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Indian markets rebound after seven-day decline amid mixed global cues

Indian equity markets ended a seven-day losing streak on November 19, with the Nifty closing at 23,518.50, up 64.70 points or 0.28%. Key gainers included M&M, Trent, and HDFC Bank, while SBI Life Insurance and Reliance Industries were among the top losers. The market was closed on November 20 for Maharashtra Assembly polls, with sectors like media, auto, and realty showing gains, while metal and oil & gas sectors declined.

markets poised for rebound despite downward trend says expert analyst

Milan Vaishnav, founder of Gemstone Equity Research & Advisory Services, anticipates an imminent technical rebound in the markets despite a downward trend. He is closely monitoring the 50-week moving average at 23,304, warning that a breach could lead the Nifty to test 23,000. Vaishnav notes that the Bank Nifty appears stronger and is likely to outperform other indices moving forward.

Market sentiment sours as IT stocks drag indices lower for seventh session

Benchmark indices Nifty and Sensex continued their decline for the seventh consecutive session, with the Nifty dropping below 23,400 amid a significant downturn in IT stocks. Concerns over slower US interest rate cuts and rising import prices have shifted market sentiment from "buy the dip" to "sell on the rise." As of 10 am, the Sensex was down 390.49 points at 77,189.82, while 1,131 shares advanced and 2,132 shares declined.

HDB Financial shares rise ahead of upcoming IPO launch

HDB Financial Services shares have surged in the unlisted market ahead of its IPO launch, with significant activity following the filing of its draft red herring prospectus with SEBI in October. Currently, shares are trading at Rs 1,295, down from Rs 1,450 around October 20, yet still reflecting strong investor interest.

mutual funds increase investments in top stocks amid market correction

In October, mutual funds (MFs) made net purchases exceeding Rs 92,000 crore in local equities, focusing on top Nifty stocks, while foreign institutional investors (FIIs) sold over Rs 94,000 crore. Despite a market correction with major indices dropping over 7%, MFs heavily invested in Mahindra & Mahindra, HDFC Bank, Axis Bank, ICICI Bank, and SBI, with Mahindra & Mahindra attracting Rs 6,840 crore despite a 12% decline in its stock price. HDFC Bank saw inflows of Rs 5,756 crore, while Axis Bank and ICICI Bank received Rs 4,115 crore and Rs 3,897 crore, respectively.

RBI identifies SBI HDFC Bank and ICICI Bank as systemically important banks

The Reserve Bank of India has identified State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). SBI will face an additional Common Equity Tier 1 requirement of 0.80% of Risk Weighted Assets, while HDFC Bank and ICICI Bank will have requirements of 0.40% and 0.20%, respectively. The higher surcharges for SBI and HDFC Bank will take effect from April 1, 2025, with interim rates of 0.60% and 0.20% applicable until then.

quarterly earnings reports reveal mixed results across various sectors

The Q2 earnings season for FY25 is underway, with major companies like Apollo Hospitals, Kansai Nerolac Paints, and Trident set to release their results. While many firms have reported, the overall corporate earnings scorecard has been weak, with only 62% meeting or exceeding profit expectations, particularly in the consumption sector. Notably, GAIL's earnings missed expectations due to lower gas trading margins, while Power Grid's profit remained flat year-on-year.

Singapore government becomes largest foreign portfolio investor in India

The Singapore government has solidified its status as the largest foreign portfolio investor in India, with assets valued at Rs 2.69 lakh crore, surpassing the combined holdings of Norges Bank and Capital Group. This marks a significant increase from Rs 1.29 lakh crore in September 2022, reflecting the rapid growth of its sovereign fund. The Singapore government first claimed the top position in September 2022, narrowly edging out Capital Group, whose assets now lag behind by a substantial margin.

Niva Bupa Health Insurance IPO opens November 7 with key details revealed

Niva Bupa Health Insurance's IPO will open for subscriptions from November 7 to November 11, 2024, with a proposed listing on November 14, 2024. The ₹2,200 crore offering includes an offer to sell 18.92 crore shares and a new issue of 10.81 crore shares, priced between ₹70 and ₹74 each. Key risks include managing underwriting risks and accurately estimating medical expenses, while the grey market premium currently stands at Nil.

HDB Financial prepares for IPO as HDFC Bank's non-banking arm debuts

HDB Financial Services, a subsidiary of HDFC Bank, is set to debut in the stock market with an initial public offering (IPO) that includes a fresh issue of equity shares and an offer-for-sale. Currently, HDFC Bank holds a 94.36% stake in the non-banking financial company, which provides a variety of financial products including personal and vehicle loans.
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