Mumbai: Indian equity investors are facing a great dilemma: benchmark stock indices hover near record highs when economic growth is near multi-quarter lows. The BSE Sensex closed just shy of its lifetime high on Wednesday. After scaling a new intra-day record of 40,816, the 30-share index ended 181 points, or 0.45%, higher at 40,651, 2 points short of its all-time closing high, hit on November 7, 2019. Nifty closed just below the crucial 12,000 mark, advancing 59 points, or 0.49%, to end at 11,999. But the broader market is telling a different story, indicating that only a narrow band of stocks are supporting the rally. “It is only at the index level and a narrow list of stocks that are making it look like the market is doing very well. The broader market has not been in a great shape for the past couple of years,” said Gautam Chhaochharia, Head of Research at UBS Securities. BSE-500 index closed at 15,461 on Wednesday, and was 2.67 per cent, or 426 points, away from … [Read more...] about What’s driving stock market to record high despite multi-quarter low growth?
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The company that ran the World Chess Championships plans to issue a cryptocurrency-like digital token ahead of a stock market float in London as it tries to cash in the growing popularity of the game online. World Chess on Thursday said it aims carry out an unsual “hybrid initial public offering” in 2020, issuing digital tokens followed by floating shares on London’s Alternative Investment Market. World Chess, which has been incorporated in the UK since 2017, will raise “low millions of euros” in money from the token offering, according to Ilya Merenzon, the company’s chief executive and founder. The tokens will use blockchain ledgers to simplify the fundraising process, and will be convertible to shares at a later point, he said. Chess is popular around the world and has a large online following, but financial profitability has long taken a secondary place to politics. During the cold war the board game played a part in the battle for supremacy … [Read more...] about World Chess to issue digital tokens in stock market flotation
Mumbai: The domestic stock market ended flat on Thursday, but stock-specific movements kept the traders busy throughout the day. While telecom stocks such as Vodafone Idea and Bharti Airtel plunged despite some government relief, Zee Entertainment spiked on stake sale by the promoters. Stocks fell in line with weakness in global peers after US legislation on Hong Kong raised investor apprehension that a US-China trade deal would not be sealed anytime soon. Sensex closed 0.19 per cent or 76.47 points lower at 40,575.17, while the 50-share Nifty dropped 0.26 per cent or 30.70 points lower at 11,968.40. “The consolidation phase below 12,000 continued. The region around previous all-time high of 12,100 is witnessing some profit booking. It is not at all unexpected to witness some retracement near all-time highs. Broader structure continues to remain positive and the uptrend is intact. Near term corrections towards the support zone should be utilized to build long positions,” … [Read more...] about After Market: Telecom shares bleed, Zee rallies; 57 stocks hit 52-week lows
A day after touching record high, Sensex lost steam on November 21 as investors took money off the table in the light of weak global cues.Most global markets were in the red as concerns resurfaced over the US-China trade deal after the US House of Representatives on November 20 passed two bills to support protesters in Hong Kong and send a warning to China about human rights.Nifty traded lacklustre and settled marginally lower, taking a breather after the recent up move. It opened flat and remained rangebound thereafter.Close Movement on the stock-specific front kept the traders busy till the end. related news Bullish on Bank Nifty: Gautam Shah, Goldilocks Premium Research Don’t miss! Stocks from life insurance and AMC likely to be included in Sensex & Nifty Closing Bell: FM's PSU divestment fails to cheer D-Street; ZEE hogs the limelight Sensex settled 76 points, or 0.19 percent lower at 40,575.17, while Nifty closed at 11,968.40, with a loss of 31 points or 0.26 … [Read more...] about Taking Stock: Market ends lacklustre as investors book profits at record highs
By Peter Egwuatu The equity market on the Nigerian Stock Exchange, NSE Thursday gained 0.36 per cent, extending bullish sentiment to three consecutive trading sessions in the week. The positive sentiment was driven by gains on Guaranty Trust Bank Plc, MTN Nigeria, Dangote Cement Plc and 18 others. Consequently, the market breadth closed positive, recording 21 gainers as against 12 losers. READ ALSO: Negative outlook persists on NSE, market capitalisation down N28bn Thus, the Month-to-Date return increased to +1.96 per cent while the Year-to-Date, YtD loss moderated to -14.50 per cent. In summary, the NSE All-Share Index (ASI) increased by 95.94 absolute points, representing a growth of 0.36 per cent to close at 26,872.09 points. Similarly, the overall market capitalization size gained N46.30 billion, representing a spike of 0.36 per cent to close at N12.97 trillion. Suspected kidnappers allegedly abduct medical doctor https://t.co/H0rZcpVxSy #vanguardnews … [Read more...] about Stock market extends bullish sentiment to 3 consecutive sessions