Stocks snap four-day winning streak; Midcaps continue to outperform, PSU Banks rally https://t.co/spJ8q9f9h7
NFO Alert Jio BlackRock opens subscription for 3 debt funds. Should you invest? https://t.co/55RSpcQUtr
#Nifty closes lower after gaining for 4 consecutive days. https://t.co/7SJXDvlN6g
India’s capital-markets regulator has granted Jio BlackRock Broking Pvt. Ltd. a certificate of registration to operate as a stockbroker and clearing member. The approval, dated 25 June, paves the way for the venture—owned equally by Jio Financial Services Ltd. and U.S. asset-manager BlackRock Inc.—to offer execution services alongside the mutual-fund and advisory businesses the partners have already licensed. With regulatory clearances now in place for asset management, investment advisory and brokerage, Jio BlackRock says it intends to provide low-cost, technology-driven investment products aimed at widening retail participation. The company has yet to announce a launch date but has indicated that its platform will integrate trading, advisory and fund offerings under a single digital roof. Investors cheered the development. Jio Financial shares rallied as much as 5 % on 27 June to an intraday high of roughly Rs 327—their strongest level in six months—before closing about 4 % higher. The stock has climbed roughly 67 % in the past four months, helped by a series of regulatory milestones and expansion moves across payments and wealth-management services. The broader market, however, paused for breath at month-end. On 30 June the BSE Sensex fell 452.44 points to 83,606.46 and the NSE Nifty slipped 120.75 points to 25,517.05, snapping a four-session winning streak as financial stocks gave up recent gains. Even so, the Nifty finished June with a fourth consecutive monthly advance, aided in part by strength in Jio Financial and other newly listed financial names.
