Trade Financial News

The ProShares Bitcoin Strategy ETF (BITO), an exchange-traded fund focused on  Bitcoin (BTC)  futures, has amassed over $2 billion in assets, reaching an all-time high. 

Xi Jinping upgraded diplomatic ties with a record number of countries last year as he seeks to rally the Global South to help reshape the US-led world order. Beijing elevated the way it described ties with 17 countries and territories, most of them from the developing world, according to a Bloomberg analysis of statements issued by the foreign ministry. That’s a pace not seen during Xi’s first decade in office.

A liquidity pool comprising PayPal’s dollar-backed stablecoin PYUSD on Curve has locked $135 million in total value, an indication that the stablecoin is gaining traction in decentralized finance (DeFi).

The posting, which has since been deleted, pre-empted an imminent announcement from the SEC about whether it will approve the trading of spot bitcoin ETFs. The fake post featured a photo of SEC chair Gary Gensler and a convincing quote: "Today's approval enhances market transparency and provides investos with efficient access to digital asset invesments within a regulated framework."Within fifteen minutes of the post going live on X, Gensler hastily took to the platform to deny that any such approval had been given.

Dolly Khanna raised a stake in textile maker Deepak Spinners in the December quarter. The Chennai-based investor bought a 0.18% stake or 13,000 shares in the third quarter, according to exchange data. With the additional stake, Khanna's stake in the company increased to 1.83% at the end of December 2023 from about 1.65% at the end of September 2023. The company is majority-owned by public shareholders at 54.33%, while promoters own the rest of 45.67%, according to the latest shareholding data available with the exchanges. In the public holding, there is no significant stake by mutual funds and foreign investors, but retail investors own 25%. Deepak Spinners, one of the leading textile players, makes dyed synthetic yarn.

Benchmark NSE Nifty closed 73.86 points up at 21618.7 amid buying in frontline bluechip counters. However, stocks such as Astec Lifesc, Raj Rayon, Happy Forgings, Gandhar Oil Refinery and IndInfravit Trust, touched their fresh 52-week lows.

Wintermute has reported a staggering 400% increase in over-the-counter (OTC) trading volumes for the year 2023 in the midst of a challenging year for crypto exchanges.In the latest report of its OTC performance, the crypto market maker and liquidity provider Wintermute revealed that its OTC trading volume has surged by four times despite the market downturn.

Shares of GlaxoSmithKline Pharmaceuticals Ltd.(up 5.5 per cent), Cipla Ltd.(up 3.09 per cent), Abbott India Ltd.(up 1.55 per cent), Ipca Laboratories Ltd.(up 1.19 per cent) and Sanofi India Ltd.(up 1.02 per cent) ended the day as top gainers in the pack. On the other hand, Divi's Laboratories Ltd.(down 2.05 per cent), Gland Pharma Ltd.(down 1.66 per cent), Granules India Ltd.(down 1.43 per cent), Laurus Labs Ltd.(down 1.28 per cent) and Alkem Laboratories Ltd.(down 1.13 per cent) finished as the top losers of the day.

Bitcoin dropped to around $45,000 before paring losses after a false post on the US Securities and Exchange Commission’s X account claimed that the agency had approved the issuance of ETFs holding the digital asset. 

₹1,069 on Wednesday's trading session, spurred by an upgrade from BofA Securities to a "neutral" rating. The accompanying increase in the target price was driven by anticipations of a forthcoming tariff hike. The broking firm raised the target price of the telecom major to ₹1,145, an upside of 7% from the current levels.

Mazagon Dock Shipbuilders have given exceptional returns to their investors in the last 3 years. The stock surged from ₹218 in January 2021 to around ₹2,300 currently, rallying almost 955 percent in 3 years. This implies that an investment of ₹10,000 in this penny stock in January 2021 would have turned into ₹1.05 lakh this year.

Investing.com-- Gold prices moved little in Asian trade on Wednesday, retaining most of their losses from the prior week as investors questioned bets on early interest rate cuts by the Federal Reserve.

Investing.com — The U.S. dollar edged lower Wednesday, trading in a tight range with traders on edge before key U.S. inflation data that could influence the future path of interest rates.

Investing.com — European stock markets edged largely lower Wednesday amid caution ahead of key U.S. inflation data, even after the release of better-than-expected French industrial production. 

Stocks gapped lower, while the equal-weight and small-cap indexes didn’t recover much. The S&P 500 finished the day lower by around 15 bps.

Colgate-Palmolive (India) Ltd. slipped 1.82 per cent to Rs 2401.1 in Wednesday's trade as of 02:05PM (IST). The stock hit a high price of Rs 2439.9 and low of Rs 2386.85 during the session.

cryptocurrency Bitcoin (BTC) declined 2% to $45,945 on Wednesday after the US Securities and Exchange Commission (SEC) said that a post on X claiming a spot Bitcoin exchange-traded funds was approved was not authorised by the agency. «The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,» the U.S. Securities and Exchange Commission said on X. At 10:43 a.m., bluechip crypto tokens BTC was trading 1.8% lower at $45,945, while Ethereum was up 2.8% at $2,377. Whereas altcoins, such as Avalanche, Solana, and Cardano, fell 3-8%. Bitcoin surged beyond the $47,000 threshold on Monday, reaching its highest point since March 2022. However, it couldn't maintain that position, experiencing spikes and dips in the past 24 hours following the approval of fake SEC spot Bitcoin ETFs, said Edul Patel, CEO of Mudrex.

Tube Investments of India Ltd. rose 0.3 per cent to Rs 3800.0 in Wednesday's trade. It hit an intraday high of Rs 3898.0 and low of Rs 3743.3, respectively, during the day.

Ukraine war have fallen to an 11-month low as the price tag on the discounted oil rises, figures show. Since the invasion of Ukraine nearly two years ago, India has bought hundreds of millions of barrels of cut-price Russian crude, saving itself billions of dollars while bolstering Moscow's war coffers. The purchases have catapulted it to second place among Russia's customers behind China, and Indian officials have made no secret of their decision to prioritise national interest over international sanctions against Moscow. But the price of Russian crude has risen in the face of OPEC+ production cuts and increased demand from China, analysts say, making it less attractive to Indian customers. Indian refiners bought 1.45 million barrels per day of Russian oil last month, their lowest amount since last January and down nearly 16 percent from November, according to global energy trade intelligence platform Kpler. The «interplay between India and China» was a key driver of the change, Viktor Katona, lead crude analyst at Kpler told AFP, «as both countries now vie for the same barrels». The biggest beneficiary of the change is Moscow: Russian crude has been trading above $85 per barrel, reports say, even though a coalition of the G7, EU and Australia imposed a $60 price cap a year ago. New Delhi's reduced imports will be welcomed by some European policymakers who have raised concerns over how Indian refiners have processed Russian crude into fuel for the European market, effectively bypassing the EU's sanctions. New Delhi and Moscow have ties dating back to the Cold War, and Russia remains by far the biggest arms supplier to the world's most populous country. India has shied away from explicit condemnations of Russia

Ashok Leyland Ltd. traded at Rs 174.4 on BSE at 01:34PM (IST) on Wednesday, down 1.69 per cent. The stock quoted a 52-week low price of Rs 133.1 and a high of Rs 191.45.

GAIL (India) Ltd. slipped 1.21 per cent to Rs 159.15 in Wednesday's trade as of 01:39PM (IST). It hit a high of Rs 161.15 and low of Rs 157.75 during the session.