Scan to Download
Indian shares declined the most in nearly two weeks dragged by a selloff in automakers after the dismal earnings by Tata Motors and lenders on concerns around government’s capital infusion programme.
The S&P BSE Sensex tumbled 0.6 percent to 28,155 while the NSE Nifty dropped 0.7 percent to 8,724. The market breadth was firmly tilted in the favour of the sellers. About 1,249 stocks declined, 211 advances and 40 remained unchanged on the NSE.
Indian shares declined the most in nearly two weeks dragged by a selloff in automakers after the dismal earnings by Tata Motors and lenders on concerns around government’s capital infusion programme.
The S&P BSE Sensex tumbled 0.6 percent to 28,155 while the NSE Nifty dropped 0.7 percent to 8,724. The market breadth was firmly tilted in the favour of the sellers. About 1,249 stocks declined, 211 advances and 40 remained unchanged on the NSE.
Markets may see further decline ahead but the downside seems capped. Traders should maintain extra caution in midcap and smallcap space as they react strongly during the corrective phase. On the other hand, it’s an opportunity for those who were waiting some correction to enter as the overall trend is still up.”Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
NASSCOM defers giving guidance for FY18 to next quarter. pic.twitter.com/JCAkKOUPOh
— BloombergQuint (@BloombergQuint) February 15, 2017
Shares of banking companies reversed their early gains and dropped anywhere between 0.5 percent to little over 3.6 percent.
According to a source-based report by Bloomberg, India may cut the amount of capital it plans to inject into state-controlled lenders this fiscal year by as much as Rs 7,800 crore ($1.2 billion) because of slow loan growth.
The government, which had promised to inject Rs 25,000 crore into the lenders in the year ending March 31, has decided to defer Rs 2,100 crore of pledged amount into next financial year, the Bloomberg News quoted people familiar with the matter.
Read the full article HERE
Shares of banking companies reversed their early gains and dropped anywhere between 0.5 percent to little over 3.6 percent.
According to a source-based report by Bloomberg, India may cut the amount of capital it plans to inject into state-controlled lenders this fiscal year by as much as Rs 7,800 crore ($1.2 billion) because of slow loan growth.
The government, which had promised to inject Rs 25,000 crore into the lenders in the year ending March 31, has decided to defer Rs 2,100 crore of pledged amount into next financial year, the Bloomberg News quoted people familiar with the matter.
Read the full article HERE
Banking Scorecard: Who Was Hit The Hardest By The Asset Quality Review?
The rupee turned weak by 2 paise to 66.95 against U.S. dollar in early trade today at the foreign exchange market after the American currency gained ground following a spurt in demand from importers.
Forex dealers said, the U.S. dollar's gains against some currencies overseas following upbeat remarks on the U.S. economy by Federal Reserve Chief Janet Yellen and a lower opening in the domestic equity market put the rupee on the back foot.
Yesterday, the rupee had recovered by 9 paise to end at 66.93 on fresh selling of dollars by banks and exporters amid weakness in American currency in the overseas market.
PTI
Shares of the automaker fell as much as 8.5 percent to Rs 440, for the fifth day in a row after the company’s net profit for the October-December quarter declined a whopping 90 percent. A five percentage point contraction in margins for its subsidiary Jaguar Land Rover was the key trigger behind the fall.
The fall in Tata Motors reflected in the performance of the S&P BSE Auto Index as well. The sectoral gauge fell the most in two months and extended its losses for the fourth straight day. The index fell as much as 2 percent to 21,487.
Movers & Shakers: Intellect Design Arena, Sun Pharma, JSPL And More
Indian shares swung between gains and losses as a gauge of the country’s top 13 automobile companies dropped the most in two months. The S&P BSE Auto Index is down for a fourth day dragged by Tata Motors, which fell as much as 8.6 percent.
The S&P BSE Sensex was little changed at 28,318 and so was the NSE Nifty at 8,787. However, the underlying weakness was highlighted by the market breadth, which was skewed in favour of the sellers. About 790 stocks declined, 661 advanced while 445 remained unchanged on the NSE.
Indian shares swung between gains and losses as a gauge of the country’s top 13 automobile companies dropped the most in two months. The S&P BSE Auto Index is down for a fourth day dragged by Tata Motors, which fell as much as 8.6 percent.
The S&P BSE Sensex was little changed at 28,318 and so was the NSE Nifty at 8,787. However, the underlying weakness was highlighted by the market breadth, which was skewed in favour of the sellers. About 790 stocks declined, 661 advanced while 445 remained unchanged on the NSE.
ISRO will attempt to send a record 104 satellites into orbit today, reports @anuragkotoky.https://t.co/cmNfKRnJcJ pic.twitter.com/jCZTpffJFx
— BloombergQuint (@BloombergQuint) February 15, 2017
India's top performing, open-ended, micro-cap fund restricts inflows.https://t.co/kyOuzDpVMT pic.twitter.com/JacMSbQCVF
— BloombergQuint (@BloombergQuint) February 15, 2017
Federal Reserve Chair Janet Yellen sounds like she's on a mission to raise interest rates this year no matter what President Donald Trump does on tax cuts and spending.
Her plain speaking before the Congress fired up the dollar and pushed U.S. Treasuries down. In the region, South Korean won is down 0.3 against the dollar and rupee too is likely to open lower and trade with a negative bias in the session.
For sovereign bonds, there is some good news. RBI will repurchase up to Rs 20,000 crore of sovereign notes on Thursday. This will help dealers clear away some stock but will this lead to an appetite for buying? We'll have to wait and watch.
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, gained 0.2 percent to 8,841.
Asian equities gained in early trade, as banks led broad gains in global stocks after Janet Yellen said the Federal Reserve doesn’t need to wait for Trump administration’s plans on fiscal stimulus to hike rates.
Janet Yellen says the Fed doesn't need to wait for Trump administration's fiscal stimulus plans to hike rates.https://t.co/oAOie1BNa3 pic.twitter.com/ZQnruAt9qg
— BloombergQuint (@BloombergQuint) February 15, 2017
The dollar gained for the fifth consecutive session, and the yield on the 10-year Treasury note rose as Yellen testified before Congress that waiting too long to raise rates could disrupt financial markets.
Yellen’s comments lifted the odds for a rate hike at the March meeting four points to 34 percent, according to futures rates tracked by Bloomberg. U.S. stocks surged to fresh record highs on Tuesday, with the Dow Jones Industrial Average rising above the 20,500 mark for the first time.
Oil halted gains and traded around the $53 per barrel mark as U.S. industry data showed crude stockpiles expanding, adding to concerns of a global supply glut. Crude stockpiles rose by 9.94 million barrels last week, the American Petroleum Institute was said to report. Government data on Wednesday is forecast to show supplies increased for the sixth week.
Morgan Stanley sees a bright decade for China stocks, reports @WillMHDavies. https://t.co/AlBJCEtSVn pic.twitter.com/olRoOW6vH9
— BloombergQuint (@BloombergQuint) February 15, 2017
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
