Market News
Stay updated with the latest market trends, earnings, and economic indicators.
INR stays hammered as dollar stands tall on hawkish Fed
The Indian rupee continues to stay pressured against the dollar in opening trades on Wednesday, tracking firm dollar overseas. Mildly positive start to local equities and easing oil prices are unable to support rupee that is hammered by gains in DXY on the back of a hawkish dollar overseas. INR opened at Rs 94.88 per dollar and hit a low of 94.93 so far during the day. Yesterday, the counter settled at 94.76. The dollar index scales above 101 mark for the first time in more than a year amid growing indications of a Federal rate hike in the near future. The Federal Reserve's hawkish tone at its latest meeting is seen bolstering gains the U.S. dollar. The upcoming PCE inflation report, the Feds preferred gauge, will be closely watched this week for further clarity.
NLC India inks MoU with Indian Oil Corporation
NLC India has signed a memorandum of understanding (MoU) with Indian Oil Corporation (IOCL) for the formation of a joint venture for the establishment of renewable energy power projects in Tamil Nadu.
Sensex jumps over 250 pts, Nifty above 23,900; Trent shares surge 4%
Indian stock markets showed resilience on Wednesday, with Sensex and Nifty recovering from previous losses. Trent shares surged, leading the gains. While broader markets dipped, IT and Pharma sectors saw modest gains. Analysts noted global tech stock volatility but highlighted India's steady growth and easing crude oil prices. However, concerns over a deficient monsoon are emerging, potentially impacting rural demand and corporate profits, prompting portfolio adjustments.
Rupee weakens to 94.90 as dollar index hits one-year high
Indian rupee slips to 94.90 against US dollar as Fed hawkish stance, strong dollar and risk off sentiment overshadow support from lower oil prices.
NLC India shares in focus after firm signs renewable energy projects MoU with Indian Oil - Upstox
NLC India shares in focus after firm signs renewable energy projects MoU with Indian OilUpstox
From Gift Nifty, Nasdaq selloff, US dollar to oil prices: 10 key things that changed for Indian stock market overnight - Mint
From Gift Nifty, Nasdaq selloff, US dollar to oil prices: 10 key things that changed for Indian stock market overnightMint
D-Street set for a positive opening as GIFT Nifty trades higher
Indian markets experienced profit booking after a significant rally, influenced by fluctuating crude oil prices and foreign investor sentiment. Analysts anticipate a sideways trading range with a slight downward bias due to global uncertainties and ongoing foreign outflows. The Nifty found support at a key trendline, suggesting potential near-term recovery, while the India VIX saw an uptick, indicating increased market apprehension.
Hormuz shipping activity shows signs of recovery; Indian refiners shine amid disruption: S&P Global
Shipping through the crucial Strait of Hormuz is showing signs of recovery, with daily transits increasing significantly, though still far below pre-war levels. Indian refiners, however, are demonstrating remarkable resilience, successfully diversifying their crude oil sources to include Russian, Brazilian, West African, and US grades amidst ongoing global energy supply disruptions. Market watchers remain vigilant as geopolitical tensions continue to influence oil trade.
NLC India signs MoU with Indian Oil Corporation
For incorporation of a renewable energy JV
INR settles lower amid pessimistic global sentiments
The Indian rupee declined 11 paise to close at 94.74 (provisional) against the US dollar on Tuesday weighed down by a firm greenback and weak domestic markets. However, a decline in global crude oil prices cushioned against a sharper decline in the local unit. At the interbank foreign exchange, the rupee opened at 94.73 against the US dollar and traded in a range of 94.63-94.92 before settling at 94.74 (provisional), down 11 paise from its previous close. Indian stock indices Sensex and the Nifty50 ended notably lower on Tuesday, weighed down by weakness in global markets, FII selling and weak Indian PMI data. Global tech stocks fell amid concerns that AI-driven valuations have become overstretched, triggering heavy selling in the Indian tech space.
NLC India, Indian Oil Corporation partner up for large-scale green energy projects
State-run NLC India Limited (NLCIL) has partnered with Indian Oil Corporation Limited (IOC) to form a joint venture focused on developing large-scale green energy projects in Tamil Nadu. This collaboration, formalized by a Memorandum of Understanding, aims to advance renewable energy initiatives including solar, wind, and storage solutions. The partnership signifies a strategic move for NLCIL's diversification into clean energy and contributes to India's sustainable development goals.
Eleven India-bound vessels have crossed Strait of Hormuz since signing of Iran-US MoU: MEA
Eleven India-bound vessels have successfully navigated the Strait of Hormuz since the US-Iran agreement on June 17, according to MEA spokesperson Randhir Jaiswal. Ten Indian-flagged ships remain in the Persian Gulf, with two more entering the region. This crucial waterway, vital for global oil transit, has recently faced disruptions, raising concerns about energy supplies and market stability.