Latest Stock Market News

Spot gold was unchanged at $1,982.58 per ounce by 0012 GMT. U.S. gold futures fell 0.1% to $1,990.80.

In December, SUUTI held six lakh shares representing a 0.02% stake in the bank, which was down from 1.6% in September 2022. According to the stock exchange data, as of end-March 2023, the stake was down to zero. The derecognition as a promoter also takes away the right to appoint a nominee director on the bank’s board.

MSCI Inc.’s Asia Pacific Index fell after an earlier advance, with Japan and Australia leading the losses. Shares in Hong Kong declined even as initial data showed tourism and consumer activities in China rose sharply on the first day of the five-day Labor Day holiday. Chinese markets will reopen Thursday.

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Sectorally, buying was seen in telecom, capital goods, utilities, public sector and power stocks while selling was seen in consumer durables. Stocks that were in focus include names like Syngene International which rose more than 4%, EIH rallied nearly 10% and REC closed with gains of over 5% on Friday.

Investors should look to buy the dips till 17,800 levels are not breached on the downside on Nifty and should accumulate quality stocks, while traders should focus on stocks and sectors that are relatively outperforming the Nifty.

Dow rises 18.65 points, S&P 500 opens lower by 2.69 points and Nasdaq Composite drops 16.54 points

The collapse of First Republic Bank, the third major casualty of the US banking sector since 2008, has led to the fall of shares of regional lenders. The KBW Regional Banking Index was down nearly 1%.

Indian equities continued to rise for the seventh consecutive session, with Nifty crossing 18,000 levels, as IT stocks rallied on strong earnings results from Meta. The positive momentum is likely to continue if the Nifty maintains the support zone of 17800-17780. The midcap index also broke out of a consolidation period on the previous trading day, reflecting a positive outlook

Falling demand for oil in light of the weakening Chinese economy and the possibility of increasing interest rates from the US Federal Reserve, left oil prices down on Monday, despite supply cuts from OPEC+ taking effect this month. The Fed is widely anticipated to raise interest rates by 25 basis points to 1.75%. Currency holders also suffered as the US dollar climbed. Brent crude dropped by 1.8% to $78.86 per barrel while US West Texas Intermediate crude slid 1.9% to $75.29 per barrel.