Latest Stock Market News

A record drop in Asian banks’ Additional Tier 1 bonds and a tumble in HSBC Holdings Plc shares on concern of its exposure to Credit Suisse saw Treasury two-year notes erase losses and European stock futures swing to a decline.

Promoters held 51.94 per cent stake in the company as of 31-Dec-2022, while FIIs owned 15.15 per cent, DIIs 20.5 per cent.

The Nifty IT index was trading 1.12 per cent down at 28532.7.

"Even as the global turmoil continues in financial markets, the macro factors are turning better for India. Current account deficit looks below 2.5% Fy 23, and going below 2% in Fy 24. Lower oil helps. If we walk our talk and navigate well, India can stand out in this turbulence," Kotak had Tweeted on Thursday.

Even as Swiss regulators averted a financial crisis by negotiating a $3.25 billion buyout of troubled Credit Suisse by rival UBS, investors are worried about the domino effect in the global banking system.

The stock quoted a 52-week high of Rs 3698.5 and a 52-week low of Rs 2366.55.

The US Federal Reserve hiked rates by an unprecedented 450 basis points since March 2022. Despite this, inflation is far from its target range and head Jerome Powell is committed to taking larger quantum of rate hikes if data suggests that additional measures are required to tame inflation.

A total of 2,356 shares changed hands on the counter till 11:54AM (IST).

Volatility in the market is expected to remain in the near term as Dalal Street will eagerly await the US Federal Reserve’s monetary policy decision in the aftermath of the collapse of 3 major banks in the country.

Tailwind from the entire sector and good buying interest was seen as we concluded from the price action recorded in the week gone by.