Action Financial News

Rahul Shah, V-P, Equity Advisory, MOFSL, says PSU banks are a top idea. Shah feels PSU banks will continue to do well this year and they are very overweight on it versus the private banks, so that is one basket. Secondly, in the PSU basket itself, OMCs have done well again in the last six months but here onwards, stocks like HP, BP, IOC can still compound another 20% from here. So, PSU banks and OMCs are one trades where risk versus reward could be quite favourable. Banks are coming back in favour and we can see that the FII participation as well is picking up. In fact, yesterday it was the FIIs which overtook DIIs. Is this going to be an elongated patch of FII money flowing in and thereby banks doing well? Rahul Shah: We have seen continuous selloff by FIIs for quite some time and their participation versus the retail versus the DIIs has been fantastic and the markets have given robust returns. Whenever they return, there are two-three sectors which are their favourites and one of them is financials. I think that in the last four-five days we are seeing that action in the entire financial space.

Japanese authorities are ready to take action against speculative and excessively volatile moves in the currency market that hurt the economy, the country's top currency diplomat Masato Kanda said on Friday. «It's not intended to change the market's trend,» instead it was aimed at smoothing excessive volatility in the currency market, Kanda told reporters when asked about exchange-rate intervention.

«An expectation of a growth-focused budget is aiding sentiments and is likely to lead to sector-specific action,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

Biden administration on Thursday announced plans to bar the sale of antivirus software made by Russia's Kaspersky Lab in the United States, with Commerce Secretary Gina Raimondo saying that Russia's influence over the company poses a significant security risk. The software's privileged access to a computer's systems could allow it to steal sensitive information from American computers or install malware and withhold critical updates, enhancing the threat, a source said, noting that Kaspersky's customers include critical infrastructure providers and state and local governments.

Vande Bharat train is in the news again, but this time for the wrong reasons. According to reports, a couple traveling on the Vande Bharat train found a cockroach in their meal on June 18. The nephew of the couple, who were traveling from Bhopal to Agra, shared pictures of the dal in which the bug was found on social media. Following this, the Indian Railways Catering and Tourism Corporation (IRCTC) took action and imposed a fine on the service provider. The issue was raised by a user named Vidit Varshney on social media. He complained about the poor quality of food served to his uncle and aunt on the train. «On 18-06-24, my Uncle and Aunt were traveling from Bhopal to Agra in Vande Bharat. They got 'COCKROACH' in their food from IRCTC. Please take strict action against the vendor and make sure this does not happen again,» Varshney posted.

Sensex rose 141.34 points to close at 77,478.93, while the Nifty 50 settled 51.00 points, or 0.22%, higher at 23,567.00.Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, BoE policy to Accenture Q3 resultsNifty 50 formed a small negative candle on the daily chart that placed beside the long negative candle of Wednesday. “Technically, this pattern indicates a doji type candle pattern, which doesn't have any significant predictive value, as the market is presently showing a broader sideways range movement.

Reserve Bank of India (RBI) governor Shaktikanta Das has raised a cautionary flag over banks engaging in a “mindless pursuit of bottom lines". Speaking at an event of the College of Supervisors on Thursday, Das said that profitability must not be pursued by taking unacceptable risks and that RBI tries to sniff out a crisis before one builds up. He further noted how its timely action has helped mitigate vulnerabilities caused by unsecured loans.

The U.K. Supreme Court has ruled that planners reviewing well-drilling permits must consider the environmental impact from burning the oil that would be produced

India has been grappling with the issue of manufacturing and marketing of different drugs with the same brand name for long, a person in the know told ET. For example, the brand name, 'Olvance' for the antihypertensive drug, Olmesartan, and 'Oleanz', a brand of the antipsychotic drug, Olanzapine. Likewise, the brand, IMOX for amoxicillin tablets for humans, and INIMOX for a combination of amoxicillin and cloxacillin10 as an injection for veterinary use.

U.S., Treasury Secretary Janet Yellen has announced new sanctions against members of La Nueva Familia Michoacana drug cartel, a notoriously violent group that wars for territorial control with a slate of other Mexican cartels

An ongoing fight between residents and animal rights activists over whether to cull pigeons in a small German town has led to an uproar

The NSE Nifty 50 settled 0.22% higher at 23,567, while the S&P BSE Sensex added 0.18% to 77,479.

«The government is going to form a high committee. Recommendations will be expected from that high-level committee to further improve NTA, its structure, functioning, examination process, transparency and data security protocol,» said Union Education Minister Dharmendra Pradhan.

“Kuch to gadbad hai, Daya (Something is certainly amiss, Daya)!" ACP Pradyuman may have drawn inference to the murky world of financial influencers across social media in the reel world if ‘CID’ was tasked to investigate the labyrinthine world of online stock trading advice, where the rules are blurred and profits beckon. However, in the real world, he is as much a part of the systemic rot, wittingly or unwittingly, as he shares screen space with ‘Captain Cool’ Mahendra Singh Dhoni in promoting a popular platform offering futures and options subscriptions by Securities and Exchange Board of India (Sebi)-registered analysts (RAs).

CERT-In Vulnerability Note CIVN-2024-0193, affecting Google Chrome versions earlier than 126.0.6478.114/115 on Windows and Mac, and versions earlier than 126.0.6478.114 on Linux. The flaws in question pose significant dangers if not addressed promptly.The vulnerabilities arise from several issues within the browser's code:The risks associated with these vulnerabilities are substantial.

Allahabad High Court has dismissed a petition filed by Ayushi Patel, a NEET-UG aspirant, who alleged that the National Testing Agency (NTA) had failed to declare her result and that her OMR answer sheet was torn. The court found that Patel had submitted forged documents in her petition. Patel claimed that the NTA had informed her that her result would not be declared due to the torn OMR sheet. She demanded a manual evaluation of her OMR sheet, an inquiry against the NTA, and a halt to the admission counselling process. However, upon a court order, the NTA presented the original OMR sheet, which was found to be intact. «NTA can take legal action in the matter,» Justice Rajesh Singh Chauhan said in his order. NTA told the court the decision to initiate legal action against the student, Ayushi Patel of Lucknow, had already been taken.

Also Read: MOSL advises multi-asset investments after election results: Here's what it recommends for equity, gold, fixed income“Factoring in favourable macroeconomic tailwinds, leading to an upgrade in our blended Nifty-50 target to 25,683 (from 24,084 earlier). The preference for large-caps remains.

illicit liquor in Tamil Nadu's Kallakurichi district, officials said on Thursday. The officials have expressed concern that the death toll may go up. Kallakurichi District Collector MS Prasanth visited those undergoing treatment in Government Medical College Hospital in the district.

Manipur Governor Anusuiya Uikey said that she had informed the Finance Minister about the economic condition in the state and requested financial assistance. Representatives of INDIA bloc comprising of ten political party leaders called on Governor at Raj Bhavan and requested to take steps to solve the ongoing impasse in the State. The political delegation led by Okram Ibobi Singh, CLP Leader and former CM of Manipur along with M. Nara of CPI submitted a memorandum to the Governor demanding for an early amicable solution to the crisis.

Education Ministry on Wednesday ordered Bihar police's Economic Offences Unit to present a detailed report on the issue of grace marks. «In the matter pertaining to the NEET(UG) Examination-2024, the issue related to grace marks has already been fully addressed. As regards certain irregularities alleged in the conduct of the examination in Patna, a detailed report has been sought from the Economic Offences Unit, Bihar Police. Government will take further action, on receipt of this report. Government is committed to ensure the sanctity of examinations and protect the interest of students. It is reiterated that any individual/organization found to be involved in this matter will face strictest action,» said the Ministry in the statement. The NEET examination was held on May 5 across 4,750 centres and around 24 lakh candidates took it. The results were expected to be declared on June 14 but were announced on June 4, apparently because the evaluation of the answer sheets got completed earlier.

Indian stock market: The Indian stock market benchmark index Nifty 50 ended its five-session winning streak on Wednesday, June 19, due to profit-taking at higher levels.The Nifty 50 reached a new peak of 23,664 during the session but retreated from those levels to close down 42 points, or 0.18%, at 23,516. During the session, the 30-share Sensex reached a new peak of 77,851.63 but closed with a modest increase of 36 points, or 0.05%, settling at 77,337.59, with 20 stocks closing lower.“Nifty started the week with a positive gap and traded in a range throughout the session amid positive bias.