What’s Next for Adani Group After Short Seller Hindenburg Report Wipes Out Over $50 Billion in Market Value

Indian stock markets were rattled last week by the attack on the Adani Group from US activist investor and short-seller Hindenburg Research’s report into the Indian conglomerate caused Adani’s shares to fall spectacularly. Five of the seven listed Adani Group companies ended the day after 16% to 20% lower, and the other two were halted at the maximum 5% permitted by India’s exchanges for their stocks. Indian stocks had been at all-time highs just over a month ago, the market’s … Continue reading “What’s Next for Adani Group After Short Seller Hindenburg Report Wipes Out Over $50 Billion in Market Value”

India’s Sensex Stock Market Performed the Best in Asia in 2022, Closing Up 4.4% in 2022

India’s blue chip Sensex stock market ended up +4.4% at 60,840 for the year, it was the only major Asian stock market to finish green in 2022. The Indian market hit in all-time high in December. On the last day of the trading year the Sensex was down -0.5% and +1.7% for the week. This was the seventh consecutive year of gains but the smallest since 2018. Growth in the Indian economy overcame high inflation and interest rate hikes by the RBI … Continue reading “India’s Sensex Stock Market Performed the Best in Asia in 2022, Closing Up 4.4% in 2022”

Reserve Bank of India Hike Rates Fifth Time in a Row to 6.25%

The Reserve Bank of India meets on Wednesday and raised its key repo rate by 35 bps to 6.25% during its December meeting, the fifth-rate hike in a row. Headline Consumer Price Inflation (CPI) remains outside the RBI’s upper tolerance limit of 6 per cent. There has been some moderation in food prices with annual inflation easing to 6.77% in October, down from September’s five-month high of 7.41%.  With the US dollar pulling back from its rampage the reprieve from currency … Continue reading “Reserve Bank of India Hike Rates Fifth Time in a Row to 6.25%”

India’s BSE Sensex Stock Market Closes at Record High

India’s BSE Sensex 30-pack index on Thursday settled at a new closing high of 62,272.68, up 762.10 points or 1.24% extending its rally to the third straight day. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33 led by large caps. The move tracked a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors’ sentiment. Policy-sensitive tech shares benefited from the … Continue reading “India’s BSE Sensex Stock Market Closes at Record High”

Ahead of RBI Meeting S&P says Indian Inflation Likely Above RBI’s 2022 Upper Tolerance Limit

Headline Consumer Price Inflation (CPI) is likely to remain outside the RBI’s upper tolerance limit of 6 per cent until the end of 2022 S&P Global Ratings said in quarterly economic update for Asia-Pacific Monday. The Reserve Bank of India meets on Friday with consensus split between expecting the RBI to hike by 35 or 50bps. With the US dollar on a rampage the resumption of currency weakness may move the needle to higher hikes. The rupee depreciated over the … Continue reading “Ahead of RBI Meeting S&P says Indian Inflation Likely Above RBI’s 2022 Upper Tolerance Limit”

Developing Asia, including China and India Growth Cut by Asian Development Bank

The Asian Development Bank (ADB) on Wednesday cuts its growth forecast for developing Asia, reflecting “worsened” prospects because of the war in Ukraine, faster monetary policy tightening in advanced economies and China’s Covid-19 lockdowns. The ADB sees a weaker outlook in China, India and the surrounding region in Asia in its Asian Development Outlook supplement. “Developing Asia continues to recover, but risks loom large,” said ADB Chief Economist Albert Park. “A significant downturn in the world economy would severely undermine … Continue reading “Developing Asia, including China and India Growth Cut by Asian Development Bank”

Ethereum Collapses 20% To Yearly Lows as Risk Investors Seek Shelter from The Storm

Turmoil continues to ramp up for Cryptocurrencies with intensity to the downside. Stock markets sold off hard after another record high inflation and record low consumer sentiment in the US flowing on to risk instruments. Two-year Treasury yields climbed to the highest since 2008. Ethereum broke through support on Friday and is down over 20% from Friday’s highs after it broke through major support at $1700. The contagion spread quickly to alt coins like XRP, Solana, Cardano and dogecoin. Bitcoin … Continue reading “Ethereum Collapses 20% To Yearly Lows as Risk Investors Seek Shelter from The Storm”

Coinbase Indian Expansion Plans Hit as Crypto Payments Frozen Across India

Turmoil hit India’s crypto traders after United Payments Interface, a central bank-backed entity said it was “not aware” of any crypto exchange using the network. Just hours earlier Coinbase Global’s chief product officer Surojit Chatterjee said crypto investors would now be able to use the country’s online retail payments system to transfer funds to its local exchange. At least seven crypto firms have suspended rupee deposits with Crypto exchanges already under pressure from the Indian tax regime. Coinbase customers are … Continue reading “Coinbase Indian Expansion Plans Hit as Crypto Payments Frozen Across India”

India Buys Russian S-400 Surface to Air Missiles Ignoring US

India has begun receiving Russian S-400 Triumf missile systems ignoring the threat of what many see as an impotent US. with sanction threats. India sees them as a boost to New Delhi’s air defense capabilities with the threats along the borders with China and Pakistan. Significantly the delivery is happening ahead of Russian President Vladimir Putin’s visit to India for an annual summit with India’s Prime Minister Narendra Modi next month. Source: NikkeiAsia From The TradersCommunity News Desk

Indian Job Postings Hit All Time High in September

The Indian job market continues to expand, for the third consecutive month in a row job openings are picking up. The latest Naukri JobSpeak report had 2,753 job postings an all-time high in September surpassing pre-COVID levels in September 2019 by 21 per cent. “The continuous positive growth of the IT-software/software services sector has enabled major IT hubs to outperform other cities in the annual growth charts, it said. Bengaluru (133 per cent), Hyderabad (110 per cent), Pune (95 per … Continue reading “Indian Job Postings Hit All Time High in September”