The domestic indices ended largely flat on Friday taking cues from their Asian counterparts.The domestic indices ended largely flat on Friday taking cues from their Asian counterparts.
Among sectoral indices, the Nifty PSU Bank index ended 1.81% lower led by a fall in the shares of Canara Bank, IDBI Bank and Oriental Bank of Commerce. The Nifty Metal index too ended 1.81% down due to a fall in shares of Steel Authority of India Limited, Jindal Steel & Power and Tata Steel.
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country's biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said.
In the global markets, Asian shares rallied and the safe-haven yen eased on Friday after North Korean leader Kim Jong Un offered to stop nuclear and missile testing and US President Donald Trump agreed to a meeting that could come before May.
Japan’s Nikkei rose 0.5 per cent and South Korean stocks rose more than 1 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent.
The mood had already brightened a little after Trump pressed ahead with tariffs but offered conditional exemptions for Canada and Mexico, offering at least the hope a full-blown trade war could be averted.
The White House said other countries could apply for exemptions on the 25 per cent tariff on steel imports and 10 per cent for aluminum, but details were sparse on when they might be granted and under what terms.
Several major trading partners have said they will respond with tariffs or direct action of their own.
(with wire inputs)
CATCH ALL THE LIVE UPDATES03:39 PMNifty Metal index too slips over 1.5%
03:34 PMNifty PSU Bank index slips over 1.5%
03:33 PMSectoral trend
03:32 PMSensex Heatmap
03:31 PMMarkets at Close
The S&P BSE Sensex ended at 33,307, down 44 points while the broader Nifty50 index settled at 10.227, down 16 points
03:12 PMSteel stocks under pressure; Tata Steel, JSPL, SAIL down 4% Shares of steel companies were under pressure with Tata Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) down more than 4% on the National Stock Exchange (NSE) after US President Donald Trump imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th. Meanwhile, Tata Steel slipped nearly six-month low at Rs 607, down 4% on the BSE in intra-day trade, extending its past two days 4% decline after the company on Wednesday said that it has emerged as the top bidder for debt-laden Bhushan Steel.02:57 PMGold stays weak on global cues, tepid demand
Gold prices fell by Rs 100 to Rs 31,350 per 10 grams at the bullion market today in tandem with a weakening global trend amid sluggish demand from local jewellers. Silver also drifted down by Rs 115 to Rs 39,385 per kg due to reduced offtake by industrial units and coin makers. READ MORE
02:45 PMOil edges up as US President Trump set to meet North Korea's Kim
Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with US President Donald Trump. READ MORE02:32 PMPlug loopholes in alternative investment funds regulations: RBI to Sebi The Reserve Bank of India (RBI) wrote to the Securities and Exchange Board of India (Sebi) to plug loopholes in alternative investment funds (AIFs) regulations that are being exploited by the funds to give corporate loans. According to sources, the banking regulator is concerned about the risks posed by such practices and fears the route could also be used for money laundering. It is worthwhile to note that all the lending businesses in India are regulated by the RBI. READ MORE02:16 PMNational Stock Exchange 'hopeful' of going public in FY19 India's National Stock Exchange said on Thursday it was hopeful of going public in the next financial year beginning April and that it was committed to expeditiously resolving regulatory issues that have delayed its initial public offering. NSE, as the bourse is known, had originally planned to go public in 2017 but it has been delayed due to an investigation by the market regulator Securities and Exchange Board of India (Sebi) on whether the exchange's employees had provided unfair trading access to select brokers. READ MORE01:54 PMChina, Japan, South Korea hit out at Trump's steel, aluminium tariffs Major Asian nations reacted sharply to US President Donald Trump's decision to impose tariffs on steel and aluminium imports on Friday, warning of damage to relations amid industry calls for retaliation.
Japan said the move would have a "big impact" on the countries' close bilateral ties, while China said it was "resolutely opposed" to the decision and South Korea said it may file a complaint to the World Trade Organization. READ MORE01:41 PMBHEL bags Rs 117-bn thermal power plant contract in Jharkhand's Ramgarh
State-owned power equipment major Bharat Heavy Electricals Limited (BHEL) on Friday said it has won Rs 117-billion order for setting up a 3x800 Mw thermal power plant in Jharkhand. Shares of BHEL were trading 1.34 per cent higher at Rs 87.15 on the BSE. READ MORE01:27 PMShell, Blackstone to jointly bid for $10 bn US shale assets of BHP: Report
Royal Dutch Shell Plc and US private equity firm Blackstone Group LP are working on a joint $10 billion bid for BHP Billiton Plc's US shale assets, Sky News said on Thursday. READ MORE01:16 PML&T Finance Holdings up 3% on preferential issue to L&T; QIP opens
L&T Finance Holdings (LTFH) was trading 3% higher at Rs 163 on the BSE after the company said it has raised almost Rs 20 billion from preferential allotment of shares to its promoter Larsen & Toubro (L&T). READ MORE01:08 PMMarket Check
S&P BSE Sensex 33,463.51 Up 0.34% Nifty 50 10,282.45 Up 0.39% S&P BSE 200 4,482.49 Up 0.34% Nifty 500 9,032.45 Up 0.35% S&P BSE Mid-Cap 16,078.54 Up 0.22% S&P BSE Small-Cap 17,400.09 Up 0.25%01:03 PMAmtek Group extend gains as Liberty House Group emerges preferred bidder
Shares of Amtek Group companies were locked in upper circuit of 5% on the BSE for the second straight day after Liberty House Group was chosen as highest preferred bidder for Amtek Auto's assets. Amtek Auto (Rs 24.95), Metalyst Forgings (Rs 30.50), JMT Auto (Rs 4.96) and Castex Technologies (Rs 4.57) rose 5% on the BSE with only buyers being seen on these counters. READ MORE
12:45 PMMayur Uniquoters extends gain on stake buy by Smallcap World Fund Mayur Uniquoters was trading 2% higher at Rs 528, extending its previous day’s 5% gain on the BSE, after the foreign portfolio investor (FPI) bought nearly two percentage point stake in textiles Company through open market. On Thursday, March 8, 2018, Smallcap World Fund Inc, had purchased a combined 875,586 shares representing 1.93% stake in Mayur Uniquoters at price of Rs 509 per share on the BSE and NSE, the bulk deal data shows. READ MORE12:31 PMOne in three BSE 100 firms falls short in CSR spending
At least 33 companies, or one-third of firms on the S&P BSE 100 list, have fallen short of the required corporate social responsibility (CSR) spending as mandated by the Companies Act. The Ministry of Corporate Affairs (MCA) is sending out notices seeking details of how and on what CSR funds are being disbursed, say people familiar with the issue, adding officials want to check if corporate social work is actually happening. READ MORE
12:18 PMGTL, GTL Infra tank upto 20% as company cuts outlook on Aircel insolvency
Shares of GTL and GTL Infrastructure have tanked up to 20% on the BSE after the Global Group firms warned that its operations will be hit with the shutdown of multiple telecom players and filing of bankruptcy petition by Aircel early this month. READ MORE12:12 PMBank stocks head south
COMPANY LATEST() CHG() CHG(%) VOLUMEIDBI BANK 73.60 -1.25 -1.67 4245934PUNJAB NATL.BANK 96.40 -0.30 -0.31 1263621CENTRAL BANK 68.65 -1.05 -1.51 1091028ST BK OF INDIA 252.90 -3.85 -1.50 503299SOUTH IND.BANK 24.65 -0.50 -1.99 45427212:01 PMMARKET COMMENT from DBS Bank
Worries about trade protectionism is likely to impact sentiment in the short term. To be sure, the market is probably relieved that the tariffs are not as harsh as initially mooted. Canada and Mexico are exempted and there is room for other economies to negotiate. Equity markets have generally taken a sanguine view, grinding higher over the past week. Yields have also stayed buoyant. However, it is unclear if China or the Eurozone will be satisfied with this arrangement. Retaliatory tariffs leading to another round of trade tensions is a key downside risk. The upshot is that developed market bonds are still in consolidation mode. However, yields are in an uneasy range with implied volatility in USD rates significantly higher compared to EUR or JPY rates. We reiterate that 10Y UST yields at 3% is just about neutral for current economic conditions. Rangebound trading is likely until a clearer inflation trend is formed or if the Fed changes its guidance. 12:00 PMSECTOR RESEARCH - Auto Sector – Commercial Vehicles
M&HCV goods carrier sales in domestic markets have surged 17.3% yoy during April 2017 -January 2018. We expect the momentum to sustain over the next couple of years led by 1) pickup in mining & construction activity, 2) regulatory thrust in the form of overloading norms and GST rollout, 3) BS IV to BS VI emission norm revision, and, 4) scrappage policy implementation. Overall, we expect domestic M&HCV goods carrier demand to grow 8-10% in FY19 and upwards of 15% in FY20. The shift to multi-axle vehicles is already driving realisations for CV manufacturers, and, content per vehicle for auto component manufacturers. In our reckoning, listed players Ashok Leyland, Tata Motors (Standalone), Bharat Forge, MM Forgings, Jamna Auto, Gabriel India, Setco Automotive and Wabco India would be the key beneficiaries of the positive trends.
(Source: IIFL)11:45 AMMarket Check
S&P BSE Sensex 33,405.25 Up 0.16% Nifty 50 10,264.15 Up 0.21% S&P BSE 200 4,475.39 Up 0.18% Nifty 500 9,015.90 Up 0.17% S&P BSE Mid-Cap 16,041.00 Up -0.02% S&P BSE Small-Cap 17,381.29 Up 0.14%11:40 AMGovt is expecting additional money from RBI as dividend: Subhash C Garg
The government is expecting additional money from the Reserve Bank of India (RBI) as dividend this month, Subhash C Garg, secretary, Department of Economic Affairs, said on Thursday. In August, the RBI had paid the government a dividend of Rs 306.59 billion for the year ended June 2017. The amount was less than half of Rs 658.76 billion it had paid in 2015-16. The RBI’s financial year runs from July to June. READ MORE
11:27 AMVolume toppers on BSE500
COMPANY NAME LATEST HIGH LOW CHG() CHG(%) VALUE( CR) VOLUMEREL. COMM. 23.80 25.00 23.45 -1.35 -5.37 11.15 4595013IDBI BANK 73.60 76.60 73.20 -1.25 -1.67 30.33 4066046JP ASSOCIATES 14.35 14.85 14.00 -0.25 -1.71 5.23 3612087SUZLON ENERGY 11.24 11.50 11.14 -0.26 -2.26 2.59 2290483SPICEJET 136.85 140.00 133.50 3.80 2.86 21.75 157391011:17 AMHow Donald Trump's tariff, trade war fears roiled financial markets US President Donald Trump's plans to impose tariffs on steel and aluminum imports has rippled through financial markets since last week, when his initial announcement set off fears of a global trade war. Trump has stood by the tariffs, despite resistance from his fellow Republicans and other countries, which have vowed to respond with levies of their own, and on Thursday, Trump pressed ahead with the imposition of 25 percent tariffs on steel imports and 10 percent for aluminum. But he exempted Canada and Mexico, backtracking from earlier pledges of tariffs on all countries, while other countries can apply for exemptions. READ MORE10:46 AMEquity flows into mutual funds strong in February despite stock decline Investor flows into mutual funds (MFs) remained strong last month, despite the markets suffering their worst monthly setback in two years. Equity schemes have reported net inflow of Rs 163 billion in February, the highest in three months, despite the benchmark indices falling five per cent. More than half of these were on account of Systematic Investment Plans (SIPs), a facility where investors commit to invest a fixed sum every month. READ MORE10:33 AMHG Infra makes listless debut; lists at par against issue price of Rs 270
HG Infra Engineering (HGIEL) has made a listless debut on the bourses by listing at Rs 270, at par against its issue price of Rs 270 per share on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The stock fell below its issue price to Rs 265 after hitting high of Rs 275 on few seconds of its listing. READ MORE10:30 AMTOP CONTRIBUTORS TO SENSEX'S GAIN (As at 10:30am)
COMPANY LATEST CHG(RS) CHG(%) FREE FLOATMKT CAP(RS CR) CONTRIBUTION(POINTS)H D F C 1820.85 23.35 1.30 193778.42 37.75ITC 260.50 2.00 0.77 261575.10 16.45TCS 3030.20 28.70 0.96 124249.74 14.98INFOSYS 1161.20 4.50 0.39 218668.11 9.21LARSEN & TOUBRO 1291.85 8.60 0.67 120446.07 8.20HERO MOTOCORP 3647.25 61.60 1.72 34787.74 8.1910:25 AMCLSA's Chris Wood on inflation
Data over the past week has been sufficient to keep the inflation scare building. The trend in US core PCE inflation is more concerning when measured on a six-month annualised basis than on a YoY basis. But this is what markets, and indeed economists, tend to do when they are looking for inflection points. It is this kind of trending which creates the potential for another violent sell-off this year, most particularly if continuing US dollar weakness is combined with a correcting Treasury bond market. GREED & fear’s base case remains an inflation scare, not a real return of inflation. This is in part because GREED & fear remains fundamentally sceptical of the health of US consumptionChristopher Wood CLSA Managing Director & Equity Strategist Christopher Wood
Among sectoral indices, the Nifty PSU Bank index ended 1.81% lower led by a fall in the shares of Canara Bank, IDBI Bank and Oriental Bank of Commerce. The Nifty Metal index too ended 1.81% down due to a fall in shares of Steel Authority of India Limited, Jindal Steel & Power and Tata Steel.
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country's biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said.
In the global markets, Asian shares rallied and the safe-haven yen eased on Friday after North Korean leader Kim Jong Un offered to stop nuclear and missile testing and US President Donald Trump agreed to a meeting that could come before May.
Japan’s Nikkei rose 0.5 per cent and South Korean stocks rose more than 1 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent.
The mood had already brightened a little after Trump pressed ahead with tariffs but offered conditional exemptions for Canada and Mexico, offering at least the hope a full-blown trade war could be averted.
The White House said other countries could apply for exemptions on the 25 per cent tariff on steel imports and 10 per cent for aluminum, but details were sparse on when they might be granted and under what terms.
Several major trading partners have said they will respond with tariffs or direct action of their own.
(with wire inputs)
CATCH ALL THE LIVE UPDATES03:39 PMNifty Metal index too slips over 1.5%
03:34 PMNifty PSU Bank index slips over 1.5%
03:33 PMSectoral trend
03:32 PMSensex Heatmap
03:31 PMMarkets at Close
The S&P BSE Sensex ended at 33,307, down 44 points while the broader Nifty50 index settled at 10.227, down 16 points
03:12 PMSteel stocks under pressure; Tata Steel, JSPL, SAIL down 4% Shares of steel companies were under pressure with Tata Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) down more than 4% on the National Stock Exchange (NSE) after US President Donald Trump imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th. Meanwhile, Tata Steel slipped nearly six-month low at Rs 607, down 4% on the BSE in intra-day trade, extending its past two days 4% decline after the company on Wednesday said that it has emerged as the top bidder for debt-laden Bhushan Steel.02:57 PMGold stays weak on global cues, tepid demand
Gold prices fell by Rs 100 to Rs 31,350 per 10 grams at the bullion market today in tandem with a weakening global trend amid sluggish demand from local jewellers. Silver also drifted down by Rs 115 to Rs 39,385 per kg due to reduced offtake by industrial units and coin makers. READ MORE
02:45 PMOil edges up as US President Trump set to meet North Korea's Kim
Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with US President Donald Trump. READ MORE02:32 PMPlug loopholes in alternative investment funds regulations: RBI to Sebi The Reserve Bank of India (RBI) wrote to the Securities and Exchange Board of India (Sebi) to plug loopholes in alternative investment funds (AIFs) regulations that are being exploited by the funds to give corporate loans. According to sources, the banking regulator is concerned about the risks posed by such practices and fears the route could also be used for money laundering. It is worthwhile to note that all the lending businesses in India are regulated by the RBI. READ MORE02:16 PMNational Stock Exchange 'hopeful' of going public in FY19 India's National Stock Exchange said on Thursday it was hopeful of going public in the next financial year beginning April and that it was committed to expeditiously resolving regulatory issues that have delayed its initial public offering. NSE, as the bourse is known, had originally planned to go public in 2017 but it has been delayed due to an investigation by the market regulator Securities and Exchange Board of India (Sebi) on whether the exchange's employees had provided unfair trading access to select brokers. READ MORE01:54 PMChina, Japan, South Korea hit out at Trump's steel, aluminium tariffs Major Asian nations reacted sharply to US President Donald Trump's decision to impose tariffs on steel and aluminium imports on Friday, warning of damage to relations amid industry calls for retaliation.
Japan said the move would have a "big impact" on the countries' close bilateral ties, while China said it was "resolutely opposed" to the decision and South Korea said it may file a complaint to the World Trade Organization. READ MORE01:41 PMBHEL bags Rs 117-bn thermal power plant contract in Jharkhand's Ramgarh
State-owned power equipment major Bharat Heavy Electricals Limited (BHEL) on Friday said it has won Rs 117-billion order for setting up a 3x800 Mw thermal power plant in Jharkhand. Shares of BHEL were trading 1.34 per cent higher at Rs 87.15 on the BSE. READ MORE01:27 PMShell, Blackstone to jointly bid for $10 bn US shale assets of BHP: Report
Royal Dutch Shell Plc and US private equity firm Blackstone Group LP are working on a joint $10 billion bid for BHP Billiton Plc's US shale assets, Sky News said on Thursday. READ MORE01:16 PML&T Finance Holdings up 3% on preferential issue to L&T; QIP opens
L&T Finance Holdings (LTFH) was trading 3% higher at Rs 163 on the BSE after the company said it has raised almost Rs 20 billion from preferential allotment of shares to its promoter Larsen & Toubro (L&T). READ MORE01:08 PMMarket Check
S&P BSE Sensex 33,463.51 Up 0.34% Nifty 50 10,282.45 Up 0.39% S&P BSE 200 4,482.49 Up 0.34% Nifty 500 9,032.45 Up 0.35% S&P BSE Mid-Cap 16,078.54 Up 0.22% S&P BSE Small-Cap 17,400.09 Up 0.25%01:03 PMAmtek Group extend gains as Liberty House Group emerges preferred bidder
Shares of Amtek Group companies were locked in upper circuit of 5% on the BSE for the second straight day after Liberty House Group was chosen as highest preferred bidder for Amtek Auto's assets. Amtek Auto (Rs 24.95), Metalyst Forgings (Rs 30.50), JMT Auto (Rs 4.96) and Castex Technologies (Rs 4.57) rose 5% on the BSE with only buyers being seen on these counters. READ MORE
12:45 PMMayur Uniquoters extends gain on stake buy by Smallcap World Fund Mayur Uniquoters was trading 2% higher at Rs 528, extending its previous day’s 5% gain on the BSE, after the foreign portfolio investor (FPI) bought nearly two percentage point stake in textiles Company through open market. On Thursday, March 8, 2018, Smallcap World Fund Inc, had purchased a combined 875,586 shares representing 1.93% stake in Mayur Uniquoters at price of Rs 509 per share on the BSE and NSE, the bulk deal data shows. READ MORE12:31 PMOne in three BSE 100 firms falls short in CSR spending
At least 33 companies, or one-third of firms on the S&P BSE 100 list, have fallen short of the required corporate social responsibility (CSR) spending as mandated by the Companies Act. The Ministry of Corporate Affairs (MCA) is sending out notices seeking details of how and on what CSR funds are being disbursed, say people familiar with the issue, adding officials want to check if corporate social work is actually happening. READ MORE
12:18 PMGTL, GTL Infra tank upto 20% as company cuts outlook on Aircel insolvency
Shares of GTL and GTL Infrastructure have tanked up to 20% on the BSE after the Global Group firms warned that its operations will be hit with the shutdown of multiple telecom players and filing of bankruptcy petition by Aircel early this month. READ MORE12:12 PMBank stocks head south
COMPANY LATEST() CHG() CHG(%) VOLUMEIDBI BANK 73.60 -1.25 -1.67 4245934PUNJAB NATL.BANK 96.40 -0.30 -0.31 1263621CENTRAL BANK 68.65 -1.05 -1.51 1091028ST BK OF INDIA 252.90 -3.85 -1.50 503299SOUTH IND.BANK 24.65 -0.50 -1.99 45427212:01 PMMARKET COMMENT from DBS Bank
Worries about trade protectionism is likely to impact sentiment in the short term. To be sure, the market is probably relieved that the tariffs are not as harsh as initially mooted. Canada and Mexico are exempted and there is room for other economies to negotiate. Equity markets have generally taken a sanguine view, grinding higher over the past week. Yields have also stayed buoyant. However, it is unclear if China or the Eurozone will be satisfied with this arrangement. Retaliatory tariffs leading to another round of trade tensions is a key downside risk. The upshot is that developed market bonds are still in consolidation mode. However, yields are in an uneasy range with implied volatility in USD rates significantly higher compared to EUR or JPY rates. We reiterate that 10Y UST yields at 3% is just about neutral for current economic conditions. Rangebound trading is likely until a clearer inflation trend is formed or if the Fed changes its guidance. 12:00 PMSECTOR RESEARCH - Auto Sector – Commercial Vehicles
M&HCV goods carrier sales in domestic markets have surged 17.3% yoy during April 2017 -January 2018. We expect the momentum to sustain over the next couple of years led by 1) pickup in mining & construction activity, 2) regulatory thrust in the form of overloading norms and GST rollout, 3) BS IV to BS VI emission norm revision, and, 4) scrappage policy implementation. Overall, we expect domestic M&HCV goods carrier demand to grow 8-10% in FY19 and upwards of 15% in FY20. The shift to multi-axle vehicles is already driving realisations for CV manufacturers, and, content per vehicle for auto component manufacturers. In our reckoning, listed players Ashok Leyland, Tata Motors (Standalone), Bharat Forge, MM Forgings, Jamna Auto, Gabriel India, Setco Automotive and Wabco India would be the key beneficiaries of the positive trends.
(Source: IIFL)11:45 AMMarket Check
S&P BSE Sensex 33,405.25 Up 0.16% Nifty 50 10,264.15 Up 0.21% S&P BSE 200 4,475.39 Up 0.18% Nifty 500 9,015.90 Up 0.17% S&P BSE Mid-Cap 16,041.00 Up -0.02% S&P BSE Small-Cap 17,381.29 Up 0.14%11:40 AMGovt is expecting additional money from RBI as dividend: Subhash C Garg
The government is expecting additional money from the Reserve Bank of India (RBI) as dividend this month, Subhash C Garg, secretary, Department of Economic Affairs, said on Thursday. In August, the RBI had paid the government a dividend of Rs 306.59 billion for the year ended June 2017. The amount was less than half of Rs 658.76 billion it had paid in 2015-16. The RBI’s financial year runs from July to June. READ MORE
11:27 AMVolume toppers on BSE500
COMPANY NAME LATEST HIGH LOW CHG() CHG(%) VALUE( CR) VOLUMEREL. COMM. 23.80 25.00 23.45 -1.35 -5.37 11.15 4595013IDBI BANK 73.60 76.60 73.20 -1.25 -1.67 30.33 4066046JP ASSOCIATES 14.35 14.85 14.00 -0.25 -1.71 5.23 3612087SUZLON ENERGY 11.24 11.50 11.14 -0.26 -2.26 2.59 2290483SPICEJET 136.85 140.00 133.50 3.80 2.86 21.75 157391011:17 AMHow Donald Trump's tariff, trade war fears roiled financial markets US President Donald Trump's plans to impose tariffs on steel and aluminum imports has rippled through financial markets since last week, when his initial announcement set off fears of a global trade war. Trump has stood by the tariffs, despite resistance from his fellow Republicans and other countries, which have vowed to respond with levies of their own, and on Thursday, Trump pressed ahead with the imposition of 25 percent tariffs on steel imports and 10 percent for aluminum. But he exempted Canada and Mexico, backtracking from earlier pledges of tariffs on all countries, while other countries can apply for exemptions. READ MORE10:46 AMEquity flows into mutual funds strong in February despite stock decline Investor flows into mutual funds (MFs) remained strong last month, despite the markets suffering their worst monthly setback in two years. Equity schemes have reported net inflow of Rs 163 billion in February, the highest in three months, despite the benchmark indices falling five per cent. More than half of these were on account of Systematic Investment Plans (SIPs), a facility where investors commit to invest a fixed sum every month. READ MORE10:33 AMHG Infra makes listless debut; lists at par against issue price of Rs 270
HG Infra Engineering (HGIEL) has made a listless debut on the bourses by listing at Rs 270, at par against its issue price of Rs 270 per share on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The stock fell below its issue price to Rs 265 after hitting high of Rs 275 on few seconds of its listing. READ MORE10:30 AMTOP CONTRIBUTORS TO SENSEX'S GAIN (As at 10:30am)
COMPANY LATEST CHG(RS) CHG(%) FREE FLOATMKT CAP(RS CR) CONTRIBUTION(POINTS)H D F C 1820.85 23.35 1.30 193778.42 37.75ITC 260.50 2.00 0.77 261575.10 16.45TCS 3030.20 28.70 0.96 124249.74 14.98INFOSYS 1161.20 4.50 0.39 218668.11 9.21LARSEN & TOUBRO 1291.85 8.60 0.67 120446.07 8.20HERO MOTOCORP 3647.25 61.60 1.72 34787.74 8.1910:25 AMCLSA's Chris Wood on inflation
Data over the past week has been sufficient to keep the inflation scare building. The trend in US core PCE inflation is more concerning when measured on a six-month annualised basis than on a YoY basis. But this is what markets, and indeed economists, tend to do when they are looking for inflection points. It is this kind of trending which creates the potential for another violent sell-off this year, most particularly if continuing US dollar weakness is combined with a correcting Treasury bond market. GREED & fear’s base case remains an inflation scare, not a real return of inflation. This is in part because GREED & fear remains fundamentally sceptical of the health of US consumptionChristopher Wood CLSA Managing Director & Equity Strategist Christopher Wood
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