Latest Stock Market News

Bitcoin (BTC) has dropped by more than 6 per cent this week and has failed to hold support at $22,000 after successfully breaching $22,600 mid-week. BTC continues to consolidate in the range of $19,400-20.100 which has held as support for months now. If stocks recover their losses next week, there is a likelihood of BTC gaining back $22,000.

The crucial US Federal Reserve meeting is slated for September 21. According to reports, there is a high chance that the Fed shall yet again hike rates by a steep 75 bps as has been done in the past two monetary decisions.

According to the Coinmarketcap data, while the global crypto market-cap has inched higher by 0.76 per cent over the previous day to $972.06 billion, the volumes in the market have softened by close to 26 per cent during the same period to $48.00 billion.

The recent inflation data unexpectedly beat market expectations and renewed fears that the markets could witness a hefty rate hike in September has also been pressurizing markets.At present, markets have already priced in a 75-bps hike in interest rate in September, while 24 per cent of participants expect a 100-bps hike next week.

India has handled its macro situation quite credibly over the last few quarters in an era when the global disruption due to inflation, geopolitical conflicts, supply disruption, and interest rate rises have impacted economies across the globe.This is evident from its currency, inflation rate, and interest rates which have been resilient compared to other competing economies or even some developed economies.

The group of seven nations – the US, Japan, Germany, Britain, France, Italy, and Canada - and the European Union are working to set a price cap on Russian oil. The expected price range would be about USD 40-60 a barrel. This is to limit Russia’s ability to fund its military action on Ukraine.

While Reliance Industries, TCS, HDFC Bank, Hindustan Unilever, Infosys and HDFC suffered erosion from their valuation, ICICI Bank, State Bank of India, Adani Transmission and Bajaj Finance were the gainers.

The change was stark and significant. There was a clearly laid out direction in which the regulatory framework to be headed. There was a recognition of the importance of market participants’ views and their issues. There was focus on logic and data behind regulatory changes. And there was an acknowledgement that the role of regulators goes beyond regulating, to nation building.

"Nifty Bank has outperformed Nifty with a healthy margin recently. YTD, Nifty Bank has risen 15% against 1% rise in Nifty. The technical setup of Nifty Bank is much stronger than Nifty. Indices like IT and Pharma have been dragging Nifty’s performance while participation of PSU banks have helped Nifty Bank to become one of the best performing sectors."

“In the case of chemical companies, in certain instances, we are seeing that the gross block build up that many of these companies are seeing that over the next three to five years is going to be so much that it will add nearly 2x to their current asset base.”