Today’s main Global market news –
- FOMC Policy meeting at 2:00 and Fed Chairman Powell press conference 2:30
- British CPI inflation unexpectedly rose to 10.4% in February, topping estimates of 9.9%
- Despite worries about the financial system’s fragility, the Federal Reserve is anticipated to raise interest rates by a quarter percent on Wednesday.
- Should Trump be arrested, the NYPD and Secret Service debate security measures.
- The annualised rate of existing home sales in February increased by 14.5% to 4.58 million, the highest monthly percentage rise since July 2020.
- Treasuries keep falling as yields rise ahead of tomorrow’s FOMC meeting.
- 2023 Hurun world wealthy list indicates a 10% decrease in total global wealth to $13.7 trillion.
- Asian equities rise as bank concerns subside ahead of the Fed meeting.
- At a hearing in the US Congress House, the CEO of TikTok warns users about the ban.
- Canadian CPI climbs 5.2% in February.
- Before it failed, SVB‘s loans to insiders tripled to $219 million.
- Stocks in news
- Nike (NKE) released its fiscal third-quarter results late on Tuesday, with revenue handily exceeding forecasts and profitability declining less than anticipated.
- Tesla:– the company’s shares ended 7.82% higher.
- Gamestop:- Tuesday’s trade saw a 4.62% increase in the price of the company’s shares, while extended trading saw a 48.44% increase.
- ARRY:– Revenue for the firm rose 83% to $402.1 million in the fourth quarter from $219.9 million in the same period last year. Stock rises 8.65%
- FRC :- Shares of the lender dropped 9% in extended trading on Tuesday despite closing the day 29.47% higher.
- BB +3%:- announced that for up to $900 million, it has agreed to sell 32,000 non-core patents and patent applications to Malikie Innovations Ltd., a recently established subsidiary of Key Patent Innovations Ltd.
- CSIQ +12%:- Reports a 68% increase in solar module shipments year over year to 6.4 GW; estimates Q1 revenue of $1.6 billion to $1.8 billion versus an estimate of $1.95 billion; and year revs of $8.5 billion to $9.5 billion versus an estimate of $9.88 billion. Q4 EPS was $1.11 versus an estimate of $0.76, and revenues increased 29% y/y to $1.97 billion versus an estimate of $1.93 billion.
- HOG +4%;Morgan Stanley increased the rating from Equal Weight to Overweight
- ONON +23%, which revealed incredibly impressive 4Q22 results with revenue growth of 92%
- USX +298% increased by 298 percent when KNX agreed to purchase USX for $6.15 per share in a deal worth around $808 million in the trucking industry.
- AG -23%, it is taking steps to lower overall costs by cutting investments, temporarily halting all mining operations, and decreasing its personnel at Jerritt Canyon.
- ALT -50%; after announcing that its obesity medicine helped patients lose an average of 10.7% of their body weight in a mid-stage trial, but worries over the drug’s safety put pressure on shares.
- CTRN -12%; reports a decline in Q4 revenue as customers cut back on discretionary spending; margins were also worse; and projects full-year total sales in the range of negative low single digits to positive low single digits compared to fiscal 2022.
- KRTX -9%; $400 million common stock offering filed.
- NEM -3% With the surge in wider stocks and the movement back out of haven assets as gold prices fell, NEM was among the top S&P decliners.
- Shifts at two Chinese vehicle assembly facilities have been lowered by BYD Group (BYDDF).
- HLIT said that Harmonic has been chosen by CHTR as its key technology partner for the deployment of virtual CMTS technology for next-generation broadband services.
- Adobe introduces new generative AI to revolutionise consumer experiences.
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Market at Closing Yesterday
|
Dow Jones |
+316.02 |
+0.98% |
|---|---|---|
|
NASDAQ |
+184.57 |
+1.58% |
S&P 500 |
+51.30 |
+1.30% |
|
Russell 2000 |
+32.75 |
+1.88% |
Market Technicals –
Market closed in positive on Yesterday
Dow is well below 50 and 200 EMA
Both short and long term trend is down
Midterm trend remains sideways
There gap in day chart and swing high is around 32620
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Indian Market news Today
At close on 21st March, 2023
|
SUNSEX |
+139.91 |
+0.24% |
58214.59 |
|
NIFTY50 |
+35.05 |
+0.20% |
17151.90 |
|
BANK NIFTY |
+104.35 |
+0.26% |
39999.05 |
FII and DII data
On March 21, according to preliminary data from the National Stock Exchange, domestic institutional investors (DII) purchased shares worth Rs 1,946.06 crore while foreign institutional investors (FII) sold shares worth Rs 1,454.63 crore.
FII and DII data
Devyani International:-3.44 billion equity shares, or 2.85 percent of the quick service restaurants, were sold. 145.04 rupees per share Franklin India Flexi Cap Fund:– paid a total of Rs. 89.9 crores for 62 lakh shares, or 0.51 percent of the company.
For a total of 102.29 crore rupees, Asiana Fund I purchased 33.42 lakh shares, or 2.63 percent of Greenlam Industries, at a price of Rs 306 each.
The company’s seller, Smiti Holding and Trading Company, sold 33.42 lakh shares at the same average price.
Stocks in News
- Tata Motors will increase the cost of commercial vehicles by up to 5%. Stock rises
- For the annual closure, the RBI orders banks to maintain all branches open through March 31.
- Shares of Sonata Software rise 2% on a $160 million contract with a US retailer.
- Chola Finance:- appointed Ajay Bhatia as the chief risk officer
- SBI Cards and Payment Services has declared an interim dividend of Rs 2.50 per share
- Rajasthan Council for School Education has issued a letter of acceptance to Compucom Software.
- Sobha Drops 5% on Income Tax Department Search of Office Building
- Hindustan Zinc +5% Announces 1,300% Interim Dividend of Rs. 26 Per Share.Vedanta will be compensated with Rs 7,132 billion have64.92% stake
- Under M&M’s new last-mile EV company, IFC would invest Rs 600 crore.
- Delhi budget: emphasis on infrastructure and sanitation; support for local governments totaling Rs. 8,241 Cr.
- Shares of Sula Vineyards increase 9%.
- Shriram Fin would issue a hedged bond to HSBC and others to raise Rs 400 crore.
- Purchase Superior Industries; 3000 target price
- Asian Energy +6.26% shares increase on a contract win of Rs. 165 crore
- Marion Biotech’s production permit is revoked by the Uttar Pradesh Medicines Controlling and Licensing Authority.
- Just Mukesh Ambani is an Indian among the top 10 billionaires worldwide.
- 2023 Hurun world wealthy list indicates a 10% decrease in total global wealth to $13.7 trillion.
- Gains for Bandhan Bank from bids for distressed assets and the appointment of Ratan Kumar Kesh as new executive director
- Zomato‘s Gold rewards programme is cutting into Swiggy’s market share
- Emami rises 8% as the board considers a share repurchase.
- Hyundai stops making diesel sedans before the BS-VI standards go into effect.
- Over the past year, Gautam Adani has lost Rs 3,000 billion, and his fortune is down 60% from its height.
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Economic Calendar for Today
· 7:00 AM ET MBA Mortgage Applications Data
· 10:30 AM ET Weekly DOE Inventory Data
· 2:00 PM ET FOMC Policy meeting – 2:30 Powell press conference
Earnings Calendar:
· Earnings Before the Open: ATXS IMBI LASE OLLI SCVL WGO WOOF WVE
· Earnings After the Close: AWH CHWY FTHM KBH LFMD MBRX PHR SCS SCPH WOR