11:12 AM
MOSL on RR Kabel IPO: Subscribe
We like RRKL given its strong positioning in C&W industry with good brand recall and extensive distribution network. The issue is valued at 39x annualized Q1FY24 P/E which is in line with peers. We believe RRKL could benefit from the industry tailwinds given its size and higher presence in B2C segment. Hence, we recommend Subscribe.
11:04 AM
Commodities Watch | Oil near 10-month peak on supply tightness, US inflation data awaits
The international benchmark Brent futures rose 17 cents, or 0.2%, to $92.23 a barrel by 0441 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 21 cents, also 0.2%, to $89.05 a barrel.
10:50 AM
Forex News | Dollar steady as US inflation data awaited, yen retraces gains
The U.S. currency advanced around 0.2% to 147.39 against the yen. It has now firmly retraced its biggest one-day percentage rise in two months that was made on Monday following remarks from Bank of Japan (BOJ) Governor Kazuo Ueda over the weekend.
10:03 AM
IPO News: RR Kabel IPO opens for subscription. Should you bid?
Analysts advised investors to subscribe to the issue as the company is well placed within the industry and has the scope to improve margins and healthy cash flow growth going ahead.
Market experts have been repeatedly warning of froth in the mid-and small-cap segments. And, the fear of sharp correction in this space has finally happened with 4.10 percent correction in the Nifty Small-cap index and 3.07 percent correction in the Nifty Mid-cap index. Even after this correction, fundamentals do not support the valuations in these segments. Therefore, more pain is likely.On the other hand, high quality large-caps in banking, capital goods and IT are on stronger wicket. More selling in the broader market and buying in large-caps is likely in the near-term.Even though the undercurrent of the market is strong, fundamentals do not support a sustained rally. Crude at $92 is a big macro concern. The market is ignoring this headwind.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
09:04 AM
Stock Market Live Updates: Birkenstock files for US IPO as listings recovery gains pace
Its filing with the U.S. securities regulator did not disclose the financial details of the offering, but revealed that net revenue for the six months ended March 31 rose 19% to 644.17 million euros ($692.87 million) and profit fell 45.3% to 40.21 million euros.
The German sandal maker’s IPO ambitions come hot on the heels of filings by British chipmaker Arm, data automation provider Klaviyo and grocery delivery app Instacart, as equity markets in the U.S. thaw after a murky economic outlook led to a slow start to the year.
While the medium-term structure of the market is still positive, we believe that the market will experience range-bound movement in the near future. For traders, it is important to note that 19900 could be a key support level while 20070-20110 could be immediate resistance zones for the bulls. It is advisable for traders to sell on an upswing till the markets do not cross 20110. For Bank Nifty, 45700-45900 would be the biggest resistance zone to overcome. The ideal strategy would be to sell around 45700 with a tight stop loss at 45900, while support would be at 45300 and at 45000. For the Nifty IT index, it is heading towards 33350, where it has ultimate resistance. Above the same, it could move to 34200 levels which would also change the outlook for the IT sector.
– Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Gold prices were marginally down and hit a three-week low while silver closed flat on Tuesday. Chart-based selling was seen amid bearish technicals. A firmer U.S. dollar index too had been weighing on the precious metals. Metals traders are anxiously awaiting the U.S. inflation report scheduled for this evening.The dollar index is trading steady near 6-month highs and the U.S. 10-year bond yields are also sustaining above 4.25% levels ahead of the U.S. inflation data. Silver traded steady amid recovery in the base metals. We expect gold and silver to remain volatile in today’s session ahead of the U.S. inflation data and ECB monetary policy meetings.Gold has support at $1900-1888 while resistance is at $1924-1936. Silver has support at $22.72-22.58, while resistance is at $23.22-23.40 In INR terms gold has support at Rs58,480, 58,240. while resistance is at Rs58,920, 59,170. Silver has support at Rs71,350-70,650, while resistance is at Rs72,540–72,950.
– Rahul Kalantri, VP Commodities, Mehta Equities
07:56 AM
Markets Live Updates: Asian markets await US inflation test, surging oil add to price jitters
Asian shares were subdued after Wall Street wobbled overnight with markets bracing for key U.S. inflation data on Wednesday, while an oil price spike stoked anxiety about persistent price pressures, complicating the interest rate outlook.
07:55 AM
Markets Live Updates: Gold flat as investors focus on US CPI data
Gold prices were flat on Wednesday, trading above a more than two-week low hit in the previous session, as investors awaited U.S. inflation data that could shape expectations around the Federal Reserve’s interest rate outlook.
07:19 AM
Markets Live Updates: GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded 43.5 points, or 0.22 per cent, at 20,073.50, signaling that Dalal Street was headed for positive start on Wednesday.
07:19 AM
Tech View: Nifty forms bearish candle with long wick
By ending 3 points lower after hitting an all-time high level of 20110, Nifty formed a bearish candle with a long wick on the daily chart on Tuesday. Analysts are not yet calling it a top reversal but the sharp sell-off in broad market indices is indicating more weakness ahead for the benchmark in the coming sessions.
07:18 AM
Rupee rises 8 paise to close at 82.95 against US dollar
The rupee appreciated 8 paise to close at 82.95 against the US dollar on Tuesday amid suspected RBI intervention.
07:18 AM
Wall Street ends lower as Oracle tumbles on weak forecast
Wall Street stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week.
07:18 AM
Markets Live Updates: Oil prices hover near 10-month high on supply concerns
Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China.
07:18 AM
Sensex, Nifty on Tuesday
While the 50-stock index ended at 19,993.20, down by 3.15 points or 0.02%, S&P BSE Sensex finished at 67,221.13, higher by 94.05 points or 0.14%. Banking gauge NiftyBank settled at 45,511.35, lower by 59.35 points or 0.13%.
