Stock Market LIVE: Indices Gain, Nifty Surpasses 17,200; M&M jumps, Sun Pharma in red

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Asian markets opened on a mixed note on Monday and U.S. stocks extended their midsummer rebound on Friday as the dollar and some longer-term Treasury yields plunged as Wall Street applauded positive corporate news despite rising labor costs and continued inflation.

Aug 01 2022, 09:37:59 IST

Bitcoin slips after best month of 2022 as traders weigh recovery

Bitcoin is declining after hitting the highest levels since mid-June on Saturday amid optimism that the market may have recovered from its worst levels.

The biggest cryptocurrency fell 2.4% to $23,247 on Monday after hitting $24,658 on Saturday, its highest level since June 13. Its 27% gain in July made it the best month since October. Ether also slipped after posting a 70% jump last month, its best since January 2021.

Aug 01 2022, 09:26:18 IST

The automatic index jumps 2% at the open. PSU Banks and Realty shed

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Broad indices
Aug 01 2022, 09:24:11 AM IST

Sensex and Nifty opened flat on Monday. M&M gained about 5% at the open, while Sun Pharma lost 2%.

Sensex open

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Sensex open
Aug 01 2022, 09:08:16 IST

Prices for commercial LPG cylinders reduced by ₹36, interior unchanged

The cost of commercial liquefied petroleum gas cylinders weighing 19 kilograms will be cheaper from Monday as their prices have been reduced by 36 per unit.

In the national capital Delhi, per commercial bottle unit will now cost 1,976.5.

Also on July 6, prices for the 19-kilogram commercial bottle were reduced by 8.5 per unit.

Aug 01 2022, 09:07:29 IST

Stocks to watch: Indian Oil, Bank of Baroda, Indian Bank, Zee Entertainment

ITC, Castrol India, Max Financial Services, Bajaj Consumer Care and Zomato will be the focus of attention as they report their June quarter results today. (Full report)

Aug 01 2022, 09:04:41 IST

Sensex in flat to green zone at pre-opening

Sensex pre-opening

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Sensex pre-opening
Aug 01 2022, 09:00:34 AM IST

India’s aviation sector is ‘absolutely safe’; foreign carriers who came to India reported 15 tech issues in past 16 days: DGCA chief

The country’s civil aviation space is “absolutely safe” and all protocols set by the International Civil Aviation Organization (ICAO) are followed, he said.

Against the backdrop of a series of technical problems suffered by Indian airlines in recent weeks and the reduction of SpiceJet operations by the DGCA, Kumar stressed that there was no need to panic because none of the events which were reported/discussed had the potential to cause havoc.

“All the issues encountered are common and occur with all airlines and fleet types. In the past 16 days, even for foreign operators coming to India, we have seen 15 technical issues, which have been addressed and corrected,” Kumar told PTI in an interview.

Aug 01 2022, 08:47:55 IST

2022 multibagger stock: HFC jumps 85% YTD after 900% rally in 7 years

Despite heavy selling on Dalal Street after the outbreak of the Russian-Ukrainian war, the Indian stock market managed to produce a good number of multibagger stocks and some stocks are about to enter the big club. Star Housing Finance shares listed on the BSE are among them. Year-to-date (YTD), shares of this housing finance company (HFC) have surged around 87 to 160 levels each, registering an increase of around 85% in 2022. (Full report)

Aug 01 2022, 08:36:09 IST

RBI should hike policy rate by 25-35 basis points to control inflation: experts

Days after the U.S. Fed hiked its interest rate, the RBI could make its third straight hike in policy rates by 25 to 35 basis points to control high retail price inflation, experts said.

The central bank has already announced the gradual withdrawal of its accommodative monetary policy.

The Reserve Bank’s rate-setting committee – Monetary Policy Committee – will meet on August 3 for three days to deliberate on the current economic situation and announce its bi-monthly review on Friday.

01 Aug 2022, 08:35:16 IST

Focus on Reliance Securities shares: Ciment Ultratech

STOCK IN VIEWPOINT

Ultratech Cement (CMP Rs.6,545)

We have a BUY rating on the stock with a target price of 7,675.

Intraday Picks

AMARAJABAT (PREVIOUS CLOSE: 492) BUY

For today’s trade, a long position can be initiated in the range of Rs492-489 for the target of Rs504 with a strict stop loss of Rs484.

TORNTPOWER (PREVIOUS CLOSE: 525) BUY

For today’s trade, a long position can be initiated in the range of Rs521-517 for the target of Rs534 with a strict stop loss of Rs509.

PELLETS (PREVIOUS CLOSING: 300) SELL

For today’s trade, a short position can be initiated in the range of Rs306-309 for the target of Rs293 with a strict stop loss of Rs314.

Aug 01 2022, 08:31:20 IST

Pet care industry grows post-pandemic; attracts FMCG companies

The pet food market currently revolves around 4,000 crores and is expected to grow significantly over the next five years. Mars Petcare and Himalaya Wellness Company, among others, are the two main companies operating in the segment.

Mars Petcare is a division of global confectionery giant Mars Inc.

Last week, Nestlé India entered the segment by acquiring the pet food business of its subsidiary Purina Petcare India for 123.5 crores, providing the big FMCG with direct access to this fast growing business in the country.

Earlier this month, another FMCG company, Emami, announced plans to invest in a pet care startup, Cannis Lupus Services India, offering Ayurvedic remedies for pets under the brand “Fur Ball Story”.

Aug 01 2022, 08:26:40 IST

5G Spectrum Auctions: Bids Cross ₹1.50 Lakh Crore Bar; UP East sees renewed interest on Sunday

5G spectrum auction capable of delivering ultra-high-speed internet has received bids worth 1,50,130 crore through Sunday amid a pick-up in radio wave demand in the UP East circle, pushing bidding into day seven on Monday.

Seven new bidding rounds held on Sunday’s sixth auction day ‘called’ for a raise 163 crore, propelling the cumulative sale of spectrum past the 1.50 crore lakh mark.

The auction brought in provisional bids worth 1,50,130 crore in the first six days, according to data released by the Department of Telecommunications.

Aug 01 2022, 08:14:02 IST

Changes to speed up CCI decision making

India’s Competition Commission (ICC) is expected to be more nimble in adjudicating cases of anti-competitive behavior by companies, with the government planning to give the watchdog more leeway in the effective division of labor under proposed amendments to both – ten-year-old law.

The Competition (Amendment) Bill 2022, endorsed by the Union Cabinet and expected to be presented to Parliament in the Monsoon session, proposes to let individual members of the watchdog decide cases rather that a three-member group jointly taking the call, one said a person familiar with the discussions. (Full report)

Aug 01 2022, 08:05:49 IST

Gold stabilizes in Asia after biggest weekly gain since March

Gold stabilized in Asia after its biggest weekly gain since March as the market awaited further indicators on the state of the global economy and the pace of interest rate hikes in the United States.

Bullion rose 2.2% last week on speculation that the Federal Reserve will reduce the pace of rate hikes as the US economy slows. Still, it ended July down for a fourth consecutive month as it continued to lose against the dollar as a safe haven option.

Aug 01 2022, 07:52:43 IST

Asian factory activity slumps due to supply grunts and falling demand

The purchasing managers’ indices for South Korea and Taiwan were the hardest hit, according to S&P Global.

South Korea’s July PMI fell to 49.8 from 51.3 in June, its lowest level since September 2020. New orders contracted and weakened the most in nearly two years, while production volumes slipped at the fastest pace in nine months due to material shortages and rising costs.

Taiwan’s PMI reading fell to 44.6 from 49.8 while production fell to 40.2 from 45.9 in June. The PMI, production and new orders were at their lowest since May 2020.

Aug 01 2022, 07:49:47 IST

Prime Minister may open carbon trading platform on August 15

Prime Minister Narendra Modi could launch a national carbon trading platform on August 15 as India pursues its climate commitments, two people with knowledge of the development have said. The government can also propose guidelines where carbon trading would be mandatory for certain sectors.

There are generally two types of carbon market: compliant and voluntary. The Center’s decision would make it a compliance marketplace for certain sectors, the people quoted above said on condition of anonymity. (Full report)

Aug 01 2022, 07:44:51 IST

RIL’s retail arm in the midst of a hiring boom

The retail arm of Reliance Industries Ltd is looking for up to 200 senior executives, Vice President level and above, with annual salaries of 1 crore or more and thousands more junior and middle managers, recruiters said. Reliance Retail added more than 17,000 jobs during the quarter for a total of 379,000, according to its latest results announcement

Aug 01 2022, 07:31:46 IST

Tokyo Stocks Open Slightly Higher; China, Hong Kong index in red.

Tokyo shares edged higher in early trading on Monday, extending rallies on Wall Street as traders eyed corporate earnings ahead. The benchmark Nikkei 225 gained 0.05%, or 14.52 points, to open at 27,816.16, while the broader Topix index added 0.14%, or 2.63 points. , at 1,942.94.

The Shanghai Composite and Hang Seng indices opened in the red and were down 0.2% and 1% respectively.

Aug 01 2022, 07:30:14 AM IST

Big Tech and Oil Extend Wall Street’s Midsummer Rebound

U.S. stocks extended their midsummer rebound on Friday, with the dollar and some longer-term Treasury yields falling, as Wall Street applauded positive business news despite rising labor costs labor market and other indicators of continuing inflation.

The Dow Jones Industrial Average (.DJI) rose around 1%, the S&P 500 (.SPX) gained around 1.4% and the Nasdaq Composite (.IXIC) gained almost 2%. The S&P 500 and Nasdaq have now posted their biggest monthly percentage gains since 2020.

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