Latest Stock Market News

The S&P BSE Sensex and Nifty50 are expected to rise following global cues, according to experts. On Thursday, the S&P BSE Sensex fell over 300 points, while the Nifty50 closed below 18,700 levels, with the India VIX slightly down at 11.08 levels. The broader trading range is expected to be between 18,450 to 18,900 zones with an immediate trading range in the 18,600 to 18,800 zones. Short-term traders have been advised to buy Tech Mahindra, Lupin, Jubilant FoodWorks and Bajaj Finserv (ETBureau), Dabur India, RIL, and Havells India (ETNow), and Indus Towers and BPCL (an independent technical analyst).

Shares of 11 companies, including Angel One, HDFC Life, and Torrent Power, traded ex-dividend on Friday as they have recently announced dividends. The record date to determine eligibility of shareholders was fixed as June 16. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. In the past one year, Angel One declared an equity dividend of Rs 35.85 per share while Power Finance Corporation has a dividend yield of 4.36%. Other companies that turned ex-dividend include Avantel, Eimco Elecon, High Energy Batteries, Piramal Enterprises, SMC Global Securities, Shriram Finance, and Welspun Corp.

The Reserve Bank of India may need to tighten retail credit norms as the unsecured loan portfolio for the banking sector doubled in four years to reach INR 11.1tn ($148bn) and risky borrowing among less-privileged sectors grew. Unsecured personal loans circulated by banks and NBFCs rose 20.2% in Q4 2022 over the same period the previous year.

Companies in India are turning to high-yield bonds and other alternative sources of finance after the removal of taxation benefits on market-linked debentures and debt mutual funds. The move has triggered a demand for private credit funds, alternative investment funds (AIFs), family offices, and high-net-worth individuals (HNIs). Private firms with ratings between BBB and A+ have seen limited appetite among qualified institutional buyers, and that has prompted them to seek funding elsewhere.

The rise of cryptocurrencies, particularly Bitcoin and Ethereum, has piqued the interest of Indian investors and resulted in a market estimated to have 115 million investors. However, concerns around fraud and illicit activities have led to regulatory crackdowns, which may impact investors through heightened compliance obligations and short-term market fluctuations. Nevertheless, crackdowns aim to establish a secure foundation for the market.

​​Wipro is expected to get $32 million whereas Punjab National Bank, Bajaj Finance, Varun Beverages, and Adani Transmission could see inflow of $20 million each. Infosys, HCL Tech, and Equitas Small Finance could see an outflow between $13 million and $34 million.

The bond sale, which had a base size of ₹5,000 crore, received bids worth ₹23,629.50 crore, NaBFID said. SBI Capital Markets was the lead advisor to the issue, while Cyril Amarchand Mangaldas was the legal advisor.

Overnight Indexed Swap (OIS) rates, an indicator of how the Reserve Bank of India (RBI) may act on policy rates, have climbed over the past eight days, reversing earlier optimism that rates were likely to head lower in the last quarter of calendar 2023.

Yet plenty on Wall Street have cause for concern. Think sobering economic signals in the bond market, rich equity valuations and febrile market patterns across decades of business cycles.

Private investment firm Bain Capital has sold partial stake in private lender Axis Bank via block deal on Thursday, while many domestic and foreign funds lapped up the shares.