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In regional markets MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5% to a two-year low. It is down 3% this week. Japan’s Nikkei was closed for a public holiday marking the autumn equinox.
As long as the stock is above Rs 335, the uptrend wave is likely to continue. A close above Rs 335 could take the stock towards Rs 355-360. Traders may prefer to exit from trading long positions on a close below Rs 335.
The broader indices outperformed the benchmarks, with BSE midcap and smallcap indices adding 0.3-0.5 percent
Telecom major Bharti Airtel’s revenue increased at a yearly rate of 4.14 per cent during the past five years, compared to the industry average of 1.37 per cent. The market share climbed from 58.61 per cent to 67.06 per cent during the same time.
Choice International and The Ruby Mills go ex-bonus today in the ratio of 1:1 each. Thursday is also the record data for Leading Leasing Finance’s stock split, which shall see its equity shares sub-divided from a face value of Rs 10 to Re 1.
Shree Cements, Adani Ports, IndusInd Bank, Power Grid Corp and UltraTech Cement were among the major Nifty losers.
The breakeven rate on five- and 10-year Treasury Inflation-Protected Securities, or TIPS, have surged to 13- and 12-year highs, respectively. The five-year TIPS breakeven rate was last at 2.532%, while the 10-year TIPS breakeven rate was last at 2.39%. The latter indicates the market sees inflation averaging about 2.4% a year for the next decade.
Higher interest rates increase the opportunity cost of holding non-yielding bullion and boosts the dollar. The European Central Bank may need to raise interest rates to a level that restricts economic growth in order to cool demand and combat unacceptably high inflation, ECB President Christine Lagarde said on Tuesday.
Yes Bank’s board has approved the sale of stressed assets worth around Rs 48,000 crore to JC Flowers ARC, which has turned out to be the sole bidder for the portfolio.