Stock Market LIVE: Sensex down 350, Nifty 100 points; Oil and Gas index sinks

Share Market LIVE Up: The benchmark indices opened in red and are set to pare some gains from the previous week at open on Monday. Oil and gas, Pharma indices are down, whereas Metal is in green. Asian markets opened in red in the morning as concerns over a global economic slowdown are keeping investors jittery.

Stocks will be tested on Monday over concerns of a global slowdown. Investors are disheartened by a key monthly survey on economic activity in US and Europe that fuelled concerns over a global economic slowdown. Wall Street closed lower on Friday and Asian markets followed the trend on Monday.

A US recession will also come to Bengaluru

India’s tech industry is ruling out a US recession. Or so you would think from Infosys Ltd.’s cheery forecast of 14% to 16% annual revenue growth, slightly better than what the country’s second-biggest exporter of software services was projecting just three months ago.

India’s Nifty IT Index has slipped 27% so far in 2022 after tripling between the onset of Covid-19 in March 2020 and the end of last year.

Asian markets on retreat spurred by disappointing economic data and corporate earnings

On Monday in Asia, Tokyo's Nikkei 225 gained 0.8% to 27,678.94 and the Kospi in Seoul added 0.3% to 2,400.38.

Hong Kong's Hang Seng declined 0.7% to 20,465.69, while the Shanghai Composite index gave up 0.3% to 3,260.74.

Gold prices fall today, down ?5,000 per 10 gram in 4 months

Gold and silver rates today fell in Indian markets, tracking a weak trend in global markets. On MCX, gold futures fell to ?50,622 per 10 gram while silver dropped 0.5% to ?54,865 per kg. In India gold rates had scaled ?55,000 in March before seeing a sharp drop.

RIL shares tumble after Q1 earnings. Good buying opportunity?

Shares of Reliance Industries Ltd (RIL) plunged over 3% on the BSE in Monday's opening deals on missing estimates in June quarter even as its net profit jumped 46% to ?17,955 crore on the back of robust refining margins due to intake of cheaper Russian crude and fuel exports buoyed its dominant oil-to-chemicals business.

Rupee rises 9 paise to 79.81 against US dollar in early trade

The rupee appreciated 9 paise to 79.81 against the US dollar in early trade on Monday, supported by the fall in crude oil prices. At the interbank foreign exchange, the rupee opened at 79.86 against the American dollar. In initial trade, the local currency witnessed a high of 79.81 and a low of 79.87 against the US dollar.

Stick to stock centric approach in the forthcoming sessions: Angel One Ltd

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd: In our sense, the index-specific move may not be that fascinating now from traders’ point of view, and hence it's better to stick to stock centric approach in the forthcoming sessions as well. A lot of thematic moves started doing well and therefore, the pragmatic approach would be to focus on such potential movers which are likely to provide better trading opportunities. To sum it up, although the undertone remains bullish, it’s essential to understand that the low-hanging fruit is already gone, hence, it's advisable not to become too complacent; rather, it's better to take one step at a time for a while.

Why Zomato shares plunged to all-time low today?

Zomato share price today tumbled by over 11 per cent in early morning deals as the one-year lock-in for promoters, shareholders, employees and others has ended today. The total paid-up capital of the one-year overhang is around 78 per cent and market experts were expecting sell-off pressure for the food chain platform stock this week. The public issue of Zomato Limited was listed on BSE and NSE on 23rd July 2021.

COVID-19: Positivity rate above 7 pc after 168 days, says govt

With 16,866 new coronavirus infections being reported in a day, India's tally of COVID-19 cases rose to 4,39,05,621, while the daily positivity rate crossed 7 per cent again after a gap of 168 days, according to the Union Health Ministry data updated on Monday. The active cases have declined to 1,50,877, while the death toll has climbed to 5,26,074 with 41 new fatalities, the data updated at 8 am stated.

5G sale starts on Tuesday; no aggressive bids expected

Reliance Jio Infocomm Ltd, Bharti Airtel Ltd and Vodafone Idea Ltd are set to fight it out to secure bandwidths for rolling out 5G networks starting Tuesday when the government will put airwaves worth ?4.3 trillion on sale. The spectrum auction will also see new entrant Adani Data Networks pick up spectrum for launching its captive network and deploying networks for enterprises.

Auto dealers' body expects array of vehicle launches ahead of festival season

Auto dealers' body FADA said it expects automakers to launch higher number of models this festive season compared to the last two years when Covid-19 pandemic overshadowed the festive cheer.

Federation of Automobile Dealers' Association (FADA) president Vinkesh Gulati had termed 2021 festive season as the "worst" in a decade in terms of business of its retail partners.

However, most of the new vehicle launches are expected to be in the compact SUV or SUV segment, he said and emphasised that "90 per cent of the launches (will be) driven towards the SUV segment."

As Singapore visitor arrivals rise, India becomes major contributor

As Singapore reopened its borders for all the Covid-19 vaccinated travellers in April this year, the country received more than 1.5 million visitors till June 2022. However, around 9.3 million tourists visited Singapore in the first half of 2019, which is 12 times higher in number it received for the corresponding period in 2021, according to the news agency ANI.

Of these 1.5 million visitors during the first half of this year, Indians represent the second highest nationality who visited Singapore during this period. The agency reported that over 219,000 Indians visited this country till June 2022.

Indonesia with 282,000 visitors, Malaysia with 139,000, followed by Australia (125,000) and the Philippines with 81,000 are among the top five countries which accounts for over 56% of international visitors from January to June this year.

Yes Bank shares: Should you buy, sell, reduce post better-than-expected Q1 results?

Yes Bank reported 50% increase in net profit at ?311 crore for the first quarter ending June 2022 on the back of the fall in provisions for bad loans, and healthy income growth. The bank had clocked a net profit of ?207 crore in the year-ago period.

Policybazaar's IT systems breached, no customer data exposed

Insurance aggregator company Policybazaar has identified certain vulnerabilities in a part of its IT systems and the same were subject to illegal and unauthorized access, parent company PB Fintech said.

Such unauthorized access was reported on July 19, 2022, it said in a regulatory filing to the exchanges on Sunday evening. Policybazaar has reached out to the "appropriate authorities" and is taking due recourse as per law.

US economy slows down. Business activity contracted for the first time in nearly 2 years in July.

Business activity in the United States, the world's largest economy, contracted for the first time in nearly two years this month, activity in the euro zone retreated for the first time in over a year, and growth in Britain was at a 17-month low, purchasing managers' surveys said last week.

Stocks to Watch: Reliance, JSW Steel, Infosys, ICICI Bank, Yes Bank

Axis Bank, GlaxoSmithKline, Canara Bank, Tech Mahindra, Tata Steel will be in focus as they declare their June quarter earnings today.

Infosys vs TCS vs Wipro vs HCL Tech: Which company hired most employees in Q1

Infosys has made the highest hiring in the quarter ending June 30, 2022 (Q1FY23) compared to its peers TCS, Wipro, and HCL Tech. In the quarter under review, Infosys net additions stood at 21,171 employees. Infosys plans to fuel its strong growth moment with strategic investments in talent through hiring and attractive compensation revisions. Through this, Infosys expects a reduction in its attrition levels which is at 28.4% in Q1FY23 rising from Q1FY22 and Q4FY22. In Q1FY23, Infosys missed analysts estimates as spike in costs offset the shine of strong deals in the earnings.

Reliance warns of global recession headwinds after profit miss

Reliance Industries Ltd. has warned that a global recession can hurt oil refining margins, flagging the possibility of more pain ahead after the owner of world’s largest refining complex posted a lower-than-expected profit.

Crude oil prices have slipped in the past two weeks and if they fall this week, it will be the third weekly drop -- the longest run of declines this year -- primarily due to fears that a global slowdown may dampen demand for fuels.

ECB May Endure Moderate Recession to Halt Prices, Holzmann Says

The European Central Bank may have to accept a moderate recession to stem price pressures if it sees signals that inflation expectations are rising, Governing Council member Robert Holzmann said. He said the size of a next tightening step in September will depend on developments in the economic outlook. That will determine whether the next move is another 50 basis-point hike, a larger or a smaller one.

Kotak’s succession plan to start this year

Kotak Mahindra Bank will formally begin the process of succession planning later this year, as the term of its founder and managing director Uday Kotak ends in December 2023. In an interview after the bank’s June quarter earnings, joint managing director Dipak Gupta said that family members are not natural successors at banks, and Uday’s son Jay Kotak will follow the normal career path.

Dollar firm as US Fed meeting and growth risks dominate

The dollar was on a firm footing on Monday, as traders brace for a sharp U.S. interest rate hike this week and look for safety as data points to a weakening global economy. he greenback was up slightly against most majors early in the Asia session, trading at $1.0195 on the euro and steadying Friday losses to buy 136.57 Japanese yen.

Reliance expects gas price to rise in Oct, wants removal of ceiling prices

The conglomerate, controlled by billionaire Mukesh Ambani, expects the price cap for its KG-D6 gas sales to rise over the current USD 9.92 per million British thermal units, Sanjay Roy, senior vice-president for exploration and production, said in an investor call following the announcement of the firm's quarterly earnings on Friday.

After remaining a loss-making provision for several quarters, Reliance's gas exploration business has begun reaping rewards of a global surge in energy prices that have already pushed the rates to a record high.

Nikkei opens lower

The benchmark Nikkei 225 index slipped 0.62% or 173.32 points, to 27,741.34 in early trade, while the broader Topix index fell 0.42%, or 8.29 points, to 1,947.68.

Wall Street ended in red on Friday

Stocks slipped Friday, giving back some of their gains from earlier in the week as worries brewed about the global economy and prospects for profits at big internet companies. The S&P 500 lost 0.9% to break a three-day rally that had carried Wall Street to its highest level in six weeks.

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