07:36 PM
Pinning inflation expectations is key in turmoil, says Lagarde
Central banks must pin inflation expectations at their targets at a time when changes in the labour and energy markets as well as geopolitical turmoil cause some price swings, European Central Bank President Christine Lagarde said on Monday.
“It will be critical for central banks to keep inflation expectations firmly anchored while these relative price changes play out,” Lagarde told an event in London.
07:02 PM
Tracking Uday Kotak’s journey at the helm of Kotak Mahindra Bank
Uday Kotak on Saturday resigned as the managing director and chief executive officer of Kotak Mahindra Bank (KMB). According to the report submitted with the exchanges, joint managing director Dipak Gupta will be the chief executive until December 31.
07:02 PM
Two internal candidates in race to replace Uday Kotak as MD
The RBI will soon decide on Kotak’s replacement as the new MD and CEO of Kotak Mahindra Bank, as the new person has to take charge on or before January 1, 2024.
Kotak, whose holding in the bank stands at 26 per cent, has become a non-executive director of the bank.
06:14 PM
BSE-listed firms’ market valuation hits all-time high of Rs 315 lakh crore
The barometer had on Friday ended higher by 555.75 points, or 0.86 per cent, at 65,387.16.
In two days, investors’ wealth went up by Rs 5,41,951.7 crore. The market capitalisation of BSE-listed firms stood at Rs 3,15,01,090.40 crore.
06:06 PM
Euro rises against dollar as risk appetite improves on China measures
With U.S. markets closed on Monday, liquidity is likely to be thin and traders hesitant to place large bets.
The euro was up 0.3% at $1.0800, just off a 10-week low touched last week against the dollar. The single currency has weakened almost 12% this summer.
The dollar, against a basket of currencies including the euro, inched 0.14% lower to 104.09, but remained close to the two-month peak of 104.44 it touched on Aug. 25. The index gained 1.7% in August, snapping its two-month losing streak.
China stepped up measures to boost the country’s faltering economy on Friday, with Beijing planning further action including relaxing home-purchase restrictions.
06:03 PM
Gold firms as dollar softens on Fed rate pause expectations
Spot gold rose 0.1% to $1,940.80 per ounce by 1200 GMT. U.S. gold futures for December delivery rose 0.03% to $1,967.50 per ounce.
U.S. gold futures were steady at $1,967.50, with thin trading expected as U.S. markets are closed for the Labor Day holiday.
The Fed is likely done raising interest rates, traders bet on Friday after a jump in the U.S. unemployment rate and moderate wage growth suggested that labour market conditions were easing.
06:01 PM
Nifty charts hint at further rebound. What traders should do on Tuesday
Nifty is currently in an attempt of showing an upside breakout of the down sloping trend line around 19500 levels. A decisive move above 19600 levels is expected to pull Nifty towards the next upside of around 19800-19900 levels in the near term. Immediate support is at 19430 levels, Shetti said.
The daily momentum indicator has a positive crossover, which is a buy signal.
05:51 PM
Muthoot FinCorp announces new NCDs, offering up to 9.43% yield per annum
“Effective yield (per annum) for the NCD holders in all categories of investors ranges from 8.65-9.43%,” the company said in a statement.
The secured NCDs issued under Tranche I have been rated at AA-/ Stable by CRISIL and are proposed to be listed on the debt market segment of BSE.
Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks. The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment.
– Vinod Nair, Head of Research at Geojit Financial Services
Nifty continues to stay in the bullish territory as the index has maintained its position above the channel breakout level. The trend is expected to stay positive as long as it remains above 19,525. On the upside, the index could potentially extend its gains towards 19,750. Conversely, if it falls below 19,400, we may witness a period of consolidation.
– Nifty from Rupak De, Senior Technical analyst at LKP Securities
The rupee maintained a relatively flat trajectory, hovering around the 82.70 mark. This stability can be attributed to the US Labor Day holiday, which resulted in lower liquidity and reduced trading momentum in the currency markets.However, looking ahead to the rest of the week, there is potential for the rupee to experience further weakness. As long as the rupee remains below the 82.50 level, there are concerns stemming from the recent rally in crude oil prices. Crude prices have surged from $77 to $85, indicating further short-term rally in WTI crude. This upward trend in oil prices may exert additional downward pressure on the rupee.In terms of rupee movement, a potential trading range is anticipated between 82.55 and 82.85. If the rupee breaches the lower end of this range (82.85), it could potentially experience a sharp decline, with a target level of 83.25 coming into play. Traders and investors should closely monitor both the currency and oil markets for further developments in the coming days.
– Jateen Trivedi, VP Research Analyst at LKP Securities
02:42 PM
New regulation can raise commercial vehicle prices by 10-12%: ICRA
“Within the Indian automotive industry, the commercial vehicle (CV) sector has been the focus, given that CVs account for the major part of vehicular emissions in the country,” it said, adding mandatory standards towards driver comfort and safety can help improve the driving conditions and road safety to a large extent.
Considering robust demand response by investors in all categories, investors are eagerly waiting for VPRPL’s listing and we expect 50% and above listing gain from its issue price of Rs 99 apiece. We believe the premium listing is justified on the back of infrastructure sector focused business model supported by the government long term goal along with 3.5x years of revenue visibility and investor friendly IPO valuations which gives room for strong listing gains. Looking at long term rationales, we recommend allotted investors to continue HOLDING investments in VPRPL, considering its high growth potential and reward investors post listing also and those investors who look to buy on listing day can accumulate VPRPL if listing is settled on a softer note due to any secondary markets scenario.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
01:27 PM
Binance global head of product Mayur Kamat resigns – The Block
Kamat’s exit follows a recent executive exodus from Binance that includes Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng.
Binance did not immediately respond to a Reuters request for comment on the report.
01:26 PM
Muthoot FinCorp to raise Rs 400 crore via public issue.
The issue opened for subscription on Friday and will close on Sept. 14.
The company will issue bonds maturing in 24 months, 36 months, 60 months and 96 months, and will pay an effective yield in the range of 8.65%-9.43% to all investors.
01:02 PM
Crypto Price Today: Bitcoin falls below $26,000; Ethereum holds $1,600 level
Meanwhile, the global cryptocurrency market cap was trading higher, around $1.05 trillion, rising 0.18% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $505 billion. Bitcoin’s dominance is currently 48.36%, according to CoinMarketCap. Meanwhile, BTC volume in the last 24 hours stood at approximately $9.6 billion, rising 14.83% in the last 24 hours.
11:55 AM
Stock Market Live Updates: Tokyo stocks end higher
The benchmark Nikkei 225 index added 0.70 percent, or 228.56 points, to close at 32,939.18, while the broader Topix index was up 1.02 percent, or 23.98 points, at 2,373.73.
11:36 AM
Gold prices climb back towards 1-month peak on Fed pause bets
Spot gold gained 0.3% to $1,944.91 per ounce by 0518 GMT, after climbing to as high as $1,952.79 on Friday. U.S. gold futures added 0.2% to $1,971.40.
11:16 AM
Fully Subscribed! Ratnaveer Precision Engineering IPO sails through within one hour on strong retail, NII push
At 11.08 am, the public issue was subscribed 1.02 times, with the retail portion garnering 1.62 times bids while the non-institutional investors’ portion was subscribed 1.02 times. However, there have been no bids from qualified institutional buyers so far.
11:01 AM
LSE Group draws up plans for blockchain-based digital assets business – Media Sources
The company had been examining the potential for a blockchain-powered trading venue for around a year and reached an “inflection point” where it decided to take plans forward, Murray Roos, head of capital markets at the LSE Group, told FT in an interview.
While preferential allotment will lead to an equity dilution of 2.1%, Nazara operates in a hyper growth gaming industry where scalability is of prime importance which may lead to dilution at frequent intervals at least in the initial stages. We believe the funds might be deployed to expand presence in either Freemium or Gamified Early Learning segment as Real Money Gaming is facing regulatory hurdles post levy of 28% GST on full bet value whereas ESports business is well funded post recent fund raise of Rs2bn. We maintain our positive bias on the stock and retain BUY with a TP of Rs 834.
– Jinesh Joshi – Research Analyst, Prabhudas Lilladher on Nazara Tech
10:08 AM
Ratnaveer Precision Engineering IPO opens. Should you subscribe to the issue?
The IPO is a combination of a fresh issue and an offer for sale (OFS). The fresh equity is of 1.38 crore shares and OFS is of 30.4 lakh shares. Under the OFS, promoter Vijay Ramanlal Sanghavi will sell 30.4 lakh shares.
09:34 AM
Morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
In India a large number of small caps, particularly the micro caps, are rising, mainly driven by market momentum. Many newbie investors are chasing such stocks for quick gains. Many of these stocks don’t have strong fundamentals and investment in these stocks can be very risky. At this juncture, long-term investors should prefer the safety of high quality large-caps.
Early optimism could be seen in local markets on the back of steady to firm gains in many Asian peers after China announced stimulus measures to revive its sagging economy. In case the FII sentiment improves, we may see extended gains as recent economic data such as robust GST collections, strong auto sales numbers for August, and higher Q1 GDP numbers suggest that global macroeconomic uncertainty has not affected India’s performance. Technically, after Friday’s sharp rebound, the bullish sentiment may continue, and in the backdrop of strong global cues Nifty’s target remains at 19757 mark.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
08:00 AM
Markets Live Updates: Asian shares look to extend rally on China, US rate hopes
Asian shares inched higher on Monday as markets wagered the Federal Reserve was done raising U.S. interest rates, and on hopes the drip feed of policy stimulus from Beijing would be enough to stabilise the Chinese economy.
07:59 AM
Markets Live Updates: Dollar steady as traders bet Fed done with rates
The dollar started Monday on a steady footing as investors assessed U.S. jobs data that showed some signs of cooling and bolstered expectations that the Federal Reserve was likely at the end of its monetary tightening cycle.
07:59 AM
Markets Live Updates: Gold rises on hopes of Fed pause; buoyant dollar caps gains
Gold firmed on Monday, buoyed by hopes the Federal Reserve would take a pause from interest rate hikes this year after U.S. data showed a jump in unemployment rate, but bullion held below last session’s one-month highs on a strong dollar.
07:24 AM
Markets Live Updates: GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded 4 points, or 0.02 per cent, higher at 19,551.50, signaling that Dalal Street was headed for muted start on Monday.
07:24 AM
Tech View: Nifty ends in green after 5 weekly losses
Indicating the potential of a bullish reversal, Nifty on Friday moved above the 21-EMA after a gap of several days and formed a long bull candle on the daily charts. On the weekly charts, a reasonable bull candle with minor lower shadow was seen.
07:24 AM
Rupee recovers 8 paise to settle at 82.62 against US dollar on forex inflows
The rupee recovered 8 paise to close at 82.62 against the US dollar on Friday due to forex inflows and strong macro data.
07:24 AM
Markets Live Updates: Tokyo stocks trade higher
Tokyo stocks opened higher on Monday after gains on Wall Street on weaker jobs data that raised hopes of an end to US interest rate hikes.
07:23 AM
S&P 500 ends higher as jobs data fuels rate-hike optimism
The S&P 500 ended higher on Friday after a jump in unemployment cemented expectations of a pause in interest rate hikes this month, while shares of streaming firms tumbled due to a rate dispute between Disney and Charter Communications.
07:23 AM
Markets Live Updates: Oil rises on China, US economic data and OPEC+ cut expectations
Oil prices ticked up in Asian morning trade on Monday, as market sentiment was buoyed by positive China and U.S. economic data, as well as expectations of ongoing crude supply cuts from major producers.