Stock Market Today: The benchmark 30-share BSE Sensex reached a three-month high and rose 556 points or 0.91% to close at 61,749. The larger NSE Nifty increased by 166 points, or 0.92%, to close at 18,256, reaching a 4-month high. The Nifty futures contract was down 41.5 points, or 0.23 percent, at 18,243.50 on the Singapore Exchange, indicating Dalal Street would have a down day on Friday. A lengthy bull candle formed on the daily chart, indicating the market has significant higher momentum but no reasonable downward correction. According to Nagaraj Shetti of HDFC Securities, the market is in a strong uptrend and resistance levels are being broken one by one.
Asian shares rise, dollar weakens on bank sector fears
On Friday, as jittery investors continued to be concerned about the U.S. banking industry following another decline in shares of regional lenders, Asian markets gained, the dollar weakened, and gold lingered near record highs. Today, a number of businesses, including Britannia Industries, Adani Power, Marico, One97 Communications, Bharat Forge, Gujarat Fluorochemicals, Federal Bank, Piramal Enterprises, and many others, will release their quarterly results.
Oil heads for third straight weekly loss as economic worries persist
Early on Friday, oil prices were stable, but they were expected to decline for a third week in a row as investors worried about the health of the U.S. economy and the slowing Chinese economy.At 0002 GMT, Brent crude increased by 14 cents, or 0.2%, to $72.64 per barrel, while U.S. West Texas Intermediate gained 17 cents, or 0.3%, to $68.73 per barrel following four straight days of declines.
Manappuram Finance tanks 14% as ED freezes assets worth Rs 143 crores
Shares of major Kerala-based NBFC’s MD and CEO VP Nandakumar saw a 14 percent decline in early trading as a result of the Enforcement Directorate freezing assets worth Rs 143 crore after conducting raids as part of an investigation into a money laundering case.
The searches began on Wednesday and covered a total of six locations in Thrissur, where the company is situated. According to a statement from the agency, the case involves accusations of money laundering involving the “illegal” collecting of deposits from the general population.
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