Closing Bell: Sensex plunges for 2nd straight day, ends 398 pts lower; Nifty below 16,950; Bajaj twins crack up to 4%

European banks have had a rough ride in the last week with a state-backed rescue of Credit Suisse and turmoil among regional U.S. banks fuelling concerns about the health of the global banking sector.

The Finance Ministry has said it will soon issue a clarification on STT and that if the tax is already higher, then necessary changes would be made as the intention was to increase the tax and not reduce it.

The Finance Ministry made an amendment to the Finance Bill to remove LTCG benefits on the debt mutual funds. Here are 5 important things to know about the proposed .

The brokerage firm does not expect any exclusions at this point in time in MSCI India Standard Index.In Friday's trade, Hindustan Aeronautics stock was trading 4.4% higher at Rs 2,608 on the BSE. In the last one year, the stock has also surged over 85%.

While companies like Page industries have been well known for years. There are other companies in branded innerwear space which are not exactly in the same space but in similar space. The broad matrix of raw material prices, distribution and strength of the brand which governs their top and bottom line is very much the same. Also the list includes companies in the apparel export space.

Wood, in the latest edition of GREED & fear, highlighted that the valuation differential between India and China has reverted to its traditional mean after the huge 65% outperformance of MSCI China over MSCI India from the end of October 2022 to late January following the China re-opening.

​Leaving India's largest mutual fund houses disappointed, the Finance Ministry intends to remove the long-term tax benefit that debt fund investors enjoyed after three years of investment. The proposed rules, once cleared, will come into effect from next month at the beginning of FY24 and bring debt funds at par with bank FDs.

While companies like Page industries have been well known for years. There are other companies in branded innerwear space which are not exactly in the same space but in similar space. The broad matrix of raw material prices, distribution and strength of the brand which governs their top and bottom line is very much the same. Also the list includes companies in the apparel export space.

In the Finance Bill 2023, which was passed by the Lok Sabha today, Sitharaman also hiked STT by 25% on sale of futures contracts.

After the Adani group lost over $100 billion in valuation post scathing allegations by U.S.-based Hindenburg Research, state-run LIC was criticized for having over $4 billion exposure to companies from the group.

​Leaving India's largest mutual fund houses disappointed, the Finance Ministry intends to remove the long-term tax benefit that debt fund investors enjoyed after three years of investment. The proposed rules, once cleared, will come into effect from next month at the beginning of FY24 and bring debt funds at par with bank FDs.

Stock Reports Plus, powered by Refinitiv, is a comprehensive research report that evaluates five key components of 4,000+ listed stocks - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores.

The indicative maximum number of equity shares to be bought back under the buyback scheme would be over 41.33 lakh equity shares representing 0.94%, which is less than 25% of the existing paid-up equity capital of the company, the filing said.​

The government has hiked securities transaction tax on sale of F&O contracts by up to 25%

Nifty Bank, which has underperformed the PSU bank index, is up nearly 10% this financial year on the back of strong credit growth. Nifty Financial Services is up about 4%.

After the Adani group lost over $100 billion in valuation post scathing allegations by U.S.-based Hindenburg Research, state-run LIC was criticized for having over $4 billion exposure to companies from the group.

​Leaving India's largest mutual fund houses disappointed, the Finance Ministry intends to remove the long-term tax benefit that debt fund investors enjoyed after three years of investment. The proposed rules, once cleared, will come into effect from next month at the beginning of FY24 and bring debt funds at par with bank FDs.

"While there is a growing concern that telecom tariff hikes may only take place after general elections on May 24, we note this could lead to accelerated market share shifts and, in theory, an effective duopoly which could add Rs 93/share upside potential," Jefferies said in a note.

The non-retail portion of HAL OFS opened on Thursday and was subscribed 4.5 times. The Ministry of Finance said yesterday that it has decided to exercise the green shoe option as the offer-for-sale of HAL received a good response.

Accenture is usually seen as a bellwether for the global IT sector, and analysts gauge the prospects for the Indian IT sector based on the global firm’s commentary and business outlook.

Campus Activewear is one of India’s largest sports and athleisure footwear brands. According to reports, it was the largest sports and athleisure brand in India in terms of value and volume in 2021.

They include stakes in Brazilian digital lender Nubank, whose U.S.-listed shares are known as Nu Holdings, and more than 5% stakes in five Japanese trading houses: Itochu Corp , Marubeni Corp, Mitsubishi Corp, Mitsui & Co and Sumitomo Corp.

At the same time, analysts at JM Financial said that one should be wary of extrapolating Accenture's results to Indian IT players as this might reflect the strength of its scale and vantage position in advisory-led cost takeout/vendor consolidation scenarios rather than broader demand.

Morgan Stanley maintained a positive view of private sector banks such as ICICI Bank and Axis Bank. Indian banks' balance sheets are much stronger now, said Morgan Stanley. The global investment bank expects margins to moderate over the next 4 quarters. However, it remains watchful on deposit growth amid elevated inflation.

“We expect Ashok Leyland to be benefited from: 1) new product launches (in EV, Multi-axle, Tipper/haulage segment); 2) expanding domestic network; 3) increasing global presence; 4) increasing intensity of infrastructure, and 5) softening of RM prices. We recommend ADD rating on the stock with a target of Rs 170,” Kripashankar Maurya, Assistant Vice President - Research at Choice Broking, said.

After peaking at Rs 720, the price of this company has slid lower, drastically. Since October 2022 the price has been consolidating in a range of Rs 415 to Rs 370. Recently, the price has breached the lower support of the said range by giving trendline breakdown. The price has formed a Marubozu candlestick which suggests that the selling is getting stronger.

Sensex flat, Nifty below 17,100; Campus Activewear drops 5%, HAL gains 2%; IT stocks gain post Accenture earnings report.

​After gyrating over 300 points, the S&P BSE Sensex was trading 246 points or 0.43% lower at 57,678 as of 9.32 am. Similarly, the Nifty 50 index fell 75 points or 0.44% to 17,001.

The markets remained under the influence of the weekly options expirty staying within a certain range. The Nifty opened with a loss, gained somewhat later, but ended the day with a loss. The drop in US Dollar Index helped the metals and commodities stocks.

Indian market bucked the trend as most of the Asian shares were trading lower amid lingering concerns of banking stability; however, the consensus among market participants is that interest rates are nearing peak.

In the midcap space, the list found names such as Vodafone Idea, India Cements, Godrej Consumer Products, Glenmark Pharmaceuticals, Havells India, M&M Financial Services, Ambuja Cements, PNB Housing Finance, L&T Technology Services, IRCTC, LTIMindtree, Vedanta, Tata Power. These stocks have risen over 100-500% since March 2020.

The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.

ET Now spoke to various experts and here's what they have to recommend for today's trading session. Kunal Bothra has a buy/sell recommendation on Ramco Cements and ITC while Nooresh Merani has a buy/sell recommendation on NTPC and NCC for today's trading session. Check out the targets and stoploss.

Hindalco shares have underperformed not just the Nifty50 but also the Nifty Metal Index in the last one year. It has declined 32.8% as against a 1.4% fall seen in Nifty50 and 13.06% in Nifty Metal, according to the data sourced from Trendlyne.

Australia's corporate watchdog, the Securities and Investment Commission, declined to comment. A source not authorised to speak with media said the matter was for U.S. regulators. The Australian Stock Exchange noted Block's primary listing was in the U.S. and declined to comment further.

Nifty futures on the Singapore Exchange traded 28.5 points, or 0.17 per cent, lower at 17,055, signaling that Dalal Street was headed for negative start on Friday. Here are some stocks which are expected to see some action in trade today.

The government on Wednesday proposed to sell up to a 3.5 per cent stake in HAL at a floor price of Rs 2,450 a share, if fully subscribed, the OFS would fetch about Rs 2,800 crore to the exchequer.

They have also priced in rate cuts of accumulated 80 basis points to about 4% by the end of the year amid fears of policy tightening and a brewing banking crisis drive the economy into a recession, despite the pullback from Chair Powell.

They include stakes in Brazilian digital lender Nubank, whose U.S.-listed shares are known as Nu Holdings, and more than 5% stakes in five Japanese trading houses: Itochu Corp , Marubeni Corp, Mitsubishi Corp, Mitsui & Co and Sumitomo Corp.

After a long correction, eventually, the stock took support near 162 and bounced back sharply. On Thursday, it rallied over 10% and also formed a long bullish candle on the daily charts which is broadly positive.

The session followed Wednesday's boom-and-bust moves after the Fed's rate hike, Fed Chair Jerome Powell's subsequent Q&A session and Yellen's testimony before Congress in which she ruled out blanket protection for all deposits.

The diversified conglomerate is going for climate-risk modelling to identify the hotspots owing to extreme weather conditions, Chairman Sanjiv Puri said. Puri said that a team of experts is engaged in this job of modelling comprising big data analytics.

Canara Bank, in a regulatory filing, said it has received the entire consideration amount equivalent to Rs 121.29 crore on Thursday for the sale of its stake.

The Sebi board will consider a proposal to end the practice of directors occupying permanent board seats at listed companies. This will have to be subject to periodic approval by shareholders, at least once in five years, according to the proposal.

According to multiple sources aware of the development, Vedanta Resources has reached out to sovereign wealth funds (SWFs) and and alternative asset managers from the Gulf including Abu Dhabi’s Mubadala, ADQ, Bahrain’s Investcorp, and Saudi Arabia’s Public Investment Fund (PIF) for up to 10% dilution in the company

"The stock market had priced in this muted rate hike but it has taken note of the impact on the cost of funds and tightening liquidity situation," said Gopal Kavalireddi, research head, FYERS Securities. "The Fed commentary also signalled for maintaining the focus on inflation even as there is a banking crisis and the risk of a recession."

Deloitte India-backed resolution professional Vijaykumar V Iyer has announced two options for interested bidders to submit their EoIs. Under option I, bidders can submit EoI for the entire FRL, including its shareholding interest in subsidiaries. Under option II, bidders can choose one or more of the five clusters.

Barclays has raised India’s growth forecast for next fiscal to 6.3% from 6%, saying that global developments such as rising financial stability risks, peaking of rate tightening around the world and collapse of commodity prices augur well for the world’s fifth-largest economy. “Having weathered many shocks to its macro stability in 2022, India is on firmer ground in 2023; current-account funding needs are falling, inflation is trending lower, and fiscal demands are in check,” Barclays said in a report.

"As per our analysis, if the losses are fully realised which is unlikely in our view on the held-to-maturity book, the range of impact on net worth could be 2-10% for Indian banks," said Suresh Ganapathy, associate director, Macquarie Capital. "However, this remains a theoretical exercise and unlikely to crystallise."