Stock Market LIVE: Sensex crosses 60k, Nifty up 70 pts; NTPC surges

Share Market LIVE Update: Indices start on a flat note on Wednesday, but Sensex managed to cross the 60,000 mark. FMCG and Auto indices jump, but IT stocks are on shaky grounds. Most of the Asian markets are in green with Nikkei crossing the 29,000 mark for the first time in 7 months.

Traders have kept aside the worries of darkening economic outlook amid high inflation and tightening monetary policy for now. Wall Street got a boost from robust earnings from US retailers on Tuesday and ended with gains but tech stocks lost ground. Asian markets also followed suit and are trading in the green on Wednesday

Inflation is easing, but global investors are still pessimistic

Global fund managers are no longer apocalyptically bearish, showed the latest survey by BofA Securities. Expectations that inflation and interest rate shocks are beginning to end, seem to be gradually replacing the gloom and doom sentiment with hope. As a result, economic outlook and equity allocation saw some improvement in August from the dire low levels seen in July. 

Most respondents noted that the current sentiment is still too bearish for an immediate reversal in the equity markets and that they remain patient bears

REC shares trades ex-bonus today; stock rises

Shares of REC Ltd rose to ₹103 apiece on the BSE in Wednesday's opening deals as the stock started trading ex-bonus, a day ahead of its record date for the bonus shares issue which it had recommended in 1:3 ratio.

India rupee seen stronger tracking oil price fall

The Indian rupee is expected to open higher versus the dollar on Wednesday tracking a fall in oil prices that dropped to their lowest level since mid-February amid concerns over global growth outlook.

The rupee, which is set to resume trade after a four-day weekend, is seen opening at 79.25-79.30 per dollar, up from 79.6550 on Friday.

Brent crude futures on Tuesday declined about 3% to slip to near $92 a barrel, on concerns over a potential global economic slowdown while traders awaited clarity on talks to revive a deal that could allow more Iranian oil exports.

Rakesh Jhunjhunwala's last stock bet? Share rallies 20% in one session

After news break of Rakesh Jhunjhunwala's firm RARE Investment buying stake in Singer India, the sewing stock gave strong upside moves and hit upper circuit on Tuesday session. Singer India share price opened upside on Tuesday and hit intraday high of ₹69.15 apiece levels — logging 20% rally in single session. As per the information available on BSE website, Rakesh Jhunjhunwala's investment firm RARE Investments has bought stake in Singer India that probably triggered fresh buying in the counter on Tuesday.

Japan's Nikkei surpasses 29,000-mark on Wall Street rally overnight

Japan's Nikkei on Wednesday crossed the 29,000-level for the first time in more than seven months as Wall Street's major indexes rallied overnight after U.S. retailers' robust earnings.

The Nikkei share average rose 0.81% to 29,101.33 by the midday break, after rising to 29,153.05, its highest level since Jan. 6.

The broader Topix advanced 0.78% to 1,997.35.

Stocks to Watch: NTPC, Hindustan Zinc, Cipla, Bajaj Hindusthan Sugar

Balrampur Chini Mills, Delta Corp, and Tata Chemicals securities will remain in the ban period for the F&O segment as they have crossed 95% of the market-wide position limit.

ICICI Sec, Axis Cap among 5 bankers to assist govt's 29.5% stake sale in Hindustan Zinc

Five investment bankers including, ICICI Securities, Axis Capital and Citigroup Global Markets, are among the selected to assist the government in offloading its 29.53% residual stake in Hindustan Zinc Ltd (HZL) in tranches. An official on Tuesday said that HDFC Bank and IIFL Securities will act as investment bankers and work with the government and handle the share sale offers.

India bond yields seen lower on weaker oil, easing inflation

Indian government bond yields are likely to trend lower in early deals on Wednesday after a four-day holiday weekend, tracking a fall in oil prices and on easing domestic inflation.

The benchmark 10-year government bond yield is likely to trade in a 7.24%-7.30% band, a trader with a private bank said. The bond yield closed at 7.2894% on Friday. Indian fixed income markets were shut on Monday and Tuesday for holidays.

"Though inflation eased in July, it's largely along the expected lines. The downward move in oil prices bodes well for inflation outlook, which may lead to some rally in bond prices," the trader said.

Cryptocurrency prices today: Bitcoin, ether fall while dogecoin, Shiba Inu surge

Cryptocurrency prices continued to plunge with Bitcoin hovering below the $24,000 level. The world's largest and most popular cryptocurrency was trading over a per cent lower at $23,988. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.2 trillion, as per Coin Gecko.

Government receives 38 technical bids for setting up silos at 14 locations

The government on Tuesday said it has received 38 technical bids for setting up silos under the 'hub and spoke model' at 14 locations in six states.

The bids have been received from 15 prospective parties. Technical evaluation is expected to be completed in three-four weeks, the union food ministry said in a statement.

The ministry has proposed to develop a capacity of 111.125 lakh tonne of Hub and Spoke Model Silos at 249 locations across the country.

These silos will be constructed in two modes through implementing agency Food Corporation of India (FCI). One is constructing under the DBFOT (Design, Build, Fund, Own & Transfer) in state-run FCI's land and the other DBFOO (Design, Build, Fund, Own & Operate) in land of concessionaire/other agency.

Commercial vehicle sales to cross 4.35 lakh units in FY23, says MD of VECV

Commercial Vehicle (CV) industry is on the recovery path and likely to see sales crossing 4,35,000 units this fiscal amid rise in replacement demand and revival of the bus segment, an industry executive said.

From a peak of 5,77,479 commercial vehicles (having more than 3.5 tonnes capacity) sold in 2018-19, including in export markets, the volumes contracted by more than half to 2,34,299 vehicles in 2020-21 owing to various factors.

In the fiscal year ended March 2020, when the pandemic hit the country, the industry had retailed a total of 3,34,425 units.

Elon Musk is buying Manchester United

Elon Musk has declared that he is purchasing Manchester United Plc, a British football team. In a series of tweets, the Tesla CEO asserted that he backed both the right and left halves of the Democratic and Republican parties. Musk is a frequent Twitter user who has a history of trolling the media and making jokes about them. The media pays great attention to what he says.

Syrma SGS Technologies IPO: GMP jumps. Should you subscribe?

Syrma SGS Technologies IPO (initial public offering) opened for subscription on 12th August 2022 and it will remain open for bidding till 18th August 2022. After two days of bidding, the public issue has been subscribed 0.92 times whereas its retail portion has been subscribed 1.56 times. Meanwhile, premium of Syrma SGS Technologies shares has surged in grey market. According to market observers, Syrma SGS Technologies shares are available at a premium of ₹40 per share.

Government issues export orders for 8.2 lakh tonne of additional sugar

The government has issued export orders for 8.2 lakh tonne of additional sugar from August 1, and for balance 2.2 lakh tonne of sweetener will be given later this week, according to a senior Food Ministry official.

The government had imposed curbs on sugar exports beyond 100 lakh tonne from June 1 to boost local availability of the commodity and control higher prices.

However, improvement in sugar stocks due to higher production and weak sugar demand in the domestic market led the government to reconsider and allow 12 lakh tonne of additional sugar exports from August 1.

Future Enterprises non-executive director Chandra praksh Toshniwal resigns

Future Enterprises Ltd on Tuesday said its non-executive director Chandrapraksh Toshniwal has resigned from the board of directors with effect from August 16, 2022 due to occupational and personal commitments.

"After the aforesaid resignation and as per details available, Chandrapraksh Toshniwal holds directorship in Future Lifestyle Fashions Limited, a listed entity," said a regulatory update from Future Enterprises Ltd (FEL).

FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a ₹24,713 crore deal announced in August 2020.

Spice Jet, Maran agree on mediation to settle a protracted share transfer dispute

The Supreme Court on Tuesday said it would consider a joint request for mediation between Spice Jet Ltd and Kalanithi Maran to settle a protracted share transfer dispute. In February 2015, Maran transferred his entire shareholding in SpiceJet to Ajay Singh, the current chairman and managing director of the airline, after the airline nearly went belly up in 2014-15 due to a severe cash crunch.

Oil prices recover from 6-month lows after drop in U.S. stockpiles

Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession.

Brent crude futures rose 13 cents, or 0.1%, to $92.47 a barrel by 0035 GMT. West Texas Intermediate (WTI) crude futures climbed 27 cents, or 0.3%, to $86.80 a barrel.

Tokyo stocks open higher on strong US retail readings

Tokyo stocks opened higher on Wednesday as investors took heart from strong US retail sector reports and worries eased over inflation.

The benchmark Nikkei 225 index was up 0.4%, or 114.52 points, at 28,983.43 in early trade, while the broader Topix index advanced 0.46%, or 9.10 points, to 1,991.06.

Adani Logistics to buy Navkar’s inland container depot in Gujarat for ₹835 cr

Adani Logistics Ltd (ALL), a unit of Adani Ports and Special Economic Zone Ltd, on Tuesday said it has signed a definitive agreement to acquire an inland container depot (ICD) from Navkar Corporation Ltd for an enterprise value of ₹835 crore. The depot‘s private freight terminal is connected to the western direct freight corridor through four rail handling lines.

Wall Street up broadly as big tech dips in cautious trade ahead of fed minutes release

Wall Street registered another broadly higher close on Tuesday even as Big Tech stocks fell in cautious trade ahead of the release of the highly-anticipated minutes of the Federal Reserve's July meeting.

The Dow Jones Industrial Average, which comprises stocks of 30 large US corporations, climbed 0.7% on the day, extending Monday's gain of 1 .5%.

The S&P 500 index, which represents the top 500 US stocks, rose 0.2%, adding to the previous session's advance of 0.4%.

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