BANK OF AMERICA GLOBAL RESEARCH
Zero factual inaccuracies with our Adani research: Hindenburg on Sebi notice | Read short seller's full response here
Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
Economic cracks are getting exposed in the 2024 market bounty
Dispiriting trends that have been visible for months now alongside the frenzy for megacap tech stocks and private credit – are on display yet again. Companies with dicey balance sheets have underperformed anew in June. Equal-weighted stock benchmarks where disruptive AI market leaders have the same weighting as industrial bellwethers have lagged yet again.
78K & counting: There's no stopping these bulls
The BSE benchmark ended at 78,053.52, up 712.45 points or 0.92% after hitting its lifetime high of 78,164.71. NSE's Nifty rose 183.45 points or 0.78% to a close at a record 23,721.3. The index hit an all-time high of 23,754.15 during the day.
All roads lead to Nvidia as tech sees record inflows, Says BofA
Nvidia Corp became the world's most valuable company, driving record inflows into tech funds. Bank of America Corp strategists noted $8.7 billion inflow in tech funds via EPFR Global data, with strategist Michael Hartnett commenting on the impact of Nvidia's success.
Asian stocks hold on to gains; BoE in focus
Asian stocks paused near two-year highs as traders awaited U.S. policy clues. Sterling steadied ahead of a Bank of England meeting with unchanged rates expected. Central bank decisions from Switzerland and Norway will set the global rates tone.
Unstoppable bull run! Sensex, Nifty hit lifetime highs for 4th straight day on solid global cues
Nifty50 and Sensex reached new highs driven by banking and IT stocks amid expectations of a rate cut by the Federal Reserve.
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Indian corporates are likely to go slow on overseas dollar loans: BofA
Indian corporates are likely to reduce overseas dollar loans due to expensive current rates. There is a 'huge pent-up demand' for investing in local firms' equity. Borrowing costs in the US have increased sharply, leading to a preference for IPOs and follow-ons in India.
Global rate-cut juggernaut is struggling to start
Central banks cagey about joining the global interest-rate cutting cycle may reveal themselves this week with a quartet of decisions in advanced economies.
Inflation, Fed meeting to give clues for US market direction
Investors await next week's inflation data and Fed meeting for signals on stock market trajectory amid conflicting economic signals. S&P 500's 12% YTD rise hinges on Fed's ability to manage inflation without hampering growth.
India’s climate dilemma will hang over Modi’s next five years
Modi, who has cast himself as climate champion for much of the past decade, will be under pressure to make faster progress toward existing green targets, including pledges to hit net zero by 2070, install a mammoth 500 gigawatts of non-fossil energy by the end of the decade, and corral a global alliance on solar power that aims to secure $1 trillion in investment.
Wall St Week Ahead-Inflation, Fed meeting to give clues for US market direction
Political uncertainty may impact market stability. Early presidential debate raises concerns about 2024 election influence. Market attention shifts from economic data to political landscape.
Gold Price Today: Gold prices fall Rs 2,700 per 10 gm in last 15 days, silver down Rs 6,800 per kg in one week
Gold and silver prices remain volatile ahead of key events like the U.S. job data and ECB policy meetings. Prices are influenced by factors like central bank demand, profit-taking and industrial metal pressures. Traders are cautious amid uncertainty in the market.
'We expect rupee to be the best-performing Asian currency in 2024'
India remains a top choice for global investors despite recent outflows, with a positive outlook for the Indian rupee and potential Fed rate cuts impacting the US dollar's performance.
Asia shares rally on hopes for more rate cuts this week
Asian share markets rose on Monday as investors anticipated rate cuts by the European Central Bank and possibly the Bank of Canada. Sticky inflation may prolong the easing process.
RBI to face problem of plenty: Prepare for bond sales
The RBI's challenge for the year may not be inflation but liquidity. Government spending resumption and overseas fund flows complicate monetary policy effectiveness.
Investor flows into corporate bonds on longest streak since 2019, says BofA
Global investors poured $3.6 billion into investment grade corporate bond funds in the week to Wednesday, Bank of America said on Friday, in the 31st straight week of inflows, the longest streak since 2019.
Nasdaq crosses 17,000 mark for first time ahead of inflation test
While the Nasdaq and S&P 500 celebrated their fifth consecutive week of gains, the Dow Jones took a different path on Friday. Healthcare stocks, led by an 8% plunge in Moderna, dragged down both the Dow and the broader S&P 500 sector. This divergence comes amidst ongoing market optimism fueled by speculation of potential interest rate cuts from the world's most influential central bank later this year. This optimism has propelled Wall Street to record-breaking highs since late 2023.
Indian economy grew 7.4% in Q4 FY24; 8% in FY24: SBI Research
The International Monetary Fund (IMF) in its April 2024 World Economic Outlook (WEO) raised the global growth forecast for 2024 to 3.2 per cent, an improvement from its earlier projections. Global headline inflation is expected to decline from an annual average of 6.8 per cent in 2023 to 5.9 per cent in 2024, and further to 4.5 per cent in 2025, according to IMF estimates.
InterGlobe Aviation shares rally 3% after doubling Q4 profit. Brokerages increase target price up to Rs 5,192
InterGlobe Aviation, the parent company of IndiGo Airlines, witnessed a significant uptick in its stock price on Friday, with shares climbing almost 3% on the BSE to reach a new 52-week high of Rs 4,520. This surge followed a more than doubling of the company's Profit After Tax (PAT) to Rs 1,895 crore in the fourth quarter.
Wipro CEO banks on internal talent, promotes veterans
Focusing on inside talent comes at a time when it has been dealing with exodus of senior leaders. This also comes after a period when Delaporte hired a lot of foreign citizens and expats at high salaries.
Global bond play: With depth will come volatility, too
Vikas Jain, head of India trading, fixed-income, currencies and commodities at Bank of America, said as foreign investment in Indian bonds heads toward the 10% weight on the JP Morgan bond index next year, the process of discretionary weighting changes would start to play out, creating a more complex trading environment.
Investors 'most bullish' since Nov 2021 - BofA survey
The survey of global fund managers with $562 billion in asset under management found 82% expect the first by the rate cut by the Federal Reserve in the second half, while 78% say a recession is unlikely over the next 12 months.
Paytm, Canara Bank among 26 stocks in focus ahead of MSCI rejig on May 15
MSCI's reshuffle on May 15 may eject Paytm from the MSCI Global Standard index, potentially attracting $2 billion from passive funds. Nuvama estimates 12 stocks to join, with inflows ranging from $144 million to $224 million each.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
Asian junk bond sales are hottest in five years on India boom
Regional sales of such corporate notes, outside of Japan, touched $5.9 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data. Indian borrowers have topped the share of sales so far this year, with nearly 44% share.
Titan plunges 7.2% on profitability worries, analysts cut price targets
"Aggressive store expansion by existing players and entry of new player (e.g., Novel Jewels by Aditya Birla Group will invest ₹5,000 cr) may keep competitive intensity elevated," said Citi's analysts in a client note.
Canarys expands global presence with strategic acquisition in North America
Canarys Automation Limited expands globally by acquiring a North American software services company, enhancing its digital innovation and service delivery standards. The company's strategic moves reflect a commitment to growth and excellence in digital transformation.
Tata Comm taking sustainable route for $1 billion fundraising goal
Bank of America advises Tata Communications on a $1 billion fund framework incorporating ESG standards. The funds will refinance existing loans, structure fresh loans, and offer pricing benefits tied to environmental, social, and governance targets.
First-quarter flows to tech stocks third largest on record - BofA
Cash equivalent money market funds saw $81.8 billion of inflows in the week to Wednesday, the largest in 13 weeks, BofA said in its weekly roundup of flows in and out of world markets, which cites data from EPFR.
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