| Daily Snippets|
Date: 29th May 2023
- Key equity benchmarks ended Monday with moderate gains despite volatility during the session. Nifty closed around the 18,600 level.
- Consumer durables, financials, and metal stocks performed well, while oil & gas and IT shares saw some selling.
- Investor relief as President Joe Biden and congressional Republican Kevin McCarthy reached an agreement to lift the US debt ceiling. The deal suspends the $31.4 trillion debt ceiling until January 2025.
- The cap on government spending in Washington’s deal poses challenges to the US economy already burdened by high interest rates and limited credit access.
- The majority of the European markets declined, while most of the Asian stocks edged higher on Monday as U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nations debt ceiling.
- US stocks rose on Friday as talks on raising the US debt ceiling progressed. President Biden and Speaker McCarthy reached a final agreement to avert US default and to suspend the debt limit through January 2025.
Stocks in Spotlight:
- ICICI Lombard General Insurance Co Ltd witnessed an 8 percent surge in its shares after the ICICI Bank board approved a proposal to increase its stake in ICICI Lombard by 4 percent through multiple transactions. Currently, the bank holds a 48.02 percent stake in the general insurance company. ICICI Bank aims to acquire a minimum of 2.5 percent of the additional 4 percent stake by September 9, 2024
- Bharat Heavy Electricals Ltd witnessed a 5 percent increase in its shares during early trade following the announcement of its Q4 results. On a consolidated basis, the company reported net sales of Rs 8,226.99 crore in March 2023, reflecting a growth of 2.05 percent compared to Rs 8,061.68 crore in March 2022.
- Sun Pharmaceutical Industries saw a decline of 0.26% in its stock. The company made a significant move by sending a letter to the board of directors of Taro Pharmaceutical Industries, Israel (Taro), expressing its interest in acquiring all the outstanding ordinary shares of Taro, except for those already held by Sun Pharma or its affiliates. The proposal outlined a non-binding indication of interest, offering a purchase price of $38 per ordinary share in cash.
News from the IPO world🌐
- Ola Electric aims for IPO by 2023 end, hires Goldman, Kotak
- SEBI proposes to cut down IPO listing timeline to 3 days
- Westbridge and Nexus-backed India Shelter Finance eyes Rs 2,000-cr IPO
Day Leader Board
Nifty 50 Top Gainers
Nifty 50 Top Losers
|Top Sectors||% YTD|
|NIFTY CONSUMER DURABLES||1.29%|
|NIFTY FINANCIAL SERVICES||0.84%|
Advance Decline Ratio
|Advance/Declines||Day change (%)|
Numbers📈 that matter
|Indices Name||Latest||% 1D||% YTD|
|Dow Jones (US)||33,093||1.0 %||(0.1) %|
|10 Year Gsec India||7||0.30%||-4.10%|
|WTI Crude (USD/bbl)||73||1.2 %||(5.5) %|
|USD/INR||82.74||0.0 %||0.1 %|