Week Financial News

Investing.com — The Dow ended higher Friday, but that wasn’t enough to prevent a weekly loss as Treasury yields racked up gains for the week amid fears that the Fed may have to persist with higher for longer rates.

The Stellar token experienced a notable 11.5% increase in value between Sept. 2 and Sept. 8, a novelty given that Bitcoin and most altcoins are down for the week. The surge came after Stellar (XLM) tested the $0.113 support level, which marked its lowest point in the past eight weeks. The price upswing followed a preliminary announcement made by the Stellar organization on social media. 

₹2,000 notes into banks after the central bank decided to withdraw the high value notes in May. The removal frees up money which can be lent, which is seen as a positive for banks.

Stocks are drifting higher, but not by enough to knock Wall Street off course for its first losing week in the last three

foreign exchange or forex reserves jumped by $4.039 billion to $598.897 billion for the week ended September 1, data from the Reserve Bank of India (RBI) showed on Friday, September 8. With this, forex reserves halted a two-week losing streak and an increase of $4.04 billion from the previous week, recorded the biggest gain in nearly two months. In the previous reporting week, the overall reserves had dropped by $30 million to $594.858 billion.

BofA Global Research said on Friday it expects the European Central Bank (ECB) to hike all three policy rates by 25 basis points at its Sept.

Benchmark NSE Nifty closed 92.9 points up at 19819.95 amid buying in frontline bluechip counters. However, stocks such as Penta Gold, Sandur Manganese, Brookfield India Rea, Parin Furniture and Mohini Health & Hygi, touched their fresh 52-week lows. Overall, 32 shares ended in the green in Nifty50 index, while 18 closed in the red. In the Nifty 50 index, Coal India Ltd, NTPC, BPCL, Tata Motors and L&T were among top gainers during the day, while Eicher Motors, UPL, Apollo Hospital, UltraTech Cem.

The BSE Sensex gained 333 points or 0.50% to end at 66,599, while Nifty50 rose 93 points or 0.47% to closed at 19,820 in Friday's trade. This week, the 30-share benchmark index advanced 1,211 points or 1.85% to settle at 66,599. The broader NSE Nifty rose 384 points or 1.97% and ended at 19,820.

Mazagon Dock Shipbuilders share price rose 5.6%, Shipping Corporation of India share price surged 13%, Dredging Corporation Of India share price jumped 5.2%, Cochin Shipyard share price rose 9.8%, and Garden Reach Shipbuilders & Engineers share price surged 7.4% on BSE. The shipping stocks have been on a bull run on the strength of order wins, the Baltic Dry Index reaching over one-month highs on advances across vessel sectors, and most crucially, getting government approval for long-pending biggest order worth ₹19,000 crore for shipping companies.

Investing.com — The U.S. dollar edged lower in early European trade Friday, but remains on track for an eighth straight winning week as U.S. economic resilience brings further Federal Reserve rate hikes into question. 

₹2,927.95 in morning trade on BSE on Friday. The stock opened at ₹2,885.05 against the previous close of ₹2,847.05 and rose 2.8 per cent to its one-year high. The market capitalisation of the stock rose over ₹4 lakh crore mark on the BSE.

The NFL's highly anticipated 2023 season is about to kick off, and it's doing so with a captivating showdown. The reigning Super Bowl champions, the Chiefs, are taking center stage in the opening game. This matchup holds extra significance as it provides the Chiefs with the opportunity to celebrate their Super Bowl victory with a banner-raising ceremony at Arrowhead Stadium, where they'll host the game. In an unexpected twist, the Detroit Lions are set to face off against the Chiefs in Week 1's prime-time slot. The Lions, despite a 9-8 record in the 2022 season, concluded the year impressively by winning eight of their final ten games. Notably, they secured a victory over the Packers in Week 18, preventing Green Bay from making the postseason. With their strong finish last season, the Lions are entering 2023 with elevated expectations. They're considered favorites to clinch the NFC North and are anticipated to field a potent offense. It's no surprise that they were chosen to go head-to-head with the Chiefs, setting the stage for what could be a high-scoring thriller to kick off the NFL season.

Havells India, a part of the consumer electric industry, recorded a fresh breakout from Cup & Handle pattern on the weekly charts, which has opened room for the stock to hit a fresh 52-week high above Rs 1400 levels.The stock hit a fresh 52-week high of Rs 1408 on 20 July 2023 but failed to hold on to the momentum.

Bitcoin (BTC) hugged a key long-term trendline on Sept. 7 as U.S. dollar strength hit its highest in six months. 

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

life insurance companies trade mixed on Thursday, August 7 after the insurers reported their August business premiums. Leading general life insurers including Max Financial Services, ICICI Prudential Life Insurance, SBI Life Insurance, and Life Insurance Corp of India (LIC) were in focus during today's session.

The head of the United Auto Workers warned that the union plans to go on strike against any Detroit automaker that hasn’t reached a new agreement by the time contracts expire next week

Domestic benchmark index NSE Nifty ended 116.0 points up at 19727.05, while the BSE Sensex closed 385.04 points up at 66265.56. On the other hand, Cochin Shipyard, Usha Martin, GTL Ltd, Responsive Ind.

Benchmark NSE Nifty closed 116.0 points up at 19727.05 amid buying in frontline bluechip counters. However, stocks such as Penta Gold, Bombay Metrics Suppl, Redtape L, Atam Valves and Pyramid Technoplast, touched their fresh 52-week lows. Overall, 33 shares ended in the green in Nifty50 index, while 17 closed in the red. In the Nifty 50 index, Coal India Ltd, L&T, IndusInd Bank, SBI Life and Tech Mahindra were among top gainers during the day, while Tata Consumer, Britannia, Sun Pharma, Infosys and M&M ended in the red. The BSE Sensex closed 385.04 points up at 66265.56. Traders piled up positions in Mining, Term Lending Institutions, Glass, Construction and Telecommunications sectors, while selling was witnessed in Banks, Irrigation & Allied Services, Fertilisers, Building Materials and Metals — Ferrous sectors during the day.

HCL Technologies share price today touched 52-week high after following the signing of a multiyear Managed Public Cloud Services agreement with German technology and high-tech industry behemoth Siemens AG. HCL Technologies share price closed at ₹1,255 apiece on BSE, 1.56% higher.

Stock market today: Three Tata group stocks — Indian Hotels Company, Tata Power and Tata Communications — have hit fresh 52-week high during Thursday deals. Two out of these three Tata group stocks, Indian Hotels Company and Tata Communications belongs to Rekha Jhunjhunwala portfolio. In Indian Hotels company Ltd, Rekha Jhunjhunwala owns 3,00,16,965 shares or 2.11 per cent stake whereas in Tata Communications Ltd Rekha Jhunjhunwala owns 52,34,687 shares or 1.84 per cent stake in the company (as per the shareholding pattern of the company for April to June 2023 quarter).