Market Bizzz

The successful bidder has proposed to pay over ₹1,464 crore to acquire the company through an insolvency process, against the total admitted liabilities of ₹1,513 crore.

The rise in the reserves last week was driven by an increase in the RBI’s foreign currency assets, which rose $5 billion to $519.4 billion, latest data showed. The central bank’s gold reserves declined by $494 million to $45.6 billion last week.

HDFC Bank shares declined 5.9% to close at ₹1625.35, and HDFC stock plunged 5.6% to ₹2701.15 on Friday. Friday’s drop is their highest single-day decline since May 2020

The yen was set for its first weekly gain in almost a month due to safe-haven demand amid pressing turmoil in US banks, while the dollar weakened as traders faced the prospect of more aggressive rate cuts from the Federal Reserve. The euro declined from its one-year high after the European Central Bank slowed the pace of its interest-rate increases. Shares of PacWest Bancorp fell amid fears over the health of regional banks, and traders are expecting more action from the Fed, with Fed funds futures suggesting that cuts could come as soon as June.

Oil prices remained steady on Friday, but were preparing for their third consecutive week of losses as fears over a weakening US economy and declining Chinese demand hit the markets. Brent crude increased 0.2% to $72.64 a barrel, and US West Texas Intermediate was up 0.3% at $68.73 a barrel. Worries about a US regional banking crisis persisted after PacWest Bancorp confirmed that it plans to explore strategic options, causing concern in the wider market. Investors are now waiting for the release of US employment data that may indicate the state of the economy.

Shares in regional banks decreased, and fears about the health of US lenders intensified, sending Wall Street lower on 22 April. The KBW Regional Banking index fell by 3.5%, signalling the fourth consecutive day of declines on the S&P 500. The decline was triggered in part by the confirmation that PacWest Bancorp was exploring strategic moves, including a sale, which drove its shares down 51%. Toronto-Dominion Bank Group’s decision to abandon its $13.4bn acquisition of First Horizon Corp also fuelled concerns.

“Going ahead, the market may consolidate ahead of key US Fed and ECB policy meetings before resuming its upward journey. With results season picking up steam, stock-specific action is likely to continue,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.