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Rajasthan Election 2023: Congress releases third list, 95 names of candidates out so far

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The Congress on Thursday released its third list of 19 candidates for the upcoming Rajasthan elections. The state goes to polls on November 25 in a single phase and counting of votes will be on December 3. With the latest list, the party has so far declared 95 names.

The party has fielded Shoba Rani Kushwah from Dholpur, Rajendra Prateek from Sikar, Wajib Ali from Nagar, Harish Chandra Meena from Deoli-Uniara, Heera lal Darangi from Jhalod (ST) and Lakhan Singh Meena from Karauli.

— ANI (@ANI) October 26, 2023

On Sunday, the party had released its second list of 43 candidates, while the first list of 33 candidates was released on Saturday.

The Congress is seeking to retain power on the strength of its work over the past five years and the welfare schemes announced by the Gehlot government.

As Sensex, Nifty plunge over 4% so far in 2022 on global uncertainty, is it time to buy yet or wait and watch?

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BSE Sensex and NSE Nifty 50 ended lower for the sixth straight session on Wednesday ahead of weekly and monthly F&O expiry. BSE Sensex plunged 509 points or nearly 1 per cent to 56,598, while NSE Nifty 50 crashed 0.9 per cent or 149 points to settle at 16589. Analysts say that owing to the global uncertainty, the stock market is likely to remain under pressure in the near-term. Monthly F&O expiry on Thursday and the upcoming RBI MPC meeting outcome will be keenly watched by the investors. So far in the year, both BSE Sensex and NSE Nifty 50 have plunged more than 4 per cent, turning negative for 2022. Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said that the overall market trend seems to be weak and there is no confirmation of any buying emerging from the lows. If the 50-share index breaches 16800 support, then there may be a possibility of a minor pullback rally near 16800-16750 levels in the next 1-2 sessions, Shetti added.

Also read: Petrol, Diesel Price Today, 29 Sep 2022: Fuel prices unchanged; check rates in Delhi, Mumbai, other cities

Sanjiv Bhasin, Director, IIFL Securities, told FinancialExpress.com that investors must buy the fear as inflation is headed down and the rally in dollar is overdone. He added that India may see the return of flows by next month. “We will outperform on the upside in any global rally which could start by mid-October,” Bhasin said.

Rajesh Palviya, VP – Technical and Derivative Research, Axis Securities, told FinancialExpress.com that investors should buy in a staggered manner in the Indian market as sectorial rotation is going to happen. Palviya said that the stock market is now focusing on the defensive sectors and low beta stocks in this volatile market. “Investors can focus on Pharma, FMCG, chemicals and Midcap IT stocks in the current market scenario,” he advised.

Ajit Mishra, VP – Senior Technical Analyst, Religare Broking, told FinancialExpress.com that investors shouldn’t worry about the recent stock market correction. They can rather look at buying opportunities in the sectors such as banking, auto, FMCG and financials which were leading in the recent up move. “Nifty has immediate support at 16800 and next at 16650. On the higher side, 17200 would act as a hurdle in case of a rebound,” Mishra said.

Also read: Rupee to depreciate further on strong dollar, recession fears, USDINR may head towards 83 in coming sessions

Milan Vaishnav, CMT, MSTA and founder of Gemstone Equity Research, told FinancialExpress.com that it’s time that one can start picking up quality stocks at current levels on a highly selective basis. Key levels to watch out for in near term in Nifty is 17000 and 39000 in Bank Nifty index.

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.

Share Market LIVE: Sensex ends below 60000 as bears prowl D-St, Nifty at 17877 on F&O expiry day

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Share Market News Today | Sensex, Nifty, Share Prices LIVE: BSE Sensex and NSE Nifty 50 fell more than half a per cent on Thursday, a day of weekly F&O expiry day. BSE Sensex fell 412 points or 0.7 per cent to end at 59,934, while NSE Nifty 50 slipped 126 points or 0.7 per cent to finish trade at 17,877.40. Stocks of Maruti Suzuki, Power Grid Corporation of India, NTPC, Housing Development Finance Corporation (HDFC), Bharti Airtel, L&T were among top index gainers. On the flip side, Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv, Axis Bank, IndusInd Bank, and Titan Company were among top Sensex laggards. Bank Nifty index fell 0.5 per cent to settle at 41,209.

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Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 15 September Thursday

15:54 (IST) 15 Sep 2022 Sensex, Nifty end in red on F&O expiry day

BSE Sensex and NSE Nifty 50 fell more than half a per cent on Thursday, a day of weekly F&O expiry day

14:49 (IST) 15 Sep 2022 Maruti Suzuki top BSE Sensex gainer

Maruti Suzuki was the top BSE Sensex gainer, up nearly 3 per cent, followed by Power Grid Corporation of India, NTPC, HDFC, SBI, and ICICI Bank

14:28 (IST) 15 Sep 2022 Nifty Bank at new high

Banks like HDFC, ICICI, SBIN, Kotak and BOB are the major constituents of Bank Nifty and are well placed with superior fundamentals. The economy is witnessing a strong credit environment with improving capacity utilisation and capacity expansion. A healthy credit growth is one of the triggers of better performance of banks. Moreover, a healthy balance sheet, minuscule stress formation and lower credit cost lead to strong profitability. We believe the banks to witness NIMs improvement as the share of floating rate loans are increasing. The sound balance sheet, strong credit growth, healthy margins and lower credit cost are likely to be fruitful for the banking sector. The large bank may take the competitive advantage factoring the technological advancement. Among large banks, BOB and ICICI are our top picks. Ajit Kabi, Banking Analyst at LKP Securities

13:16 (IST) 15 Sep 2022 Harsha Engineers International IPO Update

The public issue of Harsha Engineers International has seen a healthy subscription so far. Investors have bought 9.3 crore equity shares against an offer size of 1.68 crores, helping the offer subscribe 5.52 times on September 15, the second day of bidding. Non-institutional investors looked aggressive from the day one itself, putting in bids 11.75 times the allotted quota, while retail investors have bought shares 5.96 times the portion set aside for them and employees booked 4.46 times. The part set aside for qualified institutional buyers was subscribed 9 percent so far on Thursday.

13:15 (IST) 15 Sep 2022 BSE 500: Top losers

Vakrangee has slumped nearly 9 per cent was the top loser among the BSE 500 stocks so far. It is followed by HUDCO, GR Infraproject, Phoenix Mills and PB Fintech, down 5-7 per cent each.

13:14 (IST) 15 Sep 2022 BSE 500: Top gainers

CEAT has zoomed nearly 9 per cent and was the top gainer among the BSE 500 stocks so far on Thursday. It is followed by JM Financial, Kalyan Jewellers, Mahindra CIE and Poly Medicure, up 5-7 per cent each.

13:13 (IST) 15 Sep 2022 Fed hiking rates may move Dollar index to levels of 112.60 -113.30: Emkay Wealth

As per a report by Emkay Wealth Management titled ‘Navigator’, the aggressive rate action by the US Fed to tame the inflation has led to a sharp appreciation in the US dollar. The continuous tightening by the Fed will push Dollar index to levels of 112.60-113.30. On the lower side, 106.40 and 104.50 are strong support levels for the Dollar index. The European Central Bank is on a rate tightening phase, and the aggressive hikes will take the Euro-Dollar to its original levels of 0.75-0.80.

13:00 (IST) 15 Sep 2022 Ceat hits over 4-year high on healthy outlook

Shares of CEAT edged higher by 10 per cent to over four-year high of Rs 1,516.15 on the BSE in Thursday’s intra-day trade, on healthy business outlook. The stock of leading tyre company traded at its highest level since May 2018. Earlier, it had hit a record high of Rs 2,030 in January 2018.

12:18 (IST) 15 Sep 2022 HDFC securities Retail Research Fundamental Picks

Birla Corporation

Buy in Rs 1082-1095 band and add on dips to Rs 1007-1027 band

Base Case Fair Value: Rs 1192

Bull Case Fair Value: Rs 1289

Time Horizon: 2-3 quarters

Patanjali Foods

Buy in Rs. 1341-1363 band and add more on dips in Rs. 1180-1200 band

Base Case Fair Value: Rs 1490

Bull Case Fair Value: Rs 1602

Time Horizon: 2 quarters

12:11 (IST) 15 Sep 2022 PVR shares slip 5% after mega block deals; stock down 17% from 52-week high

Four investors in movie theatre chain PVR offloaded 7.7% stake in the company via block deals, according to reports.

12:09 (IST) 15 Sep 2022 Sensex in red

Sensex pared early gains and slipped into red. The index dips 300 points to trade below 60,000

11:20 (IST) 15 Sep 2022 GR Infraprojects share price falls 4%

The promoters of GR Infraprojects Ltd will offload up to 6.8% stake or around 65 lakh shares through an offer for sale (OFS) on September 15-16, as per a regulatory filing submitted by the company on September 14.

11:16 (IST) 15 Sep 2022 Nifty Bank erases gains, slips in red

Nifty Bank erased gains and slipped in the red. The index fell nearly 500 points from intraday high

11:14 (IST) 15 Sep 2022 IT stocks bleed

Nifty IT index fell over 1 per cent, dragged by Tech Mahindra, Infosys, HCL Technologies, TCS and Wipro.

11:13 (IST) 15 Sep 2022 Nifty may fall in near-term if 17946 support breaches; Buy these 2 stocks to pocket gains, charts show upmove

On Wednesday, the Nifty did in fact correct from its recent highs of 18088, thereby making a double top pattern on the intra day 15 min chart. Further downsides are likely once the immediate support of 17946 is broken. Downside targets in this scenario are at 17771. The bulls would gain control only if the recent highs of 18092 are taken out. The below picks are for the next 15-26 trading sessions. Read full story

10:49 (IST) 15 Sep 2022 Gold Price Today, 15 Sep 2022: MCX gold looks vulnerable till 49500, sell on rise; check support, resistance

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, on the back of weak global cues. On Multi commodity Exchange, gold October futures were ruling Rs 195 or 0.4 per cent down at Rs 49,823 per 10 gram, as against the previous close of Rs 50,018. Silver December futures were trading Rs 113 or 0.2 per cent down at Rs 56,873 per kg. Globally, yellow metal prices inched lower as a firmer dollar and expectations of big interest rate hikes from the U.S. Federal Reserve diminished the metal’s appeal, according to Reuters. Read full story

10:35 (IST) 15 Sep 2022 Bank Nifty support at 40000, Nifty to trade flat on today’s expiry; use Call Ladder for 22 Sep F&O expiry

Nifty Put options OI distribution shows that 17,900 has highest OI concentration followed by 17,800 & 17,700 which may act as support for current expiry and on the Call front 18,200 followed by 18,100 & 18,300 witnessed significant OI concentration and may act as resistance for current expiry. Options data suggest an immediate trading range between 17,800 and 18,200 levels & 18000 acting as pivotal level. Read full story

10:20 (IST) 15 Sep 2022 Balaji Amines up 2.5%

The company said the Phase 1 of 90-acre greenfield project (Unit IV) has been completed. The di-methyl carbonate, propylene carbonate, and propylene glycol plant will be ready to commence commercial production by the end of September 2022. In addition, it has also started construction in phase 2 of greenfield project (Unit IV) for 2 plants. The company has already received environmental clearance for this expansion.

10:18 (IST) 15 Sep 2022 Dull lisitng for Tamilnad Mercantile Bank; long-term investors should wait for some quarters to let the dust settle

“Tamilnad Mercantile Bank has debuted at Rs 495 on NSE i.e. ~6% below its issue price. The precarious legal challenges, the lack of complete clarity on the management’s long-term performance, and less than stellar subscription numbers are some of the reasons for its negative listing. Those who applied for listing gains can maintain a stop loss of Rs 470. Long-term investors should wait for some quarters to let the dust settle, and in the meanwhile, we suggest investors go for the existing listed banks where the management’s track record and performance during multiple credit cycles are visible. In short, large-sized banks and a few mid-sized banks are the best to ride on the upcoming credit and economic growth cycle.”

~Santosh Meena, Head of Research, Swastika Investmart Ltd

10:12 (IST) 15 Sep 2022 Fitch cuts India’s FY23 GDP growth forecast to 7%; high inflation, policy tightening dampen economic prospects

Fitch Ratings on Thursday slashed its India’s economic growth (GDP) forecast for the current fiscal to 7 per cent from the previous estimate of 7.8 per cent. The global ratings agency expects the economy to grow 7 per cent in 2022-23, with the next financial year also slowing to 6.7 per cent from the earlier estimate of 7.4 per cent. “The (Indian) economy recovered in 2Q22 with growth of 13.5 per cent year-on-year, but this was below our June expectation of an increase of 18.5 per cent. Seasonally adjusted estimates show a 3.3 per cent quarter-on-quarter decline in 2Q22 though this seems to be at odds with high-frequency indicators,” Fitch said.

Read full story

10:09 (IST) 15 Sep 2022 Bank Nifty hits new all-time high of 41,840.15

Bank Nifty index hit a new all-time high of Rs 41,840.15, rising over 400 points on weekly F&O expiry day.

10:01 (IST) 15 Sep 2022 Tamilnad Mercantile Bank IPO: Flat listing on BSE, NSE; stock debuts at Rs 510 per share

Tamilnad Mercantile Bank’s shares saw a flat listing on the stock exchanges today amid the tepid market momentum. Shares of the company began trading on the BSE at Rs 510 apiece from the IPO price of Rs 500-525 apiece per share. At the time of listing, the company had a market capitalisation of Rs 8,075.92 crore. The company launched its Rs 831-crore initial public offering (IPO) from September 5-7, 2022. The public issue was subscribed 2.86 times over the 87 lakh shares that were on offer during the subscription period. Read full story

09:32 (IST) 15 Sep 2022 Petrol, Diesel Price Today, 15 Sep 2022: Fuel cost static; check rates in Delhi, Noida, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on Thursday, 15 September 2022, 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. Read full story

09:26 (IST) 15 Sep 2022 Fitch cuts India’s GDP growth forecast

Global rating agency Fitch has lowered India’s economic growth forecast for fiscal 2022-23 (FY23) as measured by gross domestic product (GDP) to 7% from its June 2022 estimate of 7.8%. It now expects the GDP to slow further to 6.7% in FY24 as compared to its earlier forecast of 7.4%.

09:26 (IST) 15 Sep 2022 Nifty, Sensex open higher amid positive global cues

Sensex up 286.03 points or 0.47% at 60,633

Nifty up 82.20 points or 0.46% at 18,086

09:16 (IST) 15 Sep 2022 Exercise some caution arising from high valuation

“There are two broad market trends now. One, globally markets have turned weak on renewed inflation concerns and the market consensus is that the Fed’s terminal rate would be clearly above 4%. This will weigh on global markets. Two, India’s outperformance is strong and consistent. This has fundamental support from a strong economy and good earnings visibility. There is a clear message from the performance of S&P 500 (down 18% YTD) and Nifty (up 3.6% YTD). This divergence in performance between global and Indian markets has steam to sustain in the near-term. Yesterday’s strong market performance validates the success of the ‘buy on dips’ strategy. Buyers are chasing banks, autos, FMCG, telecom and construction related segments which are likely to come out with good results in the coming quarters. Even while remaining invested, investors should exercise some caution arising from high valuation.”

~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:14 (IST) 15 Sep 2022 Nifty needs to stabilize above 17701 for a bright chance of its recovery to 18605

“After yesterday’s retreat, local shares are likely to start on a positive note tracking recovery in most of the Asian indices following overnight uptick in the US markets. Intra-day, the markets may waver as the nervous theme could play out in the backdrop of consensus that inflation is falling more slowly than expected. Strong inflation numbers have revived bets for faster interest rate hikes by the central banks across the globe. However, India’s wholesale inflation easing to 10-month low, a pause in the US treasury yield rally, and US dollar slipping overnight could offer a temporary reprieve to Nifty bulls. Technically, Nifty needs to stabilize above 17701 mark for a bright chance of its recovery to 18605 mark.”

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

08:34 (IST) 15 Sep 2022 PVR shares in focus, investors to offload 7.7% stake through block deal

Four investors in movie theatre chain PVR Ltd are reportedly offloading a 7.7% stake in the company via block deal on September 15. The investors who will be selling the stake in the company are – Multiples PE, Grey Birch, Plenty PE and Berry Invt. The offer price for the block deal will be in the range of Rs 1852 to Rs 1929 per share, sources said, adding that Kotak Securities will be the broker for the deal.

08:11 (IST) 15 Sep 2022 Trade deficit widens, August exports revised higher to $33.92 billion

India’s merchandise exports for August have been raised to $33.92 billion from the preliminary estimate of $33 billion, data released by the commerce ministry on September 14 showed. As per the latest data, imports in August amounted to $61.9 billion, marginally higher than the preliminary estimate of $61.68 billion. As such, the merchandise trade deficit for last month was lowered to $27.98 billion from $28.68 billion as per preliminary data released on September 3. The trade deficit in August 2021 was $11.71 billion.

08:10 (IST) 15 Sep 2022 Oil rises on weakening dollar, potential supply disruptions

Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets. Brent crude futures rose 38 cents, or 0.4%, to $94.48 a barrel by 0013 GMT, while US West Texas Intermediate crude rose 46 cents, or 0.5%, to $88.94. The International Energy Agency (IEA) said Wednesday it expects widespread switching from gas to oil for heating purposes, saying it will average 700,000 barrels per day (bpd) in October 2022 to March 2023 – double the level of a year ago. That, along with overall expectations for weak supply growth, also helped boost the market.

08:09 (IST) 15 Sep 2022 Momentum in mid cap Cement stocks likely to continue

“Yesterday, action was seen in sectors like Banking, Cement, Media, Metals, and FMCG. Cement stocks were in limelight on the back of news of Adani owned Ambuja Cement looking to raise Rs10,000 crore for capex as well as acquisition plans. The momentum in mid cap Cement stocks is likely to continue on the back of expectation of increased M&A activities by bigger players due to changing industry-dynamics. Sharp rally was also seen in Vedanta after the company formed a JV with Foxconn for a semiconductor project in Gujarat. Technology stocks, however, are seeing pressure after there were downgrades by foreign brokers on the back of expectation of slower growth due to aggressive rate hike in US and news of big tech companies laying off people.”

~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

07:57 (IST) 15 Sep 2022 Wholesale inflation drops to 11-month low in August

India’s inflation based on the Wholesale Price Index (WPI) declined to a 11-month low of 12.41% in August, the commerce ministry said on September 14. WPI inflation was 13.93% in July. In August 2021, it stood at 11.64%. Another month of double-digit increase in wholesale prices in August 2022 means the WPI inflation has remained above the 10% mark for 17 months in a row. The marked decline in WPI inflation in August was driven by a drop in fuel prices, with ‘fuel and power’ inflation falling to 33.67% from 43.75% in July.

07:56 (IST) 15 Sep 2022 Stocks in focus today

Tamilnad Mercantile Bank: Tamilnad Mercantile Bank shares will debut on stock exchanges BSE, NSE today.

Tata Steel: Tata Steel will raise Rs 2,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.

Paytm: ED on Wednesday carried out fresh raids on Paytm and some other agencies in connection with an ongoing money laundering probe linked to alleged financial irregularities by instant app-based loan companies “controlled” by Chinese persons.

Read full story

07:55 (IST) 15 Sep 2022 Bulls may attempt a comeback to push Nifty above 18100; 5 key things to know before market opening bell

Early trends on SGX Nifty hinted that Indian equity markets are likely to open marginally higher on Thursday, weekly F&O expiry day. Nifty futures traded 27 points, or 0.15% higher at 18,017 on the Singapore Exchange, signaling that domestic benchmark indices BSE Sensex, NSE Nifty 50 were for a positive start. “The biggest catalysts and next direction for Nifty depends on the FOMC monetary policy meeting on September 20-21. For Thursday’s session, Nifty sees major hurdles at the 18115 mark. Above the same, aggressive buying could be seen with the next goal post at the psychological 18605 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

Read full story

07:52 (IST) 15 Sep 2022 Asian shares edge higher

Shares in the Asia-Pacific region also rose mildly today. Japan’s Nikkei 225 rose 0.16% and the Topix index was up 0.15%. South Korea’s Kospi added 0.11% and Australia’s S&P/ASX 0.55% higher. China’s Shanghai Composite gained 0.35%, and the Shenzhen Component was fractionally higher. Hong Kong’s Hang Seng index added 0.45%.

07:51 (IST) 15 Sep 2022 US stocks end higher amid volatility

Wall Street ended a directionless session higher on Wednesday as an on-target inflation report largely stanched the flow of Tuesday’s sell-off and investors hit the ‘pause’ button. The Dow Jones Industrial Average rose 30.12 points, or 0.1%, to 31,135.09, the S&P 500 gained 13.32 points, or 0.34%, to 3,946.01 and the Nasdaq Composite added 86.10 points, or 0.74%, to 11,719.68.

07:50 (IST) 15 Sep 2022 SGX Nifty hints at a positive start

Nifty futures were trading 27 points, or 0.15% higher at 18,017 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.

INDICES ON A CRASH COURSE; VIX SURGES 8%: Bear hug on recession fears

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Equities tanked on Friday amid weak global cues as concerns of a global recession, sticky inflation, rising commodity prices and the possibility of aggressive tightening by central banks spooked investors.

As central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023 and a string of financial crises in emerging markets and developing economies that would do them lasting harm, a new study by the World Bank said.

“Global growth is slowing sharply, with further slowing likely as more countries fall into recession. My deep concern is that these trends will persist, with long-lasting consequences that are devastating for people in emerging market and developing economies,” said World Bank Group president David Malpass.

Also Read: Warning signs flashing for global recession in 2023, as interest rate hikes threaten economic growth

The benchmark BSE Sensex slid over 1,200 points on Friday before closing at 58,840, down 1,093 points or 1.8%. The gauge has shed 1,731 points, or 2.9%, in the last three sessions and has slid 1.6% the past week. The Nifty 50 settled at 17,530, down 346 points or 1.9%. The broader markets also suffered, with the Nifty midcap and smallcap falling in the range of 2.5% to 3%. The Volatility Index — India VIX — surged 8% to settle near 20-odd level.

Most Asian indices ended in the red too, with Jakarta Composite (1.9%) and Shanghai Composite (2.3%) slipping the most.

Index heavyweights such as Reliance Industries, Infosys, HDFC Bank, TCS and ICICI Bank contributed the most to the fall. All sectors ended in the red, with realty, IT, oil & gas, consumer durables and auto falling the most.

Volumes on the NSE were the highest in since May 31, partly aided by FTSE rebalancing trades. The advance decline ratio was sharply negative at 0.23:1. India VIX, an index that measures volatility, jumped 7.8% to 19.82.

Global ratings agency Fitch on Thursday slashed its growth forecast for the Indian economy to 7% in 2022-23 from 7.8%, with 2023-24 growth to slow further to 6.7% from 7.4% projected before.

“Investors are expecting an aggressive rate hike next week, with one-third of market respondents expecting the Fed to do 100 basis points, whereas a 75 bps hike is mostly discounted. The adverse rub-off impact of this was felt in the Indian equity market also, over the last three sessions, including extended losses on Friday,” said Aishvarya Dadheech, fund manager, Ambit Asset Management.

Indian equities have been resilient in the last couple of months and outperformed major global markets by a wide margin.

The turnaround in FPI inflows in equity markets and rising expectations of India’s inclusion in the global bond market indices have led to a stable currency and resilient bond markets over the last month. FPIs have shopped for equities worth $1.5 billion in September.

The external environment, however, remains challenging, with global commodity prices remaining meaningfully above pre-pandemic levels.

“It exposes the economy to uncertainty especially on external stability. Indeed, the trade deficit remained near all-time highs in July and August and we expect the current account deficit to track near 10-year high of 5% of GDP in quarter ended September. While the CAD has widened, a turn in FPI flows in August, alongside FX intervention by RBI (FX reserves are down $20.8 billion since July end) have helped to keep the currency steady,” said a report by Morgan Stanley.

The RBI most likely will have to raise rates by 50 bps in its next policy meet to combat pressure on the rupee, according to experts. The yields on Indian 10-year government securities spiked 15 bps to 7.25% in the last three days.

“We believe the market is likely to be volatile in the near term. Investors should use the volatility in the coming weeks in a phased manner to build a position with a view of 12-18 months in quality companies where earnings visibility is high,” said Neeraj Chadawar, head – Quantitative Equity Research, Axis Securities.

According to him, domestic-oriented themes like banks, FMCG, hospitals, domestic industrials, and discretionary consumption are well placed over export and cyclical-oriented themes.

Top i-banks under Sebi lens over possible disclosure lapses

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The Securities and Exchange Board of India (Sebi) has initiated inspections of top investment banks on past deals spanning initial public offerings, qualified institutional placements, rights issues and offers for sale, said three people familiar with the matter.

The inspections are being carried out by the capital markets regulator’s surveillance teams and encompass a granular check on disclosures and due diligence on past deals, especially with regard to issue objectives, capital structure and litigation.

Also read: S&P 500 companies earnings growth in the next quarter to be in focus from now on

“The inspections began about a month back and will cover several of the top i-banks. The aim is to ascertain if regulations governing merchant banking activity have been adhered to or not,” said a senior banker.

At the time of filing, lead managers have to certify that the disclosures made in the offer document are generally adequate and in conformity with Sebi regulations for disclosures and investor protection. Sebi, however, reserves the right to take up, at any point of time, any irregularities or lapses in the offer document with the managers. Also, the filing of offer documents does not absolve the company from any liabilities under section 34 of the Companies Act, 2013.

“Three to four surveillance officers are being deployed at banker premises for 2-3 days for deals going as far back as five years or more,” said another person familiar with the matter. “Sebi is taking a closer look at disclosures that were given, the kind of due diligence that was done and the back-up, or supporting documents, provided during the deals.”

The regulator may or may not give a heads-up to the banker for the inspection of a particular deal. The banker has to give live responses to the extent possible. In some cases, bankers have to reach out to the company for clarification or back-up documents, said the person quoted above.

The inspections can result in warning letters being issued to bankers, penalties or even show-cause notices. In case of gross negligence or wilful misconduct, the regulator can cancel the registration certificate of the investment banks.

In 2016, for instance, Edelweiss Financial Services, SBI Capital Markets and Axis Capital were fined `1 crore each for non-disclosure of important facts in the 2010 IPO prospectus of Electrosteel Steels.

Also read: Our growth in FY23 will be 30% higher than last year: Sanjay Dutt, MD and CEO, Tata Realty & Infastructure

“While inspections have happened in the past, the process was more ad-hoc. Sebi seems to be trying to make the process far more stringent and formalise it similar to RBI’s inspection of banks. You may see a lot more show-cause notices being issued this time around, and not just warning letters,” said a third person.

An email sent to Sebi did not immediately get a response.

The Banking Regulation Act, 1949, empowers the RBI to inspect and supervise commercial banks. These powers are exercised through on-site inspection and off-site surveillance. On-site inspection of banks is carried out annually.

Sebi had recently carried out a few inspections at offices of alternative investment funds to examine whether the funds complied with portfolio concentration norms and timely disclosures to investors, among other things.

Sanjiv Bhasin’s stock picks for next 5 months; sees Nifty at 15,000, Bank Nifty near 34,250 by May-end

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Indian share market benchmarks BSE Sensex and Nifty 50 have been witnessing volatility amid the second COVID-19 wave. Due to this, foreign institutional investors (FIIs) turned net sellers in the month of April, after being net buyers for six consecutive months. Sanjiv Bhasin, Director, IIFL Securities Ltd, told Surbhi Jain of Financial Express Online in an interview that the US and other developed markets outperformed in the previous month, which encouraged near term shift of money. In April, US stock indices surged up to 5.4 per cent, while Sensex and Nifty fell as much as 1.5 per cent. Sanjiv Bhasin said that he is overweight on pharmaceuticals, banking sector stocks among others. Here are edited excerpts from the interview:

FIIs turned net sellers and sold Rs 10,000 cr shares in April after remaining net buyers for the 6 straight months. What fuelled FIIs selling in April?

How do you see Indian share markets in May? Do you see more downside, which sectors should investors watch?

Range bound, as local funds will support the downside with marginal selling by foreign investors. However, as soon as you peak in Covid cases which could be by the second week May, expect last week’s rally which could take you back to 15,000. Pharma, metals, banks, and autos will lead the rebound.

A record number of demat accounts opened in FY21, do you expect the same in this fiscal and why?

There is no better asset class than equities for the Indian context over the next 10 years as growth rebound strongly with double-digit GDP growth which implies that in all asset classes equities will see retail interest growing manifold.

Where do you see the Nifty 50 and Bank Nifty in May series? What would be an appropriate strategy for traders?

Nifty 50 index at 15,000 level by end May and Bank Nifty close to 34,250 levels. Do a SIP (systematic investment plan) in select stocks or indices.

What are your overweight and underweight sectors? Which stocks do you expect to deliver decent returns in the 3-5 months horizon?

Overweight sectors are Pharma, Midcaps, Banks and Auto. While underweight sectors are Metals and Consumer Discretionary. The top stock picks for the 3-5 months horizon are Lupin, Escorts, RBL Bank, HDFC Bank, Tech Mahindra and NBCC (India) Ltd.

Going ahead, what factors would drive the stock markets and what are the key risks?

Missing the next wave of reopening which could see huge spending from consumers and unleash huge profit for Corporate India, global liquidity in abundance and huge impetus to buy stocks as global markets led by the US hit new all-time highs. Rise in cases persisting, with vaccine drive seeing obstacles could derail the recovery temporarily.

MCX Gold outguns Comex on weak Indian Rupee, yellow metal may trade sideways; buy on dips for gains

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By Bhavik Patel

It was a see-saw ride for gold traders as prices fluctuated in positive and negative territory after the ECB meeting and Powell statement. Gold prices were pressured by comments from Federal Reserve Chairman Jerome Powell that again leaned hawkish on U.S. monetary policy which led to boosting the U.S. dollar index and U.S. Treasury yields, both of which had been weaker ahead of his speech. Powell’s comments reiterated his stance presented at the Jackson Hole central bank symposium, where he warned that not only will interest rates have to move higher, but they could remain elevated for longer to make sure inflation remains well anchored. Dollar index ahead of speech was on back foot as ECB raised interest rates by 75 bps splurging rally in Euro.

Going forward, the USD is going to be a safe asset as the Euro and the pound will be getting really hurt by the gigantic energy problem that they have, and the amount of money that they’re going to have to spend in order to alleviate people’s energy bills this winter. This would be bad news for gold and we don’t expect gold to give any substantial return this year.

In COMEX, gold has support in the range of $1690-1680. Four times since Feb 2021, gold has bounced from that level. Despite USD trading at 20 year high and US Treasuries trading above 3.00%, gold prices have not seen the destruction as seen in other asset classes like in energy packs or base metals. The recent low was also $1688 and $1691 in the span of two weeks that gold has bounced back. So the area of $1680 remains a strong support zone and gold may witness strong destruction below that level. On the upside, the rally will be limited owing to strong USD as the Fed is on a journey to kill inflation by monetary tightening. 

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In MCX, gold has made higher low and higher top indicating bullish trend thanks to weak Indian Rupee. MCX gold has outperformed COMEX gold owing to weak INR and is looking strong as prices are above the 200-day moving average on daily scale. Short term resistance comes at 50850 and 51500 while support comes at 50000. Ahead of the 20-21 Sept Fed meeting where US Fed will increase rate hike by 75 bps, expect gold to remain sideways because of strong USD. Any meaningful rally may only come post Fed meet as investors will be reluctant to take a long position ahead of the meet. Buy on dips should be the strategy until $1680 holds in COMEX and 49800 which was a recent swing low in MCX. Upside will be limited till 51000-51500 for next week

(Bhavik Patel is a commodity and currency analyst at Tradebull Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Microsoft CEO Satya Nadella on cricket: it is more than a religion, taught me leadership

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Cricket taught Satya Nadella valuable leadership lessons, the chief executive officer of Microsoft said in an interview recently. This comes as no surprise as Nadella has, time and again, expressed his keen interest in what’s often called the gentleman’s game. The interview of course covers other areas but gaming was touched upon at length, which makes sense, as it comes in the wake of Microsoft finally closing its USD 69 Billion buyout of Call of Duty maker Activision Blizzard. For Microsoft on the whole, gaming “goes all the way back for us as a company “, Nadella reiterated.

On the other hand, he also passed views on cricket. During an interview, he shared that “being an Indian, and a South Asian,” cricket is more than a religion, not just a game. He adds that cricket taught him leadership skills. Ahead of the ICC Cricket World Cup 2023, he shares that cricket taught him to learn from competition after watching a player from Australia in a Hyderabad match. He adds that confidence is one of the key things in leadership.

He highlighted that the gaming industry is undergoing significant transformation, and Microsoft aims to be a major player as both a game producer and publisher. With the acquisition of Activision Blizzard, Microsoft is said to become one of the largest publishers globally. He noted that people are dedicating more time to gaming, especially the younger generation (Gen Z), and the way games are created and delivered is evolving across various platforms, including mobile, consoles, PCs, and the cloud.

Microsoft’s acquisition of Activision Blizzard, particularly the ‘Call of Duty’ franchise, signifies the company’s commitment to expanding its presence in the gaming industry. The addition of Activision Blizzard’s well-known franchises, such as Call of Duty, World of Warcraft, and Candy Crush Saga, strengthens Microsoft’s position as a gaming publisher.

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Moreover, Microsoft’s interest in entering the mobile gaming market aligns with its broader gaming strategy, aiming to provide competition with established players like Google and Apple in this segment.

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

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Ghodadongri MP Assembly Election 2023 Details: The election for Ghodadongri Assembly Constituency in Madhya Pradesh will be held on November 17 this year. The final date of voting and result were known after the formal announcement by the Election Commission of India. Here are the important details of the Ghodadongri Constituency Assembly Election 2023 that you should know.

Ghodadongri Constituency Madhya Pradesh Assembly Election 2023: Voting Date

November 17 is the date of voting for the Ghodadongri Assembly Constituency Election 2023 as announced by the Election Commission of India.

Ghodadongri Constituency Madhya Pradesh Election 2023: Candidates List

Bharatiya Janta Party (BJP), Congress and other political parties in the state will announce their candidates for the Ghodadongri Assembly Constituency Election 2023 after the announcement of voting dates by the Election Commission of India.

Why Ghodadongri Constituency Assembly Election 2023 is Important

Ghodadongri is a state Assembly/Vidhan Sabha constituency in the state of Madhya Pradesh and is part of the Ghodadongri Lok Sabha/Parliamentary constituency. Ghodadongri falls in the Ghodadongri district of Madhya Pradesh and is categorised as an urban seat.

Ghodadongri Constituency MP Election Result: What happened in 2018

Bramha Bhalavi of the Indian National Congress was the winning candidate from the Ghodadongri constituency in the MP Assembly elections 2018, securing 92106 votes while 74179 votes were polled in favour of Geeta Ramjilal Uikey of the Bharatiya Janata Party. The margin of victory was 17927 votes.

2018 Ghodadongri Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesBramha BhalaviIndian National Congress92106

Candidate List Party Name Votes Gained (Vote %) Bramha Bhalavi Indian National Congress 92106 (46.92%) Geeta Ramjilal Uikey Bharatiya Janata Party 74179 (37.79%) Kaushal Parte Gondvana Gantantra Party 8305 (4.23%) None Of The Above None Of The Above 5542 (2.82%) Pratap Singh Uike Samajwadi Party 3962 (2.02%) Ashok Bhalavi Bahujan Samaj Party 3331 (1.7%) Shyamlal Bete Independent 2498 (1.27%) Shrimati Mangeetabai Uikay Independent 2243 (1.14%) Durga Tukdu Singh Dhurve Independent 1185 (0.6%) Kamalsingh Marskole Independent 1078 (0.55%) Kallusinh Kumre Independent 708 (0.36%) Sunil Varkade Aam Aadmi Party 698 (0.36%) Ashish Parte Independent 454 (0.23%)

Ghodadongri Constituency MP Election Result: What happened in 2013

Sajjan Singh Ueikey of the Bharatiya Janata Party was the winning candidate from the Ghodadongri constituency in the MP Assembly elections 2013, securing 77793 votes while 69709 votes were polled in favour of Bramha of the Indian National Congress. The margin of victory was 8084 votes.

2013 Ghodadongri Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesSajjan Singh UeikeyBharatiya Janata Party77793

Candidate List Party Name Votes Gained (Vote %) Sajjan Singh Ueikey Bharatiya Janata Party 77793 (48.24%) Bramha Indian National Congress 69709 (43.22%) None Of The Above None Of The Above 5926 (3.67%) Sohan Lal Uikey Bahujan Samaj Party 2481 (1.54%) Ramnarayan Ashok Kalme Samajwadi Party 1984 (1.23%) Rakesh Dhurvey Gondvana Gantantra Party 1850 (1.15%) Mangal Singh Lokhnde Samajwadi Jan Parishad 1536 (0.95%)

Kolkata: ED raids at TMC minister Jyotipriya Mallick’s residence in ration ‘scam’ probe

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Enforcement Directorate (ED) officials carried out early morning searches at the residences of West Bengal minister Jyotipriya Mallick on Thursday in connection with an ongoing investigation into an alleged multi-crore ration distribution scam.

The ED conducted raids on two flats owned by Mallick, the state’s forest minister, in Kolkata’s Salt Lake area, with support from a team of central forces.

The ruling Trinamool Congress labelled these raids as “political vendetta” amidst ongoing festivities in the state.

Simultaneously, search operations were also in progress at eight other flats, including the residences of Mallick’s former personal assistant during his tenure as the food minister.

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“There are eight officers conducting the exercise at Mallick’s residences. We are also conducting searches at his former personal assistant’s residence in Dum Dum, and at a few other places,” the ED officer told PTI.

The central probe agency had previously arrested an individual with close ties to the TMC and Mallick. Mallick is now being questioned about his connection with the arrested person, and his bank accounts are under scrutiny.

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TMC leader and state minister Shashi Panja criticised the raids at Mallick’s residences, asserting that “this is an attack on the culture of Bengal at the time of ‘Bijoya Dasami’. This is nothing but vendetta politics. We have seen there were raids at our leaders’ places before Durga Puja when we were demonstrating, demanding release of (MGNREGA) funds”.

“We are not surprised at such search operations as they (central agencies) have identified certain targets… And this will continue,” Panja alleged

Meanwhile, BJP leader Rahul Sinha claimed that the TMC is “deeply mired in corruption”, with several of its leaders facing allegations of corruption.

“Whenever the ED or CBI conducts raids at TMC leaders’ residences, they cry foul and describe the exercise as being politically motivated. The reality is… nearly every TMC leader is facing corruption allegations,” Sinha said.

In recent times, officials from central probe agencies also conducted searches at various locations in the state, including at the residence of Food and Supplies Minister Rathin Ghosh and Urban Development Minister Firhad Hakim.

(With PTI inputs)