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If US bond yields go up to 2.5%-3% by the end of this year, or 7% or so in India, that would be quite disruptive, says Pratik Gupta, CEO & Co-Head, Institutional Equities, Kotak Securities.
Need to increase credit flow to businesses as economy grows: Modi
Prime Minister Narendra Modi on Friday stressed on increasing credit flow to businesses to meet the needs of a fast reflating economy and said financial products will have to be tailor-made for fintech and startups. He said that although the government’s endeavour is to promote the private sector, public sector presence in banking and insurance is also required.
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“One cannot predict the near-term fall, but since the recent rise has been very sharp, a fall can also be sharp. Last time also, Nifty50 saw a correction of over 1,000 points. Today in a single day, it has corrected 400 points. These corrections will keep on happening as we are at very high valuations.”
– Sunil Jain of Nirmal Bang Securities
IIFL Finance to open public issue of bonds next week to raise Rs 1,000 crore
IIFL Finance on Friday said it will launch a public issue of bonds next week to raise up to Rs 1,000 crore to augment its capital base. Backed by Fairfax and CDC Group, IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs), with a base issue size of Rs 100 crore and a green-shoe option to retain oversubscription of up to Rs 900 crore, aggregating to Rs 1,000 crore, the company said in a release.
Global signals today are extremely negative against the backdrop of a massive jump in 10-year bond yields in the US. We can see a downtrend and it will be negative for the market. The nearest support for Nifty is 14,600. If the index breaks that level, we can expect a fall till the levels of 14,450-14,400.
– Gaurav Garg, CapitalVia Global Research
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Price as on 26 Feb, 2021 01:35 PM, Click on company names for their live prices.
HDFC Mutual fund sells 2.73% stake in Just Dial for over Rs 108 crore
HDFC Mutual Fund has offloaded 2.73 per cent stake in local search engine Just Dial for over Rs 108 crore through an open market transaction. According to a regulatory filing, the schemes of HDFC Mutual Fund, which held 8.33 per cent stake in Just Dial earlier, sold 1,690,653 shares constituting 2.73 per cent stake in the open market transaction.
“Bond market is bigger than the equity market globally. It is pricing in higher inflation down the line. That is despite the US Fed’s assurance of keeping the low cost of money intact. Equity investors have woken up to this risk. If the cost of borrowing rises, then the DCF (discounted cash flow) value of companies will fall and, hence, equity value will fall. It is a negative element, which the equity market is now trying to factor…
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