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Sensex, Nifty trade flat, rupee gains

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Reversing early gains, the key equity indices traded flat during the afternoon session of the trade on Friday as investors grew cautious ahead of the release of major macro-economic data.
 
Q2 GDP, fiscal deficit and core sector growth data will be released later in the day.
 
Financials, oil and gas stocks witnessed selling pressure on the BSE while telecom stocks traded flat. In contrast, IT, realty, Teck (technology, entertainment and media) stocks outperformed the benchmark index, gaining 1-2 per cent. 
 
At 12.50 p.m, the Sensex traded 11.28 points higher at 36,181.69 from its previous close of 36,170.41. The benchmark index touched a high of 36,389.22 and a low of 36,178.76 while NSE's Nifty50 traded just 0.55 points higher at 10,859.25.
 
The domestic currency gained 20 paise against the US dollar, trading at Rs 69.64 from its previous close of 69.84.
 
On Thursday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 823.47 crore while domestic investors also bought Rs 973.31 crore.
 
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Sensex, Nifty open in green ahead of key macro data

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Ahead of a key macro-economic data release, the domestic indices opened in the green on Friday owing to a strong rupee and a healthy fund inflow.
 
Key data like -- Q2 GDP, fiscal deficit and core sector growth data -- will be released later in the day.
 
Asian markets too aided in the domestic indices gains.
 
Buying was witnessed in oil and gas, healthcare and auto counters while consumer durable scrips came under selling pressure.
 
Stocks of key sectors; finance and banking also traded higher.
 
The Sensex of the BSE opened at 36,304.43 from its previous close at 36,170.41 on Thursday.
 
At 9.23 a.m., the Sensex traded at 36,335.77 higher by 165.36 points or 0.46 per cent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 10,892.10 after closing at 10,858.70 on Thursday.
 
The Nifty traded at 10,911.45 during the morning trade session, up 52.75 points and 0.49 per cent.
 
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Sensex rises for 4th straight session on dovish Fed, lower oil prices

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India's barometer stock indices, Sensex and Nifty, rose over 1 per cent each on Thursday, as bets that the US Federal reserve will slow its pace of rate tightening and lower oil prices burnished the appeal for equities.
 
The Fed's rate-raising spree had triggered a rush of capital outflows, pressuring the rupee and depressing equities as well as sovereign debt.
 
However, the oil price crash and the Fed's recent dovish stance on rates have boosted the rupee, renewing foreign investor interest in Indian financial markets.
 
The gains, the fourth in a row, were also triggered by short covering ahead of the monthly derivatives expiry on Thursday. 
 
On Thursday, the Indian rupee gained 78 paise to close at Rs 69.84 from its previous close of Rs 70.62. 
 
The S&P BSE Sensex settled 453.46 points up or 1.27 per cent at 36,170.41, from its previous close of 35,716.95. It touched an intra-day high of 36,253.85 and a low of 35,946.24.
 
The NSE Nifty50 gained 129.85 points or 1.21 per cent to finish at 10,858.70.
 
"The gains came on the back of a rally in global equity markets after a dovish comment by US Federal Reserve Chairman Jerome Powell pushed up appetite for risk assets. Sentiments were also boosted by a fall in crude oil prices and a firm rupee," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
"Broad market indices like the BSE Mid-cap and Small-cap gained less, underperforming the main indices."
 
The Brent crude oil price declined to $57.94 a barrel.
 
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The financials, which led the gains, were up over 1.5 per cent while selling pressure was witnessed in the export-dependent IT stocks as the rupee strengthened. 
 
Vinod Nair, Head of Research, Geojit Financial Services, said: "Market held on to its strong gap-up momentum fuelled by the US Fed's dovish tone on interest rate cycle coupled with a fall in US bond yield to 2.99."
 
"Tailwinds in domestic macros led by a sharp fall in oil prices and a strong rupee supported the trend. Any ease in global trade tension after the G20 meet this weekend will also boost global sentiment."
 
The provisional data with the exchanges showed that foreign institutional investors pumped in Rs 823.47 crore on Thursday while the domestic institutional investors bought shares worth Rs 973.31-crore.
 
Top gainers on the Sensex were Bajaj Auto, up 4.68 per cent at Rs 2,725.05; Kotak Mahindra Bank, up 4.24 per cent at Rs 1,210.15; Mahindra and Mahindra, up 3.31 per cent at Rs 773.10; Vedanta, up 3.19 per cent at Rs 199.10; and IndusInd Bank, up 2.83 per cent at Rs 1,659.75 apiece.
 
The top laggards were Power Grid, down 1.55 per cent at Rs 181.20, ONGC, down 1.33 per cent at Rs 140.75; Infosys, down 1.01 per cent at Rs 659.60; Tata Consultancy Services, down 0.87 per cent at Rs 1,959.45; and NTPC, down 0.84 per cent at Rs 1142.30 per share.
 
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Marathas now entitled to 16% quotas in Maharashtra

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The Maharashtra Legislature on Thursday unanimously passed a Bill granting 16 per cent reservation to the politically influential Maratha community demanding quotas in education and jobs amidst slogans of "Chhatrapati Shivaji Maharaj ki Jai".
 
The Action Taken Report tabled in the legislature earlier by Chief Minister Devendra Fadnavis said the government proposed to give 16 per cent reservations to the Marathas under a new Social and Economically Backward Class (SEBC) category.
 
The Bill was passed unanimously without any discussion, marking a major political achievement in an election year.
 
Fadnavis said that the relevant formalities for implementing the quotas would be completed before the model code of conduct for the coming 2019 Lok Sabha elections was enforced.
 
However, the report on quotas for the Dhangar community was yet to be completed for which a sub-committee has been appointed and its ATR would be tabled in the legislature soon, he added.
 
Top leaders of Congress, Nationalist Congress Party and other political parties greeted the development terming it as "a historic day for the Marathas" who comprise nearly 30 per cent of the state's population.
 
Maratha leaders and activists who have been holding protests at the Azad Maidan welcomed the passage of the Bill and raised slogans of Shivaji and "Jai Marathas" as they sang and danced and also distributed sweets.
 
Leader of Opposition in the Assembly Radhakrishna Vikhe-Patil and Leader of Opposition in the Council Dhananjay Munde welcomed the developments terming them as "a triumph for the Maratha community".
 
"The decision of the former Congress government has been again approved by the state legislature... It's a huge victory for the Marathas who took out 58 peaceful processions in the state, the sacrifices of 40 people and the continuous efforts of the opposition parties for achieving this," Vikhe-Patil said.
 
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Since the Maratha reservations come under a new SEBC category, they will not affect the existing quotas for Scheduled Castes, Schedules Tribes and Other Backward Classes (SC/ST/OBCs).
 
The State Backward Classes Commission (SBCC) had submitted its report to the state government on November 15, recommending 16 per cent quotas for Marathas under the SEBC category, without disturbing other existing quotas.
 
The ATR described the Marathas comprise a socially and economically backward class who are without adequate reservations in education and government jobs.
 
Accordingly, they are entitled to the quota benefits enshrined in the Articles 15(4) and 16(4) of the Constitution and the government could initiate suitable measures to address the issues.
 
The previous Congress-NCP regime had also made a similar 16 per cent quota proposal but it was stayed by the Bombay High Court.
 
The Marathas have been organising massive silent protests all over the state for nearly two years, including agitations in July-August which had turned violent.
 
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Sensex jumps 450 points, rupee gains 74 paise

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India's key equity indices jumped on Thursday, their fourth straight session of gains, amid expectations the US Federal Reserve would slow its pace of interest rate increases.
 
Doubts about the Fed's future tightening also spurred the domestic currency, with the rupee vaulting 74 paise so far on Thursday's trade. 
 
The financials, which led the gains, were up over 1.5 per cent while selling pressure was witnessed in the export-dependent IT stocks as the rupee strengthened to Rs 69.88 per US dollar from its previous close of 70.62. 
 
The Brent crude oil price also declined to $57.94 a barrel.
 
"In its earlier meetings, the Fed had a hawkish stance, which meant that they could be going in for a rate hike every quarter...but now the Fed seems more flexible, clear from its dovish remarks, which have hurt the dollar," Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS. 
 
"This is partly the reason the rupee has gained strength against the US dollar. Also, a constant decline in global crude oil prices has aided the rupee's gains."
 
The Sensex settled 453.46 points up or 1.27 per cent at 36,170.41, from its previous close of 35,716.95. It touched an intra-day high of 36,253.85 and a low of 35,946.24.
 
The Nifty50 gained 129.85 points or 1.21 per cent to finish at 10,858.70.
 
Top gainers on the Sensex were Bajaj Auto, which rose over 4 per cent, while Kotak Mahindra Bank, Mahindra and Mahindra, and Vedanta gained in a range of 2 to 4 per cent.
 
Power Grid lost 1.17 per cent -- the most on the Sensex -- followed by NTPC, ONGC and Coal India.
 
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Sensex, Nifty up by 1%,IT slips in red on strong rupee

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Key equity indices Sensex and Nifty50 surged by over 1 per cent during the afternoon session of trade on Thursday on the back of a strong domestic currency, which gained over 70 paise.
 
The financials were up by over over 1 per cent while selling pressure was witnessed in the IT stocks as the rupee strengthened to Rs 69.89 per US dollar from its previous close of 70.62. 
 
The Brent crude oil prices also declined to $58.87 a barrel.
 
"In its earlier meetings the Fed had a hawkish stance, which meant that they could be going for a rate hike every quarter ...but now the Fed seems more flexible, clear from its dovish remarks which has hurt the dollar," Anindya Banerjee, Deputy Vice-President for Currency and Interest Rates with Kotak Securities, told IANS. 
 
"This is partly the reason the rupee has gained strength against the US dollar, also a constant decline in the global crude oil prices have aided the rupee's gains."
 
At 1.48 p.m., the Sensex traded 397.85 points higher at 36,114.80 from its previous close of 35,716.95. The benchmark index touched a high of 36,139.92 and a low of 35,946.24 while the NSE's Nifty50 traded 106.40 points higher at 10,835.25.
 
On Wednesday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 961.26 crore. 
 
IANS
 

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Equity market advances for 3rd straight session led by IT stocks

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The benchmark S&P BSE Sensex advanced 200 points on Wednesday extending gains for the third straight session led by healthy buying in IT stocks.
 
In addition, the market was also boosted by an appreciating rupee and foreign fund inflow. 
 
The IT stocks led the gains on Sensex, with the BSE IT index rising 3.5 per cent, followed by Teck (technology, entertainment and media) stocks. 
 
"Because of the pullback in the domestic currency, the mark to market losses will go down. IT companies will be able to get better realization of the currency depreciation which has boosted investor sentiments," Rusmik Oza, Head of Fundamental Research, Kotak Securities, told IANS. 
 
In contrast, healthcare, oil and gas stocks on BSE witnessed selling pressure.
 
The Nifty PSU Bank index also witnessed selling pressure during the day and closed 1.34 per cent lower, despite RBI's announcement of capital infusion on Tuesday. 
 
The Sensex settled 203.81 points up or 0.57 per cent at 35,716.95, from its previous close of 35,513.14. It touched an intra-day high of 35,822.16 and a low of 35,605.34.
 
The Nifty50 gained 36.15 points or 0.34 per cent to finish at 10,721.75.
 
Yes Bank lost close to 12 per cent, the most on Sensex which was followed by Larsen and Tubro, Tata Motors and ONGC which declined in the range of 2 to 5 per cent.
 
Top gainers were TCS and Infosys with over 4 per cent rise.
 
Crude oil prices, which eased over the past month and supported the domestic and foreign investor sentiments, logged a slight increase on Thursday. Analysts attribute the rise to expectations of a decision to reduce supply in the OPEC meeting next week.
 
The benchmark Brent crude price traded at $61 a barrel. 
 
IANS

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Sensex gains close to 300 points, Nifty at 10,752

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The benchmark S&P BSE Sensex advanced by close to 300 points during the afternoon trade session on Wednesday, extending its third straight session of gains led by strong gains in the IT stocks.
 
In addition, the markets also took cues from an appreciating rupee and retreating foreign fund inflow as India's macro-economic conditions improved largely owing to declining crude oil prices.
 
However, the Brent crude prices logged a slight increase which comes ahead of the OPEC meeting next week. The benchmark crude price traded at $61 a barrel. 
 
The local currency strengthened to Rs 70.66 against a US dollar from its previous close of 70.76.
 
IT stocks led the gains on Sensex as it rose over 3 per cent, followed by Teck (technology, entertainment and media). 
 
In contrast, healthcare, oil and gas stocks witnessed selling pressure. 
 
At 12.53 p.m., the Sensex traded 290.40 points higher at 35,803.54 from its previous close of 35,513.14. The benchmark index touched a high of 35,822.16 and a low of 35,605.34 while the NSE's Nifty50 traded 66.30 points higher at 10,751.90.
 
On Tuesday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 811.52 crore. 
 
IANS
 

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Markets open on high note on Wednesday

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
 
The Sensex of the BSE opened at 35,635.52 and touched a high of 35,682.92 and a low of 35,605.34.
 
The Sensex was trading at 35,681.51 up by 168.37 points or 0.47 per cent from its Tuesday's close at 35,513.14.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,708.75 after closing at 10,685.60 on Tuesday.
 
The Nifty is trading at 10,722.85 points in the morning.
 
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Expected improvement in macros, fund inflows lift equities; IT stocks rise

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Expected improvement in India's economic macros due to falling crude oil prices aided the Indian equity market indices to advance for a second straight session on Tuesday.
 
Additionally, inflows of foreign funds which boosted the domestic currency gave further upside to the market trajectory.
 
However, during the intra-day session, market indices remained range-bound but bounced back sharply during the late trade hours.
 
Consequently, the S&P BSE Sensex settled up 159.06 points or 0.45 per cent at 35,513.14 points, from its previous close of 35,354.08 points. 
 
It touched an intra-day high of 35,555.16 and a low of 35,262.97.
 
Similarly, the NSE Nifty 50 made gains. It rose 57 points or 0.54 per cent to end the day's trade at 10,685.60.
 
"Market smartly recovered from day's low amid global trade tensions ahead of G20 meet this week and mixed Asian peers," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Risk element on inflation is subsiding with rise in oil production, strong rupee and drop in yield, CPI inflation is expected to be under the control range. IT outperformed due to favourable valuation while ease in liquidity concern on PSU banks supported the sentiment."
 
In contrast, the overall market breadth on the BSE was negative, with 1,222 stocks advancing and 1,350 declining.
 
"While markets traded in the positive zone, investors were a bit cautious ahead of the expiry of futures and options (F&O) contracts on Thursday (November 29) and the release of India's gross domestic product data for the September quarter on Friday (November 30)," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
 
Sector-wise, while the healthcare, metals and media indices closed in the red, sharp gains were seen in the PSU bank and information technology indices.
 
The Nifty PSU Bank index gained 1.15 per cent after the Centre on Monday announced it would pump Rs 42,000 crore into the debt-laden banks by March. 
 
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Currently, 11 of the 21 state-run banks are under the central bank's Prompt Corrective Action (PCA) framework, restricting their ability to lend and expand branches. The move is expected to provide them a leeway out of the PCA framework.
 
In terms of crude oil, prices remained subdued at $60.24 per barrel at the time markets closed here, while the Indian rupee ended at Rs 70.76 per US dollar from its previous close of 70.87. 
 
On investments, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 811.52 crore on Tuesday while the domestic institutional investors bought shares worth Rs 31.21 crore.
 
"Technically, with the Nifty rallying higher and breaking out of the recent trading range, the bulls seem to be in control," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
"Further upsides are likely once the immediate resistances of 10,695 points are taken out. Crucial supports to watch for any weakness are at 10,596 points."
 
Top gainers on the Sensex were Infosys, up 2.53 per cent at Rs 637; Tata Consultancy Services, up 2.29 per cent at Rs 1,888.35; Reliance Industries, up 1.61 per cent at Rs 1,127.50; IndusInd Bank, up 1.29 per cent at Rs 1,584.45 and Maruti Suzuki, up 1.27 per cent at Rs 7,629.60.
 
The laggards were Sun Pharma, down 3.34 per cent at Rs 493.60; HeroMoto Corp, down 3.10 per cent at Rs 2,967.20; Yes Bank, down 2.55 per cent at Rs 183.15; Wipro, down 2.18 per cent at Rs 311.90, and Bajaj Auto, down 2.01 per cent at Rs 2,598.60 per share.
 
IANS

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Sensex ends up 160 points, financial stocks flat

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The key equity indices advanced for a second straight session on Tuesday, as a precipitous fall in global crude oil price has boosted the domestic currency, luring foreign investors back.
 
Buying was witnessed in IT, energy and Teck (Technology, entertainment and media) stocks while the financials closed flat.
 
The Sensex settled up 159.06 points or 0.45 per cent at 35,513.14, from its previous close of 35,354.08. It touched an intra-day high of 35,555.16 and a low of 35,262.97.
 
The Nifty50 gained 57.00 points or 0.54 per cent to finish at 10,685.60.
 
The Nifty PSU Bank Index gained 1.15 per cent after the Centre late Monday announced it would pump Rs 42,000 crore into the debt-laden banks by March. 
 
Currently, 11 of the 21 state-run banks are under the central bank's Prompt corrective action (PCA) framework, restricting their ability to lend and expand branches. 
 
Crude oil prices traded at $60.24 per barrel, while the rupee rose to 70.74 per US dollar from its previous close of 70.87. 
 
The decline in crude oil price, which has crashed over 30 per cent since its 4-year peak on October 3, comes on bets demand will slow amid a supply glut.
 
The Brent crude had slipped below $60 a barrel in just a month following the US move to let eight countries, including India and China, continue buying oil for six months from Iran despite its sanctions. 
 
India is the third-largest importer of crude oil. According to India Ratings and Research (Ind-Ra), a change of $1 per barrel in global crude price will impact the country's import bill by Rs 61.6 billion.
 
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Sensex, Nifty marginally up, banking stocks in red

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The key equity indices were marginally higher during the afternoon session of trade on Tuesday over profit booking, but banking stocks traded lower.
 
Domestic bourses also took cues from the firm Asian markets.
 
Buying was witnessed in energy and IT stocks.
 
At 2.23 p.m., the S&P BSE Sensex traded 62.06 points higher at 35,416.14 from its previous close of 35,354.08. The benchmark index touched a high of 35,501.70 and a low of 35,262.97 while NSE's Nifty traded 21.95 points higher at 10,650.55.
 
On Monday, the Centre's recapitalization announcement of Rs 42,000 crore to unhealthy PSU banks boosted investor sentiments.
 
Currently, 11 of the 21 state-run banks are under RBI's Promt corrective action (PCA) framework which restricts weak banks from carrying out certain operations. 
 
Crude oil prices traded at $60.15 per barrel while the domestic currency was nearly flat at Rs 70.90 per dollar from its previous close of 70.87. 
 
The decline in crude oil prices, which has crashed over 30 per cent since early October, comes amid expectations of slowing demand and an over-supplied crude oil market led by the US.
 
Global crude oil price has guided the markets in the past month after it touched a high of $86 a barrel mark in early October. 
 
It slipped below $60 in just a month following the US move to let eight countries, including India and China, continue buying oil for six months from Iran despite its sanctions. 
 
India is the third largest importer of crude oil. According to India Ratings and Research (Ind-Ra), a change of $1 per barrel in global crude price will impact the country's import bill by Rs 61.6 billion.
 
The Indian rupee, as a consequence, has gained over 5 per cent against the US dollar from its life time high of 74.47.
 
IANS

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Profit booking subdues indices, banking stocks down

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Profit booking during the morning trade session subdued both key indices -- Sensex and Nifty -- on Tuesday.
 
However, positive Asian markets aided the domestic indices to pare some of the losses.
 
Buying was witnessed in IT, healthcare and TECK (technology, entertainment and media) counters while metal scrips came under selling pressure.
 
Stocks of key sectors; finance and banking also traded lower.
 
The Sensex of the BSE opened at 35,394.77 from its previous close at 35,354.08 on Monday.
 
At 9.29 a.m., the Sensex traded at 35,325.19 lower by 28.89 points or 0.08 per cent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 10,621.45 after closing at 10,628.60 on Monday.
 
The Nifty traded at 10,612.70 during the morning trade session, down 15.90 points and 0.15 per cent.
 
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Global cues, oil prices cheer investors; Sensex up 1%

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Firm global cues, a persistent decline in crude oil prices, and value buying lifted the Indian equities higher on Monday.
 
However, a strong demand for US dollars from importers coupled with domestic political uncertainty due to state elections and concerns over global growth limited the gains. 
 
Buying was witnessed in FMCG and consumer durables stocks. 
 
The index pivotals -- finance and banking -- gained 1.32 per cent and 1 per cent, respectively. 
 
The S&P BSE Sensex settled up 373.06 points or 1.07 per cent at 35,354.08 points, from its previous close of 34,981.02 points. It touched an intra-day high of 35,397.24 and a low of 34,896.07.
 
The NSE Nifty50 gained 101.85 points or 0.97 per cent to finish the day at 10,628.60.
 
The overall market breadth on the BSE was negative, with 1,067 stocks advancing and 1,536 declining.
 
"Broad market indices like the BSE Mid-cap index gained less, thereby underperforming the main indices," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
According to Vinod Nair, Head of Research, Geojit Financial Services: "Market regained strength amid volatility, supported by positive global cues and improvement in domestic macros on account of sharp fall in crude and firming rupee."
 
"Recapitalisation announcement of Rs 42,000 crore to PSU banks is likely to provide respite to the current liquidity issues, which also boosted the sentiment."
 
Heavy US dollar demand from importers weakened the domestic currency to Rs 70.87 against the greenback, from its previous close of 70.67.
 
"The recent appreciation in the rupee is a golden opportunity for the importers... Given the volatility and uncertainty in the global financial markets, importers are rushing to hedge their exposure for the next 2-3 months," said Rushabh Maru, research analyst at Anand Rathi Shares and Stock Brokers. 
 
Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 62.74 crore on Monday while the domestic institutional investors bought scrips worth Rs 351.78 crore.
 
Top gainers on the Sensex were Hero MotoCorp, up 5.02 per cent at Rs 3,062.10; Hindustan Uniliver, up 4.21 per cent at Rs 1,745.15; Wipro, up 3.71 per cent at Rs 318.85; Asian Paints, up 2.72 per cent at Rs 1,349.60 and Axis Bank, up 2.69 per cent at Rs 630.80.
 
The laggards were Yes Bank, down 3.89 per cent at Rs 187.95; ONGC, down 3.58 per cent at Rs 146.75; Sun Pharma, down 2.88 per cent at Rs 510.65; Coal India, down 2.36 per cent at Rs 250.70, and Vedanta, down 1.90 per cent at Rs 195.85 per share.
 
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Sensex up 240 points, Nifty inches close to 10,600

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Firm Asian markets and a declining global crude oil prices aided the S&P BSE Sensex recover from initial losses as it traded 240 points higher during the afternoon session of trade on Monday.
 
The NSE's Nifty also inched closer to the 10,600-mark over value buying after the markets closed on Thursday logging losses during the week. The markets were shut on Friday.
 
Buying was witnessed in the FMCG and consumer durables stocks. The index pivotals -- finance and banking -- were 0.26 per cent and 0.33 per cent higher from their previous close. Export oriented stocks like IT and healthcare traded lower.
 
Although the indices traded in the green, the overall market breadth was negative with 1,470 advances and 922 declines as mid-cap traded 0.29 per cent lower and the small-caps declined by 0.13 per cent.
 
At 1.55 p.m., the S&P BSE Sensex traded 243.14 points higher at 35,224.16 from its previous close of 34,981.02. The benchmark index touched a high of 35,237.90 and a low of 34,896.07 while NSE's Nifty was trading 62.45 points higher at 10,589.20.
 
Crude oil prices traded at $59.74 per barrel while the domestic currency stood at Rs 70.59 per dollar from its previous close of 70.67. 
 
The crude oil prices have guided the markets for the past few weeks after it touched $86-a-barrel mark in early October. The Brent crude oil slipped below $60, a decline of over 30 per cent in just a month following the US move to let 8 countries, including India and China, continue buying oil for six months from Iran despite its sanctions. 
 
According to a India Ratings and Research (Ind-Ra), a change of even $1 per barrel will impact the country's import bill by Rs 61.6 billion.
 
IANS
 

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Sensex, Nifty open in green

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The key equity indices -- S&P BSE Sensex and Nifty50 -- opened in green on Monday as global crude oil prices continued to ease.
 
Healthy buying was witnessed in telecom, oil and gas and power counters. Index pivotals -- financial and banking stocks -- also traded in the green. 
 
The Sensex of the BSE opened at 35,118.09 from its previous close at 34,981.02 on Friday. At 9.51 a.m., the Sensex traded at 35,018.79 higher by 37.77 points or 0.11 per cent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 10,568.30 after closing at 10,526.75 on Friday. The Nifty traded at 10,535 during the morning trade session, up 8.25 points and 0.08 per cent.
 
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British Council celebrates its 70th anniversary with 70 English Words of Indian origin

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The British Council is celebrating its 70th anniversary here with three events, highlighting 70 words of Indian origin that are a part of the Oxford English Dictionary, the Mumbai Music Week and the Howard Hodgkin Exhibition.
 
For the past 70 years, the British Council has worked to connect people from Mumbai and the UK through the arts, sports and education. 
 
While knowledge of the English language has played an integral role in helping young people from Maharashtra and across India to explore growth opportunities within the country and across the world, the focus on 70 Words of Indian origin that are a part of the Oxford English Dictionary (OED) signifies the great influence that India and its various languages have had on the English language. 
 
Several Marathi-inspired words such as bhelpuri, palanquin (from the Marathi word ‘palki’), tank (from the Marathi word ‘tanki’), Doolally (a reference to Deolali military camp), Mongoose (from the Marathi word ‘mungus’) have been added to the dictionary, reflecting the long historical and cultural connections between India and the UK, the Council said in a press release. 
 
These words from categories such as food, trade, society, religion and more, were added to the OED to facilitate greater understanding and appreciation of the various Indian languages among audiences in the UK and other English-speaking nations. It also underlines the extent of work that students, researchers, corporations and governments of both nations do together.
 
Announcing the launch of the programmes here on Thursday, Alan Gemmell, Director India, British Council, said, “There are many points of connection over the centuries in which people, ideas, language, goods and services have moved between Britain and India.  
 
“The British Council has been one such point and - as we celebrate our 70th year, we are proud to say that we have been inspired by India every day of those 70 years and hope that in a small way, we inspire young people in both our countries to imagine what the next 70 years could be. Our 70 Words is a momentary reminder of the layers of connection and fluid nature of the English language,” he added.
 
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“For the cashmere we drape and pyjamas we sleep in; the bangles we wear; the shampoo that cleans our hair; the cheetahs we watch whose speed we admire; and, the curry and kedgeree we might eat on a verandah - we thank the rich languages of India, and the people who have mixed and shared over the generations of those last four hundred years,” Gemmell said.
 
As a part of the celebrations, the Howard Hodgkin Exhibition opens on November 23 at CSMVS. This special exhibition inspired by the commissioned façade mural on the renowned, late Indian Architect Charles Correa’s British Council Delhi building. 
 
The work was created by the late UK artist Howard Hodgkin, considered one of the greatest British painters of his time and has inspired the visual identity for the British Council’s 70th-anniversary celebrations. 
 
Antony Peattie, music writer and Hodgkin's partner of 33 years, will deliver a talk explaining how Hodgkin’s work (his largest) made a statement about UK and India collaboration by bringing art and architecture together and went on to be regarded as a source of inspiration for both countries.
 
Mumbai Music Week, a music culture 'confluence’, will include conferences, workshops, performances, and social events by leading individuals belonging to the music industry in India and the UK. 
 
Selector Pro, the British Council’s leading music conference and skill building platform, will be in India for the first time at Mumbai Music Week. It aims to create links between the UK and Indian industry and entrepreneurship, provide training and support for developing Indian musicians, managers and journalists and share professional expertise and showcase new talent from the UK. 
 
Helen Silvester, Director- West India, British Council said, “It is our privilege to host singer-songwriter Eva Lazarus in Mumbai whose musical flavours span across genres from Reggae to Hip Hop, DnB to jungle. 
 
“We are delighted to launch ‘Selector Pro’, a professional development forum for musicians and music producers in partnership with Homegrown which will be officially launched at Mumbai Music Week in January 2019. 
 
“Eva’s performance also marks the introduction of Selector Pro for the first time in India. With initiatives like these, we hope to build cultural skills and connect people through access to creativity.”
 
Varun Patra, CMO & Co-founder, Homegrown, said, “We are excited to partner with British Council on our new property Mumbai Music Week and bring Selector Pro in all its glory to India for the first time. 
 
“This collaboration kicks off with a showcase at the Dharavi Project and a full-blown capacity building conference at Mumbai Music Week in January 2019. Homegrown is looking forward to having the best industry leaders and culture shapers within the music industry of both countries coming together over 3 days at the Mumbai Music Week and find growth opportunities across the markets,” he added.
 
Among the list of the specially selected 70 words that are a part of the OED (Link: https://www.britishcouncil.org.in/70words) are bandana, bangle, churidar, cummerbund; pashmina; pyjamas; shawl (clothing & accessories), Bhelpuri, chutney, curry, dal, kedgeree, mulligatawny, raita (food); Chit, gymkhana, khaki, palanquin, polo, pukka, tiffin (high society and the state); Bungalow, chintz, cot, lacquer, shampoo, tank, veranda (house & home); Blighty, calico, cashmere, doolally, dungarees, Jodhpurs, jungle (people & places); Mandarin, mogul, pundit, purdah, Swami, thug, Yaar (people & society); Avatar, dharma, Guru, karma, mantra, nirvana, yoga (religion & spirituality). 
 
The words also include atoll, catamaran, cowrie, dinghy, godown, gunny, jute (trade & the sea); Cheetah, langur, lilac, mongoose, myna, patchouli, teak, cheroot, choky, coir, cushy, loot, punch, Roti (miscellaneous).
 
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Shock decline in vehicle sales hit dealers this Diwali

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An "unexpected de-growth" during the festival season this year has shocked the automobile industry with consumers "postponing" purchase of both two-  and four-wheelers, a top industry official said here on Friday.
 
During the festival season Navratri to Diwali, the Federation of Automobile Dealers Association (FADA) recorded a dismal decline in sales of two-wheelers and four-wheelers, barring three-wheelers like commercial vehicles and autorickshaws.
 
In fact, this is the first time in the past five years or so that FADA has notched a negative growth during the auspicious festival season of around 42 days, when thousands flock to book or purchase vehicles.
 
"We had not witnessed such a dull festival season... Many negative factors came into play during this season. It's a matter of deep concern for the dealership community," FADA President Ashish H. Kale told IANS.
 
According to Kale, four-wheelers or passengers vehicles recorded a steep decline of 14 per cent in the prime time between September 21-November 20 this year, compared to the same period in 2017.
 
This came to actual sales of 287,717 passenger vehicles this season, down from last (2017) season's 333,456, he said.
 
In the two-wheelers segment, the decline was equally sharp at 13 per cent during the same period, recording 15,83,276 two-wheelers sold compared to 18,11,703 last season, Kale said.
 
Incidentally, four-wheelers have notched an overall decline of 1.4 per cent from April to November this year, or 16,26,555 passenger vehicles sold compared to 16,49,650 sold during the same period in 2017.
 
The only silver lining for FADA was the 10 per cent growth in the three-wheelers and commercial vehicles categories.
 
For three-wheelers, the sales figure this year was 58,801 (53,457 last year) and commercial vehicles it was 119,597 (103,370 last year).
 
"Dealer inventory in the two and four-wheelers has risen substantially due to this and is a matter of great concern for us," Kale said, of the FADA's move to release independent figures for the first time in view of the grim situation.
 
The "negative factors" which slashed sales this year include the fuel prices which were on the upward swing till October-end, and although the petrol-diesel prices started going downwards, the damage was done.
 
Adding to the negative sentiments was the ongoing Non-Banking Financial Companies (NBFC) liquidity issue which hit buyers, especially those opting for two-wheelers and commercial vehicles.
 
Kale hoped that the recent liquidity measures initiated by the Reserve Bank of India (RBI) and the government, the banks and automobile NBFCs would help the automobile industry grow in the days ahead.
 
"We request the government and RBI to further ease the liquidity for auto NBFCs which operated in a less riskier business environment compared to infrastructure and housing NBFCs due to short repayment cycle and mobility of the assets," Kale said.
 
On the positive side, he said that customer enquiries did not fall this festival, but they failed to materialise into transactions on expected lines due to "postponement" of decisions, and is optimistic the trend could reverse in the next four months.
 
IANS
 

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Political uncertainty, global sell-off drag equities lower

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India's barometer indices -- Sensex and Nifty -- fell for a third straight day on Thursday tailing a global sell-off and as investors avoided taking positions ahead of a long weekend.
 
Political uncertainty emanating from the dissolution of the Jammu & Kashmir's assembly, and elections in key states such as Madhya Pradesh and Rajasthan also weighed on sentiments. 
 
However, a fresh bout of fund inflows and lower crude oil price lifted the rupee and contained losses in equities.
 
The BSE S&P Sensex settled down 218.78 points or 0.62 per cent at 34,981.02, from its previous close of 35,199.80.
 
It touched an intra-day high of 35,364.50 and a low of 34,937.98.
 
The NSE Nifty50 lost 73.30 points or 0.69 per cent to finish at 10,526.75 points.
 
India's financial markets will remain shut tomorrow on account of Guru Nanak Jayanti. 
 
The overall market breadth was negative, and the broader market indices like Mid- and Small-cap on the National Stock Exchange fell 0.91 per cent and 0.37 per cent, respectively.
 
According to analysts, uncertainty due to the ongoing state elections was one of the major causeS for the day's decline.
 
Elections to constitute assemblies in Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana and Mizoram are scheduled for this month and the next.
 
A win for the Bharatiya Janata Party, which rules Chhattisgarh, Madhya Pradesh, and Rajasthan, would bolster Prime Minister Narendra Modi's chances of re-election next year.
 
"Stocks had drifted higher in early trade on value buying after a two-day slide. Volatility subsequently struck, with benchmark indices erasing intra-day gains to sink into negative zone," said Abhijeet Dey, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.
 
The weakness in equities mirrors a global trend, led by the United States, as global growth is seen buffeted by trade tensions between the US and China.
 
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Asian markets closed mixed. European indices -- FTSE 100, DAX and CAC 40 -- traded in the red.
 
A decline in Brent crude prices helped the equities avert a steeper fall. The Brent crude was last at $63.46 per barrel.
 
The decline in crude oil prices, which have crashed nearly 30 per cent since early October, comes amid expectations of slowing demand and rising US inventories. 
 
"Markets failed to hold on to the opening gains, as weak global cues and selling in metals and PSU banks dragged the indices," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Global growth concerns due to an ongoing US-China trade war, higher US interest rates and lower liquidity in the financial markets added to the woes. However, a rise in US crude oil inventory and expectations of a softening of the Fed's stance on interest rates could provide some support."
 
The decline in crude oil, which accounts for a large import bill for India, has propped up the rupee, which had plumbed an all-time high of 74.47 on October 11.
 
It closed at Rs 70.67 to a dollar, gaining 78 paise from its previous close of 71.45.
 
Heavy selling pressure was witnessed in the metal, power and banking stocks on the BSE, which fell over 1 per cent each, whereas the index pivotal finance counters declined 0.83 per cent.
 
Barring the media index, which gained over 1 per cent, all other sectoral indices on the National Stock Exchange closed the day with losses. 
 
"Technically, the short-term trend of the Nifty continues to be weak. Having moved below the support of 10,600-550 levels, there is a possibility of more weakness in next week," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
"Now the important supports to be watched for the next week are at 10,440 and 10,315 levels. On upmoves, 10,640 could offer resistance."
 
Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 446.24 crore on Thursday while the domestic institutional investors bought scrips worth Rs 49.68 crore.
 
Top gainers on the Sensex were Adani Ports, up 1.73 per cent at Rs 367.15; Larsen and Toubro (L&T), up 0.49 per cent at Rs 1,409.35; HDFC, up 0.35 per cent at Rs 1,874.50; ONGC, up 0.30 per cent at Rs 152.20 and TCS, up 0.19 per cent at Rs 1,815.25.
 
The laggards were Mahindra and Mahindra (M&M), down 3.02 per cent at Rs 745.75; Tata Steel, down 2.28 per cent at Rs 539.95; Wipro, down 2.10 per cent at Rs 307.45; Axis Bank, down 1.92 per cent at Rs 614.30, and Coal India, down 1.61 per cent at Rs 256.75 per share.
 
IANS
 

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Sensex continues its losing streak, falls 800 points in three days

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India's key equity indices surrendered the gains, extending losses for a third straight session on Thursday amid uncertainty due to the ongoing state elections.
 
The BSE Sensex has lost close to 800 points in the past three days.
 
Heavy selling pressure was witnessed in the metal, power and banking stocks, which fell over 1 per cent each, whereas the index pivotal finance counters declined 0.83 per cent. 
 
The Sensex settled down 218.78 points or 0.62 per cent at 34,981.02, from its previous close of 35,199.80.
 
It touched an intra-day high of 35,364.50 and a low of 34,937.98.
 
The Nifty50 lost 73.30 points or 0.69 per cent to finish at 10,526.75.
 
The weakness in equities mirrors a global trend, led by the United states, as global growth is seen buffetted by trade tensions between the US and China. 
 
The decline in crude oil prices, which have crashed nearly 30 per cent since early October, comes amid expectations of slowing demand and rising US inventories. 
 
After touching an $86-a-barrel mark in early October, the Brent crude oil has slipped below $64 following US decision to exempt 8 countries, including India and China, to continue buying oil for six months from Iran despite sanctions. 
 
The decline in crude oil, which accounts for a large import bill for India, has propped up the rupee to 71 per dollar, after touching an all-time high of 74.47 on October 11. 
 
It is currently trading at 71.08 to a dollar, gaining 37 paise from its previous close of 71.45.
 
Mahindra and Mahindra, Tata Steel and Wipro lost the most on the Sensex while Adani Ports, Larsen and Toubro, and TCS were the top gainers.
 
IANS

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Sensex, Nifty at day's low; cede initial gains

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The key equity indices traded at their respective day's low during the afternoon session of trade on Thursday after ceding initial gains owing to profit booking. S&P BSE Sensex lost over 550 points in the last two days.
 
Although the indices traded in the red, the overall market breadth was positive with 1,245 advances and 1,159 declines.
 
Also, a decline in crude oil prices and a strengthening rupee capped further losses. The domestic currency rose to Rs 71.13 from its previous close of 71.45 while the benchmark Brent Crude traded $63.37 a barrel.
 
Heavy selling pressure was witnessed in the metal and power stocks which fell over 1 per cent whereas the index pivotals -- finance and banking -- were 0.27 per cent and 0.66 per cent lower from its previous close. 
 
At 1.21 p.m., the S&P BSE Sensex traded 48.58 points lower at 35,251.03 from its previous close of 35,199.80.
 
The benchmark index touched a high of 35,364.50 and a low of 35,162.23 while NSE's Nifty was trading 0.25 points lower at 10,573.85.
 
IANS

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50% of existing ATMs may down shutters across India by March 2019: CATMi

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The Confederation of ATM Industry (CATMi), the apex body of the domestic ATM industry, has said that service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. 
 
These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs, a press release from CATMi said.
 
Currently, the country has approximately 2,38,000 installed ATMs, as per the latest publicly available figures.
 
"A large number of ATMs in non-urban locations may be shut down due to unviability of operations. If this happens, the financial inclusion programme would be severely impacted as millions of beneficiaries under the government’s Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, who withdraw subsidies in form of cash through ATMs, may find their neighborhood ATM shut. This may result in long queues and chaos similar to what the country witnessed when ATMs were not dispensing cash, post demonetisation," the release said.
 
"Several hundred thousand jobs ride on this industry and as per CATMI estimates, the closure of ATMs may result in considerable job losses that would be detrimental to financial services in the economy as a whole," it said.
 
CATMi said the forced closure is on account of unviability of operations brought about by recent regulatory guidelines for ATMs hardware and software upgrades, recent mandates on cash management standards and the Cassette Swap method of loading cash.
 
CATMi said that its members, which include the ATM managed service providers (MSPs), brown-label ATM deployers (BLAs) and White Label ATM Operators (WLAOs), are already reeling under the financial impact caused by huge losses during and post-demonetisation as cash supply was impacted and remained inconsistent for months.
 
"The situation has further deteriorated now due to the additional compliance requirements that call for a huge cost outlay. The service providers do not have the financial means to meet such massive costs and may be forced to shut down these ATMs, unless banks step in to bear the load of the additional cost of compliances," it said.
 
The release said revenues from providing ATMs as a service are not growing at all due to very low ATM interchange and ever-increasing costs. CATMi estimates an additional outlay of about Rs 3,500 crore – only for complying with the new cash logistics and cassette swap method. 
 
"These requirements were never anticipated by the industry participants at the time of signing contracts with the banks. Many of these agreements were inked four to five years ago when no such requirements were in sight," it said.
 
The release said these compliance costs may also see the 15,000-plus white label ATMs (WLAs) going out of business. 
 
"WLA operators already have huge accumulated losses and are in no position to bear additional costs. ATM interchange, the only source of revenue for WLAOs, has remained static despite frantic pleas to increase the rates.
 
"The ATM industry in India has reached a tipping point, and unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to large scale closure of ATMs,"  the release added.
 
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Key Indian equity market indices open in green

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The key Indian equity market indices on Thursday opened higher despite a muted trend in Asian markets.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 35,199.80 points on Wednesday, opened higher at 35,282.33 points.
 
Minutes into trading, it was quoting at 35,287.07 points, up by 87.27 points, or 0.25 per cent.
 
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,600.05 points on Wednesday, was quoting at 10,619.10 points, up by 19.05 points or 0.18 per cent.
 
India's benchmark indices had fallen for a second straight day on Wednesday, tailing global peers and led by a slump in software exporters.
 
The Sensex was down by 274.71 points or 0.77 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 35,494.25 points and a low of 35,112.49 points. The Nifty, too was down by 56.15 points or 0.53 per cent.
 
On Thursday, Asian indices were mostly showing a muted trend. Japan's Nikkei 225 was quoting in green, up by 0.16 per cent while Hang Seng was down by 0.15 per cent, South Korea's Kospi was down by 0.38 per cent. China's Shanghai Composite index was trading in red, down by 0.27 per cent.
 
Overnight, Nasdaq closed in green, up by 0.91 per cent while FTSE 100 was also up by 1.45 percent at the closing on Wednesday.
 
IANS

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Sensex, Nifty slip on global sell-off; IT shares plunge

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India's benchmark indices fell for a second straight day on Wednesday, tailing global peers and led by a slump in software exporters.
 
However, a fall in international crude oil price arrested what could have been a sharper decline.
 
Heavy selling pressure was witnessed in the IT counters, which fell over 3 per cent, followed by Teck (technology, entertainment and media) and energy stocks.
 
Consequently, the S&P BSE Sensex settled down 274.71 points or 0.77 per cent at 35,119.80, from its previous close of 35,474.51 points.
 
Similarly, the NSE Nifty50 lost 56.15 points or 0.53 per cent to finish at 10,600.05 points.
 
The overall market breadth was flat and the broader market indices like Mid and Small-cap segments of the NSE closed higher by 0.50 per cent and 0.48 per cent, respectively.
 
Market observers attributed Wednesday's fall to a sell-off in global stocks, which was triggered by growing concerns about slowing global growth.
 
"Domestic stocks began the day on a negative note on subdued Asian indices. A sudden sell-off in index pivotals dragged the indices to intra-day lows in morning trade," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. 
 
"Despite a subsequent mild recovery, the benchmark indices continued to trade under pressure and finally closed the day with losses of over 0.50%."
 
Vinod Nair, Head of Research, Geojit Financial Services, said: "Market traded on a weak note despite a positive opening in European market and further slide in oil prices."
 
"A rebound in PSU banks due to extension of the timeline for the full implementation of Basel 3 norms, and gains in pharma stocks helped the market trim some losses in early hours of trade. However, continued selling in IT stocks on account of a strong rupee restricted the recovery."
 
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The Brent crude oil price fell below $64-per-barrel mark.
 
"Crude oil prices are falling as US inventories rose last week. US inventories are at their highest level since 2015. Crude oil remains under pressure amid expectations of slowing global demand," Anuj Gupta, Deputy Vice President, Research, Commodities and Forex, Angel Broking, told IANS.
 
The short-term trend of the Nifty has turned weak. 
 
"The Nifty is currently placed at the key lower support of 10,620-10,558 levels, as per the concept of change in polarity," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
"As long as this support holds, there is a possibility of a bounceback. Support on breach of these levels could come in at 10,452."
 
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,652.04 crore on Wednesday while the domestic institutional investors bought scrips worth Rs 606.73crore.
 
Top gainers on the Sensex were Yes Bank, up 2.83 per cent at Rs 198; Axis Bank, up 2.20 per cent at Rs 626.35; Adani Ports, up 1.91 per cent at Rs 360.90; Asian Paints, up 1.25 per cent at Rs 1,322.90 and State Bank of India (SBI), up 1.24 per cent at Rs 286.55.
 
The laggards were Tata Consultancy Services (TCS), down 3.51 per cent at Rs 1,811.75; Infosys, down 3.14 per cent at Rs 620.95; Power Grid, down 2.74 per cent at Rs 182.85; Wipro, down 2.38 per cent at Rs 314.05, and Reliance Industries, down 2.31 per cent at Rs 1,112.30 per share.
 
IANS
 

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Mumbai police book Alok Nath for rape

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The Mumbai Police have booked film actor Alok Nath on the charge of rape following a complaint lodged by writer-producer Vinta Nanda over a month ago, an official said here on Wednesday.
 
The victim had lodged the complaint with Oshiwara Police on October 17 after Nath hit back by filing a defamation case against her in a Mumbai Magistrate Court.
 
Among other things, Nanda had accused Nath of allegedly raping her nearly 19 years ago when they worked together.
 
Nath had denied all the allegations levelled by the victim and lodged the defamation case demanding Re. 1 as damages and a written apology from her.
 
Earlier this month, the powerful Cine & TV Artistes Association had expelled him after the rape charges came to the fore.
 
IANS
 
 
 
 
 

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