• Stock Market Live Updates: Indian stock markets are expected to remain optimistic early on Wednesday with SGX Nifty trading in the green. Wall Street closed higher on Tuesday on strong earnings. Asian markets are also trading in the green.
Despite China's Covid concerns, investors remain optimistic as US corporate earnings remain strong and comments from Fed officials indicate they are prepared to slow the pace of rate hikes.
23 November 2022, 08:52:44 AM IST
Reliance Securities pre-market thoughts for today: We expect a recovery starting 3QFY23 on softening commodity prices and monetary easing by central banks
US equities closed higher as markets have already factored positively into the Federal Reserve's interest rate hike route. The S&P 500 was up 0.8% after falling 0.4% in the previous session. The Dow Jones rose 0.8%, while the Nasdaq Composite rose 0.5%. The yield on 10-year Treasury notes fell to 3.770% from Monday's 3.825%. Meanwhile, rising cases of COVID-19 in China raised concerns, with global stocks and commodities rallying on the prospect of easing restrictions just weeks later.
Domestic stocks ended with gains after a weak opening. Nifty was up 0.5%, Nifty Mid Cap was up 0.6% while Nifty Small Cap was largely flat. All sectoral indices closed in the green except Nifty Realty (-1.2%). Nifty PSU Bank was the top gainer, gaining 1.7%, followed by Nifty Metal and Nifty IT, up 0.9% and 0.8%, respectively. Meanwhile, the Government of India may increase its allocation to the Ministry of Rural Development by 18% to ₹1,600 billion for FY23. India has been able to do well on the strength of its strong economic fundamentals. 2QFY23 results season is over. Overall, Nifty 50 companies managed to beat Street estimates. However, margins of most manufacturing sectors remained under pressure due to higher input costs and weak realisations, which adversely impacted operating cash flows of private companies. While the recent fall in input costs has brought relief, a lot also depends on consumer demand. We expect recovery beginning 3QFY23 on softening commodity prices and monetary easing by central banks which is likely to boost demand. The Federal Reserve is unlikely to slow down the pace of its interest rate hikes in the near term which could weigh on the market in the coming weeks.
Gap opening can be seen in the markets; The SGX Nifty is up 107 points over the previous spot Nifty. Asian markets are trading in the green; The Nikkei is up 0.6% while the Hang Seng is up 0.1%.
23 November 2022, 08:49:52 AM IST
Collaborate with institutions to find alternative to coking coal: Goyal to steel industry
Commerce and Industry Minister Piyush Goyal on Tuesday said availability of coking coal is a major challenge for the domestic steel sector and the industry should collaborate with reputed institutions like IITs to conduct research to find alternative solutions.
He said the industry needs to become self-sufficient on coking coal to remove India's dependence on a few countries for the key raw material for steel makers.
"Coking coal is a matter of concern for the industry. We can look at investments and alternatives. You can find solutions for its alternatives. I urge the industry to do research with our IITs or Indian Institute of Science. Its the wanted." Time to become self-reliant," Goyal said at a steel conclave here.
23 Nov 2022, 08:41:09 AM IST
Cryptocurrency Prices Surging Today as Bitcoin, Ether, Dogecoin Surge
Among cryptocurrencies, the world's largest and most popular digital token bitcoin price was trading above the $16,000 mark today with a gain of over 4% at $16,463. On the other hand, Ether, the coin associated with the Ethereum blockchain and the second largest cryptocurrency, also gained more than 5% to $1,159.
According to CoinGecko data, the global crypto market cap remained below the $1 trillion mark today, even as it surged over 4% to $855 billion over the past 24 hours.
23 November 2022, 08:40:15 AM IST
13 companies in final list of potential buyers of FRL
Reliance Retail, Adani Group's JV April Moon Retail and 11 other companies have made it to the final list of potential bidders for the acquisition of debt-ridden Future Retail Ltd.
An update issued by Resolution Professional for Future Retail Limited (FRL) said that these companies have been included in the final list of potential resolution applicants after receiving no objections from relevant stakeholders in the provisional list released on November 10. .
As per the update, "no objections were received after the release of the provisional list of potential resolution applicants dated November 10, 2022."
Apart from Reliance Retail and April Moon Retail, other major entities in the race are Capri Global Holdings, Dharmapal Satyapal, Nalwa
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