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The dollar index in recent sessions has edged higher on the outlook that the Federal Reserve may adopt for a more aggressive rate hike process than previously expected. The Fed has already started raising rates this year and rising inflation is one of the factors supporting the prospect of further rate hikes. Fed minutes released earlier suggest central bank officials have also begun discussing balance sheet shrinking, another tool to manage its fight against inflation. Going forward, the Federal Reserve’s hawkish stance should prolong the greenback’s gains. We expect the Dollar Index to test 103.20 levels in the near future and the downside may be limited to 97.20 levels.
– Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services
The Nifty IT index slips more than 1%; 5% LTI Tanks
JSW plans to switch to green debt: Bloomberg
India’s JSW Group, which runs high-emission companies including steel, cement and energy, plans to convert the majority of its bonds into green instruments as the industrial giant seeks access to longer-term debt term.
Kotak Mahindra Bank revises MCLR on loans
Kotak Mahindra Bank has revised the marginal cost of lending (MCLR) rate for all loan terms. The new revised rates come into effect on April 16, 2022, according to the Kotak Mahindra Bank website.
Main winners and losers of the banking pack
Price as of April 19, 2022 12:47Click on company names for their live prices.
Reliance shares rebound 4%
Price as of April 19, 2022 12:12 p.m.Click on company names for their live prices.
HDFC twins deplete investors of Rs 2.6 lakh crore in 9 days
From April 4, the market value of Rs 9,18,591 crore, HDFC Bank eroded Rs 1.67 lakh crore during the nine-day sale. The market value of the private lender stood at Rs 7,51,421 crore in intraday trading on Tuesday. Mortgage lender HDFC, on the other hand, lost another Rs 91,595 crore in market value to Rs 3.94,097 crore from Rs 4.85,692 crore on April 4.
Varroc Engineering rises 11% after reports on global lighting sales
Shares of Varroc Engineering rose about 11% in early trade on Tuesday after reports surfaced that the company was looking to sell its global lighting business. According to ET Now, the auto component maker is likely to sell its lighting business for around $600-650 million to a major European component maker to reduce its loan and free itself from debt.
INEOS Styrosolution plunges 15%; the promoter plans to offload 14% of its stake via OFS
HDFC Bank shares down for 9th straight day
Jubilant FoodWorks shares ex-split trade
MindTree zooms 3% on strong fourth quarter results
Top Winners
Gainers included Tata Steel, which rose 1.55% to Rs 1,360. SBI, Bajaj Finserv, ICICI Bank, M&M and Bajaj Finance were up 1.1%. Reliance Industries, Maruti Suzuki, Axis Bank, IndusInd Bank rose 0.8%.
Live Market Updates: Nifty50 has approached an important cluster. We remain hopeful of some recovery until 17,000 is successfully defended. On the other hand, Monday’s bearish gap zone from 17,250 to 17,450 is likely to act as an immediate hurdle now. Going forward, we expect the index to hold the range for at least two days, before exiting this congestion zone.
– Sameet Chavan of Angel One
Nifty IT index single sector pack in red
Live market updates: How Sensex shares are doing after the bell opens
Opening bell: Sensex wins 270 points; Clever above 17,250; AU SFB jumps 3%, Grasim 2%
Pre-open session: Sensex gains 200 points, Nifty above 17,250
The yen hits its lowest level in 20 years; the dollar index remains above the 100 level
The Japanese yen hit a 20-year low against the dollar on Tuesday, supported by strong US Treasury yields and likely relatively good US economic data this week. The dollar rose 0.37% against the yen to 127.44 yen in early trading, its highest level since May 2002. The dollar was also firm against most other currencies and the dollar index was at 100.8, just after Monday’s two-year high of 100.86.
Oil stable despite lower supply in Libya
Oil prices were little changed on Tuesday, after rising 1% in the previous session as Libya was forced to halt some exports and Chinese manufacturers prepared to reopen factories after a nearly three-week shutdown due to COVID-19 in Shanghai. Brent crude futures rose 21 cents, or 0.2%, to $113.37 a barrel at 0020 GMT, while US West Texas Intermediate (WTI) crude futures slid 2 cents to $108.19 a barrel.
L&T Infotech and Mastek Among Cos Announce Fourth Quarter Results Today
Live Market Updates: SGX Nifty Reports Positive Start
Nifty futures on the Singapore Stock Exchange traded 43.5 points, or 0.25%, at 17,269.50, signaling Dalal Street was heading for a positive start on Tuesday.
Tech View: Nifty50 does ‘Death Cross’, reports weakness
: Nifty50 made a “death cross” on Monday as the 50-day simple moving average fell below its 200-day moving average. The last time the index made a “death cross” was in March 2020. While a death cross suggests the trend may remain weak, a rebound cannot be ruled out given that the The index approached its strong support range of 16,800 to 17,000 levels.
Hong Kong stocks down in early trading
Hong Kong stocks fell in early trading on Tuesday after a four-day holiday weekend, following concerns over growth in China and modest declines on Wall Street. The Hang Seng Index fell 1.78%, or 382.28 points, to 21,135.80. The Shanghai Composite Index rose in early trade, up 0.15%, or 4.71 points, to 3,200.24, while the Shenzhen Composite Index edged up 0.51%, or 10.31 points, at 2032.83.
Tokyo stocks open higher on bargain hunting
Shares in Tokyo opened higher on Tuesday as investors looked to trade stocks that fell after modest falls on Wall Street. The benchmark Nikkei 225 rose 1.04%, or 278.29 points, to 27,078.00 in early trading, while the broader Topix index gained 0.94%, or 17.64 points, at 1,897.72.
US stocks fall as earnings rise
U.S. stocks closed slightly lower after a shaky trading day on Monday, as worries about interest rates and inflation keep Wall Street in check despite better-than-expected earnings reports. The S&P500 slipped less than 0.1%. Like him, the other two major U.S. stock indexes also oscillated between small gains and losses on Monday. The Dow Jones Industrial Average and the Nasdaq each fell 0.1%.
The rupee slips from 10 paise to 76.29 against the dollar
The rupiah depreciated for the third consecutive session to close down 10 paise at 76.29 against the US dollar on Monday, following the greenback’s strength overseas coupled with foreign outflows. In the interbank foreign exchange market, the rupiah opened lower at 76.41 against the US currency, and oscillated between a high of 76.20 and a low of 76.43. It eventually stabilized at 76.29, down 10 paise.
Sensex, nice on Monday
The Sensex plunged 1,172 points while the Nifty crashed below the 17,200 level on Monday, hammered by robust selling at market heavyweights Infosys and HDFC Bank following their below-estimate results. The BSE Sensex fell 1,172.19 points or 2.01% to settle at 57,166.74 – marking its fourth straight losing streak. The broader NSE Nifty plunged 302 points or 1.73% to 17,173.65.
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