Trade Financial News

rupee ended nearly flat on Wednesday as U.S. dollar demand from importers and foreign banks eroded the currency's early gains that came due to growing expectations of rate cuts by the Federal Reserve. The rupee closed at 83.9475 against the dollar, little changed from its close at 83.97 in the previous session.

Tata Elxsi Ltd. gained 0.27 per cent to Rs 6807.15 in Wednesday's session as of 12:07PM (IST) even as the equity benchmark Sensex traded 164.96 points higher at 79120.99. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 9191.1 and a 52-week low of Rs 6406.6 on NSE. Around 1466 shares changed hands on the counter till 12:07PM (IST).

The assets under management (AUM) of mid-cap funds have surpassed the large-cap funds by a record 60 basis points, according to the data from the Association of Mutual Funds in India (AMFI). Currently, midcap funds constitute 12.9% of the total equity AUM compared with the 12.3% for their large-cap counterparts. With this, the mid-cap funds have become the third-largest fund category after sectoral and flexi-cap funds.

Saraswati Saree Depot is getting robust response from investors as the issue was subscribed nearly 47 times so far on the third day of the bidding process. The issue will close on Wednesday. The category reserved for non-institutional investors was subscribed the most at 201 times, followed by retail investors at 41 times and qualified institutional buyers (QIB) at 4.21 times.

Siemens Ltd. rose 0.76 per cent to Rs 7021.0 in Wednesday's trade as of 01:04PM (IST) even as the benchmark Nifty ruled at 24176.85, up 37.85 points. The scrip had closed at Rs 6967.45 in the previous session. The stock quoted a 52-week low of Rs 3248.0 and a high of Rs 7974.25. The company quoted a market-cap of Rs 249996.42 crore on the BSE.

MUMBAI : Retail and high net-worth individual (HNIs) investors have become a key bulwark for the Indian stock market in recent years. Latest data underscores their growing significance as a counterbalance to selling pressure from foreign institutional investors (FIIs) and “other" investor categories. This domestic buying spree has helped the Nifty outperform its Asian peers, such as Nikkei 225, South Korea's Kospi and Singapore's Straits Times Index, amid global market jitters.

Balrampur Chini Mills Ltd.(up 1.33%) and KM Sugar Mills Ltd.(up 0.40%) were among the top gainers.

REC Ltd. traded 1.1 per cent down at Rs 563.0 at 12:12PM (IST) on Wednesday, even as BSE benchmark Sensex gained 162.85 points to 79118.88. The scrip had settled at Rs 569.3 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 653.9 and Rs 216.45, respectively.

India's palm oil imports rose more than 37% in July from the previous month to about 1.1 million metric tons, a trade body said on Wednesday. Imports of soyoil gained 42% to 391,791 tons and sunflower oil imports fell 21.3% to 366,541 tons, with total vegetable oil imports up 22.2% to 1.9 million tons, the Solvent Extractors' Association of India (SEA) said in a statement.

United Spirits Ltd. dropped 0.8 per cent to Rs 1391.0 at 11:52AM (IST) in Wednesday's trade. The scrip hit a high of Rs 1407.1 and low of Rs 1391.0 so far during the session. The stock had closed at Rs 1402.35 in the previous session. The counter had a total traded volume of 11:52AM shares so far with a turnover of Rs 0.25 crore on BSE. The stock traded at a price-to-earnings multiple of 71.79 and a price-to-book ratio of 11.55.

Ashok Leyland Ltd. traded 1.62 per cent down at Rs 247.65 on Wednesday at around 11:57AM (IST), while the benchmark BSE Sensex advanced 148.69 points to 79104.72. As many as 331,895 shares changed hands on the counter with a total value of Rs 8.29 crore.

South Korean prosecutors have indicted a civil servant for allegedly stealing public funds to buy crypto.

HDFC Asset Management Company Ltd. gained 0.8 per cent to Rs 4178.15 at 10:10AM (IST) in Wednesday's trade. The stock hit a high of Rs 4198.0 and low of Rs 4117.95 so far during the session. The stock had closed at Rs 4144.7 in the previous session. The counter had a total traded volume of 10:10AM shares so far with a turnover of Rs 0.75 crore on BSE. The stock traded at a price-to-earnings multiple of 43.16 and a price-to-book ratio of 11.32.

Bhargav Buddhadev, Fund Manager, Ambit Asset Management, warns that few sectors within capex-oriented themes could see selling pressure. “Sectors like roads, railways, defense could see selling pressure given that the government in the recent budget has significantly cut down the budget allocations across these sectors, and in general as well. The Government’s capex budget expenditure, which saw a CAGR of ~12% over FY20-24 reduced to ~9% in FY25 budget estimate,” he says. Edited excerpts from a chat: FIIs have been the biggest sellers in the Indian market in the last few days given all the worries related to recession, reverse carry trade of yen, and other global factors. By when do you think we can start seeing a reversal as far as FII mood is concerned? Bhargav Buddhadev: Earnings should be the biggest driver for FIIs to start re-looking at India.

State Bank of India(up 0.99 per cent), Federal Bank Ltd.(up 0.3 per cent), HDFC Bank Ltd.(up 0.18 per cent), Kotak Mahindra Bank Ltd.(up 0.07 per cent) and Bank of Baroda(up 0.07 per cent) were among the top gainers.

Indian market is likely to trade higher on Wednesday tracking positive global cues. Foreign institutional investors (FIIs) sold to the tune of Rs 2,107.17 crore, while domestic institutional investors (DIIs) brought to the tune of Rs 1,239.96 crore on Tuesday.

The NSE Nifty index was trading 1.5 points down at 24137.5, while BSE Sensex was up 32.23 points at 78988.26 at the time of writing this report.

ISSDA) on Tuesday signed an MoU to promote exports by MSME members. The two organisations will collaborate to identify potential export products and organise trade exhibitions, buyer-seller meets, and economic summits, an EEPC statement said. The agreement also aims to facilitate the exchange of trade information and encourage international investment through joint ventures and technical collaborations. The MoU was signed by EEPC India's Executive Director Adhip Mitra and ISSDA's Executive Director Rohit Kumar. ISSDA President Rajamani Krishnamurti and other EEPC India's senior officials were also present.

Vedanta Ltd. gained 0.94 per cent to Rs 426.7 at 10:15AM (IST) in Wednesday's trade. The scrip has hit a high of Rs 428.5 and low of Rs 421.35 so far during the session. The stock had closed at Rs 422.7 in the previous session. The counter has had a total traded volume of 236125 shares so far with a value of Rs 10.04 crore on the NSE. It traded at a price-to-earnings multiple of 31.99 and a price-to-book ratio of 3.29.

ICICI Lombard General Insurance Company Ltd. rose 1.44 per cent to Rs 1975.45 in Wednesday's trade. It hit an intraday high of Rs 1975.45 and low of Rs 1942.15, respectively, during the day. The stock quoted a 52-week high price of Rs 2032.0 and low of Rs 1266.0.

Sensex and Nifty opened marginally higher on Wednesday, tracking global peers, after softer U.S. producer prices data reinforced bets of an interest rate cut by the Federal Reserve in September. The BSE Sensex was trading 88 points, or 0.11%, higher at 79,042. The Nifty50 was up 27 points, or 0.11%, trading at 24,166 around 9:12 am.