The benchmark equity indices on BSE and National Stock Exchange (NSE) staged a partial recovery from their early morning lows and were trading over 0.7 per cent lower in the late morning deals on Tuesday.
At 11:02 am, the S&P BSE was down 476.90 points (0.83 per cent) at 57,014.61 while the Nifty 50 was trading 122.10 points (0.71 per cent) lower at 17,027.00. Earlier in the day both the indices had opened over 1 per cent lower and fell as much as 1.9 per cent in the early trade with touching 56,409.63 and the Nifty hitting.
On the Asian Paints, Wipro, HDFC twins – Housing Development Finance Corporation (HDFC) and HDFC Bank, Reliance Industries (RIL) and Titan Company were the top losers in the late morning trade while, Axis Bank, Bharti Airtel, IndusInd Bank, State Bank of India (SBI), Power Grid Corporation of India and Maruti Suzuki India were the top gainers.
Two Bengaluru-based companies on Monday announced raising nearly a billion dollars in fresh funds — with ride-hailing firm Ola’s electric scooter spinoff, Ola Electric, raising $200 million and food-tech platform Swiggy announcing $700 million investment from marquee investors.
[25/01, Rupee slips 7 paise to 74.67 against US dollar in early trade
The rupee declined 7 paise to 74.67 against the US dollar in opening trade on Tuesday weighed down by the strength of the American currency and muted domestic equities.
Forex traders said geopolitical tensions, sustained foreign fund outflows and elevated crude oil prices also dragged down the local unit. Further, investors will also await the outcome of the US Federal Reserve meeting this week.
At the interbank foreign exchange, the rupee opened flat at 74.60 against the US dollar, then slipped further to 74.67, registering a decline of 7 paise from the last close. On Monday, the rupee had settled at 74.60 against the US dollar.
Oil rebounds from tumble as traders focus on demand outlook
Oil rose after the biggest one-day drop this year as traders focused on the still-positive demand outlook and appetite for risk rebounded.
West Texas Intermediate climbed toward $84 a barrel after shedding more than 2% on Monday, when U.S. equities swooned then recovered. The volatile trading comes as the Federal Reserve prepares the ground for interest-rate increases, and Russian troops mass on the border with Ukraine. In recent months, oil bears have retreated as speculators turn more bullish amid lower stockpiles.
Market regulator Sebi has asked PTC India Financial Services (PFS) to address corporate governance and all other issues raised by the company’s resigning independent directors and former Chairperson before holding any board meeting. The Securities and Exchange Board of India (Sebi) has also asked the company to file an action taken report in this regard to it within four weeks.
In an exchange filing, PFS said, “We would like to mention that a meeting of the board of directors was scheduled to be held on January 22. However, as the company did not have quorum in compliance of SEBI (LODR) Regulations, 2015, the same could not be held.”
Shares of firms such as Maruti Suzuki, Pidilite, SRF, Cipla, United Spirits, Macrotech Developers, Torrent Pharma, APL Apollo Tubes, Federal Bank, Brightcom Group, Aditya Birla Sun Life AMC, Finolex Industries, Can Fin Homes, Symphony and Indiabulls Real Estate are in focus as they announce their December quarter earnings today.
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