9 January 2023, 15:59 PM
Sensex, Nifty live updates: Rupee rises against USD
Rupee gains 29 paise to close at 82.37 (provisional) against US dollar
9 January 2023, 15:58 PM
Sensex, Nifty live updates: Markets snap 3-day losing streak
Sensex rallies 846.94 points to end at 60,747.31; Nifty jumps 241.75 points to 18,101.20
9 January 2023, 15:42 PM
Stock market live updates: Credit worthiness of India, others in APAC to be stable, says Moody's
The credit worthiness outlook for sovereigns in the Asia-Pacific (APAC) region, including India for 2023 is stable as compared to the negative outlook for sovereigns globally, said credit rating agency Moody`s Investors Service on Monday. In its latest report Moody`s said, the debt sustainability and financial stability are relatively well anchored in the region, with contained government liquidity risks, broadly stable debt dynamics and generally sound external positions.
9 January 2023, 14:51 PM
Stock market live updates: L&T's heavy engineering arm wins multiple orders in October-December quarter
The heavy engineering arm of Larsen and Toubro won multiple significant orders in the October-December quarter of the current financial year 2022-23. Orders ranging from Rs 1,000 to Rs 2,500 crore are termed `significant`. L&T said in a release that it also secured orders for the supply of critical reactors and vessels for blue ammonia projects in the US and Uzbekistan during the said quarter.The heavy engineering vertical of L&T also bagged `strategic orders` for a process plant equipment from a European client, it said without divulging details about the order. It said all the orders were won against stiff international competition, which was on the back of reliable performance .On the domestic front, it had secured orders to manufacture critical residue upgrading reactors and design and manufacture high-pressure screw plug heat exchangers with complex Cr-Mo-V steel material for IOCL`s Panipat Refinery P25 Expansion Project.
9 January 2023, 11:40 AM
Shah Polymers IPO share allotment likely today
The share allotment of Sah Polymers is likely today. The initial public offer of Sah Polymers was subscribed 17.46 times on the last day of subscription on Wednesday. The initial share-sale received bids for 9,79,44,810 shares against 56,10,000 shares on offer, as per data available with the NSE. The Retail Individual Investors (RIIs) part was subscribed 39.78 times, the category for non-institutional investors received 32.69 times subscription and Qualified Institutional Buyers (QIBs) 2.40 times. The Initial Public Offer (IPO) had a fresh issue of 1.02 crore equity shares.
9 January 2023, 11:36 AM
Stock market live updates: Incorrect conjecture to assume inequality worsened during pandemic, says SBI report
Our results clearly substantiate that in the Indian context, it is an incorrect conjecture to assume that inequality has worsened during pandemic. With a progressive growth in output across states as proxied by GSDP, it is clear that the fruits of such a growth have clearly reverberated and dovetailed into an inclusive growth. India has thus done quite well during pandemic in terms of navigating income shocks across deciles of population.
9 January 2023, 11:35 AM
Stock market live updates: Transfer of payment to poor
SBI report finds that several Government transfer payments for the poor are adding Rs 75,000 to a household per annum.
9 January 2023, 11:35 AM
Stock market live updates: 2 ways in which procurement of cereals are lowering inequality
Interestingly, with food being provided free under NFSA, the cost actually paid by the households for the quantity obtained from the PDS will be zero. This lower of demand of cereals at market prices will concomitantly lower the mandi prices of cereals and this will have a sobering impact on the CPI food inflation.
9 January 2023, 11:35 AM
Stock market live updates: 2 ways in which procurement of cereals are lowering inequality
First, a higher procurement, is benefitting the poorest of the poor in terms of subsequent free distribution of food grains. Second, the procurement may have also put money into the hands of smaller and marginal farmers, with distributional impact. This also shows that the procurement of cereals of the Government over time may have become more efficient across states.
9 January 2023, 11:35 AM
Stock market live updates: Impact of Rice and Wheat Procurement
Our results show that relatively laggard states in terms of in equal distribution of wealth across different population quintiles, Rice Procurement and Wheat procurement in such states had a significant impact on reducing inequality through reduction in Gini coefficient. These states were Assam, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Uttar Pradesh, Uttarakhand and West Bengal. The impact of Rice and Wheat Procurement on % population for Lowest and Second quantiles of wealth, revealed a sharp decline in the percentage population in such quantiles of the population, said SBI report.
9 January 2023, 11:34 AM
Stock market live updates: Inequality declined during the pandemic
Interestingly, studies in India have revealed (Gupta et. all, NBER, Dec 2021) that inequality declined during the pandemic. In fact, the NBER study concludes that there was decline in income of the rich attributable to the high sensitivity of business income to aggregate fluctuations. Thus, in hindsight, the pandemic may have been a leveller in terms of inequality with the poor getting protected through measures such as food transfers. Bhalla et all, IMF WP 2022 concluded that pandemic support measures by government of India were critical in preventing extreme poverty in India and thereby prevented rise in inequality, with food transfers, said SBI report.
9 January 2023, 11:34 AM
Stock market live updates: Global wealth inequality has fallen this century
Though it is true that the strong rise in financial assets resulted in an increase in inequality in 2021. However, when correlated with short-run asset price movements, such fluctuations in inequality always prove transient. In 2022, asset prices have fallen already and a reversal of the 2021 trend can be expected. Importantly, according to Global Wealth Report 2022, a detailed analysis of median wealth within countries and across the world shows that global wealth inequality has fallen this century due to faster growth achieved in emerging markets. The average household has thus been able to build up wealth over the last two decades, said SBI Report.
9 January 2023, 11:34 AM
Stock market live updates: Wealth inequality in India across states declined from 2019-21, says SBI report
The State Bank of India’s Economic Research Department released a report stating Wealth inequality in India across states declined from 2019-21. Procurement & free distribution of rice & wheat are having a profound impact, particularly for the lowest wealth quintiles for low income states.
9 January 2023, 10:54 AM
Sensex, Nifty live updates: Sensex trades higher
Sensex trades higher by 783 points
9 January 2023, 10:49 AM
Sensex Nifty Live updates: Nifty sectoral indices in green
All the sectors in Nifty sectoral indices trade in green
9 January 2023, 09:34 AM
Sensex, Nifty live updates: Markets gain in early trade
Sensex climbs 367.92 points to 60,268.29 in early trade; Nifty advances 119.4 points to 17,978.85.
9 January 2023, 09:33 AM
Sensex, Nifty live updates: Rupee rises against USD
Rupee rises 32 paise to 82.34 against US dollar in early trade
9 January 2023, 08:40 AM
Stock market live updates: Asian shares rally
Asian shares rallied on Monday as hopes for less aggressive US rate hikes and the opening of China's borders bolstered the outlook for the global economy.
9 January 2023, 08:40 AM
Stock market live updates: Asian shares rally
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% to a five-month top, with South Korean shares gaining 2.1%.
9 January 2023, 08:40 AM
Stock market live updates: Chinese blue chips gain
Chinese blue chips added 0.4%, while Hong Kong shares climbed 1.4%. China's yuan also firmed to its highest since mid-August.
9 January 2023, 08:39 AM
Stock market live updates: Nikkei closed for holiday
Japan's Nikkei was closed for a holiday but futures were trading at 26,230, compared with a cash close on Friday of 25,973.
9 January 2023, 08:39 AM
Stock market live updates: Futures trade higher
S&P 500 futures ESc1 added 0.2% and Nasdaq futures NQc1 0.3%. EUROSTOXX 50 futures STXEc1 added 0.5%, while FTSE futures FFIc1 firmed 0.4%. Earnings season kicks off this week with the major US banks, with the Street fearing no year-on-year growth at all in overall earnings.
9 January 2023, 08:39 AM
Stock market live updates: US 10-year yields drop a steep 15 bps
Friday's mixed data had already seen US 10-year yields drop a steep 15 basis points to 3.57%, while dragging the US dollar down across the board. Early Monday, the euro was holding firm at $1.0660, bouncing from a low of $1.0482 on Friday. The dollar eased to 131.82 yen, away from last week's top of 134.78, while its index was flat at 103.740.