Latest Stock Market News

The market has been undergoing a time correction over the last 18 months following the deterioration of global macros due to rising interest rates, high inflation, slowing growth and volatile geopolitics.

AIF industry has a direct correlation with the growth of wealth and the wealthy in India. Quantum of HNIs (net worth above USD 1 million) & UHNIs (net worth above USD 30 million) is expected to grow by 75% & 39% in the next 5 years respectively.

A law firm, which has represented large corporations, has called on US securities regulators to limit short sales on financial institutions, reforming a ban that was implemented in 2008 during the financial crisis. Wachtell, Lipton, Rosen & Katz recommended a 15-day prohibition for the borrowing and short selling of shares of banks that are intentionally under pressure. The revived ban would allow the Securities and Exchange Commission time to act and investors to make informed decisions. While some critique the action of short sellers, others encourage it to keep financial markets running efficiently.

The Indian stock market closed higher on Thursday, with the S&P BSE Sensex up over 500 points and the Nifty50 ending above 18200 levels. Telecom, banks, metal, and public sectors all contributed to the rally, while sell-offs were seen in FMCG stocks. Usha Martin, Cholamandalam Investment and M&M Financial Services emerged as some of the key gainers. Equity analyst Amol Athawale suggests buying Usha Martin, profiting off Cholamandalam Investment, and buying M&M Financial Services after a short-term correction.

Oil prices remained steady on Friday, but were preparing for their third consecutive week of losses as fears over a weakening US economy and declining Chinese demand hit the markets. Brent crude increased 0.2% to $72.64 a barrel, and US West Texas Intermediate was up 0.3% at $68.73 a barrel. Worries about a US regional banking crisis persisted after PacWest Bancorp confirmed that it plans to explore strategic options, causing concern in the wider market. Investors are now waiting for the release of US employment data that may indicate the state of the economy.

The yen was set for its first weekly gain in almost a month due to safe-haven demand amid pressing turmoil in US banks, while the dollar weakened as traders faced the prospect of more aggressive rate cuts from the Federal Reserve. The euro declined from its one-year high after the European Central Bank slowed the pace of its interest-rate increases. Shares of PacWest Bancorp fell amid fears over the health of regional banks, and traders are expecting more action from the Fed, with Fed funds futures suggesting that cuts could come as soon as June.

"While this policy helps channelize credit towards the renewable energy sector, it could be complemented with a targeted new scheme to provide low-cost funds to banks for onward lending and thereby, lowering the borrowing costs of firms operating in the renewable energy space."

The global currency system needs to be diversified with the adoption of liquid currencies to de-risk the system from dependence on a few reserve currencies, according to Reserve Bank of India Deputy Governor T Rabi Sankar. He also called for the wider adoption of central bank digital currencies (CBDCs) and warned against allowing private virtual currencies like Bitcoin to grow. The Indian central banker said the right infrastructure and liquidity are possible regardless of the currency involved and efficiency can be improved. India began its efforts to internationalise the rupee last year with 18 countries opening rupee accounts.

While Standard Chartered Bank could not be immediately reached for comment, an Adani spokesperson declined to comment on market speculation when asked about the buyback of the USD bonds.

The power financier is likely to issue ₹600 crore worth of five-year non-convertible debentures with a greenshoe option of ₹3,000 crore on May 8. On the same day, the firm is also likely to issue three-year bonds worth ₹400 crore with an additional subscription option of ₹2,000 crore.