Analysis Financial News

bullish trend in the international markets ahead of the US Federal Reserve interest rate decision. In the futures trade on the Multi Commodity Exchange (MCX), gold contracts for October delivery was trading higher by Rs 170, or 0.23 per cent, at Rs 73,264 per 10 grams. It had closed at Rs 73,094 per 10 grams on the exchange in the previous close on Tuesday.

US Federal Reserve's rate outcome due for announcement later on Wednesday night, a look into the history of the last three decades reveals Nifty's median returns of +1.6% following a 50 bps rate cut by the Fed. Meanwhile, a 25 bps cut has resulted in a median loss of 0.5%. The above findings were from a Capitalmind Financial Services study, which showed that the Fed announced a 50 bps rate cut 10 times in the last 34 years while the most frequent action by the Central Bank has been an increase of 25 bps, which has been done 39 times.

Shares of Granules India Ltd.(up 0.6 per cent) and Divi's Laboratories Ltd.(up 0.32 per cent) ended the day as top gainers in the pack.

Chang'e-6 mission recently brought back lunar samples from the far side of the moon, marking a significant milestone in lunar exploration. According to a study published by Chinese scientists, these samples show «distinct characteristics» compared to previously collected lunar samples. The research, conducted by the National Astronomical Observatories of the Chinese Academy of Sciences, the Lunar Exploration and Space Engineering Centre, and the Beijing Institute of Spacecraft System Engineering, revealed important differences. The Chang'e-6 soil samples have a lower density, indicating a more porous and loosely structured composition than earlier samples. The study notes that the plagioclase content in the Chang'e-6 samples is significantly higher, while their olivine content is notably lower than the Chang'e-5 samples. Chang'e-5 too brought samples from the far side of the moon. The lithic fragment samples primarily consist of basalt, breccia, agglutinate, glasses, and leucocrate.

Infosys and Tata Consultancy Services (TCS). They also broke their two-session gaining streak after hitting fresh record highs. Nifty scaled an all-time high of 25,482.20 before finishing the session at 25,377.55, down by 41 points or 0.16% while S&P BSE Sensex conquered a peak of 83,326.38 before settling at 82,948.23, lower by 131.43 points or 0.16%. Nifty traded in a range of 200 points amid volatility. The fear gauge India VIX rose 6.2% to 13.37.

Euro India Fresh Foods Ltd.(up 20.00%), Bikaji Foods International Ltd.(up 6.11%), JHS Svendgaard Laboratories Ltd.(up 3.61%), Nestle India Ltd.(up 1.98%), Gillette India Ltd.(up 1.23%), Mrs. Bectors Food Specialities Ltd.(up 0.96%), Vadilal Industries Ltd.(up 0.82%), Prataap Snacks Ltd.(up 0.61%), Marico Ltd.(up 0.48%) and Hindustan Foods Ltd.(up 0.33%) stood among the top gainers.

Deepak Fertilisers & Petrochemicals Corporation Ltd.(up 6.33%), National Fertilizers Ltd.(up 5.31%), The Fertilisers and Chemicals Travancore Ltd.(up 3.65%), Madras Fertilizers Ltd.(up 3.04%), Krishana Phoschem Ltd.(up 2.83%), Rashtriya Chemicals & Fertilizers Ltd.(up 2.77%), Nagarjuna Fertilizers and Chemicals Ltd.(up 1.87%), Khaitan Chemicals & Fertilizers Ltd.(up 1.77%), Madhya Bharat Agro Products Ltd.(up 1.39%) and Aries Agro Ltd.(up 1.37%) stood among the top gainers.

State Bank of India (SBI) on Wednesday said it has raised Rs 7,500 crore through issuance of Basel III-compliant Tier 2 bonds to qualified institutional bidders. In a regulatory filing, SBI said the issue attracted overwhelming response from investors with bids in excess of 3 times against the base issue size of Rs 4,000 crore. «The investors were across provident funds, pension funds, mutual funds, banks etc,» SBI said.

Bitcoin (BTC) shot back to levels above the $60,000 mark gaining over 3% on Wednesday ahead of the Federal Reserve’s FOMC meeting outcome later in the night, where the Central Bank could slash rates by 25-50 bps according to estimates. BTC has recovered from its Tuesday losses and extended its 7-day lead to nearly 7%.

ICICI Bank on Wednesday surpassed the Rs 9 lakh crore market capitalization mark for the first time after the stock rose 2% to reach a new all-time high of Rs 1,295 on the BSE. Currently, ICICI Bank is the fifth-largest company by market capitalization, following Reliance Industries, Tata Consultancy Services, HDFC Bank, and Bharti Airtel. Around 3 PM, the company’s market cap was nearly Rs 9.11 lakh crore.

The anchor book will open for one day on September 20.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Ambuja Cements Ltd. slipped 0.12 per cent to Rs 622.0 in Wednesday's trade as of 11:25AM (IST). The stock hit a high price of Rs 625.8 and low of Rs 621.6 during the session.

Cummins India Ltd. slipped 0.33 per cent to Rs 3831.8 in Wednesday's trade as of 11:21AM (IST). The stock hit a high price of Rs 3866.5 and low of Rs 3825.55 during the session. The return on equity (ROE) for the stock stood at 26.02 per cent. Traded volume on the counter stood at 11:21AM shares and turnover at Rs 0.51 crore around that time. The stock of Cummins India Ltd. quoted a 52-week high price of Rs 4169.5 and 52-week low prices of Rs 1590.3, respectively.

On the BSE, Labelkraft Tech(down 15.79 per cent), Manoj Ceramic(down 11.15 per cent), Shristi Infra(down 8.11 per cent), NPR Finance(down 7.68 per cent) and Mefcom Capital(down 7.20 per cent) were among the stocks that plunged over 5 per cent during the session.

InterGlobe Aviation Ltd. 0.0 per cent to Rs 4931.1 at 11:11AM (IST) in Wednesday's trade. The scrip has hit a high of Rs 4958.0 and low of Rs 4926.0 so far during the session. The stock had closed at Rs 4931.35 in the previous session. The counter has had a total traded volume of 4312 shares so far with a value of Rs 2.13 crore on the NSE. It traded at a price-to-earnings multiple of 24.37 and a price-to-book ratio of 68.53.

Brominated vegetable oil, a food additive used in citrus-flavoured soft drinks, has now been banned in Canada, but consumers could still see it popping up on ingredient labels for one more year.

Smaller Southeast Asian markets may continue to do better than larger ones, while a significant rise in the yen might cause volatility in the Japanese market and high-performing chip stocks. Fear of an unwind in the yen carry trade has the potential to hit markets globally.

Investors in India are shunning stocks that were expected to benefit from Prime Minister Narendra Modi’s re-election, and instead piling into defensive sectors. An index of the so-called Modi stocks, a term coined by CLSA, has climbed only 2% as the prime minister completed his first 100 days in office after winning a third term in early June. In contrast, consumer and software stocks have rallied 20% and 34%, respectively.

SAIL, MCX, Texmaco Rail Engineering and Hindustan Copper among 50 other companies are expected to be in focus today as they have set September 19 as the record date for determining shareholders eligible for dividend payments. This means today will be the last day to buy the shares of these companies in order to be able to qualify for the dividends announced by them.

Subscribe to enjoy similar stories. Retail investors have taken initial public offerings (IPOs) by storm, leading to a record surge in activity and reshaping the landscape of both mainboard and SME offerings.