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Market LIVE Updates: Indices flat amid weak global cues; NDTV, Maruti Suzuki, SpiceJet in focus – Moneycontrol

August 24, 2022 / 09:38 AM IST

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

The steady buying by FIIs even in the midst of strengthening the Dollar is significant from the market perspective. There is a near consensus now that India will be an outperformer in the deteriorating global growth environment. So, FII inflows will be more country specific rather than emerging market oriented.

The near-term market trend will be influenced by the observations of the Fed Chief Jerome Powell on Friday. If the Fed Chief sounds ultra-hawkish, that would be a dampener for markets. On the other hand if he sounds optimistic on the growth front and on containing inflation that would be a bullish message.

Financials and capital goods continue to be investable segments. IT valuations are attractive.

August 24, 2022 / 09:36 AM IST

Inflows into dedicated India funds at multi-quarter highs: EPFR Global

Cameron Brandt, director of research at EPFR Global, says institutional investors still have their faith intact in China due to Beijing’s political will and fiscal firepower

August 24, 2022 / 09:26 AM IST

Reserve Bank to bring down inflation to 4 percent in two years

The Reserve Bank of India aims to reduce retail inflation to its mandated target of 4 percent in the next two years, governor Shaktikanta Das has said. Consumer price inflation, the main anchor of the central bank’s monetary policy, was at 6.71 percent in July, dropping below 7 percent for the first time in four months, but still above the Reserve Bank’s upper tolerance limit of 6 percent.

August 24, 2022 / 09:24 AM IST

DreamFolks Services IPO opens today | Should you subscribe to the issue?

DreamFolks Services IPO opens today | Should you subscribe to the issue?

As the air travel industry recovers sharply from the Covid-19 uncertainties, KRChoksey Resarch is optimistic, saying the company is well-poised for the upcoming growth opportunities owing to its…

August 24, 2022 / 09:18 AM IST

Gainers and Losers on the BSE Sensex in the early trade:

Gainers and Losers on the BSE Sensex in the early trade:

August 24, 2022 / 09:17 AM IST

Market Opens: Indian indices opened flat on August 24 amid weak global cues.

The Sensex was down 16.32 points or 0.03% at 59014.98, and the Nifty was up 2.20 points or 0.01% at 17579.70. About 1419 shares have advanced, 501 shares declined, and 116 shares are unchanged.

August 24, 2022 / 09:11 AM IST

Trade Spotlight | What should you do with RBL Bank, IDFC First, Selan Exploration Technology on Wednesday?

Trade Spotlight | What should you do with RBL Bank, IDFC First, Selan Exploration Technology on Wednesday?

IDFC First Bank was the third largest gainer in the F&O segment, climbing 5.5 percent to Rs 46.05, the highest closing level since February 11. The stocks has seen a Bullish Engulfing candlestick…

August 24, 2022 / 09:07 AM IST

Indian markets likely to open lower on the back of weak global cues: ICICI Direct

Indian markets are likely to open lower on the back of weak global cues as worries about an economic slowdown and tighter monetary policy weighed on sentiments.

US markets ended lower amid worries about an economic slowdown and tighter economic policy.

August 24, 2022 / 09:04 AM IST

Rupee Opens:

Indian rupee opened marginally higher at 79.82 per dollar on Wednesday versus Tuesday’s close of 79.86.

August 24, 2022 / 09:02 AM IST

Market at pre-open: Benchmark indices are trading lower in the pre-opening session.

At 09:02 IST, the Sensex was down 232.61 points or 0.39% at 58798.69, and the Nifty was down 186.70 points or 1.06% at 17390.80.

August 24, 2022 / 08:59 AM IST

Leading economists see economy clipping 13-15.7% in Q1

Leading economists have pencilled in a high 13-15.7 percent uptick in the economy in the first quarter of 2022-23 with an upward bias. Soumya Kanti Ghosh, the group chief economic adviser at State Bank of India, on Tuesday said he expects the GDP to clip past 15.7 percent in the first quarter with more chances of the final numbers printing in higher, while Aditi Nayar, the chief economist at the rating agency Icra, said the economy will grow much lower at 13 percent in the June quarter.

The national statistical office will announce the first quarter GDP numbers later next week. While GDP contracted by 23.9 percent in June 2020 due to the first wave of the pandemic, the same had given a higher boost in June 2021 clipping at 20.1 percent, despite the period being more devastating in terms of loss of lives from the second wave of Covid-19.

August 24, 2022 / 08:57 AM IST

Mohit Nigam, Head – PMS, Hem Securities:

According to trends on SGX Nifty, benchmark indices are anticipated to open flattish today. After a sharp selloff the day before due to worries about aggressive rate hike signals from the US Federal Reserve and the release of manufacturing and services data, the major US indices ended Tuesday marginally lower. 

In spite of weakness in international equivalents due to rising oil prices and the euro hitting a 20-year low versus the US dollar, the Indian market successfully recovered yesterday after two days of losses. While a stronger home economy is offering some consolation, market participants can see the fear of uncertainty in their high volatility movements, which are being driven by weak signals from international rivals. Markets around the world were under stress due to rising energy prices in Europe and concerns about rate hikes.

On the technical front, immediate support and resistance in Nifty 50 are 17475 and 17750 respectively. For Bank Nifty immediate support and resistance are 38400 and 39300 respectively.