Why psu bank stocks are falling today

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shares of Tata Power Co fell as much as 7% to hit a two month low tracking a fall in local equity markets. The stock touched a low of Rs 223 -- a level last seen on 8 March 2022. Since 6 April, Tata Power has declined 20% while Sensex and Nifty lost around 9% each. Tata Power's March quarter (Q4FY22) adjusted profit after tax (PAT) of Rs 653 crore (up 66.3% on year) came 4% above estimate of Rs 632 crore primarily on account of higher dividend income and tax benefit from Coastal Gujarat Power Ltd (CGPL) merger in standalone business (PAT at Rs 1770 crore versus net loss of Rs 159 crore a year ago) and good performance from renewable energy (RE) business. Coal mining performance was disappointing with 36% sequential decline in PAT at Rs 397 crore owing to lower volumes and lower … [Read more...] about Tata Power falls 7% to hit two month low

Wall Street's main indexes rose over 1% on Friday as signs of slowing economic growth and falling commodity prices tempered expectations over how high the Federal Reserve will raise interest rates to rein in inflation. Global financial markets have been roiled this month on worries that rapid rate hikes by major central banks could cause a recession, with the benchmark S&P 500 (.SPX) confirming a bear market last week as it recorded a 20% drop from its January closing peak. The three main indexes on Friday looked set to notch their first weekly gain in four, boosted by megacap growth stocks and defensive sectors such as healthcare and utilities seen as safer bets during times of economic uncertainty. "Conversations about the U.S. economy likely slowing which could lessen the hawkishness of the Fed, combined with lower commodity prices and bond yields - these are reasons investors are mentioning to justify why we could experience a near-term bounce," said Sam Stovall, … [Read more...] about Wall Street rallies as traders dial back rate-hike bets

Wall Street, New York City (File image: Reuters) Wall Street's main indices soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve's rate-hike plans. The S&P 500 rose over 3% for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index's sectors ended at least 1.5% higher. Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession. Still, investors have been gauging when the market might hit its bottom after the benchmark S&P 500 earlier this month recorded a 20% drop from its January closing peak, confirming the common definition of a bear market. "Some of the moves, the sellers just get exhausted so you don’t have as much capital moving out," said Shawn Cruz, head trading strategist at TD Ameritrade. "This might be a … [Read more...] about Wall Street mints big gains to end a strong week