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India stocks higher at close of trade; Nifty 50 up 1.46% – India stocks were higher after the close on Monday, as gains in the Real Estate, Metals and Technology sectors led shares higher.



India stocks higher at close of trade; Nifty 50 up 1.46%
© Reuters India stocks higher at close of trade; Nifty 50 up 1.46% – India stocks were higher after the close on Monday, as gains in the , and sectors led shares higher.

At the close in NSE, the rose 1.46%, while the index climbed 1.40%.

The best performers of the session on the were IndusInd Bank Ltd. (NS:), which rose 7.80% or 88.90 points to trade at 1229.10 at the close. Meanwhile, Bharti Airtel Ltd. (NS:) added 4.21% or 28.85 points to end at 714.20 and Hindalco Industries Ltd. (NS:) was up 3.99% or 18.35 points to 478.15 in late trade.

The worst performers of the session were UPL Ltd (NS:), which fell 2.72% or 20.15 points to trade at 720.05 at the close. Mahindra & Mahindra Ltd. (NS:) declined 1.57% or 13.90 points to end at 870.35 and Bajaj Finserv Ltd (NS:) was down 1.43% or 255.45 points to 17565.70.

The top performers on the BSE Sensex 30 were IndusInd Bank Ltd. (BO:) which rose 7.75% to 1228.35, HCL Technologies Ltd (BO:) which was up 3.91% to settle at 1189.10 and Bharti Airtel Ltd (BO:) which gained 3.80% to close at 712.30.

The worst performers were Mahindra & Mahindra Ltd. (BO:) which was down 1.56% to 870.00 in late trade, Bajaj Finserv Ltd (BO:) which lost 1.49% to settle at 17564.70 and Nestle India Ltd (BO:) which was down 0.60% to 18888.00 at the close.

Rising stocks outnumbered declining ones on the India National Stock Exchange by 1229 to 516 and 55 ended unchanged; on the Bombay Stock Exchange, 2028 rose and 1096 declined, while 173 ended unchanged.

Shares in IndusInd Bank Ltd. (NS:) rose to 52-week highs; gaining 7.80% or 88.90 to 1229.10. Shares in IndusInd Bank Ltd. (BO:) rose to 52-week highs; rising 7.75% or 88.30 to 1228.35.

The , which measures the implied volatility of Nifty 50 options, was down 1.09% to 17.2350.

Gold Futures for December delivery was up 0.20% or 3.60 to $1787.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.51% or 0.43 to hit $84.00 a barrel, while the January Brent oil contract rose 0.91% or 0.76 to trade at $84.48 a barrel.

USD/INR was up 0.01% to 74.921, while EUR/INR rose 0.06% to 86.6645.

The US Dollar Index Futures was up 0.03% at 94.145.

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Stock Market

The Bank of England buys government bonds instead of a planned sale



UK government bonds Bank of England

The Bank of England buys government bonds. It was decided to suspend the start of the previously announced government bond sales program and instead will start buying government bonds amid a sharp rise in their yields.

“UK government bonds Bank of England will start to buy from September 28. The purpose of these purchases is to return to normal market conditions. Purchases will be made in any scale, which is necessary to achieve the goal,” – said in a statement of the British Central Bank.

The yield on U.K. 10-year government bonds reached 4.611 percent in Wednesday’s trading, recording the highest increase since 1957 since the beginning of the month. After the Bank of England’s announcement, yields fell about 45 basis points to 4.07%. The news also caused yields on other government bonds around the world to fall.

The surge in yields on British government debt is caused by the previously announced large-scale tax cuts, which, according to British authorities, will increase the budget deficit in the current fiscal year by more than 70 billion pounds.

Earlier, we reported that Goldman lowered its recommendation on global equities for the next 3 months to “below market”.

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Stock Market

Goldman Sachs stock forecasts: Goldman has downgraded its recommendation for global stocks for the next 3 months to “below market”



Goldman Sachs stock forecasts

A new Goldman Sachs stock forecast has emerged. Analysts at U.S. bank Goldman Sachs Group Inc. (NYSE:GS) have downgraded their recommendation for global stocks for the next three months to “below market” and maintained an “above market” recommendation for cash amid recessionary risks, Bloomberg writes.

“Current stock valuations may not fully reflect the risks involved, and there’s a chance they will drop even further before they bottom out. Also have a disappointing Goldman Sachs economic forecast,” the Goldman strategist team, led by Christian Muller-Glissmann, wrote.

BlackRock, the world’s largest company by assets under management, advises investors to “divest from most stocks.”

Experts at Morgan Stanley (NYSE:MS) and JPMorgan Asset Management previously laid out similar concerns after the world’s top central banks signaled their firm’s resolve to fight inflation, sending global stocks plunging in the past few days.

Goldman analysts last week sharply lowered their forecast for the value of the U.S. S&P 500 stock index for the end of this year, to 3,600 points from the previously expected 4,300 points. The day before, the indicator finished trading at 3655 points.

Earlier, we reported that European stock markets are trading contradictoryly.

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Stock Market

European stock markets are trading contradictory today



biggest european stock markets

During today’s trading the major European stock markets do not show unified dynamics. The composite index of the largest companies in the region, Stoxx Europe 600, decreased by 0.18% to 389.68 points.

European stock markets trading today

British stock index FTSE 100 was down 0.06%, while German DAX gained 0.19% and French CAC 40 gained 0.16%. Italian FTSE MIB rose by 1%. Spanish IBEX 35 decreased by 0.34%.

The British financial company Virgin Money UK PLC was among the leaders of the fall in the components of the Stoxx Europe 600 index, falling by 6.7%.

Shares of the Swiss manufacturer of heating and ventilation systems rose 8.4% as Berenberg’s experts improved their recommendations on the company’s securities and raised their price target.

Concerns about the state of the global economy are growing amid persistently high inflation and aggressive measures by major central banks to curb it, writes CNBC.

The elections in Italy are also in the spotlight. The Italian Democratic Party acknowledged defeat in early parliamentary elections that took place on Sunday, reported the media.

The market is also pressed by continuing geopolitical tensions with the ongoing “referendums” in several regions of Ukraine.

Meanwhile, the level of business confidence in the German economy in September fell to 84.3 points from 88.6 points in August, according to a report by the research organization IFO.

Earlier we reported that the yield of British government bonds rose to a 14-year high.

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