Stock Market LIVE: Sensex sinks 750 pts, most NSE indices in red | News on Markets

Sensex sheds 755 pts, Nifty breaks 22,100: Key factors behind today’s crash

At the headline level, the BSE Sensex index tumbled 755 points during the day, breaking below the 73,000-mark. The Nifty50 also breached the 22,100 level, declining over 250 points. Read more

‘India’s economy has parallels to 2000s when growth averaged over 8%’

Investment has become a major driver of India’s booming economy, according to economists at Morgan Stanley, adding that the country’s current expansion resembles that of the mid-2000s when growth averaged more than 8 per cent. Read

Broader mkt weakness, slow capex to halt rally in cement shares: Analysts

The recent price correction in broader markets has hit cement companies hard in the month of March. Thus far in the current month, small-cap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. Read

CPSE index plunges 6%; Rites, IRFC, RVNL, Hudco, MTNL, IRCON tank up to 12%

Shares of Central Public Sector Enterprises (CPSEs) were under sharp pressure on Wednesday, slumping up to 12 per cent on the BSE in intra-day trade amid a broad market sell-off.

 

At 12:26 pm; the BSE CPSE index, was the top loser among indices, having tanked nearly 6 per cent, while BSE PSU index plunged nearly 5 per cent. Read

Foreign inflows into index-eligible India bonds set to hit $10 billion

Foreign inflows into India’s sovereign bond market are closing in on the $10 billion mark ahead of the country’s inclusion in the JPMorgan Chase & Co’s emerging markets debt index.

 

Investments into index-eligible Fully Accessible Route bonds have risen by Rs 81,218 crore ($9.8 billion) since the announcement in September, data from the Clearing Corp. of India show. Inclusion starts in phases from June. Read

Credit Suisse client accused of dodging taxes for a decade gets $15 mn bail

A Brazilian-American businessman charged with dodging US taxes for decades using accounts at Swiss banks including Credit Suisse Group AG was granted a $15 million bail package on Tuesday.

 

Dan Rotta, 78, who was arrested March 9 at Miami International Airport as he prepared to fly to Barcelona, must remain under house arrest with an electronic monitor, a federal judge in Miami ruled. Prosecutors had sought to keep Rotta locked up, arguing he’s lied to the Internal Revenue Service for 35 years and has a motive to flee the US before his trial on tax charges. Read

Stress tests by AMCs: Risk metrics of small, midcap funds in focus

Mutual funds (MFs) are poised to release their inaugural stress test reports later this week but this will necessitate additional disclosures. These will range from investor concentration to portfolio turnover ratio of smallcap and midcap funds. Read

India’s rising valuations prompt foreign companies to sell holdings

At least seven firms including US home appliance giant Whirlpool Corp. and Singapore Telecommunications Ltd., have reduced holdings in their local units since June, data compiled by Bloomberg show. British American Tobacco Plc. said Monday it’s preparing to sell a part of its stake in partner ITC Ltd. Read

23 IPOs hit lowest level since listing; 13 fall below issue price

One in three recently listed main board initial public offers (IPOs) hit lowest level since their market debut on Wednesday, amid a sharp sell-off in mid, small, and micro-cap stocks.

 

As many as 23 IPOs, including Happy Forgings, Valiant Laboratories, Cello World, Gandhar Oil Refinery (India), Mukka Proteins, and Aeroflex Industries, were quoting at their lowest level since listing, BSE data showed. Read

Brokerages see up to 14% upside for ITC post BAT stake sale

ITC has been an underperformer so far in the calendar year 2024, having declined almost 12 per cent as of March 12 as against a near 3 per cent rise on the Nifty 50. When compared to the stock’s record high of Rs 499.70 touched on July 24, 2023, the stock was down over 19 per cent. READ MORE

Government allows RBI to import gold without paying import levies

As of September 2023, the Reserve Bank of India held 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes. READ MORE

ALERT :: L&T Construction wins order for Buildings & Factories Business

Nifty 500 beats S&P 500, other leading global indices in last 10 yrs: study

During the December 31, 2013 to December 31, 2023 period, the tech-heavy Nasdaq 100 gave returns of around 21.5 percent in Indian rupee terms while the Nifty 500 gave 16 percent, clinching the second spot. In comparison, the S&P 500, MSCI Emerging Markets, and MSCI EAFE (Developed Markets ex-US) have demonstrated growth rates of 15.4%, 6.1%, and 7.9%, respectively, during the same period, noted the study. READ MORE

ITC surges 9% in best single-day rally since April 2020 on BAT’s stake sale

The stock reported its sharpest intra-day rally since April 3, 2020 when it had surged nearly 10 per cent, data shows. ITC’s market capitalisation has grown by Rs 43,373 crore to Rs 5.48 trillion in intra-day trade today. READ MORE

Stress tests by AMCs: Risk metrics of small, midcap funds in focus

According to a risk disclosure format that the Association of Mutual Funds in India (Amfi) has shared with fund houses, MFs will have to disclose total investment of the top 10 investors in two active schemes. They will also need to provide volatility metrics, such as the portfolio’s standard deviation and beta, which compares the portfolio’s volatility to a broader index. READ MORE

India’s rising valuations prompt foreign companies to sell holdings

The companies are seeking to capitalise on India’s equity valuations which are among the most expensive in the world after eight years of annual gains. Analysts say these transactions contribute to increasing public shareholding, creating space for large investors to boost their holdings in the $4.5 trillion market. READ MORE

Ethos slides 3%; Co reduces stake in Silvercity Brands AG