BSE in Mumbai. (Express photo by Ganesh Shirsekar)Share/Stock Highlights: The benchmark equity indices on BSE and National Stock Exchange (NSE) staged a sharp recovery from their intraday lows to end over 0.6 per cent higher and snapping out of a five-session losing streak on Tuesday. The markets will be shut on Wednesday on account of Republic Day.
The S&P BSE Sensex rose 366.64 points (0.64 per cent) to end at 57,858.15 while the Nifty 50 climbed 128.85 points (0.75 per cent) to settle at 17,277.95. Earlier in the day both the indices had opened over 1 per cent lower and fell as much as 1.9 per cent in the early trade with the Sensex touching 56,409.63 and the Nifty hitting 16,836.80.
On the Sensex pack, Maruti Suzuki India, Axis Bank, State Bank of India (SBI), IndusInd Bank, Bharti Airtel and Power Grid Corporation of India were the top gainers of the day while Wipro, Bajaj Finserv, Titan Company, Infosys, Ultratech Cement and Tech Mahindra were the top laggards.
(with inputs from agencies)
Two Bengaluru-based companies on Monday announced raising nearly a billion dollars in fresh funds — with ride-hailing firm Ola’s electric scooter spinoff, Ola Electric, raising $200 million and food-tech platform Swiggy announcing $700 million investment from marquee investors. Click here to read
The rupee declined 7 paise to 74.67 against the US dollar in opening trade on Tuesday weighed down by the strength of the American currency and muted domestic equities.
Forex traders said geopolitical tensions, sustained foreign fund outflows and elevated crude oil prices also dragged down the local unit. Further, investors will also await the outcome of the US Federal Reserve meeting this week.
At the interbank foreign exchange, the rupee opened flat at 74.60 against the US dollar, then slipped further to 74.67, registering a decline of 7 paise from the last close. On Monday, the rupee had settled at 74.60 against the US dollar.
(PTI)
Oil rose after the biggest one-day drop this year as traders focused on the still-positive demand outlook and appetite for risk rebounded.
West Texas Intermediate climbed toward $84 a barrel after shedding more than 2% on Monday, when U.S. equities swooned then recovered. The volatile trading comes as the Federal Reserve prepares the ground for interest-rate increases, and Russian troops mass on the border with Ukraine. In recent months, oil bears have retreated as speculators turn more bullish amid lower stockpiles. Click here to read
Market regulator Sebi has asked PTC India Financial Services (PFS) to address corporate governance and all other issues raised by the company’s resigning independent directors and former Chairperson before holding any board meeting. The Securities and Exchange Board of India (Sebi) has also asked the company to file an action taken report in this regard to it within four weeks.
In an exchange filing, PFS said, “We would like to mention that a meeting of the board of directors was scheduled to be held on January 22. However, as the company did not have quorum in compliance of SEBI (LODR) Regulations, 2015, the same could not be held.” Click here to read
Air India will likely be handed over to the Tata Group on January 27 with the disinvestment process reaching the final stages, according to the airline’s officials. The airline’s balance sheet was finalised and shared with the Mumbai-based conglomerate on Monday, and the company is expected to review it by Wednesday, following which the transfer will be made. Click here to read
Asian shares and U.S. futures tumbled on Tuesday after a tumultuous Wall Street session, with investors nervous about the situation in Ukraine and eyeing the U.S. Federal Reserve amid worries about a move to tighter monetary policy globally.
NATO said on Monday it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets, in what Russia denounced as Western "hysteria" in response to its build-up of troops on the Ukraine border.
MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.2%, falling to its lowest in a month, and Japan's Nikkei skidded 2% to its lowest level since August.
There were sharp declines around the region. Hong Kong lost 1.64% and Korea's KOSPI fell 1.67%. The Australian benchmark tumbled 2.73% to hit an eight-month low, hurt also by a high inflation print Tuesday morning that stoked fears of approaching rate hikes Down Under.
(Reuters)
The Sensex slumped 905.16 points to 56,586.35 in opening session, Nifty tanked 253.80 points to 16,895.30.
(PTI)
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