India Financial News

Indian rupee inched up to its highest level in nearly a month in early trading on Tuesday but traders expect equity-related outflows and importer dollar demand to hurdle further gains in the local unit. The rupee was at 83.3250 against the U.S. dollar as of 10:00 a.m. IST, compared with its close at 83.3350 on Friday. Indian financial markets were shut on Monday.

shares of ABS Marine Services listed on the NSE SME platform with a premium of 100% on Tuesday. The stock was listed at Rs 294 as against an issue price of Rs 147 per share. Ahead of the debut, the company's shares were trading with a premium of Rs 100 in the unlisted market.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources: CLSA on Delhivery: Underperform| Target Rs 488 CLSA downgraded Delhivery to underperform from buy earlier post-Q4 results and slashed the target price to Rs 488 from Rs 600 earlier.

The NSE Nifty index was trading 36.41 points down at 22465.6, while BSE Sensex was down 215.3 points at 73790.64 at the time of writing this report.

“Over the next decade, India will be a buy on dip market — all corrections should be used as buying opportunities to increase allocation to equities as an asset class,” says Aditya Sood, Fund Manager, InCred Asset Management. In an interview with ETMarkets, Sood said: “FIIs were net sellers of approximately Rs 35,700 crore in April and Rs 33,539 crore, while DIIs were net buyers of over Rs 44,000 crore in April and Rs 26,500 crore in May,” Edited excerpts: What a twist market saw in the week gone by. We retested crucial support levels. What is causing the panic on D-St? Aditya Sood: A month ago, it was widely expected that the ruling party coalition NDA would aim for 400-plus seats. However, the turnout in the first three phases has been slightly lower, which might impact a few constituencies.

India may soon be followed by larger deals, broadening options for global investors looking to join the nation’s equities frenzy. Citigroup Inc., the top arranger of equity offerings in India this year, sees four to five IPOs of at least $1 billion each over the next year. At least 10 companies are weighing offerings of more than $100 million, according to data compiled by Bloomberg.

State Bank of India has maintained its position and once again declined to share the standard operating procedures (SOPs) given to its branches for the sale and redemption of electoral bonds, reported The Times of India. The bank justified the denial by saying the information sought was held by the bank in "commercial confidence', was the "intellectual property of the bank" and the internal guidelines were strictly meant for the dealing staff. Anjali Bhardwaj, a transparency activist, filed an application on March 4 to request SOPs issued by SBI starting from April 2017. After the bank denied the information on March 30, she decided to appeal to the first appellate authority (FAA) of SBI. Feeling unsatisfied with the response received on May 17 from the FAA, Bhardwaj has now decided to appeal against the denial to the Central Information Commission (CIC).

Balkrishna Industries, Kaynes Technology India, and Affle (India). 1] Premier Explosives: Buy at ₹2,477.6, target ₹2,626, stop loss ₹2,394; 2]Bharat Bijlee: Buy at ₹3,884.85, target ₹4,111, stop loss ₹3,744; 3] Kaynes Technology India: Buy at ₹3,234.35, target ₹3,399, stop loss ₹3,144; 4] Balkrishna Industries: Buy at ₹2797.95, target ₹2950, stop loss ₹2699; and 5] Affle (India): Buy at ₹1,233.85, target ₹1,299, stop loss ₹1,188. In the Nifty 50 during the special trading session on Saturday, May 18, range bound activity continued to push the market higher, closing the day up 35 points, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Oil India: In Q4FY24, Oil India reported a 10% sequential decline in consolidated net profit to ₹2332.94 crore, but a 17% YoY increase. The company’s revenue from operations rose by around 16% YoY to ₹10,166 crore. OIL’s board recommended a 1:2 bonus share issue and a final dividend of ₹2.50 per equity share (post-bonus) for FY24, in addition to the interim dividends already paid.

count of PSBs in India to 12 from 27 got policymakers to step off the pedal. Now with swelling profits stuffing public coffers, off-loading banks may slide further down the priority order. But banking remains much too public-sector dominated.

Stock market today: The domestic benchmark indices, Sensex and Nifty 50, are probably going to open higher on Tuesday's trading session, amidst mixed global cues. The Indian benchmark indices is off to a solid start, based on Gift Nifty's trends. The Gift Nifty was trading at a premium of around 70 points from the previous closing of the Nifty futures, at 22,610.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 21 According to him, option data suggests a broader trading range in between 22,000 to 23,000 zones while an immediate range between 22,300 to 22,600 levels. Meanwhile, Bank Nifty managed to hold support near 47,000 zones and reclaimed its 50 DEMA. Now it has to continue to hold above 47,777 zones for a bounce towards 48,250 then 48,500 zones, he added.

Read the full story here.)Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are projected to open on a positive note on Tuesday, influenced by a blend of global indicators. Mixed trends were observed in Asian markets, while the US market mostly closed higher, with Nasdaq reaching a record high due to a tech stock rally preceding Nvidia’s results.Investors’ attention will be on Q4 results, the voter turnout in the current Lok Sabha elections, local and international macroeconomic data, foreign fund outflows, crude oil prices, and other global factors.The Indian stock market concluded a special trading session on Saturday with slight gains, buoyed by positive global indicators.

Bharatiya Janata Party (BJP), has blamed the Aam Aadmi Party (AAP) and the Congress of infiltrating the ongoing protests by farmers in the state. Jakhar, the former Congress leader, has accused the AAP and the Congress of denying the saffron party the right to campaign ahead of June 1 election to 13 Lok Sabha seats of Punjab. Also Read: ‘Narendra Modi can go to any...': AAP writes to Election Commission on graffiti threatening Arvind Kejriwal Farmers are preventing BJP candidates from entering into Punjab villages.

Ebrahim Raisi who died in a helicopter crash. Prime Minister Narendra Modi on Tuesday will interact with more than 25,000 women at a conference to be organized at the Sampurnanand Sanskrit University in Kashi aiming to appreciate the efforts of all women who played a vital role in PM Modi's roadshow. In the evening, a 'Nari Shakti Samvaad' focusing on women empowerment will be hosted at Sampurnanand Sanskrit Vishwavidyalaya to honour all women who played a vital role in PM Modi's roadshow.

India Meteorological Department (IMD) said that various states of the Southern part of India, as well as the Northern states, will observe heavy rainfall in Southern till May 23. In an official release, IMD said, “Isolated extremely heavy rainfall also very likely over Tamil Nadu and Kerala till May 24." It further said that heavy to heavy rainfall is expected over Tamil Nadu, Puducherry, Karaikal, Kerala, and Mahe on May 23.

stock market traders to newbie mutual fund investors, all are waiting for June 4, 2024, to know the results of the Lok Sabha elections. In a recent television interview, Prime Minister Narendra Modi said that the stock market would have a rally once the election results are out. On whether the equity market was displaying nervousness because of concerns over election outcome, Modi said, «You see, the day election results come out, and throughout that week, those who punch trades will get tired.» Barring other factors, a lower voter turnout in the last few phases of the ongoing Lok Sabha Elections 2024 has made the Indian market jittery because of rising uncertainty over the poll results. Market insiders anticipate the stock market to remain turbulent and highly reactive to the news until the conclusion of the elections. A few days back, Union Home Minister Amit Shah asked investors to buy the dip before June 4, 2024, as the market will shoot up after that. He had also said that it was unfair to attribute to the elections.

₹1,347 in the industry for the third consecutive quarter, according to Nomura Financial Advisory and Securities (India). Shree Cement remains the lowest-cost producer, added the Nomura report. Fuel costs were largely stable at ₹1.82/kcal in Q4FY24 and are expected to remain at this level in Q1FY25, the management said.

F&O ban list: Thirteen stocks have been banned for trade on Tuesday, May 21, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they crossed 95% of the market-wide position limit (MWPL), according to the NSE. However, these stocks will be available for trading in the cash market.

Read here: Week Ahead: US Fed chair speech, Q4 results, FII activity, global cues among key market triggers this week On Saturday, the Indian stock market indices ended the special trading session with minor gains amid positive global cues. The Sensex gained 88.91 points, or 0.12%, to close at 74,005.94, while the Nifty 50 settled 35.90 points, or 0.16%, higher at 22,502.00. The domestic equity markets were closed on Monday due to the Lok Sabha elections in Mumbai.

Q4 results on May 21: At least 28 companies are scheduled to announce their FY24 fourth quarter (Q4) financial results today, on Tuesday, May 21. Also Read | Q4 results this week: ONGC, ITC, NTPC, Sun Pharma, Nykaa among companies to declare earnings The fourth quarter earnings season for FY24 began in April second week and is still ongoing.