Month: May 2023

Gold Price Today, 8 Sep 2022: MCX gold may trade at Rs 50100-50750; all eyes on ECB monetary policy

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading muted on Thursday, even as yellow metal inched higher in global markets. On Multi Commodity Exchange, gold October futures were trading Rs 16 down at Rs 50,490 per 10 grams. Silver prices were up Rs 343 or 0.6 per cent to Rs 54,370 per kg. Globally, yellow metal prices inched higher as a slight pullback in U.S. bond yields and bargain-hunting underpinned the market, although a stronger dollar and aggressive interest rate hike fears limited gains, according to Reuters. Spot gold edged up 0.1% to $1,702.59 per ounce, having dropped to its lowest since Sept. 1 at $1,690.10. U.S. gold futures were little changed at $1,713.30.

Also read: FM Sitharaman’s fight against inflation: Centre, state govts collectively responsible to tame rising prices

Gold gains ahead of the ECB meeting today where a 75bps rate hike is expected. Dollar index rally was overstretched and yesterday we saw some pullback in the safe haven currency and US 10 yr Treasury yield. This helped in all asset classes gaining some momentum on the upside including gold. The rally in gold might be short lived as the majority of the rally was because of weakness in USD and there weren’t many long positions that got added in open interest. With Sept 20-21 rate hike from Fed near the corner, USD is expected to remain strong making gold vulnerable at the top. Today’s rally is expected to extend as EUR is expected to gain after rate hike from ECB. Resistance in MCX is at 50700 while support is at 50150.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold and silver bounced helped by the dollar’s slight retreat from a two-decade high and as bargain hunters took advantage of recent losses. The Dollar Index continued to hover around its two decade high although, slight pullback from the peak late in the session seemed to offer some respite for gold and silver prices. The U.S. services industry picked up last month, providing ammunition to the U.S. Federal Reserve to deliver another 75-basis-point rate hike capping gains for gold on the higher side. Comments from the Fed Vice chair showed inflation and growth concerns in the speech. Fed Vice Chair Lael Brainard reaffirmed that Fed would take necessary action to calm Inflationary pressure, while also noting the risks of going too far,  Fed should be careful to avoid overtightening. Apart from U.S. initial weekly jobless claims, focus will be on ECB policy meeting and Governor Powell’s speech later in the day. Broader trend on COMEX could be in the range of $1680-1735 and on domestic front prices could hover in the range of Rs 50,100-50,750.

Also read: Indian economy to be hit by global growth slowdown; govt likely to meet annual fiscal deficit target

Pritam Patnaik, Head – Commodities, HNI & NRI Acquisitions, Axis Securities

Gold prices got some much-needed respite as the dollar index lost some of its steam. The USD came off its 20-year highs as the markets prepare to take in ECB’s rate hike decision. The central bank is expected to turn interest rates positive for the first time in 11 years with a 50-basis point hike, as it struggles to combat runaway inflation. Expectations of higher rates from the ECB have bolstered the Euro against the USD, leading to a small relief rally in gold. The sustainability of the same is limited, as the impending Fed rate decision is bound to come back to focus. The market expects gold to trade in a range between $1730 to $1680. A sustained move above or below this range could signal a more definitive trend. Sell on the rise is the recommended strategy.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Nifty 50 rejig: Adani Enterprises replaces Shree Cement; IRCTC, Adani Total Gas, HAL enter Nifty Next 50

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Gautam Adani-led Adani Enterprises will become part of Nifty 50 from Friday, 30 September, in NSE’s upcoming semi-annual index rejig. Adani Enterprises will replace Shree Cement from the 50-stock index. This is the second Adani stock to be included in the Nifty 50 index after Adani Ports and Special Economic Zone. Apart from Nifty 50, changes have been announced in Nifty Next 50, and Nifty IT. Adani group has seven established listed entities, including Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission, Adani Ports and Special Economic Zone, Adani Wilmar, and Adani Enterprises.

Also read: Rupee hits new lifetime low, nears 82 mark on strong dollar, weak markets; USDINR support at 81

In the last 6 months, Adani Enterprises’ share price is up 86.5 per cent, on the other hand, Shree Cements stock is down 10 per cent and is trading at a price of Rs 20,963.5 per share. “We at Edelweiss Alternative & Quantitative Research have analysed the flow impact led by rebalance and recapping of stocks in key indices (Nifty 50 , Nifty Bank and CPSE Index) and inclusion/exclusion in Nifty Next 50 and Nifty IT,” the report said. 

Also read: Reliance, HCL Tech, Dish TV, Torrent Pharma, Birla Corporation, IDBI Bank, Adani Group stocks in focus

IRCTC, Adani Total Gas, others enter Nifty Next 50

Nifty Next 50 index will see the entry of marquee names such as Bharat Electronics, Shree Cements, Adani Total Gas, Hindustan Aeronautics (HAL), IRCTC, Mphasis, and Motherson Sumi Wiring India. Moving out of the junior Nifty index will be Adani Enterprises, Dominos operator Jubilant FoodWorks, MindTree, Lupin, Punjab National Bank (PNB), SAIL, and Zydus Lifesciences.

Persistent Systems replaces Mindtree in Nifty IT

For the Nifty IT index, Edelweiss noted that Persistent Systems’ stock will enter the index replacing Mindtree. Inflows towards Persistent Systems (PSYS) will be around $16 million, and outflows from Mindtree would be around $23 million. However, no changes to the Nifty Bank index and Nifty CPSE have been made.

Buy these two stocks with strong support on charts while Nifty reverses its short-term uptrend

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By Subash Gangadharan

Markets have reversed their short term uptrend this week. The reversal was confirmed once the recent low of 14222 was broken on Wednesday. With the Nifty now trading below the 20 day SMA and the 14 day RSI in decline mode, the technical indicators too are confirming the weakness seen in the markets.We expect the Nifty to play down towards the next support of 13707 in the coming sessions. This level coincides with the 50 day SMA. A failure to hold above this support could see the Nifty moving down further towards a trend line support at 13330. Any pullback rallies could find resistance at 14238.Buy SBI LifeSBI Life has corrected from a high of 955 and recently tested the 200-day EMA. Today, it bounced back from these supports and showed relative strength against the Nifty which is in correction mode.

Also Read: Share market live update; Check how Dalal Street benchmark indices are performing today

With the medium and long term technical setups looking healthy, we expect the stock to gradually move higher in the coming weeks. We, therefore, recommend a Buy between the 870-890 levels. CMP is 883. Stop loss is at 835 while targets are at 1000.

Buy Container CorporationContainer Corporation has shown relative strength this week. While the Nifty has corrected, Container Corp has bounced back from a low of 403 and gained 1.22% so far this week.

The 200 day EMA and 50 day SMA are currently providing support to the stock. With the medium and long term technical setups looking healthy, we expect the stock to gradually move higher in the coming weeks. We, therefore, recommend a Buy between the 430-436 levels. CMP is 433.9. Stop loss is at 410 while targets are at 490.

(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. The views expressed are the author’s own. Please consult your financial advisor before investing.)

Re hits record low on hawkish Fed stance

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The rupee on Thursday slipped to record lows against the dollar, after the US Federal Reserve raised benchmark rates by 75 basis points and sounded more hawkish than anticipated. The rupee plunged nearly 90 paise, closing the session at 80.87 compared with 79.98 on Wednesday, the single-biggest drop for the Indian currency since February 24. Apart from the prospect of more rate hikes, the escalating geopolitical risks also weighed on the sentiment.

Meanwhile, bonds sold off, sending the yield on the benchmark bond to 7.312%, up 8 basis points from its previous close of 7.234%. These levels were last seen on August 8.

Also Read: Olectra Greentech sees major FPI participation in its Rs 800-crore fund-raising plan

Jayesh Mehta, country treasurer, Bank of America, said that while the uncertainty in global markets and the consequent volatility could keep the rupee above 80 levels, closer to March it was likely to settle down at below 80 levels. It was not immediately clear whether RBI had intervened in the currency markets.

Most Asian currencies also depreciated against the greenback.

The dollex was trading at 110.65 on Thursday evening (IST) after having gone up to 111 levels in earlier trades. According to Reuters, the gauge had hit a fresh 20-year high of 111.80 at one point but came off when the Japanese yen appreciated after authorities intervened in the foreign exchange market for the first time since 1998. Currency experts do not rule out more strength for the gauge in the coming months.

While the 75 bps hike in the Fed funds rate was in line with expectations, the hawkish commentary came as a surprise. The Fed’s dot plot indicates rates will reach 4.4% by the end of this year, implying a cumulative increase of 125 basis points over the remaining two meetings in November and December. Economists expect rates could move up to 4.6% by end-2023.

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

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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. Spot gold fell 0.1% to $1,693.81 per ounce, while U.S. gold futures were down 0.3% at $1,704.4. The dollar index edged 0.1% higher towards recent peaks, making gold expensive for buyers holding other currencies.

Also read: Bank Nifty support at 40000, Nifty to trade flat on today’s expiry; use Call Ladder for 22 Sep F&O expiry

COMEX gold trades modestly lower amid stable US dollar and higher bond yields as US inflation data did little to deter market expectations that the Fed may continue with aggressive rate hikes. Also weighing on gold price is continuing ETF outflows which shows lack of investor interest. Gold has corrected after failing to break past the $1750/oz level and may remain under pressure as market players position for the Fed meeting next week however we need to see if it manages to hold near the $1700/oz level.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold is under $1700 despite US PPI meeting market expectation. The follow up selling continues after yesterday’s fall when the market was caught wrong footed after US inflation data came higher than expected. $1690-$1685 is the zone where typically buyers emerge and if gold fails to hold this level, then expect prices to test $1675-$1650. In MCX, price has already breached its recent swing low of 49876 and is looking vulnerable till 49500. So sell on rise should be the theme today for intraday with stoploss of 50400 and expected target of 49500.

Also read: Fitch cuts India’s FY23 GDP growth forecast to 7%; high inflation, policy tightening dampen economic prospects

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded weak on Thursday with COMEX Spot gold prices were trading near $1691 per ounce in the morning trade. MCX Gold October futures opened lower in line with weak global cues, were trading 0.37% down near Rs. 49837 per 10 gram. The yellow metal fell below $1700 on growing optimism over aggressive rate hike from US FED with surge in inflation numbers. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1676 and resistance at $1710 per ounce. MCX Gold October support lies at Rs. 49600 and resistance at Rs. 50100 per 10 gram.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Share Market HIGHLIGHTS: Sensex tanks 1093 pts, Nifty ends at 17530 on intensive sell-off, Reliance top drag

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 crashed nearly 2 per cent on Friday, on the back of sell-off in index heavyweights and weak global cues. BSE Sensex tanked 1.8 per cent or 1,093 to 58,841, while NSE Nifty 50 tanked 346 points or 2 per cent to finish trade at 17530. Index heavyweights such as Reliance Industries, Tech Mahindra, UltraTech Cement, Infosys, M&M, Nestle India, Tata Consultancy Services (TCS), Dr Reddy’s, Asian Paints were among top index draggers. On the flip side, IndusInd Bank, and Axis bank were the only gainers. Bank Nifty index fell 1% to end at 40,777

Live Updates

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

15:37 (IST) 16 Sep 2022 Sensex, Nifty crash 2%

BSE Sensex tanked 1.8 per cent or 1,093 to 58,841, while NSE Nifty 50 tanked 346 points or 2 per cent to finish trade at 17530

15:19 (IST) 16 Sep 2022 D-street will focus on macro trends

Going forward, D-street will focus on the macro trends. The FIIs have been on a buying spree and have bought over Rs 12764 crore of equity so far in September. The continuous FII buying has been a major contributor to the current rally. The market will have its keen eye on this trend as any reversal could result in a temporary hiccup. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

15:13 (IST) 16 Sep 2022 Mankind Pharma files IPO papers with SEBI

Mankind Pharma Ltd, India’s fourth largest pharmaceutical company in terms of Domestic Sales and second largest in terms of sales volume for FY22, has filed its Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India. The company’s initial public offering comprises an offer for sale of 40,058,884 equity shares of face value Rs 1 each by selling shareholders including the promoters and existing investors.

14:42 (IST) 16 Sep 2022 RBI likely to raise repo rate by 50 bps: Morgan Stanley

The Reserve Bank of India is likely to raise repo by 50 bps, said Morgan Stanley. “We were earlier expecting a 35bp increase, however, sticky inflation and continued hawkish stance of DM central banks, warrants continued front loading of rate hikes, in our view,” Morgan Stanley said.

14:40 (IST) 16 Sep 2022 CSB Bank shares up 3%

CSB Bank announced the appointment of Pralay Mondal as new Managing Director and CEO of the bank. The stock jumped 3 per cent amid market-wide sell-off.

13:46 (IST) 16 Sep 2022 Indian equities may continue to outperform but can’t remain in isolation for a long time

“Indian equity markets are witnessing some selling pressure after a long period of resilience. Global cues continuously remain weak as there is a sharp surge in the dollar index and US bond yields post US inflation numbers. We may continue to outperform but we can’t remain in isolation for a long time. Global markets are looking nervous ahead of the FOMC meeting because there is talk of a 100 basis rate hike while a 75 basis rate hike was already discounted. Technically, Nifty is facing resistance at the 18100 level and it has slipped below its 20-DMA of 17700 which may lead to some more selling pressure where 17470-17400 is an immediate demand zone then 17150 is a sacrosanct support level. Banknifty is outperforming but yesterday, it ends at a day’s low after hitting a fresh all-time high which is a little disappointing. On the downside, 40900-40700 is an immediate demand zone; below this, 40270 is the next important support level.”

~Santosh Meena, Head of Research, Swastika Investmart Ltd.

13:44 (IST) 16 Sep 2022 What’s dragging markets today?

“Global markets especially US and Europe are extremely bearish due to rising inflation where the US is factoring in another 100 basis points rate hike has led to a bearish sentiment in both Nifty and Sensex. Technically, Nifty now has support at 17480. A daily close below this level could lead to 17170 in the coming sessions. Major resistance is now at 17745.”

~AR Ramachandran, Co-founder & Trainer, Tips2Trades

12:56 (IST) 16 Sep 2022 Harsha Engineers International IPO final day: Issue subscribed 12 times

The initial public offering (IPO) of leading precision bearing cages manufacturer Harsha Engineers International continued to attract strong response from investors. The issue has been subscribed 12 times, garnering bids for 20.07 crore equity shares against offer size of 1.68 crore shares, as of 11 am on the final day of bidding.

The maximum response was seen from non-institutional investors, putting in bids 30 times the allotted quota, followed by retail investors subscribing 10 times the portion set aside for them.

11:40 (IST) 16 Sep 2022 Bank Nifty in red

Bank Nifty was down 0.3% at 41,085. The index slipped below 41000 to hit in intraday low of 40818 in morning deals.

11:35 (IST) 16 Sep 2022 Godrej Properties shares price dips

Godrej Properties said it has achieved sales bookings worth Rs 1,210 crore in its two new housing projects in Mumbai. Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.

11:35 (IST) 16 Sep 2022 Adani Ports share fall msrginally

Adani Ports and Special Economic Zones (APSEZ) on Thursday said its wholly-owned subsidiary HDC Bulk Terminal Ltd has signed a concession agreement with Syama Prasad Mookerjee Port Kolkata (SMPK) for the mechanization of a berth at Haldia Port.

11:33 (IST) 16 Sep 2022 IndusInd Bank gains 2% on strong outlook

IndusInd Bank shares gained 2% on strong outlook. The stocks has risen 53% in 3 months. Analysts expect that the bank’s credit growth and profitability is expected to be strong on account of revived demand in MFI and vehicle finance.

10:42 (IST) 16 Sep 2022 Adani Enterprises surpasses LIC, ITC in market cap ranking

With a market cap of Rs 4.31 trillion, Adani Enterprises stood at 12th position in overall market cap ranking on the BSE.

10:41 (IST) 16 Sep 2022 UPL stock down 2%

The agrochemical company in joint venture with CleanMax Enviro Energy Solutions, a Mumbai-based renewable energy company, will establish a hybrid solar-wind energy power plant in Gujarat. The joint venture will set-up and operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power.

09:20 (IST) 16 Sep 2022 Sensex, Nifty open in red, fall 0.5%

BSE Sensex fell 336 points or 0.6 per cent to 59,598 points, while NSE Nifty 50 was down 0.5 per cent to 17,789

09:11 (IST) 16 Sep 2022 Expect dips to 17700 in Nifty 50 to attract bargain buying,

The downside bias that was expected to prevail yesterday, managed to drag Nifty only as far as 17860 vicinity. The full extent of the bearish move could be revealed today. While we expect dips to 17700 to attract bargain buying, inability to clear 17860 on the bounce could signal extended downsides, with the first objective at 17460. Anand James – Chief Market Strategist, Geojit Financial Services

09:10 (IST) 16 Sep 2022 Nifty key resistance at 18000

“Indian markets settled in negative territory for the second successive day on Thursday due to weak Asian cues. Today, the markets are likely to make negative start tracking weakness in global peers. Some pessimism may come as the World Bank said the world may be edging toward a global recession as central banks across the world simultaneously hike interest rates to combat persistent inflation. There will be some cautiousness as Global Rating agency Moody’s said India’s rated infrastructure firms can largely withstand further depreciation in the value of rupee against US dollar due to financial hedges and other mitigants. On the technical front, the key resistance level for Nifty50 is 18,000  and on the downside 17,650 can act as strong support. Key resistance and support levels for Bank Nifty are 41,700 and 40,800 respectively.”

~Mohit Nigam, Head – PMS, Hem Securities

09:08 (IST) 16 Sep 2022 Bank Nifty continues to be strong

“The market has started showing some indications of fatigue. Globally, the major concern now is that the Fed might oversteer the economy and end up raising rates too much too fast, pushing the US economy into a sharp recession. There are talks of the terminal Fed rate rising to 4.25 percent. Sharply rising rates, rising bond yields and rising dollar are negatives for equity.”

“In this challenging environment, it would be difficult for India to sustain the decoupling from the global trend which has been a recent pattern in India. Moreover, FIIs have halted their sustained buying and have turned sellers, though this is not yet a trend. Investors may adopt a wait and watch attitude till the Fed meeting is over on 21st September. Bank Nifty continues to be strong.”

~VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

09:07 (IST) 16 Sep 2022 Nifty’s recent bullish fairy tales ends below 17701

“Equity markets are likely to extend losses in early trades Friday, mirroring the weakness in global indices as investors are gearing up for a stronger interest rate hike by the US Fed following the recently announced higher-than-expected inflation numbers. The street now widely believes that the Fed will raise rates by 75 bps in its September 21st meet, followed by a 75 bps hike in November, and mostly deliver a further 50 bps in December. Whenever the Federal Reserve has raised interest rates – emerging markets like India turn volatile as capital tends to flee to safer shores as yields rise elsewhere. Also, the negativity can be also attributed to yesterday’s provisional data which indicates that FIIs were net sellers worth Rs 1270 crores, while domestic institutional investors too were net sellers of shares worth Rs 929 crore. Technically speaking, Nifty’s recent bullish fairy tales ends below 17701 mark, while the index faces the biggest hurdle at 18115.”

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

08:38 (IST) 16 Sep 2022 Govt relaxes paid up capital rules for small companies

The definition of “small companies” under the Companies Act, 2013 been further revised by increasing such thresholds for paid up capital from “not exceeding Rs 2 crore” to “not exceeding Rs 4 crore” and turnover from “not exceeding Rs 20 crore” to “not exceeding Rs 40 crore”. Earlier, this was revised by increasing their thresholds for paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” and turnover from “not exceeding Rs 2 crore” to “not exceeding Rs 20 crore”.

08:18 (IST) 16 Sep 2022 Patanjali to announce IPO plans for five group companies

Patanjali, the FMCG brand started by Baba Ramdev, will announce its initial public offering (IPO) plans for five group companies on Friday at a press conference. The IPO plan includes Patanjali Ayurved, Patanjali Wellness and Patanjali Medicine and Patanjali Lifestyle, according to some news reports. The company said the move is to scale new heights of corporate performance.

08:12 (IST) 16 Sep 2022 IMF sees further global economic slowdown

Downside risks continue to dominate the global economic outlook and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, IMF spokesman Gerry Rice said on Thursday.

08:11 (IST) 16 Sep 2022 China Data Watch

August retail sales rise 5.4% YoY versus estimate of 3.3%

Industrial output rises 4.2% YoY against estimate of 3.8 percent

08:10 (IST) 16 Sep 2022 Crude oil falls on demand concerns, strong dollar

Oil prices dipped in early trade on Friday, extending the week’s losses on concerns over tight supply. Brent crude futures fell 22 cents, or 0.2%, to $90.62 a barrel as at 0052 GMT after sliding 3.5% to a one-week low in the previous session.

08:00 (IST) 16 Sep 2022 Will bulls take a backseat as bears drag Nifty fall below 17800? 5 things to know before market opening bell

Bulls are likely to take backseat on Friday as SGX Nifty hinted at a negative start for Indian equities. Nifty futures traded 111 points, or 0.62% lower at 17,768 on the Singapore Exchange, signaling that NSE Nifty 50 and BSE Sensex were headed for a negative start. “We broadly remain positive on the markets and suggest buying on dips. Nifty trades with a positive bias on monthly basis but short term momentum indicators suggest some jitters. This could result in a phase of correction/consolidation. IT and select BFSI stocks remain attractive while Banking can witness some profit booking,” said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.

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07:56 (IST) 16 Sep 2022 US stocks end in red

US stocks fell in a choppy session on Thursday after the latest batch of economic data did little to dial back expectations for the Federal Reserve’s next hawkish move. On Thursday, the Dow Jones Industrial Average fell 173.07 points, or 0.56% to 30,962.02; the S&P 500 lost 44.69 points, or 1.13%, to 3,901.32 and the Nasdaq Composite dropped 167.32 points, or 1.43%, to 11,552.36.

07:55 (IST) 16 Sep 2022 Asian markets in red

Shares in the Asia-Pacific fell on Friday as investors digest US economic data and look ahead to the release of China’s industrial production and retail sales figures for August. Japan’s Nikkei 225 0.84%, and the Topix index slipped 0.51%. In Australia, the S&P/ASX 200 declined 0.38%. South Korea’s Kospi shed 0.73%. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3% lower.

07:55 (IST) 16 Sep 2022 India Markets on Thursday

Sensex closed 412.96 points or 0.68% lower at 59,934. Nifty shed 126.40 points or 0.70%, ending at 17,877.40. Among sectors, Nifty IT was the top loser with Infosys and Tech Mahindra losing 3% each. Autos were in the fast lane as Maruti Suzuki surged 3.2%. Eicher Motors rallied 2.7% to join the Rs 1 trillion market cap club. Pharma and realty sectors took a beating too, losing over a percent.

Rupee tumbles to record low, breaches 81-mark intra-day

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The rupee plunged to a fresh record low on Friday, hitting 81.2250 to the dollar in intra-day trades before closing at 80.99 per dollar, against Thursday’s close of 80.86. Currency market dealers said the Reserve Bank of India (RBI) had intervened in the market, though this could not be independently confirmed. The rupee has now closed lower in seven out of eight sessions.

Meanwhile, the yield on the benchmark closed at 7.393%, a level last seen on July 22, up 8 basis points over Thursday’s close of 7.312%.

Also Read: US Stocks: Wall Street set for fresh bout of selling on growth angst

The sentiment in the currency market has worsened after the US Fed hiked benchmark rates by 75 bps on Wednesday and its commentary sounded more hawkish than anticipated. The escalation of geopolitical tensions added to the gloom.

Ritesh Bhusari, DGM- Treasury, South Indian Bank, said it was possible the rupee could go to lower levels if policy rates do not increase here as per the expectations. The dollar is strong, there have been FPI outflows and that there is demand for dollars from importers. “The central bank would want to minimise volatility in the currency market but the rupee could fall to levels of 81.50,” he said.

Bhusari said he is expecting higher cut-offs at the T-Bill auction next week. “The OIS market is already indicating rates could head up,” he said

While bond yields were relatively steady ahead of the Fed rate hike, in anticipation India would soon join a global bond index, yields have trended up in the last few sessions. Moreover, the banking system saw a liquidity deficit on a couple of days earlier this week.

Pointing out that the yield on the Indian benchmark has risen far less than the yield on the 10-year US treasury, over the past one month or so, Wadhwa said it was possible yields would go up further. “While earlier the expectation was that RBI would hike the repo by 35 bps, it now looks like it’s going to be 50 bps,” he said.

Bhusari said he was expecting higher cut-offs at the T-Bill auction next week. “The OIS market is already indicating rates could head up,” he said.

Tamilnad Mercantile Bank IPO share listing today: Flat listing on BSE, NSE; stock debuts at Rs 510 per share

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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. Tamilnad Mercantile Bank had initially planned an offer for sale (OFS) by existing investors, which was later withdrawn and the bank proceeded with a fresh issue.

Also read: Bank Nifty must hold above 41250 to hit new lifetime high; buy ICICI Bank, SBI stocks on dips to pocket gains

Also read: Rupee likely to depreciate on strong dollar, elevated crude prices; USDINR pair to trade in this range

Tamilnad Mercantile Bank was incorporated on May 11, 1921 is headquartered at Thoothukudi (Tamil Nadu, India), is one of the oldest and leading old private sector banks in India, with a history of close to 100 years. The bank reported deposits of Rs 44,930 crore and advances of Rs 33,490 crore as of March 2022. As of March 2022, the private sector lender has 509 branches, of which, 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. It had a customer base of around 5.08 million as of March 2022. Of which, nearly 80 per cent comprised customers who were associated with the bank for more than five years.

Sebi to auction properties of Saradha Group of Companies on November 1

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Markets regulator Sebi on Friday said it has lined up as many as 69 properties of Saradha Group of Companies for an auction on November 1 at a reserve price of Rs 30 crore.

The move is part of Sebi’s efforts to recover money raised by the company from public through illicit schemes.

Also Read: Sebi allows foreign investors to trade in commodity derivatives

The properties to go under the hammer include land parcels located in West Bengal.

The total reserve price of these properties is pegged at about Rs 30 crore and the regulator has appointed C1 India as the e-auction provider. Online registration and e-auction will be conducted through Quikr Realty.

The development came after the Calcutta High Court passed an order in June, whereby it directed Sebi to proceed with the auction of properties of Saradha Group of Companies. The entire exercise was directed to be completed within 3 months.

Saradha Group, a consortium of over 239 private companies, allegedly ran chit fund operations in West Bengal, Assam and Odisha and mopped up Rs 4,000 crore from 1.7 million depositors before it collapsed in April 2013.

As per the notice, the market watchdog said bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments, acquisition liabilities of the property put on auction, prior to submitting their bid.

“The properties are being sold with all the existing and future encumbrances, whether known or unknown to Sebi/ the agency. Sebi/ the agency shall not be responsible in any way for any third party claims/rights/dues, etc,” the notice said.

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

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As anticipation mounts for the upcoming Gohad 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 Gohad Constituency Assembly Election 2023 that every voter should be aware of.

Gohad Constituency Madhya Pradesh Assembly Election 2023: Voting Date

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

Gohad Madhya Pradesh Election 2023: Candidates

Watch this space as prominent political parties, including the Indian National Congress (INC)Bharatiya Janata Party (BJP)and Bahujan Samaj Party(BSP) along with others, are poised to reveal their candidates for the Gohad 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 Gohad Assembly Constituency Election 2023, keeping you abreast of all the developments and insights that matter to you.

Gohad Constituency MP Election Result: What happened in 2018

Ranvir Jatav from Gohad of Madhya Pradesh, won the seat with 62981 votes. He defeated Bharatiya Janata Party’ Lalsingh Arya who had polled 38992 votes. The winning margin was 23989 votes.

2018 Gohad Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesRanvir JatavIndian National Congress62981

Candidate List Party Name Votes Gained (Vote %) Ranvir Jatav Indian National Congress 62981 (48.58%) Lalsingh Arya Bharatiya Janata Party 38992 (30.07%) Dr Jagdish Singh Sagar Bahujan Samaj Party 15477 (11.94%) Gulab Singh Jatav Bahujan Sangharshh Dal 4386 (3.38%) Prem Narayan Mahore Communist Party Of India (marxist) 1734 (1.34%) Guddu Valmik Aam Aadmi Party 1173 (0.9%) None Of The Above None Of The Above 982 (0.76%) Dr P S Bouddh Independent 694 (0.54%) Rakesh Sagar Rashtriya Lok Samta Party 685 (0.53%) Ramlakhan Independent 657 (0.51%) Moharsingh Independent 566 (0.44%) Thakurdas Khatik Rashtriya Sanyukt Samaj Party 312 (0.24%) Vidhyaram Independent 291 (0.22%) Rajneesh Pawaiya Bahujan Mukti Party 265 (0.2%) Jitendra ( Banti Khatik) Samajwadi Party 233 (0.18%) Mahendra Jan Adhikar Party 228 (0.18%)

Gohad Constituency MP Election Result: What happened in 2013

In the Madhya Pradesh Assembly election of 2013, Lal Singh Arya won from the Gohad seat garnering 51711 votes and defeated Indian National Congress candidate Mevaram Jatav who bagged 31897 votes. The candidate who came third was S D Bahujan Sangharshh Dal’ Phool Singh Baraiya.

Lal Singh Arya got 51711 votes while Mevaram Jatav got 31897 votes.

2013 Gohad Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesLal Singh AryaBharatiya Janata Party51711

Candidate List Party Name Votes Gained (Vote %) Lal Singh Arya Bharatiya Janata Party 51711 (45.65%) Mevaram Jatav Indian National Congress 31897 (28.16%) Phool Singh Baraiya S D Bahujan Sangharshh Dal 14633 (12.92%) Krishnagopal Chaurasiya(jatav) Bahujan Samaj Party 5890 (5.2%) Premnarayan Mahor Communist Party Of India (marxist) 4748 (4.19%) Prem Shankar Parihar(mirdha Khengar) Independent 695 (0.61%) None Of The Above None Of The Above 647 (0.57%) Rakesh Sagar Samajwadi Party 500 (0.44%) Omprakash Rajauriya Nationalist Congress Party 496 (0.44%) Devendra Singh Independent 339 (0.3%) Purushottam Independent 322 (0.28%) Manoj Kumar Indian Justice Party 314 (0.28%) Lal Singh Independent 308 (0.27%) Mohar Singh Independent 287 (0.25%) Jitendra Urf Vanti Khatik Independent 257 (0.23%) Jitendra Singh Independent 221 (0.2%)

Gohad Constituency MP Election Result: What happened in 2008

Makhan Lal Jatav of the INC was the winning candidate from the Gohad constituency in the MP Assembly elections 2008, securing 27751 votes while 26198 votes were polled in favour of Lal Singh Arya of the BJP. The margin of victory was 1553 votes.

2008 Gohad Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesMakhan Lal JatavINC27751

Candidate List Party Name Votes Gained (Vote %) Makhan Lal Jatav INC 27751 (30.37%) Lal Singh Arya BJP 26198 (28.67%) Mevaram Jatav BSP 18603 (20.36%) Prem Narayan Mahaur CPM 7541 (8.25%) Chaturilal Barahdiya LJP 6429 (7.04%) Oumprakash Baba SP 866 (0.95%) Ashok Dandotiya IND 704 (0.77%) Sanju Jatav IND 657 (0.72%) Makrand Jatav BJSH 481 (0.53%) Rakesh Babu Goyal BHBP 423 (0.46%) Sitaram Jatav IND 406 (0.44%) Naryan Bharti IND 371 (0.41%) Narendra Singh IND 320 (0.35%) Suresh Kumar IND 320 (0.35%) Jasawant IND 293 (0.32%)