Stock Market LIVE: Indices can expect strong start; SGX Nifty trading higher

Buy or sell: Vaishali Parekh recommends 3 stocks to buy today

Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those three shares for intraday trading:

1] Voltas: Buy at ₹918, target ₹954, stop loss ₹902;

2] Hero Motocorp: Buy at ₹2463, target ₹2560, stop loss ₹2400; and

3] Torrent Power: Buy at ₹515, target ₹530, stop loss ₹506. (Read More)

Layoff drive: Alphabet’s Waymo fires 137 employees

Alphabet Inc’s self-driving technology unit, Waymo has fired 137 employees in its second round of job cuts this year, the company told Reuters on Wednesday. With this, the firm has laid off a total of 8% (209 staffers) of its workforce.

In an official statement, Waymo said that it has eliminated some engineering roles as a part of the cuts to focus on commercial success. The job cuts at Waymo are part of wider layoffs across the auto and tech industry, including at Rivian Automotive Inc, General Motors Co, and Meta Platforms Inc. (Read More)

Short circuit’: After SEBI ban, Arshad Warsi claims to have zero knowledge about stocks

Arshad Warsi and wife Maria Goretti have been implicated in a case related to misleading videos posted on YouTube channels that encouraged investors to buy shares in Sadhna Broadcast, a company accused of price manipulation.

The Securities and Exchange Board of India (SEBI) has banned several entities, including Warsi, Goretti, YouTuber Manish Mishra and promoters of Sadhna Broadcast, from the securities market. According to SEBI, Warsi profited ₹29.43 lakh and Goretti earned a profit of ₹37.56 lakh from the scheme.

SEBI has issued two interim ex-parte orders that have restrained 29 individuals from buying, selling, or dealing in securities either directly or indirectly until further orders. The orders are related to pump-and-dump schemes, which refer to the practice of artificially inflating share prices by encouraging investors to buy shares in a company and then selling one’s own shares while the prices are high. (Read More)

Adani family sells stake in four group cos

The Adani Family, through its trust, sold ₹15,446 crore worth of its stake in four group companies to US-based investment firm GQG Partners, founded by investment manager Rajiv Jain. The transaction will provide much-needed respite to the conglomerate’s promoters and its stocks, which have plummeted since the release of a US short-sellers report alleging stick manipulation and accounting fraud, said fund managers.

The share sales, involving Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises, were done through a series of secondary block transactions, the group said in a statement to the stock exchanges. Earlier on Thursday, Adani Enterprises officially denied news reports from a day earlier of having secured a $3 billion credit line from a sovereign wealth fund. Only a month ago, Adani Enterprises pulled its ₹20,000 crore follow-on public offering, which had a floor price of ₹3,112 apiece, as a fallout from the Hindenburg Research report. GQG’s acquisition price of Adani Enterprises at ₹1,410.86 on Thursday was at a 10% discount to Wednesday’s closing price. Shares of Adani Enterprises rallied 2.75% after the deal, while Adani Ports gained 3.45%, and Adani Green and Adani Transmission rose to hit the 5% upper circuit at closing. (Read More)

US stocks climb on Thursday to send Wall Street to first gain in 3 days

Stocks rose Thursday for their first gain in three days, even as bond yields climbed to tighten the squeeze on Wall Street.

The S&P 500 rose 29.96 points, or 0.8%, to 3,981.35 after erasing a morning loss. The Dow Jones Industrial Average added 341.73, or 1%, to 33,003.57, while the Nasdaq composite gained 83.50, or 0.7%, to 11,462.98.

Stocks flipped from losses to gains after a Federal Reserve official made comments that raised hopes the central bank may not ramp up its fight against inflation as aggressively as feared. That countered recent talk from other officials who raised worries about much bigger increases to interest rates following several hotter-than-expected reports on the economy.

Raphael Bostic, president of the Federal Reserve Bank of Atlanta, told reporters that for now he still supports lifting the Fed’s key overnight rate to a range of 5% to 5.25%, up from its current 4.50% to 4.75%. That’s lower than a good chunk of investors on Wall Street are forecasting.

“That’s what gave the market a little hope, that there is a voice not saying to raise the terminal rate,” or where the Fed will ultimately stop hiking rates, said Brent Schutte, chief investment officer at Northwestern Mutual Wealth, “because a lot of the other people who talk seem like they’re constantly saying: ‘Elevator Up.’”

Higher rates can drive down inflation because they slow the economy, but they also raise the risk of a recession down the line. They likewise hurt prices for stocks and other investments. (AP)