include those related to adoption of financial statements for fiscal years 2021 and 2022, appointment of new statutory auditor SN Dhawan & Co, and appointment of Rakesh Mohan as non-executive independent director.

09:53 (IST) 27 Sep 2022 JSW Energy gains around 1% as IndRa upgrades credit rating

India Ratings and Research has upgraded the rating of the company’s long-term facilities to ‘IND AA/Stable’ from lND AA-/Stable’.

09:46 (IST) 27 Sep 2022 Embassy Office REIT slips 1%; Blackstone Inc said to sell 7.7 cr shares

Blackstone Inc is slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on September 27, as per reports. The offer price of the block deal stands at Rs 345 per unit.

09:45 (IST) 27 Sep 2022 IT stocks gain

Nifty Information Technology index rose 1 per cent supported by Infosys, HCL Technologies, Wipro

09:28 (IST) 27 Sep 2022 Mahindra Logistics shares soar 4%

Mahindra Logistics shares rose around 4 per cent after the company announced that it has entered into a Business Transfer Agreement with Rivigo Services and its promoter for acquisition of its B2B express business, as a going concern, on slump sale basis. The transaction cost is Rs 225 crore and the acquisition will be completed by November 1, 2022.

09:25 (IST) 27 Sep 2022 All sectoral stocks up in green

All sectors opened with marginal gains. Nifty PSU Bank, Nifty Media, Nifty Metal, Nifty Auto indices climbed up to 1 per cent in trade.

09:24 (IST) 27 Sep 2022 Nifty top gainers, losers

Power Grid Corporation, ONGC, Coal India, Cipla and NTPC were among major gainers on the Nifty, while Hero MotoCorp, Bajaj Auto, Divis Labs, Eicher Motors and Tech Mahindra were the losers.

09:22 (IST) 27 Sep 2022 Petrol, Diesel Price Today, 27 Sep 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 27 September 2022 (Tuesday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Read full story

09:22 (IST) 27 Sep 2022 Markets open in green

Bulls attempted a comeback on Dalal Street as Indian benchmark indices opened firm amid mixed global cues. BSE Sensex was up 224.23 points or 0.39% at 57369.45, and NSE Nifty 50 was up 65.70 points or 0.39% at 17082.

09:10 (IST) 27 Sep 2022 Pre-open: Nifty, Sensex up in green

Benchmark indices are trading firm in the pre-opening session. The Sensex was up 77.60 points or 0.14% at 57222.82, and the Nifty was up 142.20 points or 0.84% at 17158.50.

09:10 (IST) 27 Sep 2022 Rupee opens higher

Indian rupee opened 14 higher paise at 81.48 per dollar on Tuesday against the previous close of 81.62.

09:00 (IST) 27 Sep 2022 FII and DII data

Foreign institutional investors (FIIs) net offloaded shares worth Rs 5,101.30 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,532.18 crore on September 26, according to the provisional data available on the NSE.

08:57 (IST) 27 Sep 2022 Markets likely to take a breather from recent corrections

“Markets are likely to take a breather from the recent corrections and start Tuesday’s session on a higher note, tracking recovery in SGX Nifty and select Asian indices even as US markets in overnight trades continued the declining trend. However, markets may continue to wobble intra-day amidst escalating risks of a global recession, driven largely by aggressive monetary tightening around the world to suppress elevated inflation. Also, the recession warning in the US is getting louder with the fact that the 10-year US bond yield is trading at 11-year high and 2-year bond yield at 15-year high.”

~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:56 (IST) 27 Sep 2022 Markets likely to open in green, Nifty, Bank Nifty support at 16900, 38250 respectively

“Benchmark Indices are expected to open on a positive note today as suggested by trends on SGX Nifty. US markets slid further on Monday led by FED’s aggressive stance against inflation. Asian markets are trading mixed in the early Tuesday trade with Nikkei trading +0.8% up, Chinese markets trading +0.4% up while Korean and Taiwan markets trading in the red zone. Some stock specific actions can be witnessed in stocks such as Mahindra Logistics, Filatex India, Jubilant Foodworks. On the technical front, Immediate support and resistance in Nifty 50 are 16900 and 17400 respectively. Bank Nifty immediate support and resistance are 38250 and 39250 respectively.”

~Mohit Nigam, Head – PMS, Hem Securities

08:53 (IST) 27 Sep 2022 Rupee likely to depreciate further on strong dollar, weak Asian peers; may slip to 82 per USD

The Indian Rupee is expected to depreciate further on strong dollar, weak Asian peers, and risk aversion in markets. Rupee is likely to open at 81.40, and trade in a range of 81.20 to 81.70 for the day, according to forex analysts. The local unit may slip to 82 per dollar soon, they added. In the previous session, rupee tumbled to a record low of 81.66 against the US dollar as various risky assets continued to be pounded by concerns of a looming recession in developed economies that have prompted a worldwide hardening of interest rates. The US dollar has gained against several currencies, including the rupee. An indication of its global strength is being reflected in the Dollar Index which vaulted to a new 20-year high of 114.53.

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08:52 (IST) 27 Sep 2022 RBI can’t go aggressive in selling, and hence rupee can move towards 82.50

” RBI has offloaded tonnes of dollars from its FX kitty and while it does that, it has to buy rupee to sell USD. If RBI keeps selling more on the spot, it will further make the worst adverse and can do severe damage to the economy. Therefore, the RBI can’t go aggressive in selling, and hence the rupee can be seen moving towards 82.00-82.50 levels, further as now importers will buy in a rush and exporters shall get complacent. But no surprise, the rupee was overvalued against its peers and this correction was long overdue. It will be a tough job for RBI to juggle multiple balls at the same time and would be interesting to see what measures are been taken in the upcoming meeting.”

~Amit Pabari, MD, CR Forex Advisors

08:50 (IST) 27 Sep 2022 USDINR may trade between 81.20-82.00

“The rupee touched a new low of 81.65 and is a tad bit lower from another psychological mark of 82.00. Today, the pair is likely to open slightly stronger around 81.40 levels and shall trade in a range of 81.20-82.00 levels. Unlike the previous episodes of RBI’s solid intervention, this time, RBI seems to shy away unwantedly amid the current liquidity crunch. RBI has offloaded tonnes of dollars from its FX kitty and while it does that, it has to buy rupee to sell USD. This passive buying of the rupee, along with being on a hiking spree to tame inflation and follow the Fed, has led to a severe liquidity scarcity in the banking system which went into a deficit of over Rs. 27,000 crores from a surplus of Rs. 8.03 lakh crores.”

~Amit Pabari, MD, CR Forex Advisors

08:38 (IST) 27 Sep 2022 Opportunities for long-term investors

“India has been in a relatively sweet spot despite the hawkish environment but in sympathy has to increase rates to avoid capital outflow. The Reserve Bank has also sacrificed nearly 20% of the reserves in trying to defend the rupee but when the liquidity flows out of Emerging markets nothing really can stop the flow. The risk now is a currency contagion with the USD strengthening on a daily basis.  For long-term investors, there are opportunities to be had in such an environment. This is not the first or is likely to be the last crisis. If you are invested in good businesses and are following a framework for your investing, there need not be too much worry as once the dust settles, India should re-emerge as a very strong capital magnet. Staying with strength in the market remains one of our favourite ways to not predict the market yet ride the wave as and when we get it.”

~ Alok Jain, smallcase manager & Founder, Weekend Investing

08:03 (IST) 27 Sep 2022 17150 and 17200: Immediate hurdle for the bulls

“The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.”

~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

08:02 (IST) 27 Sep 2022 Sharper bounce back in Indian equities cannot be ruled out

“Taking a glance at the US markets, we will not be surprised to see some relief in key indices there as they have been on a continuous declining spree for a month. Any rebound could certainly provide the much-needed cushion for our domestic markets, and since we are relatively stronger, a possibility of a sharper bounce back cannot be ruled out. As far as supports are concerned, 17000 – 16900 – 16800 is to be seen as a sacrosanct cluster, whereas on the flip side, 17200 followed by 17350 are to be seen as intraday resistances.”

~ Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:01 (IST) 27 Sep 2022 Nifty at the critical zone

“The benchmark index Nifty has now entered a cluster of key moving averages i.e. 89-day EMA and 200-day SMA. Also, the previous breakout point coincides around 16800; hence, as of now, we do not expect the correction to extend below these levels. If it gets breached, we may have to revisit our view; but as of now, we would like to believe we are very much close to the sacrosanct supports, and since markets are extremely oversold, it’s advisable to trim existing shorts and start nibbling into quality propositions.”

~ Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:00 (IST) 27 Sep 2022 RBI MPC to determine market trend in medium term

“Panic gripped Dalal Street as the risk of recession was on the front and center in financial markets across the globe. The street suspects that the Fed moving so aggressively on rate hikes could cause a recession. The other biggest headwind which stock markets world over facing is inflation. In this backdrop, investors await the RBI MPC’s move on rate-hike decision this Friday, which would determine the trend in the medium term. Technically speaking, the biggest support for Nifty to watch will be 16907 and if the index holds this level, there is a bright chance that Nifty could bounce to 17451 and then at 17727 mark.”

~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

07:59 (IST) 27 Sep 2022 Fed officials stare down markets, say inflation top focus

US Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. In recent weeks, Fed officials have been adamant that they will push rates as far as needed to cool off inflation – even at the cost of rising unemployment and a possible recession. The S&P 500 is down 12 per cent just in the month that Fed Chair Jerome Powell delivered a stern message at a central bank symposium in Wyoming about the economic ‘pain’ required to curb the fastest price increases since the 1980s.

07:59 (IST) 27 Sep 2022

Infosys: The IT major on Monday inaugurated its new digital centre in Calgary, Alberta in Canada and said it would create 1,000 jobs over the next two years.

Embassy REIT: Blackstone Inc is reportedly slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on Tuesday.

Jubilant FoodWorks: The Dominos operator informed in an exchange filing on Monday that it has acquired a 29.24 per cent stake on a fully diluted basis in Roadcast Tech Solutions Pvt Ltd.

Read full story

07:48 (IST) 27 Sep 2022 Will bears drag Nifty to 16800 or bounceback on cards? 5 things to know before market opening bell

After Monday’s rout, the Indian share market may witness a slight bounce back amid mixed global cues. Early trends in the SGX Nifty hinted at a flat to positive opening for NSE Nifty 50 and BSE Sensex. “The RBI’s decision and the outlook would hold great importance post the rate hikes announced by many Central Banks globally following the US Fed aggressive outcome. Even the monthly F&O expiry this Thursday would keep the markets volatile. Fragile global factors and FII outflows would continue to keep the pressure on the market and thus 17000 level would act as a key support level, below which the weakness could intensify,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Read full story

07:40 (IST) 27 Sep 2022 Asian markets in green

Shares in the Asia-Pacific were higher on Tuesday after a sharp fall on Monday. The Nikkei 225 in Japan rose 0.65 per cent, and the Topix index gained 0.66 per cent. In Australia, the S&P/ASX 200 added 0.46 per cent. South Korea’s Kospi was marginally up, and the Kosdaq gained 0.64 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan was about flat.

07:39 (IST) 27 Sep 2022 Wall Street indices extend losses, end in red

Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve’s aggressive campaign against inflation could throw the US economy into a sharp downturn. The Dow Jones Industrial Average fell 1.11 per cent to end at 29,260.81 points, while the S&P 500 lost 1.03 per cent to 3,655.04. The Nasdaq Composite dropped 0.6 per cent to 10,802.92.

07:39 (IST) 27 Sep 2022 SGX Nifty hints at a positive start for Indian equities

Nifty futures were trading 27 points, or 0.16% higher at 17,048 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.

Share Market Highlights: Nifty settles above 19040, Sensex over 63780; Bank Nifty adds over 500 points

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Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended the week’s last trading session in the positive territory. The NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80. The broader indices ended higher with Smallcap stocks leading the gains. The Bank Nifty index added as much as 501.85 points or 1.19% to settle at 42,782. PSU Bank and Media stocks led the gains among the other sectoral indices and surged over 4.11% and 2.58%, respectively. Coal India, HCL Tech, Axis Bank, State Bank of India and Bajaj Auto were the top gainers, while the top laggards included UPL, ITC, Hindalco Industries, BPCL and Asian Paints. The volatility index (India Vix) ended down 7.03%.

(Source: NSE)

13:43 (IST) 27 Oct 2023 Bajaj Finserv Q2 profit rises 23.9%

Bajaj Finserv on Friday posted second quarter profit at Rs 1,928.96 crore, up 23.9% in comparison to Rs 1,556.93 crore during the corresponding quarter of last year. It posted a total income for the quarter ended September 2023 at Rs 26,022.66 crore, up 25.1% as against Rs 20,803.33 crore during the second quarter of FY23.

13:25 (IST) 27 Oct 2023 BOJ meets as rising global yields, inflation test yield cap

The Bank of Japan will face growing pressure at its policy meeting next week to shift further away from its controversial bond yield control, amid rising global bond yields and persistent inflation, reported Reuters. A spike in the US Treasury yields has pushed up the 10-year Japanese government bond (JGB) yield near the BOJ’s 1% cap set just three months ago, testing the bank’s resolve to prevent an excessive market-driven surge in borrowing costs.

12:48 (IST) 27 Oct 2023 Isha, Akash, Anant Ambani get shareholders’ nod for appointment on RIL board

Reliance Industries on Friday announced that its shareholders have approved the appointment of Ambani scions Akash Ambani, Isha Ambani and Anant Ambani on board of the company, it said in a regulatory filing. While Isha Ambani got 98.21 % of votes, Anant Ambani received 98.06% votes, Anant Ambani got 92.75% votes for being appointed as the non-executive director of the Company.

12:01 (IST) 27 Oct 2023 Infosys signs 5-year deal with smart Europe GmbH

Infosys on Thursday said it has signed a five-year partnership with smart Europe GmbH, a premium EV maker, to improve the latter’s direct-to-customer (D2C) business model in Europe. Infosys will help the EV maker boost digital sales and improve customer experience.

In a filing with the BSE, the company said it will provide enhanced customer experience, data-driven personalisation and engagement for the existing EV models like smart #1, smart #3 and other upcoming all-electric models from the iconic brand.

12:00 (IST) 27 Oct 2023 Reliance Industrial Infrastructure Q2 profit up 40.7%

Reliance Industrial Infrastructure Ltd (RIIL), an entity of Reliance Industries, posted its Q2 earnings with profit at Rs 3.18 crore, up 40.7% on-year. It had posted Q2 profit for FY23 at Rs 2.26 crore. The company recorded revenue from operations at Rs 14.36 crore, down 13.6% in comparison to Rs 16.62 crore during the second quarter of the previous year.

11:59 (IST) 27 Oct 2023 TTK Prestige Q2 profit drops 29.3%

TTK Prestige on Friday posted its second quarter earnings for the financial year 2023-24 with profit at Rs 59.27 crore, down 29.3% as against Rs 83.85 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 729.47 crore, down 13.4% as against Rs 842.35 crore during the quarter ended September 2022. The company’s EBITDA stood at Rs 80.9 crore, down 31.7% on-year.

11:32 (IST) 27 Oct 2023 Market Statistics

(Source: NSE)

11:21 (IST) 27 Oct 2023 Rollover – October Series

“Sharp spike in the US 10-year bond yield towards 5% triggered a bout of intense profit booking this week. Series on series, the Nifty is down by 3.4%, largely contributed by the selling observed in the current week. The index is down by 3.5% week-to-date. The stupendous outperformance observed in the mid-cap space over Nifty took a pause as the NSE Mid-cap index declined by 5% this series. The Nifty rollover stands at 83%, higher than its last three series average of 79%. The series has started with a cumulative future open interest of 11.6 million shares as against last three series average of 11.5 million shares. The Bank Nifty rollover stands at 79%, lower than its last three series average of 80%. The series has started with a cumulative future open interest of 2.5 million shares as against last three series average of 2.3 million shares,” said Neeraj Agarwal, Technical & Alternative Research, JM Financial.

10:41 (IST) 27 Oct 2023 Gold movement

“COMEX Gold prices pared early advance and closed with marginal gains on Thursday, amid robust US economic activity coupled with delay in the Israeli ground invasion. US gross domestic product accelerated to a 4.9% annualized rate in the last quarter, the fastest since 2021, while new orders for manufactured durable goods surged by 4.7% m/m in September 2023. Meanwhile, ECB paused the rate hikes, reflecting a more cautious “wait-and-see” stance among policymakers. Today, US PCE price index and UoM consumer sentiments will be in focus,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.

10:27 (IST) 27 Oct 2023 PSU Bank stocks shine

The Nifty PSU Bank index soared 3.05% during early trade on Friday. Canara Bank led the gains with a surge of 5.72%, while Bank of India and Union Bank of India advanced over 4% each.

09:49 (IST) 27 Oct 2023 Derivative outlook

Nifty weekly contract has highest open interest at 18,900 for Calls and 18,850 for Puts while monthly contracts have highest open interest at 18,900 for Calls and 18,850 for Puts. Highest new OI addition was seen at 18,900 for Calls and 18,850 for Puts in weekly and at 18,900 for Calls and 18,850 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 58.60%, increased future index shorts by 20.80% and decreased index options by 51.69% in Call longs, 27.78% decrease in Call short, 49.81% decrease in Put longs and 34.33% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

09:48 (IST) 27 Oct 2023 Markets offer opportunity to long-term investors

“After six continuous days of losses triggered by the elevated bond yields in the US and tensions in West Asia, the market appears to be oversold. Shorting in the FPI overweight segments like banking and IT have contributed significantly to the sharp market correction. The US economy’s resilience is surprising. The Q3 GDP growth at 4.9% means the Fed will continue to be hawkish and the likely ‘higher for longer’ interest rate regime is negative from the stock market perspective. On the positive side, valuations in India, which were high, have now turned fair and in sectors like banking valuations are attractive. This is the time for cherry picking for long-term investors. History tells us that corrections triggered by geopolitical events were opportunities to buy,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:20 (IST) 27 Oct 2023 Markets at open

The NSE Nifty 50 opened at 18,928.75 up 0.37%, while the BSE Sensex opened at 63,559.32 up 411.17 points.

09:13 (IST) 27 Oct 2023 Technical View

“According to the daily chart, Nifty is maintaining a bearish trajectory, targeting 18,400 in line with correction wave C. The immediate resistance is at 18,650. However, if the price closes above 19,000, a bounce towards 19,200 could be anticipated. For Bank Nifty, the immediate support is near 42,000 and 41,900, while on the flip side, 42,600 and 42,800 act as immediate resistance levels. In a scenario where clear trends are lacking in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments,” said Mandar Bhojane, Research Analyst, Choice Broking.

08:57 (IST) 27 Oct 2023 USD-INR

“The USD-INR futures contract for October 27th showed strength by surpassing the 83.22 level. According to the daily technical chart, the pair is trading above its moving average trend-line support level of 83.20, and the RSI is above the 50 level. However, it’s worth noting that the MACD is displaying a negative divergence. Additionally, the pair has breached its resistance level at 83.22. Based on the daily technical chart, the pair has support at 83.15-83.00 and resistance at 83.35-83.50. If the pair maintains levels above 83.22, it could exhibit further strength, potentially reaching the 83.35-83.50 range. In today’s session, we anticipate that the pair may trade within the range of 83.15-83.45,” said Rahul Kalantri, VP Commodities, Mehta Equities.

08:56 (IST) 27 Oct 2023 Market outlook

“Smart money on Dalal Street remains cautious, actively seeking selling opportunities during market strength, as both Nifty and Bank Nifty face significant downside risks. The suggested trades include selling Nifty in the range of 18,950-19,100 and Bank Nifty in the range of 42,500-42,750. The stock market’s near-term recovery looks unlikely due to persistent concerns such as rising US bond yields and the Israel-Hamas conflict, while FIIs have been selling in October, driven by inflation and recession fears. Also, uninspiring Q2 earnings of major Indian companies further contribute to the market’s pessimism. Nifty is expected to trade within a range of 18,500-19,500, with a crucial resistance at 19,500, and the Volatility Index stands at 11.73,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

08:48 (IST) 27 Oct 2023 Bank Nifty outlook

“The Bank Nifty index experienced continued heavy selling, resulting in a 1.29% decline. It is currently trading below its 200-day Exponential Moving Average (200EMA) placed at 43,264. This situation maintains a bearish undertone. The next immediate support level on the downside is at 42,000, where fresh put writing is evident. A breach below this level could lead to further declines, potentially targeting the 41,500-41,200 range,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

08:38 (IST) 27 Oct 2023 FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 7,702.53 crore, while domestic institutional investors (DII) added shares worth net Rs 6,558.45 crore on October 26, 2023, according to the provisional data available on the NSE.

08:31 (IST) 27 Oct 2023 Crude Oil

WTI crude prices are trading at $83.70 down 0.53%, while Brent crude prices are trading at $88.47 down 0.61%, on Friday morning.

08:31 (IST) 27 Oct 2023 US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.02% at 106.63.

08:19 (IST) 27 Oct 2023 Wall Street

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected, reported Reuters. 

The tech-heavy Nasdaq Composite tanked 225.62 points or 1.76% to 12,595.61. The S&P tumbled 49.54 points or 1.18% to 4,137.23, while the Dow Jones Industrial Average dropped 251.63 points or 0.76% to 32,784.3.

Depalpur Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

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As anticipation mounts for the upcoming Depalpur Constituency Election in Madhya Pradesh, voters are eagerly awaiting the big battle that kicks off with the announcement of key dates by the Election Commission of India. Here, we provide you with essential details about the Depalpur Constituency Assembly Election 2023 that every voter should be aware of.

Depalpur Constituency Madhya Pradesh Assembly Election 2023: Voting Date

The voting date for the Depalpur Assembly Constituency Election 2023 has been officially announced by the Election Commission. As per the ECI, Depalpur Assembly Constituency will go to polls on November 17. Stay tuned for updates as we bring you the latest information.

Depalpur Madhya Pradesh Election 2023: Candidates

Watch this space as prominent political parties, including the Indian National Congress (INC)Bharatiya Janata Party (BJP)and None Of The Above(NOTA) along with others, are poised to reveal their candidates for the Depalpur Assembly Constituency Election 2023 post the official declaration of voting dates by the Election Commission of India.

Stay informed as we bring you the latest updates on the Depalpur Assembly Constituency Election 2023, keeping you abreast of all the developments and insights that matter to you.

Depalpur Constituency MP Election Result: What happened in 2018

Vishal Jagdish Patel from Depalpur of Madhya Pradesh, won the seat with 94981 votes. He defeated Bharatiya Janata Party’ Manoj Nirbhaysingh Patel who had polled 85937 votes. The winning margin was 9044 votes.

2018 Depalpur Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesVishal Jagdish PatelIndian National Congress94981

Candidate List Party Name Votes Gained (Vote %) Vishal Jagdish Patel Indian National Congress 94981 (50.46%) Manoj Nirbhaysingh Patel Bharatiya Janata Party 85937 (45.66%) None Of The Above None Of The Above 1957 (1.04%) Brajesh Kannoji (ahirwar) Bahujan Samaj Party 1340 (0.71%) Bahadur Singh Mandloi Aam Aadmi Party 1192 (0.63%) Sheikh Azij Independent 715 (0.38%) Sohan Panchal Independent 616 (0.33%) Ramcharan Patel Shiv Sena 400 (0.21%) Rajesh Gupta Independent 289 (0.15%) Sohan Solanki (malvi) Prajatantrik Samadhan Party 280 (0.15%) Rakesh Patel Independent 180 (0.1%) Gajraj Singh Choudhary Independent 179 (0.1%) Nilesh Neema Independent 153 (0.08%)

Depalpur Constituency MP Election Result: What happened in 2013

In the Madhya Pradesh Assembly election of 2013, Manoj Nirbhaysingh Patel won from the Depalpur seat garnering 93264 votes and defeated Indian National Congress candidate Satyanarayan Patel who bagged 63067 votes. The candidate who came third was Bahujan Samaj Party’ Jeetu Pardeshi.

Manoj Nirbhaysingh Patel got 93264 votes while Satyanarayan Patel got 63067 votes.

2013 Depalpur Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesManoj Nirbhaysingh PatelBharatiya Janata Party93264

Candidate List Party Name Votes Gained (Vote %) Manoj Nirbhaysingh Patel Bharatiya Janata Party 93264 (56.74%) Satyanarayan Patel Indian National Congress 63067 (38.37%) Jeetu Pardeshi Bahujan Samaj Party 2017 (1.23%) None Of The Above None Of The Above 1897 (1.15%) Vishnu Barod (kalota) S D Bahujan Sangharshh Dal 1373 (0.84%) Santosh Chouhan Independent 831 (0.51%) Mohammad Arshad Independent 604 (0.37%) Prakash Agrawal Independent 471 (0.29%) Manoj Patel Independent 420 (0.26%) Gokul Bodana Independent 221 (0.13%) Mahesh Parihar Independent 217 (0.13%)

Depalpur Constituency MP Election Result: What happened in 2008

Satyanarayan Patel of the INC was the winning candidate from the Depalpur constituency in the MP Assembly elections 2008, securing 62890 votes while 53399 votes were polled in favour of Manoj Nirbhay Singh Patel of the BJP. The margin of victory was 9491 votes.

2008 Depalpur Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesSatyanarayan PatelINC62890

Candidate List Party Name Votes Gained (Vote %) Satyanarayan Patel INC 62890 (50.51%) Manoj Nirbhay Singh Patel BJP 53399 (42.89%) Moolchand Rathor IND 1725 (1.39%) Nanuram Hekedia BSP 1360 (1.09%) Chhatar Singh Solanki LJP 1329 (1.07%) Pravin Anadilal Porwal IND 1106 (0.89%) Rajendra Patel BJSH 1066 (0.86%) Jagdish Solanki(dinesh) IND 692 (0.56%) Amit Ashok IND 530 (0.43%) Bharat Sing Patel SP 419 (0.34%)

Sebi mulls farmework for market making to deepen bond markets

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With over 98 per cent of corporate bonds being private placements, leading to a shallow secondary market, Sebi is planning to come out with a framework for market-making to help markets become more vibrant and funds cheaper, a Sebi member said.

Concerted efforts by regulators and government have seen corporate bond outstanding touching Rs 40.20 lakh crore in FY22 from Rs 10.51 lakh crore in FY12, while the secondary market is about 30 per cent of this. Annual issuances during this period have increased from Rs 3.80 lakh crore to close to Rs 6 lakh crore.

Compared to this, the current outstanding stock of government securities is Rs 84.71 lakh crore across 100 instruments as of June 2022 while trading volume in G-Secs was Rs 126.6 lakh crore in FY22 which is about seven-times of the trading in corporate bonds.

Between FY12 and FY22, the secondary market volume spiked from Rs 4.5 lakh crore to Rs 14.37 lakh crore, showing clearly that secondary trading has not risen in consonance with the size of the market, according to the Reserve Bank data.

The central bank data also show that as much as 80 per cent of issuances in FY22 were AAA-rated, and 15 per cent were AA-rates, leaving just 5 per cent for high-yielding junk papers, which is one of the reasons for low trading volume or lack of liquidity in the secondary market.

Market making not only assists in creating a more vibrant corporate bond market but also helps in generating better yields and in reducing cost of borrowing for borrowers over the long-run.

In this regard, Sebi is exploring a market-making framework that’ll be applicable to every listed issuer who has issued non-convertible debt and has outstanding privately issued NCDs of Rs 500 crore ore more. “We should be coming out with the framework very soon,” Ashwani Bhatia, the whole-time member at Securities and Exchange Board said here on Tuesday.

Bhatia, the banker-turned-regulator, who was addressing the annual capital markets summit organized by the industry lobby Ficci, did not offer more details.

Also Read| Sebi’s SCORES platform disposes of 3,236 complaints in August

It can be noted that though both the primary issuance volume and also the outstanding rose manifold, public issues constituted only around 2 per cent of the total. For instance in FY22, money raised through public issuances was just Rs 11,589 crore, which is just about 2 per cent and the rest Rs 5.88 lakh crore were private placements, according to RBI data.

Similarly, as much as 98.5 per cent of the issuances are either AAA ir AA rated companies, who chose to get the issue privately placed due to the cumbersome listing process and the attendant cost escalation.

Recently, Reserve Bank deputy governor T Rabi Sankar had said concerted efforts by regulators saw corporate bond outstanding scaling Rs 40.20 lakh crore in March 2022 from Rs 10.51 lakh crore March 2012.

Annual issuances during this period increased from Rs 3.80 lakh crore to close to Rs 6 lakh crore, after peaking in FY21 when it crossed Rs 8 lakh crore. However, as of June 2022, the outstanding volume slipped to Rs 39.58 lakh crore across 29,745 instruments.

Sankar also said the number of corporate bond issuances also rose to 5,400 in FY22, showing the success of the developmental efforts of the government and regulators.

Petrol, Diesel Price Today, 13 Sep 2022: Fuel cost steady; Check rates in Delhi, Noida, Mumbai, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 13 September 2022 (Tuesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

The prices of petrol and diesel vary in each state depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc. Since the central government excise duty cut, only two states have reduced VAT rates on auto fuels. Meghalaya was the last to revise the fuel rates when it increased VAT August 24, because of which petrol now costs Rs. 96.83 per litre in Shillong and diesel is now priced at Rs. 84.72 per litre.

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Capex-led growth to kickstart investment; agri, infra, consumption sectors attractive | LIC MF INTERVIEW

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The Union Budget 2021 helped fuel Dalal Street to 9% rally in the previous week, and the benchmark indices continued to trade near fresh all-time highs. Diving into the fine-print of Nirmala Sitharaman’s third budget, Yogesh Patil, Fund Manager – Equity, LIC Mutual Fund tells Kshitij Bhargava of Financial Express Online, where he sees opportunities now. Patil explains how investors should look at valuations and discusses positive triggers for PSU banks after the Budget. Here are the edited excerpts.

What sectors look the most attractive to you post the budget?

Will infrastructure be a big theme to be played in the next few months now? 

Infrastructure got significant focus in the budget with the coverage being broad-based, across road, rail, shipping, power to name a few. When infrastructure sees an uptick it has a multiplier effect in the economy spurring economic growth. We welcome this move of capex-led growth which would kickstart the investment cycle and could then spread to multiple sectors – Cement, Auto, BFSI, Metals, and Capital Goods. While we refrain from commenting on stock-specific ideas, businesses which are scalable, having a clear competitive advantage and capital efficiency would be where our focus will stay.

Banks look strong after the Union Budget; is it the time to now closely watch PSU banks?

Proposal to set up an Asset Reconstruction Company (ARC) & Asset Management Company (AMC) to consolidate and take over the existing stressed debt of public sector banks will help clean up their books, which have high levels of provisioning on their stressed assets, which were created over the last couple of years. Overall, this will help PSU Banks focus on funding new growth at the margin.

What negative triggers do you spot for equity markets post the Union Budget?

Abnormally high levels of net market borrowing programme (Rs12trn) could lead to pressure on bond yields. Furthermore, divestment targets are still aggressive. We need to watch out if this is achievable this year, unlike the past few years.

Valuations have been a worry for some investors; how should they look at high valuations right now?

Firstly, we would like to advise investors to take attention away from index levels. An investor should have clarity about the investment objective in terms of time horizon, specific financial goals to be met. It should be complemented with their understanding of where they stand on risk-taking ability and appetite. This will give clarity about how an individual can plan optimal asset allocation.

Only after undertaking the above exercise one should look at investing savings into individual stocks. Asset allocation is the most critical factor in determining the investment outcome. For individual stocks, we would avoid being simplistic. One should not change the investment philosophy based on index levels. Sticking to your asset allocations and disciplined investment process is key to avoid taking undue risks beyond risk appetite.

Spice prices skyrocket amid lower output, high demand

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By Sandip Das, Nayan Dave & Geeta Nair

There has been a double-digit increase in mandi prices of spices, including cumin (jeera), coriander (dhania), black pepper and dry chilli, in the last one year, due to decline in production amid robust domestic demand.

Traders say while turmeric prices have stabilised since its peak earlier this year, mandi prices of all other spice varieties are expected to rise further, because of supply constraints caused by lower production and robust global demand driving exports.

The mandi price of cumin (jeera) is currently ruling around Rs 4,700 per 20 kg bag at Unjha mandi (Gujarat), the largest market of the spice in the world, against a price range of around Rs 2,400-2,600 per 20 kg bag that prevailed a year ago.

“We are expecting the prices to further surge and touch Rs 5,000 per 20-kg bag by November, as there is a robust demand for quality cumin in the export market, while the domestic demand is encouraging,” Arvind Patel, vice-president of Unjha Agriculture Market Produce Committee (APMC), told FE.

Also Read: Tamilnad Mercantile Bank shares end flat after tepid debut

In the current 2021-22 season, cumin production is estimated around 5 million bags (55 kg per bag) as against over 8 million bags in 2020-21.

As the cumin crop is highly sensitive to weather and disease, a section of farmers in the key producing states of Rajasthan and Gujarat has switched to other crops such as cotton, mustard seed, groundnut, soyabean and coriander seed, thus reducing the production, Patel said.

Dipak Sanghvi, managing director, Nilon’s, a major manufacturer of pickle and spices, said the last year saw spice prices go up significantly, with an around 14% increase in prices of packaged spices. The price of raw chilies has doubled from Rs 120 to Rs 240 per kg during December 2021-September 2022, while coriander prices went up from Rs 75-80 to Rs 120 per kg in the same period.

According to Sanghvi, black cardamom prices rose from Rs 350 to Rs 650-700 per kg, while green cardamom prices increased from Rs 400 to Rs 650-700 kg since the beginning of 2022. “Food ingredients coming from China, such as bonding agents and emulsifiers, too had gone up substantially due to Covid disruption and shutdowns,” he said.

In the case of turmeric, mandi prices have been prevailing around Rs 70-75 a kg currently, compared to around Rs 105-Rs 107 a kg that prevailed in January.“Turmeric mandi prices spiked earlier this year because of reports of possible crop losses. However, the prices have eased since April after a robust harvest,” Ankit Agarwal, director, Amar Agarwal Foods India, Erode, a Tamil Nadu-based turmeric trader, said. Agarwal said that the prices are expected to hold at the current level and a spike in prices is highly unlikely.

Karnataka, Maharashtra, Assam, Odisha, Uttar Pradesh, West Bengal, Tamil Nadu and Kerala are major producers of spices in the country.