Today’s main Global market news –
- In an effort to prevent future market-shaking turbulence in the global financial system, banking behemoth UBS is buying ailing rival Credit Suisse for about $3.25 billion.
- Prices for gold are reaching an 11-month high as traders assess Fed liquidity measures.
- For the first time since June, Bitcoin surpasses $28,000
- Biggest Banks In The World Work Together To Address A Potential Global Banking Disaster
- U.S. Federal Reserve and Other Central Banks Work Cooperatively to Ensure Dollar Liquidity
- Risky Bonds Worth $17 Billion at Credit Suisse Are Suddenly Worthless
- Financial Crisis: The Biden Administration is on the phone with Warren Buffett
- As Disney celebrates 100, its company is experiencing ups and downs as Disney celebrates 100, its company is experiencing ups and downs
- Monday marks the start of Chinese President Xi Jinping’s state visit to Russia, which Beijing has hailed as a “tour for peace” in an effort to mediate Vladimir Putin’s conflict in Ukraine.
- Walmart invests $200 million in the continuing fundraising effort for Indian fintech PhonePe.
- Vladimir Putin receives an arrest warrant from the ICC for war crimes committed in Ukraine
- TikTok, a Chinese-owned social networking app, has been banned on work phones and devices for British government ministers for security reasons. U.S. federal government devices, including military ones, has already been banned.
- Despite $30 billion in backing, First Republic shares decline by approximately 33%.
- Groupon Inc reported a Q4 adjusted EPS loss of (-$0.38) compared to the prior year’s profit, and revenue decreased by 34% year over year to $148.2B mil from $217M. The company also retracted its earlier full-year forecasts for free cash flow and adjusted EBITDA margin, citing their turnaround plan.
- Businesses that increased their dividends this week include Dollar General, Applied Materials (AMAT), TE Connectivity (TEL), Realty Income (O), Equity Residential (EQR), and UDR.
Market at Closing Friday
| Dow Jones | -384.57 | -1.19 % |
| The S&P 500 Index– | -86.76 | -0.74 % |
| The Nasdaq Composite | -43.64 |
-1.10 %
|
| The Russell 2000 Index | -45.35 | -2.56 % |
Market Technicals –
Market on Friday give up all the gains closed around the lows
Big red candle on Friday, breakdown continue
Dow is well below 50 and 200 EMA
Both short and long term trend is down
Midterm trend remains sideways
Swing high is around 32406
Indian Market news Today
At close on Friday 17th March, 2023
| Sunsex | -360.95 | -0.62% | 57,989.90 |
| Nifty 50 | -111.65 | -0.65% | 17100.60 |
| Bank nifty | -236.20 | -0.60% | 39,598.60 |
- The price of gold today has reached a record high and is approaching the Rs 60,000 level.
- Tata won’t acquire Bisleri; Jayanti Chauhan, the founder’s daughter, will run the mineral water business
- Adani Group halts development on a petrochemical project worth Rs 34,900 crore as a result of the Hindenburg disaster.
- At a cost of Rs 9,000 crore, TN will carry out the Coimbatore metro rail project.
- Startup transactions are at a 9-year low due to funding constraints.
- Internet and SMS services have been halted in Punjab as police prepare to arrest Waris Punjab De head Amritpal Singh
- Invest India’s MD and CEO, Deepak Bagla, resigns.
- The merger of HDFC and HDFC Bank was approved on Friday by the National Company Law Tribunal (NCLT). Regulators have given their in-principle clearance for the merging of the two organizations.
- G. Krishnakumar, who is now the Executive Director for the government-run BPCL, has been named the company’s Chairman and Managing Director.
- Employees at HDFC Bank received 7,90,860 shares for executing stock options.
Stocks in News
- DLF: During the next four years, DLF will invest around Rs 3,500 crore in the development of a new luxury home complex in Gurugram.
- Can Fin Homes:- Suresh Srinivasan Iyer has been named the company’s new managing director and chief executive officer (CEO) by the board, effective right now.
- Godawari Power & Ispat :-The company’s board of directors has given the go-ahead for a plan to repurchase up to 50,000 equity shares with a face value of Rs 5 for a maximum of Rs 250 crore.
- Equitas Small Finance Bank:- Vanguard and Norwegian Norges Bank, two foreign portfolio investors (FPIs), have purchased shares of Equitas Small Finance Bank through open market transactions.
- Rail Vikas Nigam:- For the new BG railway line, a Rs. 1,088 crore HORC project, Rail Vikas Nigam won the composite contract package with the lowest bid.
- Auto Atul :- Vijay Kedia, a prominent investor from Bombay, acquired an additional 7.05% interest in the small-cap Atul Auto by converting warrants into equity shares.
- Biocon :- In five minutes , Biocon’s 2.3% stock changed hands in a block sale, erasing the whole Rs 1,800 crore market valuation.
- Jindal Steel:- BIS grants Jindal Steel a license to produce fire resistant steel
Economic Calendar for Today
Economic Data:
Industrial production for February was constant compared to consensus +0.2% and below Jan +0.3%; capacity utilization rate for February was 78.0% compared to expectations of 78.4%; and U.S. manufactured output for February was up 0.1% compared to expectations of (-0.2%) and up 1.3% from January.
- The University of Michigan Consumer Sentiment Index was reported at 63.4 vs the expected 66.9; the 1-Year Inflation Expectations were 3.8% versus the previous 4.1%; and the 5-Year Inflation Predictions increased 2.8% versus the expected 2.9%.
- U.S. leading index dropped another 0.3% to 110.0 in February, following a 0.3% decline to 110.6 (was 110.3) in January. The largest decline since the 24-month slump in 2008–09 is now occurring after 11 straight months of decline. The last low date was in February 2021.