Market LIVE updates: Nifty above 17600, Sensex up 300 pts; Axis Bank soars

Stock Market LIVE updates: Indian indices rose at open, shrugging of weak global cues. At open, the Sensex was up 236.51 points at 59,439.41, while the Nifty rose to 17,623.50. Axis Bank surged, while Bajaj Finance was the worst hit 

Investors remain concerned about inflation and the potential for recessions throughout world. Higher interest rates tend to discourage borrowing and investments, slowing economic activity and could tip economies into recession.

Dhanlaxmi Bank shareholders seek to curb CEO spending powers

Dhanlaxmi Bank said on Thursday its largest shareholders were seeking to curb the spending powers of its chief executive officer, escalating a bitter shareholder battle with the private lender's management.

The Thrissur, Kerala-headquartered bank will hold an extraordinary general meeting on Nov. 12 at the request of certain shareholders including B Ravindran Pillai, who holds a 9.99% stake in the bank, it said in a regulatory filing.

ICICI Bank's New York Branch enters into a consent order with US Regulator: BSE release

ICICI Bank Limited’s New York Federal Branch has entered into a consent order with its federal banking supervisor, the Office of the Comptroller of the Currency, which requires the Branch to enhance certain processes in its Bank Secrecy Act/Anti-Money Laundering (“BSA/AML") programme and establish and maintain an effective Sanctions Compliance programme, the private sector said in a filing to the stock exchanges. 

The Consent Order does not involve any monetary penalty. 

The observations made by the OCC are restricted only to the New York branch of ICICI Bank Limited which constitutes 0.61% of the bank’s total assets as on 30 June 2022, and the order will not have a material adverse effect on its business, nor does it restrict any of the NY Branch’s existing activities, apart from requiring the corrective actions as specified.

Rupee likely to slip on concerns over U.S. yields; RBI watched

The Indian rupee is expected to open slightly lower versus the dollar on Friday as another upward move in U.S. yields weighs on demand for Asian currencies.

The rupee is tipped at around 82.82-82.86 to the dollar at open compared with 82.76 in the previous session, when it also slid to a fresh record low before recovering.

The moves in the emerging market currencies are "obviously relevant", but at the "current level and after what happened yesterday", the Reserve Bank of India and the interbank overall positions are more crucial, a trader at a Mumbai-based bank said.

The central bank sold dollars aggressively on Thursday as the local unit plumbed fresh lows, said traders. The intervention in the afternoon session led to the rupee mounting a quick recovery from near 83.25 to 82.80.

Expect to close Citi deal by end of March 2023, says Axis Bank CEO

Private sector lender Axis Bank is hopeful of completing the purchase of Citi India’s retail business by the 31 March, said Amitabh Chaudhry, chief executive, Axis Bank, adding that the foreign bank’s business numbers are in line with expectations and therefore the deal price requires no relook.

The lender on Thursday reported a 70% year-on-year (YoY) jump in its net profit for the quarter ended September at ₹5,329.77 crore. Net interest income (NII) rose 31% YoY to ₹10,360.3 crore.

Only a handful of large firms ready for big spending

Finance minister Nirmala Sitharaman’s expectation that private sector capital spending will power India’s economic growth appears to be wishful thinking as most companies, barring a handful of large conglomerates and state-run corporations, remain wary of new investments amid rising interest rates.

Bankers said that the private capex cycle is quite uneven as large spending is mainly restricted to government projects, with only a few large conglomerates planning to spend on big projects. Among the conglomerates investing in new projects or capacity expansion are the Adani and Tata groups. 

Oil near flat as inflation concerns contend with potential quarantine easing in China

Oil prices were near flat on Friday, as market participants weighed concerns about steep inflation with optimism that China could see energy demand tick up, news agency Reuters reported.

Brent crude futures lost 5 cents to trade at $92.33 a barrel in Asian deals, West Texas Intermediate futures rose 7 cents to trade at $84.58 a barrel.

Brent was on track for a weekly gain of 0.7%, while WTI was expected to fall 1.3%.

CCI slaps ₹1,337.76 crore penalty on Google for unfair business practices

The Competition Commission on Thursday imposed a penalty of ₹1,337.76 crore on Google for abusing its dominant position in multiple markets in the Android mobile device ecosystem.

The fair trade regulator has directed the internet major to cease and desist from unfair business practices.

In a release, the Competition Commission of India (CCI) said it has also directed Google to modify its conduct within a defined timeline.

Tatas face uphill task in Air India turnround

Turning around the money-losing Air India will be an uphill task for the Tata group as the Maharaja has its own set of challenges and opportunities, said analysts and industry experts.

Besides, while the group has been operating two airlines—Vistara and AirAsia India (both joint ventures)—for the last decade, the airlines have not turned profitable yet, they added.

Stocks to Watch 

Reliance Industries, Bajaj Finserv, Ambuja Cements, IDBI Bank, Hindustan Unilever, JSW Steel, Hindustan Zinc stocks will be in focus today as they declare their July-September quarter results.

SGX Nifty ticks lower 

Nifty futures on the Singapore Exchange fell 29.50 points to 17,490.50 in early deals, indicating a weak start for Indian indices.

On Thursday, the Sensex ended 95 points higher at 59,202, while Nifty closed at 17,563, a gain of 51 points.

Asian stocks subdued as US Fed rate hike prospects weigh 

Asian equity markets were subdued on Friday after overnight losses on the Wall Street following the surge in US Treasury yields weighed in investor sentiment.

Equities fell in Japan, South Korea, China and Australia, while Hong Kong made small advances after two days of heavy losses. US futures dropped in Asia amid wariness around economic challenges that saw the S&P 500 swing from a gain of more than 1% to a loss of almost the same.

Wall Street stocks closed lower on Thursday as labour market data and comments from a U.S. Federal Reserve official reinforced expectations the central bank will be aggressive in hiking interest rates, outweighing a flurry of solid corporate earnings.

The Dow Jones Industrial Average fell 90.22 points, or 0.3%, to 30,333.59, the S&P 500 lost 29.38 points, or 0.80%, to 3,665.78 and the Nasdaq Composite dropped 65.66 points, or 0.61%, to 10,614.84.

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