The MidCap index underperformed its larger peers losing 0.2% while SmallCap gauge almost mirrored Sensex and Nifty. Ten of the 19 sectoral indices compiled by BSE Ltd. declined with Metal index losing 1.1%. On the flipside, Oil & Gas and Energy measures gaining over 1%.
The market breadth is skewed in the favour of bulls. About 1,738 stocks rose, 1,547 fell and 153 remained unchanged.
Shares of food producers in India gained in-line with global peers. The rise comes amid fall in grain futures amid strong dollar and the anticipated record high wheat harvest in Russia.
Shares of ITC, Britannia Industries rose in trade.
Source: Bloomberg
HCC Jumps 14% After Completion Of Debt Resolution Plan
The broader indices almost mirrored its larger peers with S&P BSE MidCap rising 0.3% and SmallCap jumping 0.6%. All 19 sectoral indices compiled by BSE Ltd. advanced with Energy, Telecom, Utilities, Oil & Gas and Power measures adding over 1%.
The market breadth is skewed in the favour of bulls. About 1,922 stocks rose, 519 fell and 77 remained unchanged.
Markets are likely to take a breather from the recent corrections and start Tuesday's session on a higher note, tracking recovery in SGX Nifty and select Asian indices even as US markets in overnight trades continued the declining trend. However, markets may continue to wobble intra-day amidst escalating risks of a global recession driven largely by aggressive monetary tightening around the world to suppress elevated inflation. Also, the recession warning in the US is getting louder with the fact that the 10-year US bond yield is trading at 11-year high and 2-year bond yield at 15-year high.Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd
Yield on the 10-year yield rose 2bps to 7.38%, at the open.
Source: Bloomberg
Indian currency appreciated 18 paise to 81.45, at the open.
Source: Bloomberg
U.S. Dollar Index at 113.73
U.S. 10-year bond yield at 3.87% on Monday
Brent crude up 0.2% to $84.2 per barrel
Nymex crude at $76.84 per barrel
SGX Nifty down 0.3% to 16,971.5 as of 6:20 a.m.
Bitcoin up 1.2% to $19,339.1
Dish TV’s non-executive independent director Rakesh Mohan vacates his office after shareholders didn’t approve his reappointment.
Shareholders also didn’t approve the adoption of FY21 and FY22 results and the appointment of new statutory auditors S N Dhawan & Co.
The AGM was adjourned sine die.
The board strength is now down to two, which is below the minimum strength required by SEBI.
The board has sought the Information and Broadcasting Ministry’s approval for six directors.
Source: Exchange filing
Jubilant FoodWorks: The company has completed the acquisition of 29.42% stake in Roadcast Tech Solutions as per a July agreement. It will will acquire an additional 10.58% stake in Roadcast Tech by Oct. 26.
Mahindra Logistics: The company has agreed to acquire Rivigo's B2B express cargo service unit on a slump-sale basis, in a deal valued at Rs 225 crore.
Jyoti Structures: The company has secured a Rs 237-crore contract from Sterlite Power Transmission for turnkey supply and construction of 400 kV and 220 kV double-circuit transmission lines in Goa and Karnataka. These will be commissioned in a phased manner by December 2023 and July 2024.
JSW Energy: India Ratings has upgraded the company's long-term facilities to ‘IND AA/Stable’ from ‘IND AA-/Stable’.
Amara Raja Batteries: The board has approved demerger of plastic component for battery business from Mangal Industries Ltd. to Amara Raja. MIL shareholders will receive 65 shares of Amara Raja for every 74 shares held.
Filatex India: Commissioned a project for debottlenecking melt capacity of 50 million tonnes per day and manufacturing lines of 120 million tonnes per day at its Dahej plant.
Embassy REIT: Blackstone seeks to raise up to Rs 2,650 crore ($325 million) by selling 7.7 crore shares at Rs 345 apiece.
BSE: The stock exchange has received SEBI's approval to launch an electronic gold receipt segment on its platform.
Delta Corp/Nazara Tech: The Tamil Nadu cabinet has approved an ordinance that bans online gaming in the state.
Asian markets opened on a cautious note Tuesday following another selloff in US stocks, soaring bond yields and volatile currency markets as investors brace for a heightened risk of global recession.
Shares edged higher in Japan and Australia after three days of losses in those two markets while equity futures pointed to a decline in Hong Kong. U.S. contracts made small gains after the S&P 500 closed at its lowest since 2020 and the CBOE Volatility Index spiked past 30, a level it hasn’t closed above since June.
At 6:40 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--fell 0.3% to 16,971.5 points.
Bonds remained under pressure in Australia and Japan while benchmark 10-year Treasury yield held near 3.9%--a level last seen in 2010.
The dollar gauge inched back from a record high Monday, when Federal Reserve officials repeated hawkish comments on policy. Asian currencies including the yen and yuan strengthened slightly while staying around levels that have caused concern from authorities in both countries.
The Indian rupee, meanwhile, has plumbed to record lows.