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Germany: Deutsche Bundesbank President Joachim Nagel will speak at at the Union International Club, in Frankfurt — 4:30 p.m.
US: Federal Reserve Bank of Philadelphia President Patrick Harker will speak at the Global Interdependence Center Central Banking Series hosted by the University of the Bahamas, in Nassau — 8:00 p.m.
US: Federal Reserve Governor Michelle Bowman will speak at the American Bankers Association Conference for Community Bankers, in Phoenix — 8:50 p.m.
Why Is The US Stock Market Closed Today?
Rupee weakened by 2 paise to close at 86.85 against the US Dollar. It closed at 86.83 on Friday, according to data on Bloomberg.
Shakti Pumps (India) Ltd. has invested Rs 4 crore in its wholly-owned subsidiary, Shakti EV Mobility Private.
LTIMindtree Ltd. has partnered with Eurobank for a multi-year banking technology transformation program.
Most European markets were trading with marginal gains on Monday. Traders closely monitor developing tension between the European Union and the US.
President Donald Trump is set to meet Russia's President Vladimir Putin in Dubai to discuss how potential end to ongoing Russia's war with Ukraine. US has left Europe and Ukraine out of the meeting. Leaders from Eurozone has called for an emergency meeting at Paris today.
The Euro Stoxx 50 and FTSE 100 were trading 0.04% and 0.10% higher, respectively as of 1:45 p.m. The CAC 40 was trading 0.06% down.
Index funds are not less risky, according to Edelweiss Chief Executive Officer Radhika Gupta. Her comments come as several investors have been concerned about SIPs because of negative returns, as markets see correction.
In a post on X, Gupta said she has been receiving a lot of investor queries, with many saying they were worried about markets, and have stopped mutual fund SIPs and switched to index funds.
Read the full article here.
Several stocks are making headlines today, driven by a mix of earnings reports, analyst upgrades, and new orders. Hindustan Aeronautics Ltd., SBI Cards & Payment Services Ltd., Samvardahana Motherson International Ltd., Zen Technologies Ltd., Bharat Forge Ltd., Welspun Corp were in news around noon. Click here to read the full article.
Cyient DLM has secured a long-term contract from Thales for manufacturing avionics components.
Bharti Airtel has successfully landed the SEA-ME-WE-6 submarine cable in Chennai.
Dilip Buildcon's subsidiary DBNHPL has signed a settlement agreement with NHAI for Rs 98.30 crore, including Rs 91.25 crore related to claims.
Ajax Engineering Ltd. listed at Rs 576 on NSE, a discount of 8.4% to its issue price of Rs 629, and at Rs 593 on BSE, a discount of 5.7% to its issue price.
Saffron Speciality Papers filed draft red herring prospectus for initial public offer. The offer entails fresh issue up to 54 lakh shares.
Arvind SmartSpaces Ltd. has added a new plotted development project in Sanand, Ahmedabad, with a revenue potential of Rs 600 crore.
Smallcaps vis-a-vis valuations have been disappointing. Miss in the smallcap space has been quite big. It was expected that there would be 5% earnings decline in 125 smallcap companies but earnings miss was 24%, said Gautam Duggad, head, research, Institutional Equities, Motilal Oswal Financial Services.
PSU Banks have beaten expectations. Punjab National Bank saw an upgrade this quarter. The pace of normalisation of credit costs for private banks has been sharp, Duggad said.
Indian markets are in the bearish camp. Despite the correction the NSE Nifty 50 to give single digit returns. Small and mid caps to give negative returns. Best to avoid the small and mid caps for now, said Amish Shah, managing director and head of India research at BofA.
On BSE, 1,922 stocks advanced, 1,074 stocks declined, and 151 stocks remained unchanged on BSE.
The yield on the 10-year bond opened flat at 6.69%. It closed at 6.70% on Friday, according to Bloomberg.
Rupee strengthened by 14 paise to open at 86.69 against the US Dollar. It closed at 86.83 on Friday, according to data on Bloomberg.
Chambal Fertilizers & Chemicals Ltd. has clarified that there has been no gas or chemical leak from its Kota plant in Rajasthan.
Gold price in India cooled to Rs 84,880 per 10 grams as of 6:50 a.m. on Feb. 17, according to the India Bullion Association. The prices fell nearly Rs 1,200 from Feb. 10 level.
Welspun Corp has secured new orders worth Rs 3,000 crore in the US for supplying pipes.
Bharti Airtel Ltd. will issue shares upon conversion of its $1 billion bonds due in 2025.
Correction playing out as expected; CY25 to stay weak
Continue to expect single digit returns for Nifty in CY25 with reasonably high volatility
Risks – continued earnings downgrade, US policy uncertainty, moderating CAPEX, weak FII flows, risk to DII flows, rich valuations
Most of these risks are now well established but are yet to fully play out
Brent crude prices declined for a fourth day in a row on Monday as potential peace in Russia and Ukraine conflict eased supply worries. Brent crude prices were trading 0.15% down at $74.63 a barrel as of 7:19 a.m.
Asia-Pacific markets were trading on a mixed note on Monday as they await a slew of central banks' policy decisions from the region this week.
The Nikkei 225 and S&P ASX 200 were trading 0.01% and 0.77% down, respectively. Meanwhile, CSI 300 and Hang Seng were trading 0.32% and 1.11% higher, respectively.
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