Lowe's Financial News

Nifty50 has rallied by about 15 per cent from the March lows to set new record highs.Where are we in this bull phase?This bull phase was born on the pessimism of the Covid outbreak when Nifty crashed to 7,511 in March 2020. For the next eighteen months, we had a one-way rally born on skepticism, which took the Nifty to 18,604 in October 2021. After a consolidation phase lasting more than a year, the bull is charging again.

SRF Ltd. gained 0.95 per cent to Rs 2194.3 in Friday's trade as of 11:17AM (IST).

PI Industries Ltd. fell 0.34 per cent to Rs 3598.55 in Friday's session as of 11:28AM (IST) even as the equity benchmark Sensex traded 216.74 points higher at 65775.63. Earlier in the day, the stock witnessed a gap down start to the session.

foreign banks that have shut shop in the country or scaled down their operations. So far, foreign lenders such as South Africa's First Rand Bank and Abu Dhabi Commercial Bank have completely exited India, while others such as Citi Bank, Barclays, and BNP Paribas have scaled down their operations. This leaves around 44 foreign lenders operating in the country. There have been some murmurs about how these exits are linked to stricter compliance requirements for foreign lenders, and more banks may leave Indian shores, which doesn't augur well for the economy as a whole. Foreign banks have been lobbying for changes in Indian banking regulations, arguing for a level playing field, but the fact is that most of these exits are linked to global business strategies. Supported by resilient domestic demand, India's growth story is only going to get stronger. Already, India's state-run banks have turned around, and private sector lenders are also well placed to meet the demands of a growing economy. As per a report from Goldman Sachs Research, India may emerge as the world’s second-largest economy by 2075. It makes little business sense if foreign lenders choose to stay away or continue here with restricted operations. In this context, the question arises: Do foreign banks need to reinvent themselves to stay relevant in India?

Shriram Finance Ltd. rose 0.3 per cent to Rs 1793.6 at 11:23AM hours (IST) on Friday. Earlier in the day, the stock saw a gap up start to the session.

Synoptics Technologi, Bohra Industries, Aartech Solonics and Goldstar Power and others were among the stocks that touched their 52-week lows as of 11:06AM(IST)in Friday's session. Domestic benchmark index NSE Nifty gained 44.25 points to 19458.0, while the BSE Sensex traded 142.8 points up at 65701.69.

The August gold futures were trading at Rs 59,285 per 10 grams on the MCX around 10 am, up by Rs 46 or 0.08% from Thursday's closing price. Meanwhile, September Silver futures were at Rs 75,585, rising Rs 259 or 0.34%. Gold and silver futures ended in the green in the previous session.

Tata Elxsi Ltd. traded at Rs 7596.85 on BSE at 10:57AM (IST) on Friday, up 0.48 per cent from previous close. The scrip quoted a 52-week low price of Rs 5708.1 and a high of Rs 10760.4.

Investing.com — Gold prices rose slightly on Friday, sticking to near one-month highs as softer-than-expected U.S. inflation data saw investors reassess just how much further U.S. interest rates will rise.

Investing.com-- Most Asian currencies rose on Friday, while the dollar hit a 15-month low against a basket of currencies as weak U.S. inflation readings saw investors pricing in fewer interest rate hikes this year.

Gold rate today: Extending the bull run for fourth straight session, gold price today opened higher across global market. Gold future contract on Multi Commodity Exchange (MCX) opened at ₹59,264 per 10 gm and went on to hit intraday high of ₹59,308 levels within few minutes of commodity market's opening bell today.

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Investing.com-- Oil prices rose in Asian trade on Friday, hovering near 10-week highs on the prospect of tighter supplies, amid disruptions in Libya and Nigeria, while data showing a drop in U.S. inflation also supported sentiment. 

Global strategy consulting firm McKinsey says it has not had any formal complaints of bullying or sexual harassment in its Australian office in the past five years, and just three allegations of employee misconduct.

Wipro's Q1FY24 numbers showed a drop in performance from the prior quarter, and the company's difficult times may not get any easier anytime soon as it expects modest revenue growth in its IT services business for the next September quarter. In the period of the quarter ended June 30, 2023 (Q1FY24), the company fell short of street estimates. The IT behemoth reported a consolidated net profit (attributed to owners) of ₹2,870.1 crore in the first quarter, up 11.95% from ₹2,563.6 crore in the corresponding period last year.

Day trading guide for today: On account of strong global market sentiments, Indian stock market finished higher on Thursday session, 50-stock index Nifty added 29 points and ended at 19,413 levels while 30-stock index BSE Sensex gained 164 points and closed at 65,558 mark. Bank Nifty went up 25 points and closed at 44,665 levels.

₹1077.75 and closed at ₹1077.7. The stock reached a high of ₹1080.7 and a low of ₹1071.7.

Also read: Japan Accuses Australia of Betrayal in Fight Over Natural-Gas Exports Lowe will leave office on September 17, marking the end of his 43-year career at the central bank. Lowe is due to accompany Chalmers to a Group of 20 meeting in India next week. "This is a history-making appointment, Michele Bullock will become the first woman to ever lead the Reserve Bank in this country," said Chalmers reported Reuters.

inflation data reinforced hopes that the Federal Reserve is approaching an interest-rate peak. In the US, data showed the producer price index climbed 0.1% in June, its smallest year-on-year gain since August 2020 and followed a 0.9% increase in May. A separate report showed initial claims for state jobless benefits dropped 12,000 to a seasonally adjusted 237,000 for the week ended July 8, but overall the labor market remains tight.

Federal Reserve was close to the end of its rate hike cycle due to easing inflation. The dollar index, which measures the U.S. currency against six major rivals, stood at 99.71 in early Asian hours, its lowest since April 2022.

Gold prices on Friday were set for their biggest weekly gain since April, as the U.S. dollar hovered close to a more than one-year low on bets the Federal Reserve will soon hit the brakes on interest rate hikes. Spot gold was steady at $1,958.45 per ounce by 0051 GMT, and up 1.8% for the week.