StockMarket

Chinastocks, yuan take a beating as US soars in Trumptrade war
SHANGHAI: It’s barely six months into a broadening Sino-US trade war, and the fallout has already driven China’s stock markets into the same league as debilitated emerging markets such as Turkey, Argentina and Venezuela.

With around a 20 per centloss so far in 2018, Shanghai’s stock market has joined the crisis-hit trio among the world’s four wor

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India unable to make hay as shrimp shines
Kochi: Faced with a supply crunch, Indian seafood exporters are unable to cash in on the rising shrimp prices in the global market. India is the top farmed shrimp supplier in the world at present.

The output has declined as farmers had cut production when the prices crashed earlier during the fiscal year.

After achieving a record output of 6 lakh

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Aussie shares end lower on banks and miners; NZ down
Australian shares eased marginally on Wednesday, unable to follow through on the previous day's recovery as financials took another hit and mining stocks slumped on the back of falling commodities prices.

The S-P/ASX 200 index fell 0.1 per cent or 3.80 points to 6,175.90 at the close of trade, having risen 0.6 per cent in the previous session.

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The Union government plans to offload over 10.5 per cent of its stake in IRCON International to raise upto Rupees 467 crore. While the company has a strong order book, its past financials are not encouraging. Investors therefore may wait until the company demonstrates sustainable revenue and profit growth.

BUSINESS

IRCON International is a

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Tech view: Nifty forms Hammer candle, takes support at 50-DMA
NEW DELHI: The Nifty50 on Wednesday made a comeback after two days of battering. The index formed a ‘Hammer’ candle on the daily chart, as it took support at the 161.8 per cent Fibonacci extension, which was also its 50-DMA.

Analysts termed Wednesday’s gains as a counter-trend rally. They believed the gain may extend when trading resumes on F

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Stock market update: BPCL, HPCL, IOC drag BSE Oil Gas index down
NEW DELHI: Losses in shares of BPCL (down 3.25 per cent), HPCL (down 2.99 per cent) and Indian Oil Corporation (IOC) (down 2.56 per cent) dragged the BSE Oil - Gas index down in Wednesday's session.

The BSE Oil - Gas index was trading 0.78 per cent down at 14,448 around 01:20 pm.

Shares of Petronet LNG (down 0.90 per cent), Oil India

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Buy Bajaj Finserv, target Rs 7,680: IIFL
IIFL has a buy call on Bajaj Finserv with a target price of Rs 7,680.

The current market price of Bajaj Finserv is Rs 6,411.65.

Time period given by the brokerage is one year when Bajaj Finserv price can reach the defined target.

View of the brokerage on the company:We resume coverage on Bajaj Finserv (BJFIN) with a BUY rating and 12-m target

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NEW DELHI: After suffering a massive loss on Tuesday, domestic equity benchmarks Sensex and Nifty staged a strong recovery on Wednesday as the Reserve Bank of India (RBI) intervened strongly to rescue to rupee.

Buildup of fresh positions by domestic institutional investors (DIIs) ahead of July IIP and August CPI data also influenced investor

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China stocks extend slump, Shanghai at lowest close since January 2016
SHANGHAI: China's main stock index on Wednesday closed at its lowest level since January 2016, as trade war concerns continued to vex investor confidence with China seeking $7 billion in sanctions against the United States over dumping duties.

The Shanghai Composite index ended 0.3 percent lower at 2,656.11, its weakest close since Jan. 28, 2016.

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Buy Sheela Foam, target Rs 2,010: Edelweiss Financial Services
Edelweiss Financial Services has a buy call on Sheela Foam with a target price of Rs 2,010.

The current market price of Sheela Foam is Rs 1,737.

Time period given by the brokerage is one year when Sheela Foam price can reach the defined target.

View of the brokerage on the company:Sheela Foam’s (Sheela) flagship Sleepwell is a mattress industry l

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F O: Sharp drop in India Vix suggests market may stabilise
By Chandan TapariaThe Nifty50 index remained under pressure and slipped towards the 11,250 level, but witnessed a sharp upward move after RBI’s intervention to rescue a falling rupee.

It recovered more than 100 points from its low point and formed a Hammer Candle on the daily scale. Now, it has to s urpass and hold above 11,380 level to extend

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Oil and mining strength helps European stocks shrug off trade rhetoric
LONDON: Robust oil and mining stocks drove European shares up on Wednesday as investors shrugged off a weaker session in Asia amid rising tensions between the United States and China.

The pan-European STOXX 600 and eurozone STOXX were both up 0.2 percent by 0726 GMT, despite sharp falls in Asian stocks after US President Donald Trump said the

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Buy ICICI Lombard General Insurance Company, target Rs 1,050: JM Financial
JM Financial has a buy call on ICICI Lombard General Insurance Company with a target price of Rs 1050.

The current market price of ICICI Lombard General Insurance Company is Rs 898.35.

Time period given by the brokerage is one year when ICICI Lombard General Insurance Company price can reach the defined target.

View of the brokerage on the company

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Sensex snaps 2-day losing run, surges 305 pts; Nifty ends at 11,370
NEW DELHI: The benchmark indices snapped their two-day losing streak on Wednesday to end a volatile session on a firm footing amid a smart rebound in the rupee after reports emerged that Prime Minister Narendra Modi would take stock of economic situation over the weekend.

Modi is expected to hold an economic review meet this weekend to assess

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The benchmark NSE Nifty index, which has lost more than 4 per cent since it hit a record high of 11,760.20 points on August 28, may test a support at 11,064.24 points, technical charts show.

The level is identified as the 38.2 per cent Fibonacci retracement of the uptrend from March 23 low to August 28 high.

The 50-share index has broken below

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Buy Hindalco Industries, target Rs 322: Motilal Oswal Securities
Motilal Oswal Securities has a buy call on Hindalco Industries with a target price of Rs 322.

The current market price of Hindalco Industries is Rs 237.75.

Time period given by the brokerage is one year when Hindalco Industries price can reach the defined target.

Investment rationale by Motilal Oswal Securities:Revenue increased 15 per cent in

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Tata Motors stock slips 3% as JLR chief issues 'no-deal' Brexit warning
NEW DELHI: Shares of Tata Motors Wednesday slipped as much as three per cent in morning trade on bourses after the Jaguar Land Rover (JLR) issued a warning to the UK government of massive losses if Britain was to leave the European Union (EU). JLR CEO Ralf Speth, who was speaking at the Zero Emission Vehicle Summit in Birmingham, Tuesday said that
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Share market update: Divi's Labs, Sun Pharma, Lupin keep Nifty Pharma index in the green
NEW DELHI: Most pharma stocks were trading in the negative territory in afternoon trade on Wednesday.

However, gains in shares of Divi's Laboratories (up 2.20 per cent), Sun Pharmaceutical Industries (up 2.12 per cent) and Lupin (up 0.70 per cent) were keeping the sectoral index in the green.

The Nifty Pharma index was trading 0.14 per cent up

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Buy Tata Motors, target Rs 353: Motilal Oswal Securities
Motilal Oswal Securities has a buy call on Tata Motors with a target price of Rs 353.

The current market price of Tata Motors is Rs 262.65.

Time period given by the brokerage is one year when Tata Motors price can reach the defined target.

Investment rationale by Motilal Oswal Securities:JLR’s wholesale volumes declined 4 per cent YoY (+21.9 per c

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Stock market update: BSE Telecom index in the red; RCom, Bharti Infratel down 1%
NEW DELHI: The BSE Telecom index was trading 0.41 per cent down at 1,133 around 02:45 pm on Wednesday.

Shares of ITI (down 3.48 per cent), OnMobile Global (down 2.66 per cent), Sterlite Technologies (down 2.30 per cent) and Himachal Futuristic Communications (down 1.68 per cent) were among the top losers in the telecom index.

Reliance

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Nikkei drops, led by chip stocks, machine tool makers; Kubota falls
TOKYO: Japan's Nikkei fell on Wednesday as chip-related stocks tracked weakness in their US counterparts overnight and as machine tool makers weakened after downbeat industry data.

In afternoon trade, agriculture equipment maker Kubota Corp tumbled as much as 4.9 per cent after ending 1.4 per cent lower after the company said it had falsified data

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Sebi to seek power to intercept calls, messages of serious economic offenders
New Delhi: To bolster its evidence-gathering mechanism, watchdog Sebi is considering seeking powers from the government to intercept calls and electronic communications of those suspected of serious economic offences like insider trading.

Acting on recommendations made by a high-powered committee on fair market conduct, the capital markets

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Stock market update: Metals shine; Jindal Steel, Hindalco jump up to 3%
NEW DELHI: Most metal - mining stocks, including NMDC (up 2.96 per cent), Jindal Steel - Power (up 2.54 per cent) and Hindalco Industries (up 2.18 per cent), were trading with gains in Wednesday's session.

The BSE Metal index was trading 1.46 per cent up at 13,771 around 02:40 pm on Wednesday.

Shares of Tata Steel (up 2.12 per cent),

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Reliance Capital posts Q1 profit of Rs 272 crore
New Delhi: Reliance Capital (RCL) Tuesday reported a consolidated net profit of Rs 272 crore for the April-June quarter of the current fiscal.

The company had registered a net loss of Rs 378 crore in the April-June period of 2017-18.

Total income in the first quarter of 2018-19 was at Rs 4,641 crore as against Rs 4,444 crore in the corresponding

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By Michael PattersonThe Great Crypto Crash of 2018 looks more and more like one for the record books.

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough d

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Share market update: Auto stocks rise up to 3%; Balkrishna Industries, Eicher Motors among top gainers
NEW DELHI: Most auto - auto ancillary stocks were trading in the positive territory in afternoon trade on Wednesday.

The BSE Auto index was trading 0.35 per cent up at 23,987 around 02:25 pm.

Shares of Cummins India (up 3.16 per cent), Bosch (up 2.57 per cent), Balkrishna Industries (up 2.55 per cent) and Eicher Motors (up 1.92 per cent) were

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Rupee at record low puts RBI under pressure to curb market rout
By Anirban NagIndia has a currency problem and it’s not going away anytime soon.

A current-account deficit at a five-year high, elevated oil prices and an emerging-market sell-off have conspired to push the rupee to below 72 per dollar last week, taking its decline since the beginning of the year to almost 12 percent, the worst performer in Asia.

P

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Ind-Ra maintains stable outlook for cotton and synthetic textiles
Mumbai: Ratings agency India Ratings (Ind-Ra) has maintained a stable outlook for the cotton and synthetic textiles sector for the rest of the current fiscal riding on the back of strong demand from end-users, the agency said in a report.

The agency has based its outlook observing a strong rise in private consumption expenditure pushing the

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ICICI Bank AGM: Shareholders seek clarity on allegations against Chanda Kochhar
NEW DELHI: Shareholders of ICICI Bank at the company’s 24th annual general meeting (AGM) on Wednesday questioned veracity of allegations of quid pro quo by CEO Chanda Kochhar and her family members and conflict of interest with respect to a loan extended to certain entities, including the Videocon group.

Kochhar, who is on leave till the

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Don&t let TINA and FOMO guide you in this market: Err on the side of caution
“Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset v
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