BUSINESS
Bull market for US stocks on the brink of expiring
The S&P 500 finished 0.1 per cent lower at 3,930.08 on Wednesday, after falling as far as 3,858.87 at its session low.
That was the index's lowest close since March 25, 2021, and left it 18.1 per cent below its record finish from early January. A close below 3,837.25 would mark a 20 per cent fall, according to Dow Jones Market Data, meeting the widely-used technical definition of a bear market, the report said.
LIC listing, wholesale inflation will give cues to mkt next week: Samco Securities
The Commerce and Industry Ministry is scheduled to release wholesale inflation data for April on Tuesday. In absence of any positive catalysts, the benchmark equity indices are expected to remain under pressure as selling is emerging on every bounce, said Yesha Shah, Head of Equity Research, Samco Securities.
It's Elon Musk vs Parag Agrawal at Twitter as platform suffers
Musk now wants to know how many Twitter accounts are spam or fake, before he invests a huge sum of money.
The sudden realisation came when the micro-blogging platform revealed in a filing earlier this week that false or spam accounts represented fewer than 5 per cent of its monetisable daily active users (mDAUs) during the first quarter (Q1). Amid this, Twitter CEO Parag Agrawal sacked a couple of key executives in a bid to "take the team in a different direction".
Indices fall for sixth straight day, Sensex sheds 2.7% this week cumulatively
Shedding its entire opening gains, the domestic indices entered into the red territory later in the day on Friday. Sensex closed at 52,794 points, down 137 points or 0.3 per cent, whereas Nifty closed at 15,782 points, down 26 points or 0.2 per cent. Notably, equity investors were concerned about the persistent high inflation globally and tightening monetary policy stance by several central banks.
Shares of Greaves Cotton up sharply as company's e-mobility venture turns profitable
The company's e-Mobility business reportedly turned profitable in Q4FY22. At 3.04 p.m., the shares traded up 7.8 per cent at Rs 141. Earlier in the day, it rose as much as 11 per cent. The company reported its highest-ever consolidated revenue of Rs 621 crore, up 19 per cent year-on-year from Rs 520 crore in Q4FY21.
Swiggy enters high-end dining market with $200 mn acquisition of Dineout
Reliable sources told IANS that the acquisition size could be around $200 million. Dineout, which serves millions across its network of 50,000 restaurants in 20 cities, will continue to operate as an independent app post the acquisition.
Musk puts $44 bn Twitter deal 'on hold' over fake user accounts
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users," Musk said in a tweet to his over 92 million followers. Twitter's share price plunged 19 per cent on the news of the deal being put on hold.
Equity indices up in opening deals
Sensex was up 481 points or 0.9 per cent to 53,411 points in early trade, whereas Nifty up 147 points or 0.9 per cent at 15,955 points. However, equity investors remain worried amid the persistently high inflation and tight monetary policy stance by several central banks.
Hike in interest rates by banks may hit housing demand: Realtors
From major banks to even small finance banks, several joined the bandwagon of raising lending and deposits rate. A number of banks raised their external benchmark based lending rates following an increase of 0.40 per cent in the repo rate -- at which the RBI lends short term money to banks.
RBI may raise policy rates by 75 bps cumulatively in next 2 reviews: SBI Research
Beyond August, rate actions might be more balanced and judicious and the terminal repo rate is expected to be at 5.15-5.25 per cent by FY23, it said. This is tantamount to saying that the RBI should not increase the repo rate by more than 1.25 per cent for an incremental negative contribution to kick in.
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