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Stock Market LIVE: Sensex, Nifty open in the red; Nestle, Lupin in focus” Nifty below 17,300 in opening deals” Gold slips: Oil up.
Sebi levies 45 lakh fine on 9 entities in illiquid stock options case
Equities were steady on Friday after the U.S. Secretary of State agreed to a meeting with Russia’s foreign minister, raising hopes for a diplomatic solution to the East-West standoff over Ukraine.
Indian equities opened lower as investors assessed geopolitical risks. Asian stocks were subdued, even as they pared earlier losses, on hope of a diplomatic solution to Ukraine crisis. At open, Sensex fell 135.20 pts to 57756.81, while Nifty was down 0.23% at 17265
Concern about conflict in Ukraine comes with markets already rattled by a rates outlook that could hold as many as seven Federal Reserve increases in the year ahead. St. Louis Fed president James Bullard on Thursday reiterated his call for the Fed funds rate to be raised to 1% by July to combat stubbornly high inflation.
Gold slips from $1,900 as potential Russia-U.S. talks dull appeal
Gold prices retreated on Friday, after breaking above the key $1,900 level for a second consecutive session, as a Russia-U.S. meeting next week slowed investors’ dash to the safety of bullion.
Spot gold fell 0.3% to $1,890.77 per ounce, after touching its highest in eight months at $1,902.22 earlier in the session. U.S. gold futures dropped 0.5% to $1,892.70.
LIC’s looming IPO weighs on shares of other players in sector: Reuters
Next month’s mammoth stock market debut for Life Insurance Corp. (LIC) of India has battered shares in other insurers as investors trim their holdings to make room for the state-owned giant, fund managers and analysts said.
The flotation, potentially raising $8 billion (about ₹60,037 crore), likely will continue to drag on LIC’s competitors for about a year and could spread to other sectors, they said.
The government filed draft papers on Sunday with India’s market regulator to sell 5% of the company’s shares in what could be the world’s third-biggest insurance IPO ever and one of this year’s biggest Asian share sales, according to Refinitiv data.
“This is the biggest one and you have to make space for this,” said a fund manager who asked not to be named. “Historically, market leaders are the first ones that list. This is a rare moment when a large player is being listed very late.”
Securities and Exchange Board of India (Sebi) has imposed fines on nine entities, including individuals, for indulging in non-genuine trades in stock options segment of BSE (Bombay Stock Exchange). The penalties totaled ₹45 lakh on all the entities
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