Week Financial News

Blue Star share price jumped over 10% to hit a fresh 52-week high in early trade on Wednesday after the company floated a qualified institutional placement (QIP) issue to raise funds. Blue Star shares rallied as much as 10.59% to a 52-week high of ₹884.75 apiece on the BSE. The Air conditioners maker Blue Star has set the floor price for the QIP at ₹784.55 per share.

Domestic benchmark index NSE Nifty fell 159.8 points to 19973.5, while the BSE Sensex traded 554.2 points down at 67042.64. On the other hand, HSIL, Blue Star, Jindal Photo, Moksh Ornaments Ltd.

London Fashion Week, which wrapped up on Tuesday.

Federal Reserve kicks off a two-day policy meeting on Tuesday with officials widely expected to keep interest rates on hold for now, but also flagging in new economic projections whether they feel rates still need to rise further before the end of the year. A new policy statement and interest rate decision will be released at 2 p.m. EDT (1800 GMT) on Wednesday, with Fed Chair Jerome Powell scheduled to hold a press conference at 2:30 p.m. to elaborate. Investors in contracts tied to the federal funds rate consider it a near certainty the U.S. central bank will leave the benchmark federal funds rate at the current range of between 5.25% and 5.5%, a step consistent with the Fed's shift to a slower and more considered pace of rate increases. From March 2022 through May 2023 the Fed raised rates at 10 successive meetings — by anywhere from a quarter to three quarters of a point — as it fought the worst rise of inflation since the early 1980s. In June the Fed paused, but the quarterly economic projections accompanying that decision showed 12 of 18 policymakers still anticipated two more quarter-point rate increases by the end of the year.

By Howard Schneider

US Federal Reserve meeting on September 19-20. Spot gold was down 0.1% at $1,930.39 per ounce by 0638 GMT, but hovered near its highest since September 5 hit earlier in the session.

Also read: Weather Updates: IMD predicts heavy rainfall in Gujarat, Rajasthan till September 19. Check here Extremely heavy rainfall likely over Gujarat, south Rajasthan, north Konkan, and north Madhya Maharashtra is expected on 19 September. Heavy rainfall may also occur in Jammu and Himachal Pradesh today In East India, IMD projected that West Bengal, Sikkim, Jharkhand, Odisha, and Bihar may occur till 22 September.

Chainlink (LINK), the cryptocurrency that powers Chainlink’s blockchain interoperability network, surged 8% on Monday, outperforming the vast majority of the broader crypto market.

«We don't want an asset that doesn't come with a full wallet,» Rollins said, referring to a trend since the crisis where banks want customers who want loans to also bring them their deposits. «We know that we're going to continue to be fighting for the dollars.» Rollins' southeastern regional bank is not alone.

Supreme Court, a bench headed by Chief Justice of India DY Chandrachud on Monday disapproved the delay by Maharashtra assembly Speaker in deciding on the disqualification plea pending against MLAs belonging to chief minister Eknath Shinde's faction. Speaking for the Bench, CJI Chandrachud remarked, «it appears that nothing has happened since the day of judgment». On May 11, a Constitution Bench had directed the Speaker to decide disqualification proceedings in a «reasonable period». «The Speaker cannot say that he will hear in due course,» the CJI said.

Freedom Convoy” organizers are working to keep the proceedings from coming to a standstill.Tamara Lich and Chris Barber are facing charges related to their role in the demonstration that had big-rig trucks blocking downtown Ottawa streets to protest COVID-19 public health measures.The Crown had thought it would take about 10 days to present its case in a trial originally scheduled for 16 days.But as the trial begins its third week in an Ottawa courtroom, just two of the Crown’s 21 planned witnesses have appeared so far.Legal arguments over the admissibility and disclosure of evidence has slowed the proceedings, and the lawyers were left wondering last week how best to move forward.Justice Heather Perkins-McVey says the goal is to ensure the trial is fair to everyone, and that they will get there eventually.

Federal Reserve, the Bank of England and the Bank of Japan. Currency moves were largely muted on Monday as investors were hesitant to make big directional wagers ahead of the week's slew of central bank interest rate decisions. «The plethora of event risk and central bank meetings coming up is keeping a lid on volatility, and with traders really not wanting to chase moves or take on significant risk before the FOMC, BoE, BoJ, etc.,» Michael Brown, market analyst at Trader X, said. The U.S. dollar index — which measures the currency against six major counterparts — was about flat at 105.25, not far from the six-month high of 105.43 touched on Thursday.

As the Federal Reserve and central banks of England, China, and Japan ready for rate decisions this week, oil longs seem to have only concern: Keeping a barrel above $90 and adding to the gains thus far for September.

Stocks fell as traders took risk off the table ahead of a raft of policy decisions this week from the US, the UK and Japan. 

Instacart, the leading US online grocery delivery company, is gearing up for an initial public offering (IPO) that could value the business at up to $9.3 billion. Pricing (22 million shares at between $26 and $28  is expected be set tomorrow, Goldman Sachs are advising). This marks a substantial decline from its peak valuation of $39 billion during the height of the Covid-19 pandemic. Instacart is aiming to raise approximately $616 million through the IPO, positioning it as one of the most significant IPOs of the year, potentially signaling a rebound in the US IPO market which has choked recently. This has been the longest lull in listings since the 2009 financial crisis. The IPO pricing is seen as conservative due to the current uncertain market conditions. Instacart’s strategic shift towards focusing on grocery technology over delivery is a key aspect of its IPO strategy, leveraging the consumer data it has gathered to enhance its offerings to grocery stores.

The data was sourced from StockEdge at 1:30 p.m., and the updates from the real-time data could come with a lag. The below data also pertains only to the time at which it was taken. (Data Source: StockEdge)1. Punjab National Bank On September 18, Punjab National Bank (PNB) reached a new 52-week high of Rs 79.05.

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Small-cap stock below ₹50: Adroit Infotech shares are one of those small-cap stocks that has delivered whopping return to its positional shareholders in last few months. The micro-cap stock with a market cap of around ₹60 crore has given sharp upside movement in last one month after rising from around ₹20.60 to ₹35.35 apiece levels, logging more than 40 per cent rise in this time. However, it seems that the small-cap stock under ₹50 has still some steam left in it.

Bitcoin (BTC) starts the new week with optimism as traders greet the first green weekly candle in over a month.

When valuations are high and sentiment is bullish, one thing which should be kept in mind is that volatility knocks the market without giving any notice. Pretty much as it did in the last week.

Zomato hit their 52-week high of Rs 105 apiece intraday on Monday even as the broader indices traded in the red. The market capitalisation of the company is close to $10.7 billion.