The U.S. Federal Reserve’s members’ projections for aggressive hikes and persistently high rates over the next year or so has unleashed another round of dollar buying that put other assets on the run.
The Nifty bank index was down 0.8%, while the finance index dropped 0.9%.
Shares of Mahindra and Mahindra Financial Services fell more than 8% after the Reserve Bank of India directed the company to stop using third-party services for loan recovery until further orders.
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Glenmark receives EIR from USFDA indicating closure of the inspection at Aurangabad facility
Price as on 23 Sep, 2022 10:27 AM, Click on company names for their live prices.
Tobacco-to-food consumer conglomerate ITC Limited is competing with Nestle India to buy into Yoga Bar, an 8-year old health snack company based in Bengaluru as the company is looking at growth equity, said people aware of the development.
Price as on 23 Sep, 2022 10:24 AM, Click on company names for their live prices.
The RBI exercising its powers has directed the Mahindra and Mahindra Financial Services to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. However, the said NBFC may continue to carry out recovery or repossession activities, through its own employees.
Price as on 23 Sep, 2022 10:06 AM, Click on company names for their live prices.
The global risk-off is gaining strength aided by the steadily rising dollar. Dollar is rising against all currencies and this will impact capital flows into emerging markets including India. Resumption of FPI buying since July has been supporting the rally in India. Now this is under threat with FPIs turning sellers in 5 out of the last 7 days. FPIs are unlikely to buy consistently when the US 10-year bond yield is above 3.7% and the dollar index is above 111. The near-term market outlook is bearish. Investors may wait and watch before committing more money. There is a trend of selective bottom up stock picking in the broader market. This trend is likely to continue even when the headline indexes turn negative.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Sensex extends fall, down over 500 points
US$INR as long as it sustains above 79.00 it is likely to depreciate till 81.50 in coming month amid strong dollar and concern over widening of the trade deficit. However, possible RBI intervention in forex market to curb volatility may prevent sharp rupee depreciation. Additionally, FIIs have turned net buyers after a long period of time. Moreover, the market expects inflows up to $30 billion in 2023-24 if JP Morgan includes Government of India bonds in its index, which should help the rupee to show continued resilience.
Proxy advisory firm Stakeholders Empowerment Services (SES) has raised certain corporate governance issues in PB Fintech, owner of Policybazaar, regarding its amalgamation with Makesense Technologies and grant of stock options.
Price as on 23 Sep, 2022 09:33 AM, Click on company names for their live prices.
The board of Tata Steel approved the amalgamation of seven of its subsidiaries – Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining into and with their parent company Tata Steel.
Price as on 23 Sep, 2022 09:30 AM, Click on company names for their live prices.
FMCG, metal and pharma indices gain in a weak market
OPENING BELL: Sensex falls 300 points, Nifty below 17,600; Tata Steel jumps 4%, M&M Financial tanks 7%
Pre-open session: Sensex slips over 100 points; Nifty below 17,590
RUPEE FALLS PAST 81 PER DOLLAR FOR THE FIRST TIME
M&M Financial responds to RBI circular
JUST IN: Glenmark receives EIR from USFDA indicating closure of the inspection at Aurangabad facility
Bonds lead losses as rate hikes hit; yen in focus
Asian stocks limped toward a fourth straight weekly decline on Friday and bonds nursed big losses as investors scrambled to catch up with the U.S. Federal Reserve’s interest rate outlook, while currency markets were on edge at the end of a wild week.
Mega Merger: 7 metal companies of Tata Group to be merged with Tata Steel
In an attempt to consolidate its metal business, the Tata Group on Friday announced the merger of seven of its metal companies into Tata Steel. The decision was taken at a board meeting of the company held yesterday, an exchange filing said.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 74 points, or 0.42 per cent,…