CARE Ratings has removed the long-term ratings assigned to the debt instruments of BPCL from ‘Credit Watch with Developing Implications’ and assigned a ‘Stable long term rating.
Hindalco to invest Rs 71.5 lakh in Cleanwin Energy SIX LLPHindalco Industries has, pursuant to approval granted by board of directors at their meeting held on May 26, 2022, consented to make investment in the equity share capital of M/s Cleanwin Energy SIX LLP.The company is going to acquire 26% of equity share capital of M/s Cleanwin Energy SIX LLP at Rs 71,50,000.
Market at 10 AMBenchmark indices erased some of the early losses but still trading lower with Nifty around 15750.The Sensex was down 337.31 points or 0.63% at 52840.14, and the Nifty was down 99.20 points or 0.63% at 15751. About 1253 shares have advanced, 1417 shares declined, and 126 shares are unchanged.
Nifty FMCG index fell 1 percent dragged by the Hindustan Unilever, Godrej Consumer, Marico
While Indian₹ depreciates ~6% vs $ in 1 year, Japanese yen is down 25%. If you borrowed ₹100 in yen 1 year ago your borrowing cost near zero, and you would have to repay only around ₹84!
— Uday Kotak (@udaykotak) June 29, 2022
Asian Markets trade weak
Stocks fell across Asia on Wednesday morning, extending overnight losses on Wall Street amid concerns over recession, inflation and high oil prices, which also boosted the safe-haven dollar.
Japan’s Nikkei index fell 1.01% in early trading, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1%, dragged lower by Australian shares, off 1.29%, and Korea’s KOSPI, down 1.57%.
Gold prices buoyed by lower US bond yields
Gold prices treaded water on Wednesday, with lower U.S. Treasury yields lending support, as bullion’s struggle to break out of its range-bound trade continued.
Spot gold was up 0.1% at $1,821.57 per ounce by 0254 GMT. U.S. gold futures firmed 0.1% at $1,823.10.
Rupee at fresh record low:
Indian rupee extended the early fall and inching toward 79 level as it is trading at 78.94 per dollar.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The sharp pullback witnessed in the US last Friday has lost steam and the markets have again turned weak. The decline in commodity prices last week has not sustained and Brent crude is back to above $117. Even though there is no consensus on whether the US economy will slip into recession or not, there are clear signs of the economy slowing down. But the labour market continues to be strong in the US and unemployment is low at 3.6%. In this context of conflicting signals, markets are likely to remain choppy.
Investors should understand the fact that big money is made not by investing in a bull market but by systematically investing through a bear market and waiting patiently for the inevitable bull market. So, invest systematically in high-quality stocks.
BSE Metals index shed 1 percent dragged by the Hindalco, NALCO, Jindal Steel
Prashanth Tapse, Vice President (Research), Mehta Equities:
Local benchmark indices are likely to see a gap down opening and stray downwards, tracking a sharp fall in the overnight US markets and weakness in other Asian peers. There are multiple factors at play that would drag markets after having clocked decent gains in the last three sessions.
We have seen oil prices moving up again, while US treasury yields are also trading higher, which has reignited fears of uncertainty going ahead. Besides, FIIs have shown no signs of returning back, as they remained net sellers in the Indian markets.
Traders will also brace for the final revision of the U.S Q1 GDP print to trickle in the evening today. However, IT & Software stocks could be bright spots on the side in the backdrop of depreciating Indian Rupee. We like Infosys, Mindtree, Larsen Toubro Infotech, and Tech Mahindra on the buy side on any early declines.
All the stocks on the BSE Sensex are in the red
