Business News Highlights: Market Ends 2-Day Losing Streak, Sensex Jumps 405 Points, Nifty Climbs At 19,546
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The two key equity benchmarks, Sensex and Nifty, on Wednesday, extended their losing streak as indices crumbled under heavy selling pressure. The S&P BSE Sensex closed at 65,226, down 286 points. On the other hand, the NSE Nifty50 shut shop at 19,436, falling 93 points. The two indices hit intraday lows of 64,879 and 19,334, respectively. Notably, the indices recouped some of the losses during the latter part of the day. The market capitalisation of all listed firms on the BSE decreased by Rs 2.49 lakh crore to Rs 316.72 lakh crore.
According to experts, Weak global cues with continued FII selling, a stronger dollar, and rising US treasury yields contributed to bearish sentiment in the Indian stock market. Additionally, Global equities are concerned about prolonged higher interest rates.
Breaking the 19,500 mark, analysts predict a bearish trend, with potential support at 19,330 and the possibility of slipping to 19,200, as per a Moneycontrol report. As per experts, the short-term trend of the Nifty remains negative. On the weekly options front, hurdles are expected at 19,500-19,700, with support at 19,400-19,200. Bank Nifty also saw a decline, falling below 44,000, with potential support at 43,800–43,600 and resistance at 44,400–44,500.
The slump in US Treasuries has caused a sell-off in emerging market debt, leading to a one-year high yield of 8.93 per cent on bonds in the Bloomberg EM Aggregate Sovereign Index, Bloomberg reported. This yield surpassed the earnings yield of 8.63 per cent on stocks in the MSCI Emerging Markets Index, marking an unusual reversal of the typical relationship between bond and stock yields.
Historically, equities offered a higher rate to compensate for their additional risk, but this anomaly has occurred only during times of extreme stress, such as the global financial crisis in 2008 and the Covid-driven rout of 2020. The risk to US equities, low-rated emerging-market credits, and global equities stems from the ongoing selloff in US bonds. While the anomaly typically lasts only a few days, its recurrence raises concerns for investors in developing-market sovereign debt.
Applied Materials Officials Discuss Setting Up R&D Lab In Bengaluru With Karnataka Minister
Karnataka Minister for Large and Medium Industries and Infrastructure Development, M B Patil held a discussion with the US-based semiconductor equipment manufacturer, Applied Materials, regarding the establishment of a Center of Excellence for Innovation and a research and development (R&D) laboratory in Whitefield, reported PTI.
Officials from Applied Materials expressed their desire for support from the Karnataka government and urged the acceleration of pre-construction approvals for their proposed lab, the report said. During the meeting, the team also highlighted the significance of chemicals and gases essential for the semiconductor ecosystem and emphasised the importance of improving the ease of doing business.
Furthermore, senior representatives from Applied Materials India held talks about the establishment of an innovation-focused Center of Excellence in collaboration with the government. They reiterated their commitment to enhancing Karnataka's ecosystem through skill development. Applied Materials recently announced an investment plan of $400 million, which will be distributed over the next four years, for the establishment of an engineering center in Bengaluru.
InterGlobe Hotels To Invest Rs 550 Crore On Two New Properties By 2025: President JB Singh
InterGlobe Hotels is gearing up to Rs 550 crore investment for the establishment of two fresh properties in Mumbai and Bengaluru by 2025, announced the firm President and CEO, JB Singh, on Thursday, reported PTI.
This enterprise, a joint venture with a 60:40 partnership between InterGlobe Enterprises Pvt Ltd and Accor Asia Pacific, has already inaugurated a new 'ibis Styles' hotel in the region. Their future plans include the unveiling of a new 'ibis' branded property in Mumbai by the close of the next year, followed by the introduction of a Novotel-branded hotel in Bengaluru in early 2025.
"This (ibis Styles Vagator) becomes the 23rd ibis (property in India), but as a portfolio, we are at 28 hotels, with this and two to open (which are) under active development. The ibis in Mumbai will open sometime late next year and the Novotel in Bangalore within 2-4 months of that or early 2025," Singh told PTI.
Gold Slides To Rs 57,350 Per/10 Grams, Silver Climbs Rs 300
Gold price declined Rs 150 to Rs 57,350 per 10 grams in New De on Thursday amid a fall in gold prices globally, according to HDFC Securities, reported PTI. In the previous trade, the precious metal had closed at Rs 57,500 per 10 grams. On the other hand, silver climbed Rs 300 to Rs 71,300 per kg, the report said.
Gold traded negative on Thursday, with spot gold prices (24 carats) in the Delhi markets trading at Rs 57,350/10 grams, down by Rs 150 against its previous close, Saumil Gandhi, senior analyst of commodities at HDFC Securities, told the news agency.
In the international markets, gold was down at $1,820 per ounce, while silver was trading higher at $21.15 per ounce. Comex gold prices consolidated their lowest level since March amid mixed cues, Gandhi said.
Govt Extends SBI Chairman Dinesh Khara Tenure Till August 2024: Report
Centre has extended the tenure of the State Bank of India (SBI) Chairman Dinesh Khara until August next year, according to a Reuters report citing two government sources. Khara was appointed as SBI's chairman in 2020 for three years. As per norms, the SBI chairman can hold the position till the age of 63.
Rupee Closes Flat At 83.25 Per Dollar
The rupee closed on Thursday session at a flat note at 83.25 per dollar compared to Wednesday's closing of 83.23.
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