5 things to know before the stock market opens Tuesday

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, November 10, 2022.

Brendan McDermid | Reuters

Here are the most important news items that investors need to start their trading day:

1. Bounce back?

Wall Street is looking for a rebound after Monday’s rout, which came as investors watched protests in China against the government’s harsh anti-Covid measures. China’s economy is already prone to fits and starts due to President Xi Jinping’s “zero Covid” policy, which relies heavily on mass quarantines, and mass unrest would create a new level of uncertainty for the nation of 1.4 billion people, as well as global markets. This week, investors are also preparing to digest a new wave of earnings reports (Hewlett Packard Enterprise reports after the bell Tuesday) and the November jobs report, which lands Friday. Read live markets updates here.

2. Musk vs. Apple

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, June 13, 2019.

Mike Blake | Reuters

Now Elon Musk wants to take on Apple. The Twitter owner tweeted Monday that the iPhone maker threatened to boot his social media app off its App Store, which, if it happened, would kill one of Twitter’s major distribution channels. Apple declined to comment on Musk’s claims. For all his talk about free speech and censorship, though, Musk’s main gripe with Apple is likely more about money than expression. The billionaire also took aim at Apple’s policy requiring that app makers pay a 15% to 30% cut to the company on digital goods sold through their applications. Musk, eager to find a source of revenue for Twitter as ad dollars have dried up, wants to charge subscription fees for certain services on Twitter.

3. Disney sticks with hiring freeze

Disney World’s Magic Kingdom in Orlando, Florida.

Joe Raedle | Getty Images News | Getty Images

Bob Iger on Monday made a splashy return to the Disney lot in Burbank, California, where he held his first town hall since he was re-hired as CEO just over a week ago. He spent a lot of time focusing on the company’s culture, which many at Disney felt suffered under previous CEO Bob Chapek, and touting its creative powers. But Iger also spoke about nitty gritty moves that will affect the company’s day-to-day work. Iger said Disney would keep in place the hiring freeze implemented by Chapek, and that he would take a good look at the company’s cost structure. Chapek, in a memo about cost cutting he had sent days before he was ousted, had indicated layoffs were going to be part of the process. Now it’s up to Iger, who has built up a great deal of goodwill among employees, to make that call.

Read more: Iger addresses ‘Don’t Say Gay’ fallout, importance of LGBTQ inclusion

4. BlockFi files for bankruptcy

Ether tanks after BlockFi files for bankruptcy, and firms prep bids for Voyager: CNBC Crypto World

Another one bites the dust. BlockFi on Monday became the latest crypto firm to go bust, as the fallout from FTX’s failure spreads. The company had already halted withdrawals and warned of its exposure to FTX and sister trading firm Alameda Research. BlockFi’s bankruptcy filing on Monday noted that it had an outstanding loan of $275 million to FTX US, the American unit of FTX. Previously valued at $4.8 billion, BlockFi had avoided bankruptcy in July with the help of a $400 million revolving credit facility from FTX, whose founder, Sam Bankman-Fried, had styled himself as a crypto white knight. That all came crumbling down earlier this month, however, as FTX itself filed for bankruptcy.

5. Ukraine’s cold reality

Destroyed Russian vehicles and tanks in Mykhailivska Square on Nov. 19, 2022, in Kyiv, Ukraine. Millions of Ukrainians are facing severe power disruptions after recent waves of Russian missile and drone strikes reportedly left almost half of Ukraine’s energy infrastructure disabled and in need of repair, as temperatures plunge.

Jeff J Mitchell | Getty Images News | Getty Images

It’s getting colder and colder in Ukraine, with temperatures forecast to fall below freezing this week, as the country grapples with widespread blackouts and other infrastructure failures caused by Russian missile strikes. Now the pressure is on the United States and the rest of NATO to support Ukraine on the homefront in addition to providing weapons for the battlefield. “President Putin is trying to use winter as a weapon of war,” NATO Secretary-General Jens Stoltenberg said Tuesday, pledging to help Ukraine through the next few bitter months. Read live war updates here.

– CNBC’s Sarah Min, Kif Leswing, Alex Sherman, MacKenzie Sigalos, Rohan Goswami, Lillian Rizzo and Holly Ellyatt contributed to this report.

— Follow broader market action like a pro on CNBC Pro.

Source: https://www.cnbc.com/2022/11/29/5-things-to-know-before-the-stock-market-opens-tuesday-november-29.html

US stocks fall as zero-COVID lockdown protests spread across China

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REUTERS/Brendan McDermid

  • US stocks drop as zero-COVID lockdown protests spread in more cities across China.
  • Oil prices dropped, with Brent crude, the international benchmark, shedding roughly 2.8%.
  • Investors are watching how Beijing handles the civil unrest as well as a spike in new virus infections across China.

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US stocks dropped Monday as rare protests in China against the government’s strict zero-COVID policies broke out.

The unrest comes as a spike in COVID-19 infections prompted more local lockdown controls despite recent hopes of easing policy from Beijing. The world’s second-largest economy has seen almost three years of stringent lockdowns, which have weighed on growth.

Events in China continue to drag on oil prices. Brent crude dropped as low as $81.30 a barrel, which would mark the lowest close in 10 months if it maintains that level throughout the day.

Here’s where US indexes stood as the market opened 9:30 a.m. on Monday:

Here’s what else is happening:

In commodities, bonds, and crypto:

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Source: https://www.businessinsider.com/stock-market-news-today-china-covid-19-protests-oil-prices-2022-11?op=1

Multibagger cement stock to consider stock split next week: Do you own?

A small-cap company with a market valuation of Rs. 535.95 Cr., Bheema Cements Ltd. operates in the construction materials industry. The firm has established a cement plant at Ramapuram Village, Nalgonda District, Telangana district, for more than 2 decades. The company has captive mines with 127 million tonnes of proven reserves. The capacity of Bheema Cements Ltd.’s output is 0.9 million tonnes annually.

The company has said today in a stock exchange filing that “Notice is hereby given that a meeting of the Board of Directors of the Company is scheduled to be held at 05:00 PM on, Saturday the 02nd Day of December,2022, at the registered office of the Company to consider and approve Proposal for sub-division of the Equity shares of the Company having a face value of ₹10/- each, in such manner as may be determined by the Board of Directors, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company.”

The company has also informed to stock exchanges that it will re-appointment Mr. Kuchampudi Srinivasa Upendrasaketh Varma as the whole-time Director and re-appointment Mr. Kandula Prasanna Sai Raghuveer as the Managing Director of the Company for a further period of 2 years at the ensuing Annual General Meeting, subject to the approval of members.

In Q2FY23, the company reported a net loss of ₹18.93 crore compared to a net loss of ₹11.13 crore posted in Q2FY22. In comparison to the ₹11.28 Cr reported in Q2FY22, the firm recorded net expenses of ₹17.33 Cr in Q2FY23. The company reported no sales record in the quarter ended September 2022 and in the year-ago quarter as well. In Q2FY23, the company’s earnings per share were down to ₹-5.81 from Q2FY22’s ₹-3.93 per share.

Bheema Cements Ltd. shares ended trading on Friday at ₹166.50 a piece, up 0.24% from the previous close of ₹166.10. In contrast to the 20-Day average volume of 24,563 shares, the stock’s most recent trading session had a total volume of 24,869 shares. The stock has produced a multibagger return of 1,007.05% over the past five years, and on a year-to-date basis in 2022, it has produced a multibagger return of 1,061.90%. For the quarter ended September 2022 or Q2FY23, the company reported a promoter stake of 75%, FIIs stake of 1.78%, DIIs stake of 0.53% and a public shareholding of 22.69%. During its last closing session, the stock was seen trading above 5 days, 10 days, 20 days, 50 days, 100 days and 200 days Simple Moving Average (SMA). The stock had touched a 52-week-high of ₹173.00 on (14/10/2022) and a 52-week-low of ₹13.65 on (16/03/2022), indicating that at the current market price the stock is trading 5% below the high and 1104.02% above the 1-year low.

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Bheema Cements Ltd. shares ended trading on Friday at ₹166.50 a piece, up 0.24% from the previous close of ₹166.10. In contrast to the 20-Day average volume of 24,563 shares, the stock’s most recent trading session had a total volume of 24,869 shares. The stock has produced a multibagger return of 1,007.05% over the past five years, and on a year-to-date basis in 2022, it has produced a multibagger return of 1,061.90%. For the quarter ended September 2022 or Q2FY23, the company reported a promoter stake of 75%, FIIs stake of 1.78%, DIIs stake of 0.53% and a public shareholding of 22.69%. During its last closing session, the stock was seen trading above 5 days, 10 days, 20 days, 50 days, 100 days and 200 days Simple Moving Average (SMA). The stock had touched a 52-week-high of ₹173.00 on (14/10/2022) and a 52-week-low of ₹13.65 on (16/03/2022), indicating that at the current market price the stock is trading 5% below the high and 1104.02% above the 1-year low.

Source: https://www.livemint.com/market/stock-market-news/multibagger-cement-stock-to-consider-stock-split-next-week-do-you-own-11669482425745.html

The bear market in stocks will spill over into 2023 and it won’t be over until 3 things happen, Goldman Sachs says

  • The global bear market that hit stocks in 2022 may spill over into next year, according to Goldman Sachs.
  • The bank said investors are about to enter the “hope” phase as attention turns to a slowdown in interest rate hikes.
  • These are the three factors Goldman Sachs wants to see to believe that the bear market is finally over.

The bear market that hit global stocks in 2022 will likely spill over into next year with investors about to enter the “hope” phase of the decline, Goldman Sachs said in a Monday note.

Part of that hope is the idea that the Federal Reserve and central banks around the world will soon slowdown, pause, or even cut interest rates after a dizzying year of quick, aggressive rate hikes. According to Bank of America, global central banks are expected to have raised interest rates 267 times by the end of 2022.

But that hope could be fleeting, especially for recent gains made in the stock market.

“Renewed optimism about a slowdown in the pace of rate increases has triggered a rally that has pushed [global] equities up nearly 5% from their levels in June, despite real interest rates in the US having increased by close to 85 basis points since then and US 10-year yields rising by more than 50 basis points,” Goldman Sachs’ Peter Oppenheimer said.

Another part of the hope phase is the simple idea that stocks will finally stop going down and stage a sustainable reversal to recover some of the painful losses experienced this year.

But Goldman Sachs isn’t convinced that type of rally is imminent, as three key factors that typically signal a bottom for equities has not yet materialized.

Those three factors include:

1. Lower valuations that are consistent with recessionary outcomes

2. A trough in the momentum of growth deterioration

3. A peak in interest rates

“Valuations in equities have fallen a long way since the beginning of this year but this doesn’t mean to say they are cheap. The problem is that the de-rating has come from an unusually high peak supported by record low interest rates,” Goldman said of current market valuations.

And if interest rates continue to rise, those valuations should get worse, especially when considering US valuation measures are still above their long-term averages. “The US market is back up to a P/E of 17x. Its 20-year average has been slightly under 16x,” Oppenheimer explained.

In terms of a deterioration in economic growth, a continued slowdown is worse than things “getting less bad,” according to the note. “Generally, history suggests that the worst time to buy equities is when growth is contracting and momentum is deteriorating, and the best time is when growth is weak but moving towards stabilization.”

Finally, a peak in interest rates could still be far off with expectations that the Fed will once again hike rates at its upcoming December FOMC meeting.

“Historically, equity markets are likely to recover close to the peak in interest rates and inflation, but they often weaken into the final rate rises (as growth expectations deteriorate),” Oppenheimer said.

Source: https://www.businessinsider.in/stock-market/news/the-bear-market-in-stocks-will-spill-over-into-2023-and-it-wont-be-over-until-3-things-happen-goldman-sachs-says/articleshow/95791904.cms

Sebi brings mutual fund managers, directors under insider trading rules

With several cases of insider trading in mutual funds coming to light recently, the Securities and Exchange Board of India (SEBI) has finally brought fund managers, directors of fund houses, trustees and other connected entities under the ambit of insider trading rules.

Listing detailed guidelines in the gazette, the regulator said connected entities will include board of directors and key management personnel of sponsor of the mutual fund, directors or employees of registrar and share transfer agents and custodians or valuation agencies of the mutual fund who have access or are reasonably expected to have access to unpublished price sensitive information relating to a mutual fund scheme or its units in the course of business operations.

The Sebi board had earlier cleared the proposal. Fund managers of some fund houses had indulged in front running, making a huge money in the manipulation. Front-running, which is illegal in India, involves purchasing a stock based on advance exclusive information regarding an expected large transaction that will affect its price. Sebi has categorised front-running as a form of market manipulation and insider trading, and penalised several fund houses and fund managers in the past over this activity.

It has also brought an official or an employee of fund accountant providing services to a mutual fund, an official or an employee of a self-regulatory organization, an official of a stock exchange for dissemination of information, directors or employees of auditor, legal advisor or consultants of the mutual fund or asset management company, a banker of the mutual fund or AMC and a concern, firm, trust, HUF, company or association of persons wherein a director of an AMC and Trustees or his immediate relative or banker of the company, has more than ten per cent of the holding or interest under the rules.

Sebi said no insider should trade in the units of a scheme of a mutual fund, when in possession of unpublished price sensitive information, which may have a material impact on the net asset value of a scheme or may have a material impact on the interest of the unit holders of the scheme.

Explained

Off-market trades

Off-market trades should be reported by the insiders to the asset management company within two working days. Every asset management company should notify the particulars of such trades to the stock exchange.

Off-market trades should be reported by the insiders to the asset management company within two working days. Every asset management company should notify the particulars of such trades to the stock exchange or in any other manner as may be specified by the Board within two trading days from receipt of the disclosure or from becoming aware of such information.

According to the Sebi, an AMC should, on such date as may be specified by the Board and on a quarterly basis, disclose the details of holdings in the units of its mutual fund schemes, on an aggregated basis, held by the designated persons of asset management company, trustees and their immediate relatives on the platform of stock exchanges or in any other manner as may be specified by the Board.

It said details of all the transactions in the units of its own mutual funds, above such thresholds as may be specified by the Board, executed by the designated persons of an AMC, trustees and their immediate relatives should be reported by the concerned person to the Compliance Officer of the AMC within two business days from the date of transaction.

Further, it said the board of directors of every AMC should ensure that the chief executive officer or managing director should formulate a code of conduct with their approval to regulate, monitor and report dealings in mutual fund units by the designated persons and immediate relatives of the designated persons towards achieving compliance with these regulations.

The AMC board and the boards or heads of the organisation of intermediaries and fiduciaries, should also ensure that the MDs and CEOs or such other analogous person complies with these regulations.

Source: https://indianexpress.com/article/business/sebi-brings-mutual-fund-managers-directors-under-insider-trading-rules-8290344/

These Top 5 Cryptocurrencies May Die Soon; Are You A Holder?

The ongoing crypto winter and crisis have hit the market hard. Everyone seems to be dumping high-risk assets and consolidating their portfolios to include only the best coins or tokens.

As the market consolidates and investors become more risk averse, the likelihood of nascent crypto projects, that have yet to prove their worth, failing to survive grows exponentially.

Hence, it’s imperative that you remain invested only in those projects that you understand and truly believe in. Here’s a list of crypto coins that may struggle to survive in the coming years.

1. Po.et (POE)

The Po.et project began in 2016. It is a decentralised protocol aimed particularly at the publishing business. Poet timestamped information about creative content on the blockchain.It uses open protocols that were designed for interoperability with contemporary media and publishing industry standards.

The red flags we came across:

POE is listed on only one exchange, i.e., HitBTC.

Not a very active community on Twitter; last tweet was made on 15th January 2021

Market capitalisation is just around $36,481 and the trading voulme is around few hundred dollars (a few dollars on some days)

The price of the coin has been more or less stagnant for the last 3 years.

According to Cryptomiso, which ranks cryptocurrencies based on Github activity, this project was last updated on September 15, 2018.

2. Bounty0x (BNTY)

BNTY is an ERC-20 token that powers the Bounty0x Network. It is a decentralised bounty hunting platform that allows anybody to manage bounty programmes and reward bounty hunters for accomplishing bounty missions.

The red flags we came across:

Not a huge community or following on Twitter (around 9k followers)

According to Cryptomiso, this project was last updated in May 2018.

The price of the BNTY coin has been somewhat stagnant for the last 3 years (unable to break the barrier of $0.1; currently trading around $0.0006).

Currently, its market capitalization is around $141,000, with a trading volume of around $16,000 (as of writing this).

BNTY is listed on only one exchange. i.e, Gate.io

3. Cream CRM

CRM is also one of the troubled cryptocurrencies. It is based on the X11 chained hashing algorithm, which is used for the ‘Proof of Work’ calculations.

The red flags we came across:

Currently, CRM’s market capitalization is just around $39,000, with a 24-hour trading volume of just a few dollars in the last seven days.

Currently, the price of CRM is just $0.000086, and has seen a gradual decline since 2018.

According to Cryptomiso, this project was last updated in April 2018.

Not a very huge following or signs of strong community on Twitter as of writing this (Around 8K followers).

4. MimbleWimbleCoin (MWC)

MimbleWimbleCoin was launched in 2019, with a “mission to match and exceed every other good in the market with regard to the ten primary monetary characteristics in order to produce a good that is the superior qualitative money. Good money in the Information Age is (1) recognizable, (2) scarce, (3) censorship resistant, (4) durable & indestructible, (5) extensible, (6) salable, (7) portable, (8) fungible, (9) private and (10) divisible.”

The red flags we came across:

Not a very active community or following on Twitter (5k followers as of writing this)

MWS’s price has been very volatile, but over the years it has plummeted from $27 to $0.9 (as of now).

Its current market capitalization is around $10 million, but the daily trading volume is around a couple hundred dollars (in the past few months).

MWC is listed on only one exchange, i.e., Tradeogre.

5. Peercoin (PPC)

Peercoin was launched in August 2012 and is built on the Bitcoin framework.It stores value, provides complete anonymity, and can be sent over the internet with no central authority (such as a bank). It was the first digital currency to use a hybrid consensus method that combined proof-of-stake (PoS) and proof-of-work (PoW).

The red flags we came across:

Regardless of volatility, PPC has seen a gradual decline in price in the last 2-3 years, currently trading at $0.4176.

Currently, its market capitalization is around $11 million, with a daily trading volume of a few thousand dollars (In the last 3 months, as of writing this).

Peercoin has yet to enter the mainstream. Currently, it has a community of 39k people on Twitter.

Disclaimer: This Is Not A Financial Advise. Please Exercise Your Discretion.

Also Read: Top 3 Altcoins to Add to Your Portfolio for 100x Gains in 2023

The red flags we came across:

Source: https://www.tradingview.com/news/coingape:917b483d3:0/

Dow rises 152 points in brief trading on Black Friday

Traders work on the floor of the New York Stock Exchange on Wall Street in New York City on November 16. Stocks were mixed during an abbreviated Black Friday session. Photo by John Angelillo/UPI | License Photo

Nov. 25 (UPI) — The stock market showed mixed results in an abbreviated trading day after Thanksgiving on Black Friday, giving a positive financial start to the Christmas holiday season.

The Dow Jones Industrial Average increased 0.45%, or 152.97 points in the partial session. The S&P 500, though, tumbled 0.03% to 4,026.12 points while the Nasdaq Composite slipped 4%.

For the thanksgiving week, though, all three indexes were up, lead by the Dow’s increase of 1.78%, followed by the S&P’s 1.53% and the Nasdaq’s 0.72%.

The results occurred in the shadow of West Texas Intermediate crude oil. the U.S. bench standard, fell 1.5% at the end of the day after initially jumping 3% in the energy market.

Stocks remained stable early in the week until the minutes from the Federal Reserve’s November meeting were released. The minutes showed that governors anticipated a slowing of its interest rate hike binge in 2023, which helped give stocks a push upwards.

The results occurred in the shadow of West Texas Intermediate crude oil. the U.S. bench standard, fell 1.5% at the end of the day after initially jumping 3% in the energy market.

Source: https://www.upi.com/Top_News/US/2022/11/25/stock-market-black-Friday-trading/2251669402908/

Stock Market Update: Sensex Flat At Open, Nifty at 18,500; Key Points to Know

Last Updated: November 25, 2022, 09:34 IST

New Delhi, India

The Indian equity markets opened on a positive note

The Indian equity markets opened on a positive note

Sensex Today: Domestic equity markets opened on a positive note to exhibit strength amid steady foreign flows, softened crude oil prices, and retreating dollar.

Sensex Today: Domestic equity markets opened on a positive note to exhibit strength amid steady foreign flows, softened crude oil prices, and retreating dollar. While benchmark index Nifty50 traded flat below 18,500 levels, the S&P BSE Sensex declined over 50 points to trade at 62,216 levels.

Larsen and Toubro, Apollo Hospitals, HDFC Life, Axis Bank and Hero MotoCorp were among major gainers on the Nifty, while losers were Power Grid Corporation, BPCL, ONGC, Adani Enterprises and Cipla.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Many favourable factors have come together to push the markets to record levels: the FOMC minutes indicating smaller rate increases, the sharp correction in crude, FIIs turning buyers, reports of impressive credit growth and capex revival and even the bad news of record Covid spread in China is turning out to be good news for India since it will accelerate the China Plus One policy.”

“Nifty breaking the previous record high of 18,604 is only a question of time. The significant feature of this rally is that it is driven by heavyweights like HDFC Bank, ICICI Bank, HDFC, Infosys, TCS, HCL Tech and RIL which have strong fundamentals and this makes the rally healthy. But the market is unlikely to surge from the record highs since the valuation headwind will act as a restraint. The vast majority of retail investors, particularly the newbies, have missed out on this rally since their portfolios are largely mid-and small-cap oriented. As of now, the possibility of the rally spreading to the broader market is limited,” he added.

Broader markets, however, outperformed benchmark indices as Nifty SmallCap 100 and Nifty MidCap 100 indices climbed up to 0.4 per cent.

All sectors shifted between gains and losses. Nifty PSU Bank index gained the most – up to 0.7 per cent, whereas Nifty IT, Nifty Media, and Nifty Metal indices declined the most – over 0.3 per cent each.

Mohit Nigam, Fund Manager & Head – PMS, Hem Securities, said: “Some stock specific actions can be witnessed in stocks such as Veranda Learning (partners with IIM Raipur & SHRM to launch online MBA), Fino Payments Bank (Capri Global Holdings buys additional 6.06 lakh shares), PB Fintech (WF Asian Smaller Companies Fund buys 1.5% equity stake in Policybazaar), Hariom Pipe Industries (Company completes setting up of 15 tonne electric melting furnace).”

“On the technical front, immediate support and resistance in Nifty 50 are 18,300 and 18,600 respectively. For Bank Nifty immediate support and resistance are 42,500 and 43,500 respectively,” he added.

Global Cues

Globally, though the US stock markets were closed on Thursday account of Thanksgiving holiday, the stock-index futures continued to trade in positive territory Friday as investors’ sentiment remained upbeat.

Markets in Asia-Pacific, meanwhile, inched higher this morning as Nikkei 225, the S&P 200, Topix, and Hang Seng indices rose up to 1 per cent.

On the commodities front, prices of Brent Crude trimmed week’s losses and edged up in early trade. Brent Crude hovered flat at $85 per barrel, whereas WTI Crude climbed 0.2 per cent to $78 per barrel.

Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Read all the Latest Business News here

Source: https://www.news18.com/business/markets/stock-market-update-sensex-flat-at-open-nifty-at-18500-key-points-to-know-6465067.html

Stock market update: Mining stocks down as market rises

NEW DELHI: Mining shares closed higher in the Thursday’s session.

Madhav Marbles and Granites(up 4.26%), Ashapura Minechem(up 1.92%), 20 Microns(up 1.48%) and Oriental Trimex(up 0.57%) stood among the top gainers.

KIOCL(down 3.07%), Aro Granite Industries(down 1.35%), Orissa Minerals Development Company(down 1.14%), NMDC Ltd(down 1.10%), Coal India(down 0.91%), Pokarna(down 0.79%), MOIL(down 0.29%) and

Dvpt Corporation(down 0.04%) were among the top losers of the day.

The NSE Nifty50 index ended 216.85 points up at 18484.1, while the 30-share BSE Sensex closed up 762.1 points at 62272.68.

Enterprises(up 4.56%), HDFC LIFE INSURANCE(up 4.55%), Bharat Petroleum Corporation(up 3.5%), Infosys(up 2.95%), TATA CONSUMER PRODUCTS(up 2.93%), Power Grid Corporation of India(up 2.6%), Wipro(up 2.44%), Tech Mahindra(up 2.42%), HCL Technologies(up 2.37%) and Tata Consultancy(up 2.17%) stood among the top gainers in the Nifty pack.

On the other hand, Cipla(down 1.14%), Coal India(down 0.91%), Kotak Mahindra Bank(down 0.44%), Tata Motors(down 0.15%), Bajaj Finance(down 0.13%), Bajaj Finserv(down 0.13%) and Eicher Motors(down 0.11%) closed in the red.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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Source: https://economictimes.indiatimes.com/markets/stocks/stock-watch/stock-market-update-mining-stocks-down-as-market-rises/articleshow/95741667.cms

Ryan Reaves Traded To Wild For 2025 Pick By Rangers

Brendan Lemieux #48 of the New York Rangers pushes Brady Tkachuk #7 of the Ottawa SenatorsThe New York Rangers have granted the wish of Ryan Reaves who has been dealt to the Minnesota Wild. Getty Images | Bruce BennettKEY POINTS

  • The New York Rangers send Ryan Reaves to the Minnesota Wild for a fifth-round pick in 2025
  • The Rangers are unlikely to have used for their acquired future pick from the Wild
  • The Rangers are in search of solutions as their NHL season continues to disappoint

The New York Rangers gave in to the request of forward Ryan Reaves’ wish to be traded following reports that the 35-year-old hockey player was dealt to the Minnesota Wild in exchange for a 2025 NHL Entry Draft on Wednesday, November 23.

This came not long after Reaves had asked for a trade when the Rangers were in Los Angeles.

New York swiftly acted on the Canadian’s request and found a taker in Minnesota.

Furthermore, the Rangers will not retain any of the $1.75 million salary of Reaves, something that will now be accounted for by the Wild.

This means the Rangers also got a bit of flexibility as far as adding talent, depending on what Chris Dury deems fit.

The Rangers now have about $2.5 million in cap space, something they can use on a player of their choice but only if the price is right.

As far as the 2025 pick that New York got, it may hardly be of value to the team.

With the departure of Reaves, this means that the Rangers will be carrying only 22 players.

With the extra roster spot, they can both accrue cap space while having the flexibility to call up or acquire other players as needed.

Hence, it remains to be seen what the Rangers plan to do as far as approaching their upcoming games.

That includes how to address games that may become too physical–a reason why it would be wise for the Blueshirts to seriously consider filling in the void.

But then again, it also depends on how the Rangers adjust to their new rotation.

The intent is to see improvement so it will be interesting if the remaining players can rise to the occasion.

Entering the 2022-23 NFL season, the Rangers were tipped to be among the favorites to win the Stanley Cup.

Unfortunately, they got off to a bad start paired with surprising performances from other Metropolitan Division teams, so there is a possibility that New York could miss the playoffs.

They have encountered rough sailing, a run that includes two separate three-game losing skids.

So far, the Rangers have lost five out of their last seven assignments, something that needs to be resolved soon.

Igor Shesterkin New York RangersThe New York Rangers get some financial flexibility after trading Ryan Reaves to the Minnesota Wild. Bruce Bennett/Getty Images

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Furthermore, the Rangers will not retain any of the $1.75 million salary of Reaves, something that will now be accounted for by the Wild.

Source: https://www.ibtimes.com/new-york-rangers-grant-ryan-reaves-wish-minnesota-wild-step-trading-partner-3639884