Stock Market LIVE: Indices pare gains, trading flat; Bank shares surge, IT lags

Share Market LIVE Update: Indian Benchmark indices have given up on early gains and are now trading flat. Bank stocks are zooming, whereas IT index is down 1.5% with Infosys, HCL, Wipro in red. Asian markets are having a mixed day, but strong earnings from major US companies lifted the mood.?

Stocks on Wall Street closed higher Thursday as investors sifted through a deluge of news about the economy, interest rates and corporate profits. Rupee falls by 7 paise in early trade on Friday against the US dollar following overall weakness in crude oil prices and fresh foreign fund inflows.?

India central bank has zero tolerance for volatile, bumpy moves in rupee

India's central bank has zero tolerance for volatile and bumpy movements in the rupee and will continue to engage with the foreign exchange market to ensure the rupee finds its level, its chief Shaktikanta Das said on Friday.

Das said the Reserve Bank of India has no specific level on the rupee in mind and since there is a genuine shortage of dollars in the market, the central bank has been supplying dollars.

Das was speaking at a banking conclave organised by the Bank of Baroda.

EU announces new sanctions against Russia amid Ukraine war

In the wake of the Russia-Ukraine war, the Council has adopted new measures intended to tighten existing economic sanctions targeting Russia, perfect their implementation and strengthen their effectiveness.

According to the council of EU, today's "maintenance and alignment" package introduces a new prohibition to purchase, import, or transfer, directly or indirectly, gold, if it originates in Russia and it has been exported from Russia into the EU or to any third country after. This prohibition also covers jewellery.

ITC share price retraces from 52-week high. Good time to buy or accumulate?

After climbing to its new 52-week highs on successive Wednesday and Thursday sessions, ITC shares have retraced from its recent highs and quoting below ?300 apiece levels. Shares of ITC has been in uptrend since last week of February 2022. According to stock market experts, ITC shares are still in uptrend and today's fall should be seen as minor profit booking as the stock had been rallying for last two sessions.

Akasa Air to operate its first commercial flight on Aug 7; opens ticket sales

New airline Akasa Air on Friday said it will launch commercial flight operations on August 7 by operating its first service on the Mumbai-Ahmedabad route using Boeing 737 Max aircraft.

In a statement, the carrier said it has opened ticket sales on 28 weekly flights it will be operating on the Mumbai-Ahmedabad route from August 7, as well as on 28 weekly flights it will operating on the Bengaluru-Kochi route from August 13.

The carrier will launch commercial operations with two 737 Max aircraft. Boeing has delivered one Max plane and the second one's delivery is scheduled to take place later this month.

Gold prices today fall despite ECB's interest rate hike; trading at ?14 lower from its Thursday close

Gold prices today fall despite European Central Bank (ECB) raised interest rates by 50 bps on Thursday. Spot gold price today is quoting $1713 per ounce, around 0.25 per cent lower from its Thursday close whereas the yellow metal price on Multi Commodity Exchange (MCX) is quoting ?50,361 per 10 gm, ?14 lower from its Thursday close.

Rupee falls 7 paise to 79.92 against US dollar in early trade

The rupee depreciated 7 paise to 79.92 against the US dollar in opening trade on Friday tracking the strength of the dollar in the overseas market and firm crude oil prices.

At the interbank foreign exchange, the rupee opened at 79.90 against the US dollar, then fell to 79.92 against the greenback, registering a decline of 7 paise over the last close.

Hindustan Zinc Q1 performance beats expectations but cost pressures weigh

Hindustan Zinc Ltd reported a slightly better than expected performance for the quarter ending June primarily helped by rising Zinc prices and better sales volumes.

Net profit for the quarter was at ?3,092 Crore, up 55.9% y-o-y and 5.6% sequentially. This was slightly higher than Bloomberg consensus estimates of ?3029 Crore.

Covid-19 update: India reports 60 deaths in 24 hours, crosses 21,000 mark for second day

Crossing the 21,000-mark for the second day, India on Friday logged 21,880 new Covid-19 cases, according to Union Health Ministry updated data. Additionally, the country reported 60 deaths in the last 24 hours, the Health Ministry data noted. India's active cases on Friday stood at 1,49,482, the Union Health Ministry data revealed.

Rakesh Jhunjhunwala portfolio: These 5 stocks rise up to 23% in one month

A big number of retail investors scan portfolio of ace investors to find out value picks. They compare the performance of their stocks and the return given by the key benchmark indices in recent sessions. For such retail investors of the Indian stock market, looking at Rakesh Jhunjhunwala's portfolio stocks might be beneficial. A good number of Rakesh Jhunjhunwala stocks have generated alpha return in last one month.

TCS, Wipro, HCL chalk out plans to retain employees amid high attrition

IT companies have chalked out plans to prevent the 'Great Resignation' and retain their talents. The major IT players are taking steps such as mid-term hikes, promotions, bonuses, etc to avert the attrition crisis.

Zomato shares: Analysts warn of selloff risks as one-year lock-in ends soon

The public offer of food service platform Zomato Limited was listed on BSE and NSE on 23rd July 2021. That means one-year lock-in for promoters, employees, and others will end next week. With this one-year lock-in of around 613 crore Zomato shares, which is to the tune of 78% of the total paid-up capital of the company, stock market analysts have cautioned a sell-off risk in the stock calling it an idea 'sell on rise' stock in short to medium term.

India faces two major challenges - rupee and economy: Heena Naik, research analyst - currency, Angel One Ltd

"Considering certain uncertain factors, USDINR Spot (CMP: 79.94) is expected to remain in the bullish territory for some more time as the FOMC Policy is around the corner which may push the US Dollar Index higher. A possible uptrend towards 81.00 levels is very much possible in a monthly time frame. We may see some in-between strengths in the Rupee due to dollar selling by the RBI which would try its best to intervene. The overall bias in USDINR Spot is towards the upside."

Telcos may bid for spectrum worth ?1.6 trillion or at least 33% of the airwaves put on sale at the 5G auctions

The overall demand for airwaves will be higher compared to previous auctions. Analysts tracking the sector said. “Telcos may look at 700MHz more closely. It is the primary sub-GHz band for 5G globally. Incumbents may also bid more aggressively for spectrum in 3.3GHz and 26GHz to crowd out the Adani Group. This suggests overall demand to range $13-20 billion, which is higher than the demand seen in previous auctions," said analysts at Jeffries Equity Research in a note dated 20 July.

Stocks to Watch: JSW Energy, ICICI Securities, Biocon, RBL Bank, NLC

Reliance Industries, JSW Steel, Bandhan Bank, Ultratech, and Coforge will be in focus as they declare their June quarter earnings today.

Notices served on EV scooter makers over fire incidents: Nitin Gadkari

Union ministry for transport and highways has served notices to CEOs and MDs of two-wheeler electric scooter manufacturers whose scooters have caught fire, and further action would be taken after their replies are received, said union minister Nitin Gadkari.

Stock market uptrend adds over ?9.76 lakh crore in wealth to investors' kitty in 5 days

The continuation of the uptrend in the equity market has added more than ?9.76 lakh crore in wealth to investors' kitty in five days. The benchmark BSE Sensex surged about 2,265.8 points during this period.

Euro strengthens after ECB hikes faster than flagged

The euro rose against the U.S. dollar in a choppy session on Thursday, after the European Central Bank (ECB) delivered a 50 basis points rate hike to tame inflation in its first rate increase since 2011. The ECB raised its benchmark deposit rate to 0%, breaking its own guidance for a 25 basis points move as it joined global peers in jacking up borrowing costs.

Asian markets climb as Chinese technology shares lifted sentiment

Asian stocks pushed higher Friday as a jump in Chinese technology shares lifted sentiment, easing some disappointment over mixed earnings. Asian share index added less than 0.5%, with Japan, Hong Kong and China in the green.

China reports 1,011 new COVID cases for July 21 vs 943 day earlier

China reported 1,011 new coronavirus cases for July 21, of which 175 were symptomatic and 836 were asymptomatic, the National Health Commission said on Friday. That compared with 943 new cases a day earlier - 200 symptomatic and 743 asymptomatic infections, which China counts separately.

India to import 76 mt coal; will spark power tariff hike

India has firmed up a plan to import around 76 million tonnes (mt) of coal to help plug a fossil fuel shortfall at its power plants in the current financial year. This in turn may result in an increase in electricity tariffs by 50-80 paise per unit depending on the distance of the power stations from sea ports, according to two government officials aware of the development.

Droupadi Murmu is India's next president

Droupadi Murmu has been elected as the 15th president of India, becoming the first tribal politician to occupy the top constitutional post in the world’s largest democracy. Murmu, who belongs to Prime Minister Narendra Modi’s ruling coalition, defeated the opposition nominee and former finance minister Yashwant Sinha.

Rupee rose 20 paise on Thursday to close at 79.85 against US dollar

The rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows. A recovery in domestic equities and weakness of the greenback overseas further helped the domestic currency, forex traders said.

ADB cuts India GDP forecast for FY23 to 7.2% on Covid, war impact amid inflationary pressure

Asian Development Bank (ADB) on Thursday trimmed India's economic growth forecast for the current fiscal year to 7.2% from 7.5 per cent as pandemic and war impact is weighing down alongside inflationary pressures. India, however, will continue to surpass China which is expected to grow by 4 per cent in 2022 as against the earlier estimate of 5%. In 2023 also, China is expected to grow by 4.8%.

Oil Set for Longest Run of Declines This Year

il headed for a third weekly drop, the longest run of declines this year, on concerns over weaker US gasoline demand and a global slowdown. West Texas Intermediate edged higher toward $97 a barrel, but the benchmark remains about 1% lower this week.?

Wall Street ended the volatile day in green?

The S&P 500 rose 39.05 points to 3,998.95. The latest gains extended the benchmark index's winning streak to a third day. The Dow rose 162.06 points to 32,036.90, while the Nasdaq added 161.96 points at 12,059.61. The major indexes are all on pace for a weekly gain.

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