The domestic currency remained under pressure as fears of a escalating trade conflict between US and China ratcheted up another notch following Trumps latest threat aiming at Chinese investments - a move which could have great long-term consequences on the US -Sino economic ties.
Investors are advised to stay cautious or at best remain neutral, suggest experts.
Additionally, the US Treasury Department is planning to heighten scrutiny of Chinese investments in sensitive US industries under an emergency law, putting Washington’s trade war with Beijing on a potentially irreversible course, said a Bloomberg report.
IDBI is not a lone case, there are about a dozen more banks whose capital position is precarious and they wouldn’t be in a position to raise capital from the market. The moot question remains, how many will LIC bail out?
Selling pressure was seen in major banking, pharma and metal names.
The index formed a bearish candle on the daily charts which also resembles a Bearish Harami kind of pattern.
The Sensex ended down by 219.25 points or 0.61% at 35470.35, while the Nifty was down 59.40 points or 0.55% at 10762.50.
The Nifty energy index closed 1.2 percent lower dragged by stocks including Bharat Petroleum Corporation which fell 3.3 percent while Hindustan Petroleum Corporation was down 3.9 percent.
Despite the increase, which is intended to stop the gap between global supply and demand from becoming too wide, analysts said global oil markets would likely remain relatively tight this year.
The mega-merger may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore, a source said.
We believe Tata Steel is an ideal play on the domestic steel growth story, with the acquisition of Bhushan Steel is expected to provide volume growth in the near term, says Sumit Bilgaiyan of Equity99.
He would be replaced by William Boulter. Kumar, who has been associated with the no-frills carrier for the last 12 years
We believe Suryaamba Spinning is well placed to capture this structural shift aided by solid management pedigree and hence we are recommending a buy, says Sumit Bilgaiyan of Equity99.
The company should be able to gradually increase sales for the current portfolio, where it had lost market share. We are recommending a buy, says Sumit Bilgaiyan of Equity99.
The breadth of the market favoured declines, with 570 stocks advancing, 1111 declining and 393 remaining unchanged. On BSE, 907 stocks advanced, 1557 declined and 136 remained unchanged.
The amount of money banks must keep on reserve with the central bank will be reduced by 0.5 percentage points of their deposits.
The facility will have a production capacity of 3,600 MT per annum with 80% captive use.
Investors and traders are worried that threats of higher US tariffs and retaliatory measures by others could derail a rare period of synchronised global growth.
Believes that earnings for the NBFC could be at an inflection point, while attractive valuations also hold key.
The IT bellwether’s non-executive Chairman Nandan Nilekani said on June 23 that India’s second largest software exporter was ready to get back to faster growth as the focus shifts to execution of previously laid out plans.
The Ministry of Corporate Affairs (MCA) is probing 22 listed companies for suspected misuse of funds raised through initial public offerings.
Multiple brokerages see lack of catalysts in the short term on the back of weak demand and volume growth.
111 stocks hit new 52-week low including names like Bank of Baroda, Cummins India, EID Parry, HCC, Jain Irrigation Systems, NHPC, NTPC and UPL among others.
VEL will not receive any offer proceeds and all proceeds will be received by the selling shareholders
Nifty is likely to remain volatile ahead of expiry due on Thursday. Experts say investors should look for stock-specific opportunities to take advantage of the upside momentum.