A 0.75 percentage point hike in US Federal Reserve interest rates and Fed Chairman Jerome Powell’s comments dismissing recession risks provided relief to markets.
Bajaj Finance jumped 5.8% to its highest level in nearly three months, topping gains in the Nifty 50, after the non-bank lender reported stronger-than-expected first-quarter results.
Tata Motors slid 2.8% in its biggest intraday decline in more than a month after the automaker reported a bigger loss, hit by rising costs.
SpiceJet plunged 9.3% to a March 2020 low after India’s aviation regulator halved the low-cost carrier’s capacity on Wednesday citing recent safety concerns.
Nifty 50 components Dr Reddy’s Laboratories, Bajaj Finserv and SBI Life Insurance are expected to report results later today.
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Bajaj Finserv announces a stock split
#StocksToWatch | @Bajaj_Finserv will split each share into 5 #BajajFinserv #MarketsWithETNOW #EarningsWithETNOW https://t.co/1shTX0N9ks
— AND NOW (@ETNOWlive) 1658989761000
Airtel Africa June quarter results
#EarningsWithETNOW | Airtel Africa Q1 -Adjusted EBITDA at $614m vs. ET NOW poll of $618m -Revenue at $1.26bn v… https://t.co/gDUJgUmfuY
— AND NOW (@ETNOWlive) 1658989323000
Bajaj Finance Zooms 10% on Strong Show in June Quarter
Bajaj Finance shares soared more than 10% in early trading on Thursday after the company reported a massive 156% year-on-year (YoY) increase in consolidated net profit to Rs 2,596 crore and had a strong performance in the quarter ended June 2022. The company had recorded a net profit of Rs 1,002 crore in the corresponding period last financial year, Bajaj Finance said in an ESB filing.
Live Market Updates: IT Stocks Rebound Strongly; Mindtree best performance
Price as of Jul 28, 2022 11:30 AMClick on company names for their live prices.
Nestle India Q2 results: Profits fall 4% YoY to Rs 515 crore; revenues increase by 16%
The profit figure missed the Rs 571 crore figure that analysts were anticipating in an ET NOW poll.
Revenue for the quarter increased by 15.68% year-on-year to Rs 4,055.94 crore from Rs 3,506.17 crore in the same quarter last year.
Nestlé India Q2 results
- PAT at Rs 515 crore vs ET NOW survey of Rs 571 crore
Aswath Damodaran values Zomato at Rs 35. Here is what he says
Valuation Guru Guru Aswath Damodaran has a new fair value for Zomato, which suggests more pain ahead for the new-age stock. Just over a year after Damodaran pegged the value of Zomato at Rs 41 on July 21, 2021, he now sees the stock at Rs 35.32. Considering the wide ranges of estimates that one can have on the total food delivery market (restaurants and grocery stores) in India in 2032 and the uncertainties regarding Zomato’s share of this market and its operating margins , we get a range of values.
Sensex earns 750 points
Unhealthy pharmaceutical stocks slide up to 5%
Price as of Jul 28, 2022 10:24 a.m.Click on company names for their live prices.
Hot stocks: Bajaj twins gain up to 8%
Price as of Jul 28, 2022 10:04 amClick on company names for their live prices.
Live Market Updates: A fire occurred last night at the Neemrana factory in Havells; no reported human loss/injury
Price as of Jul 28, 2022 09:41Click on company names for their live prices.
STOCK IN FOCUS: TATA STEEL
#StocksInNews | Tata Steel announced the split of its shares in a ratio of 1:10 and the EX date for the company… https://t.co/NUEkNSFvRW
— AND NOW (@ETNOWlive) 1658980234000
SpiceJet drops more than 9% after aviation regulator halves capacity
Shares of SpiceJet in India fell 9.3% on Thursday, a day after the country’s aviation regulator ordered the low-cost carrier to cut its approved fleet by 50% this summer for eight weeks, citing multiple security issues. The director general of civil aviation also said on Wednesday that the national airline will be subject to “enhanced surveillance”.
What moved the market at the open?
The data – unemployment at a 50-year low and job vacancies at all-time highs – appear to support the Fed chief’s confidence in the US economy.
The July rally in the domestic market, which pushed the Nifty up around 1500 points from the June lows, appears to be intact in the very near term.
IT stocks after the recent correction could rebound on the back of the Nasdaq rally and continued strength in the US economy. Financials will continue to be resilient.
— Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Tata Steel, YES Bank, SAIL among most active stocks on NSE
Price as of Jul 28, 2022 09:30Click on company names for their live prices.
OPENING BELL: Sensex rises 500 pts, Nifty above 16,750; MTNL jumps 11%, SpiceJet plunges 8%
The FED through its comment made the markets believe that this cycle of rising interest rates could not last long contrary to what had been estimated before. This could have a positive impact on equities globally.
– Siddarth Bhamre, Head of Research, Religare Broking
Stocks under F&O ban
Two stocks – Delta Corp and Indiabulls Housing Finance – are under the F&O ban for Thursday, July 28. Blackout securities under the F&O segment include companies in which the security has exceeded 95% of the market-wide position limit.
The US Fed raises rates by 75 basis points
Federal Reserve officials raised interest rates by 75 basis points for the second month in a row, delivering the most aggressive tightening in more than a generation to rein in soaring inflation – but risking a drag. blow to the economy. Policymakers, facing the strongest price pressures in 40 years, raised the target range for the federal funds rate from 2.25% to 2.5% on Wednesday. That brings the cumulative increase from June to July to 150 basis points – the biggest rise since Paul Volcker’s price-fighting era of the early 1980s.
Asian stocks are trading higher
Asian stocks made cautious gains on Thursday as investors tipped the pace of U.S. rate hikes to slow, lowering bond yields and restraining the dollar. As expected, the US Federal Reserve raised rates by 75 basis points to 2.25-2.5% but noted some softening in recent data.
Quarterly results today
Bajaj Finserv, Nestle India, SBI Life Insurance Company, Vedanta, SBI Cards, Shree Cement, Dr. Reddy’s Laboratories, Punjab National Bank, Mahindra & Mahindra Financial Services and Jubilant FoodWorks are among the companies to announce their quarterly results today.
SGX Nifty reports positive start
Nifty futures on the Singapore Stock Exchange traded 99 points, or 0.59%, at 16,782.50, signaling Dalal Street was heading for a positive start on Thursday.
Tech View: Nifty50 forms bullish candle and may test recent high
The bullish candle completely engulfed the previous negative candle, signaling the formation of a Bullish Piercing Line candle pattern, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Oil prices rise slightly due to low inventories and strong demand for gasoline in the United States
Oil prices rose slightly on Thursday, extending gains from the previous session, supported by falling crude inventories and rising gasoline demand in the United States. Brent futures for September rose 40 cents, or 0.4%, to $107.02 a barrel as of 0010 GMT, after gaining $2.22 on Wednesday.
Tokyo stocks open higher, extending US gains
Shares in Tokyo opened higher on Thursday, extending rallies on Wall Street after the US Federal Reserve announced a sharp hike in interest rates. The benchmark Nikkei 225 rose 0.75%, or 209.14 points, to 27,924.89 in early trading, while the broader Topix index was up 0.42%, or 8, 24 points, at 1,953.99.
US stocks rally, dollar drops on bets for slower rate hike
U.S. stocks rose sharply and the dollar lost ground as investors bet the Federal Reserve would slow interest rate hikes after it announced a rate hike in line with expectations on Wednesday.
The rupee slides to 79.91 against the US dollar
The rupee fell 13 paise to close at 79.91 against the US dollar on Wednesday on investor risk aversion sentiment ahead of the outcome of the US Federal Reserve meeting.
Sensex, Nifty on Wednesday
The 30-pack of Sensex shares advanced 548 points or nearly 1% to close at 55,816. Its broader counterpart, Nifty50, added 158 points to close above the 16,600 mark.
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