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As of 3:42 p.m., the Dow Jones Industrial Average future was 0.13% down at 44,015.00. The S&P 500 future was 0.12% down at 6,006.25. The Nasdaq 100 future was 0.11% down at 21,165.00.
US: Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at an interview to Bloomberg Television — 7:00 p.m.
US: Federal Reserve Bank of Dallas President Lorie Logan will speak at conference hosted by the central bank at Dallas — 8:15 p.m.
US: Federal Reserve Bank of St. Louis President Alberto Musalem will speak at the Economic Club of Memphis — 11:30 p.m.
Market breadth was skewed in favour of sellers. Around 3,292 stocks declined, 679 stocks advanced, and 96 stocks remained unchanged on BSE.
The NSE Nifty 50 and BSE Sensex declined for five sessions in a row on Wednesday.
The Nifty 50 and Sensex ended at the lowest level since June 24.
The Nifty 50 entered correction zone as the benchmark index declined over 10% from its record high of 26,277.35.
NTPC Ltd., Britannia Industries Ltd., and Tata Motors Ltd. were top gainers in the index.
Hero MotoCorp Ltd., Hindalco Industries Ltd., and Tata Steel Ltd. were top losers in the index.
The NSE Nifty Metal Index fell to near three month low. The index ended
The NSE Nifty Midcap 150 ended 2.67% down at 20,010.75.
The NSE Nifty Smallcap 250 ended 5.47% down at 16,670.35.
India Stocks Enter Correction Zone As Selloff By Global Funds Remains Unabated
The pound sterling and euro declined against the greenback as the dollar index rose to new level of six–month high. The Pound sterling and euro were trading 0.16% and 0.05% down against the US Dollar, respectively.
The dollar index, which measures the strength of the greenback against six major currencies across the globe, rose as much as 0.17% to 106.21. It was trading 0.10% higher at 106.13 as of 2:05 p.m.
The Japanese yen declined to 0.41% to 155.24 a dollar, the lowest level since July 30. It was trading 0.27% down at 155.02 as of 2:16 p.m.
NTPC Green's IPO proceeds to help with debt repayment of Rs 7500 crore, said Gurdeep Singh, chairman and managing director, NTPC Green. The current debt levels at Rs 7000-8000 crores.
The company needs debt of Rs 5 crore per megawatt, Singh said in an interview to NTPC Green.
Alkem Laboratories Q2 Results: Net Profit Increases 14%, Meets Estimates
Revenue down 4% at Rs 1,685 crore versus Rs 1,763 crore.
Ebitda up 160% at Rs 46 crore versus Rs 18 crore.
Ebitda Margin at 2.7% versus 1%.
Net loss at Rs 104 crore versus profit of Rs 183 crore.
Alert: Company had a one-time gain of Rs 248 crore in Q2 FY24.
For faster updates on second quarter earning releases click here.
NTPC Green Energy Ltd., the renewable arm of India's largest power producer NTPC Ltd., is set to launch its initial public offering on Nov. 19, allowing investors to subscribe until Nov. 22. Read more here.
A fire occurred at Indian Oil Corp's Mathura refinery on Tuesday at around 7:00 p.m.. The fire has since been extinguished, and operations remain unaffected, the company said in an exchange filing.
IndiGrid has partnered with British International Investment and Norfund to develop projects in India. The partnership aims to create a $300 million platform for the development of greenfield transmission and battery energy storage system projects in the country, the company said in an exchange filing.
The initial public offering of the state-run NTPC Ltd.'s green energy arm will open for bidding next week at a price band of Rs 102 to Rs 108 per share. The issue opens for subscription on Nov. 19 and will close on Nov. 22. Read more here. Read more here.
National Housing Bank will issue first long term bond issue in 10 years.
The lender will raise up to Rs 5,000 crore via 10-year bond issue.
National Housing Bank seeks bids for 10-year bond issue on Thursday.
Alert: NHB last raised long term bonds in 2014
Source: Merchant bankers
Macquarie Initiates Coverage On Power Finance Corp., REC, NTPC, Power Grid — Here's Why
Swiggy Shares List On Dalal Street At Premium Of Nearly 8% Over IPO Price
Market breadth was skewed in favour of sellers. Around 2,000 stocks declined, 935 stocks advanced, and 129 stocks remained unchanged on BSE.
At pre–open, the NSE Nifty 50 was 0.26% down at 23,822.45, and the BSE Sensex was 0.23% down at 78,494.80
The yield on the 10-year bond opened flat at 6.84%. It closed at 6.83% on Tuesday, according to data on Bloomberg.
Rupee opened flat at 84.39 against the US dollar. It closed at 84.39 on Tuesday, according to data on Bloomberg.
Kalpataru Projects International Ltd. has received new orders worth Rs 2,273 crore, along with joint ventures and international subsidiaries, the company said in an exchange filing.
Reiterate Buy, Target Price of Rs 8,400, which is 24% upside
Expect revenue to clock 16% CAGR over FY23-26
Project EBITDA margin to improve 300bps over FY23-26
Strong demand in energy and mobility divisions to drive margins
Opportunity pipeline remains strong with key products like Xcelerator
Co rightly positioned to capture railway-related opportunities
Gold prices fell to fresh one–and–a–half–month low as the dollar index and US Treasury yield continued to gain strength. The Bloomberg spot gold declined 1.11% to $2,589.77 an ounce on Tuesday. It was 0.51% higher at $2,611.69 an ounce as of 8:41 a.m.
The Gold December future contract was 0.48% higher at $2,618.90 an ounce as of 8:32 a.m.
LTIMindtree Ltd. has established an artificial intelligence and environmental, social, and governance innovation facility in Texas, US, the company said in an exchange filing.
Asian currencies were trading on a mixed note against the greenback as market participants await US CPI data to get further clues about the Federal Reserve's monetary policy going ahead.
On Tuesday, the dollar index, which measures the strength of the US unit against the six major currencies across the globe, rose 0.60% to 106.18, the highest level since May 1. It was pared gains in Asia session to trade 0.07% down at 105.95 as of 8:12 a.m.
The South Korean won and Thai baht were trading 0.25% and 0.28% higher, respectively against the US dollar as of 8:17 a.m.
The Japanese yen was 0.05% down against the US dollar at 154.68 as of 08:17 a.m.
Retain ADD with TP 190 vs 200 earlier, Upside 14%
Organic revenue growth was 4-5% higher than the market
Believe premiumization-led growth in content per vehicle would continue for co
Better visibility in non-Autos with targets 25% sales contribution
But outlook is weakening and remains challenged across major markets
Lower FY25E/26E/27E EPS by 10%/5%/3%, due to lower margins
Amid the miss in Q2 and cost pressures
Lower Brent prices support OMC profits as fuel pump rates stay fixed
Rebound in Indian oil demand post- monsoon to help volumes
Oil volatility seen as positive, discouraging pump price changes
Lower future oil prices, stable fuel rates set to support OMC margins
Brokerage maintains Buy on IOCL, BPCL, HPCL
IOCL/BPCL/HPCL target price set at Rs 190/460/480
Target prices of IOCL/BPCL/HPCL imply 37%/49%/28% upside
Retain Buy with TP 2472, Upside 37%
The company focussed on quality of growth and premiumization with rising mix of SUVs 68%
Domestic execution was strong relative to peers
Maintain estimates for volumes to be flat in FY25F and rise to an 8% CAGR over FY25-27F
Driven by 7-8 new models including facelifts and capacity increase
Estimate EBITDA margins to improve to 14% by FY27F from 13.1% in FY24
Estimate 17% earnings CAGR over FY25-27F, one of the highest in our PV coverage
Stock is very attractively priced at 18x FY27F P/E
The yield on the 10–year US Treasury note jumped 14 basis points to 4.44% on Tuesday as traders expects policies under Donald Trump are going to cause further increase in US debt levels. Market participants also expect that inflation will rise under Trump's presidency, which may also impact the safe–haven asset.
The benchmark yield on the 10–year US Treasury note was trading flat at 4.42% as of 7:36 a.m.
Asia–Pacific share indices declined on Wednesday, tracking overnight moves on Wall Street. Market participants await US CPI print for October, scheduled for release later today.
The Nikkei 225 was 417.78 points or 1.06% down at 38,938.61, and the KOSPI was 41.63 points or 1.68% down at 2,439.79 as of 07:24 a.m.
On Tuesday, the Dow Jones Industrial Average ended 0.86% down at 43,910.98. The S&P 500 ended 0.29% down at 5,983.99. The Nasdaq Composite ended 0.09% lower at 19,281.40.
The S&P 500 declined Tuesday after recording the best five–day gain in a year, Bloomberg reported.
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