Latest Stock Market News

NMDC s strike by trade unions has ended, restoring normal operations as employees resumed work on March 20. This follows a significant production drop since March 6, affecting India s largest iron ore producer. The stock has been recommended as a Hold and has seen a 5% decline in three months but an 82% gain over two years.

Rupen Rajguru, Senior Advisor at Julius Baer, discusses the gradual market recovery and improved sentiment due to a weakening dollar. He notes the positive impact on emerging markets like India, driven by government spending, liquidity measures, and regulatory easing. Rajguru highlights potential growth in NBFCs, OMCs, and power sector segments, especially in Transmission & Distribution.

IndusInd Bank hired Grant Thornton Bharat to conduct a forensic check on its derivatives operations after disclosing a potential ₹1,600 crore marked-to-market loss due to internal trades. The Reserve Bank of India directed the bank to appoint a new auditor, and the investigation will scrutinize the lapses, accountability, and financial implications within the bank.

The board will also consider a proposal on the appointment process for key management personnel at market infrastructure institutions such as stock exchanges and easing rules for foreign portfolio investors (FPIs).

Renewable energy firm Greenko Energy Holdings raised around $1 billion from investors, while Muthoot Finance raised $250 million. Greenko s bond was priced at 7.25%, tighter than the initial 7.62% target. The bond, issued under a dual Reg S and Reg S 144A structure, is backed by Greenko Wind Projects (Mauritius) and drew over $3 billion in investor interest. However, the company opted to retain $1 billion, according to two sources.

The rally was fueled by renewed foreign investor interest and expectations that the recent market downturn has bottomed out. In today’s session, stocks like Adani Green, Adani Enterprises, NCC, Dr. Reddy’s, Max Healthcare, and Apollo Hospitals will be in focus due to key developments.

Amrendra Singh has been appointed as the new head of equity capital markets at SBI Capital Markets, succeeding Deepak Kaushik. Singh has been with the SBI group for nearly 25 years, holding various leadership roles. He is a CFA charterholder with a focus on banking innovation, risk management, and global financial services enhancement.

This is primarily because of two reasons. First, banks are increasingly sourcing funds from global markets at cheaper rates. Second, demand for foreign currency loans from companies remains static. So, there is not much upward movement in foreign currency non-resident-bank (FCNR-B) deposit rates, although the central bank had raised the deposit rate ceiling at the last monetary policy announcement on December 6 by previous governor Shaktikanta Das.

Large private sector banks in India are blocking Indian promoters plans to establish investment companies abroad due to concerns of sidestepping foreign currency regulations. Offshore entities can move significantly higher amounts compared to the liberalised remittance scheme, raising concerns of misuse for personal use.

Echoes of that era are reverberating now. The technology this time is artificial intelligence. After a wild stock market rally that sent the S&P 500 soaring 72% from its trough in October 2022 to its peak last month, adding more than $22 trillion of market value in the process, signs of trouble are emerging. Stocks are starting to sink, with the Nasdaq 100 losing more than 10% to fall into a correction and S&P 500 briefly dropping to that level. And the symmetry is raising frightening memories from a quarter century ago.