Equity benchmark Sensex dropped over 430 points on Tuesday as investors booked profits in banking and financial stocks after sharp gains in the previous session. Investor focus returned to the Russia-Ukraine war and rising oil prices, traders said. The 30-share BSE gauge ended 435.24 points or 0.72 per cent lower at 60,176.50.
ITC was the top loser in the Sensex pack, shedding nearly 3 per cent, followed by Bajaj Finance, Kotak Bank, Bharti Airtel and Reliance Industries. Nifty fell 43.35 points to 17,324.90.
The Russia-Ukraine crisis, along with general bullishness in agricultural commodities, has ensured that after a fairly long time, most of the 24 commodities for which the Centre declares the minimum support price (MSP) are trading above it. The exceptions here are chana or gram and a few varieties of pulses. This might gladden the farmers, especially those who are still holding on to their stocks from the previous kharif harvest or are harvesting the latest rabi crop. But this could stoke retail and wholesale inflation.
'That is the one headline the world is reading about India this week, and it is a potentially damaging story...' 'I don't think a panic mentality has set in, but this story is one that investors and market watchers are absolutely seized with.'
Equity benchmark Sensex slumped over 1,000 points to sink below the 55,000-level on Friday, tracking deep losses in IT, finance, banking and energy stocks amid widespread selling in the global markets. A weak rupee, surging crude prices and relentless foreign capital outflows further weighed on sentiment, traders said. The 30-share BSE index ended 1,016.84 points or 1.84 per cent lower at 54,303.44.
With almost all opposition parties too backing the 'Bharat bandh' and many announcing parallel protests in support of the farmers, the Centre has issued an advisory directing the states and Union Territories to tighten security and ensure peace is maintained.
HDFC was the top laggard in the Sensex pack, shedding over 3 per cent, followed by Infosys, L&T, Kotak Bank, Bajaj Finserv and Tech Mahindra.
These stocks are prone to manipulation and have been earlier reported by probe agencies.
For now Walmart has said it remains optimistic about India. But that could change without prior notice, says Nivedita Mookerji.
The rupee depreciated further by 13 paise to hit a new life-time closing low of 82.30 against the US dollar on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said. At the interbank foreign exchange market, the local currency opened at 82.19, then fell further to 82.43. It finally settled at an all-time low of 82.30 against the American currency, registering a decline of 13 paise over its previous close.
The case may drag for a few years, experts say, as CAIT and DVM have said they will appeal against the interim relief granted to Amazon.
However, metro services, schools, colleges, cinema halls and salons will remain closed, the chief minister said. Wearing masks and following social distancing norms are mandatory in the city, Kejriwal said, adding that no activity will be permitted in containment zones, except for essential services.
Work in mandis across UP and in northern India which till Tuesday, witnessed heavy arrivals of newly harvested paddy, saw a steep decline.
The AAP claimed that Sisodia would be arrested on Monday and alleged the move was initiated in view of the forthcoming assembly elections in Gujarat where it is in a direct contest with the BJP.
Richest Indian Gautam Adani's group, which has grown on acquisitions, has fairly solid fundamentals but debt-funded future acquisitions can start putting pressure on ratings, S&P Global Ratings said on Thursday. Starting out as a commodities trader in 1988, the Adani group has diversified from mines, ports and power plants into airports, data centres and defence. It recently forayed into the cement sector with a $10.5 billion acquisition of Holcim's India units and is also looking to set up an aluminium factory. Most of this expansion has been funded by debt.
Equity indices nursed losses for the second consecutive session on Tuesday as investors continued to dump IT, banking and FMCG stocks amid a bearish trend in global markets. Unabated foreign fund outflows and the rupee dropping to another record low against the US dollar added to the woes, traders said. Participants were also in wait-and watch mode ahead of release of retail inflation and factory output data.
E-vyapar.com to help small businesses manage inventory & accounts online.
At least 40 people, including 20 police personnel, were injured during the clashes, the police said on Saturday.
Mutual funds, as experts and custodians of another set of retail investors' savings, play a speculative game they are neither supposed to nor equipped to do, cautions Debashis Basu.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
Equity benchmark Sensex surged over 1,300 points on Monday to reclaim the 60,000-level, boosted by intense buying in banking and financial stocks after the announcement of merger between HDFC and HDFC Bank. Strong global cues and receding crude oil prices also propped up the domestic equity markets, according to traders. Shares of HDFC and HDFC Bank rallied nearly 10 per cent as investors lapped up the merger deal.
While brick-and-mortar retailers have been the most vocal in their protests, e-tailers do not seem to be in a hurry.
The final policy may be out only after formation of the new government, according to sources
A single format and simpler, uniform rules would have kept the service going. In other parts of the world including in the US, managing demand and capacities along with ensuring preventive measures were an issue, but there was hardly any administrative hurdle anywhere.
The central probe agency has got an alleged 'close associate' of Sisodia -- Dinesh Arora -- to spill beans by turning approver in the case, they said.
According to experts, the banning of the apps has created negative sentiments and reduced the confidence among the Chinese investors to invest in India.
'We will be hoisting the tiranga, but this kind of celebration is uncalled for when the farmers in this country are dying by suicides, their families are ravaged by poverty and farmers are not enjoying any freedom.'
Banks argued that the competition to import gold on behalf of jewellers is increasing.
According to sources, all private offices will work from home and only government offices and essential services will be open.
Equity indices made an emphatic comeback on Friday after falling for seven straight sessions after the RBI hiked interest rates by 50 basis points on expected lines and projected inflation coming under control from January next year. A strong recovery in the rupee added to the momentum, traders said. Overcoming a wobbly start, the 30-share BSE Sensex soared 1,016.96 points or 1.80 per cent to settle at 57,426.92. During the day, it rallied 1,312.67 points or 2.32 per cent to 57,722.63.
The rupee had weakened by 23 paise to end at 63.51 against the American currency on Wednesday on month-end dollar demand from oil companies and persisting selling by foreign funds in stocks.
PowerGrid was the top loser in the Sensex pack, shedding over 4 per cent, followed by Reliance Industries, Asian Paints, Kotak Bank, Tech Mahindra and Bharti Airtel. NSE Nifty tanked 204.95 points to 17,196.70.
The Securities and Exchange Board of India (Sebi) could soon issue interim orders imposing a market ban on the two former fund managers of Axis Mutual Fund (MF) for suspected front-running of trades, said people with knowledge of the development. "The market regulator has gathered prima facie evidence that demonstrates that the duo has violated the integrity of the market. "While a detailed investigation is still pending in the matter, Sebi could take action under Section 11 (4) to prevent further harm to the investors and the securities market," said a source.
The agency detected the fixed deposits in State Bank of India, Axis Bank and Bank of India during the questioning of several close aides of Mondal and other witnesses during its ongoing probe in the case, they said.
Equity indices overcame a wobbly start to clock gains for the third session on the trot on Tuesday, propped up by banking, metal and energy stocks amid a mixed trend in global markets. A recovery in the rupee also bolstered sentiment, traders said. The 30-share BSE Sensex advanced 246.47 points or 0.45 per cent to settle at 54,767.62 after starting the trade on a weak note. In a volatile session, the benchmark hit a high of 54,817.52 and a low of 54,232.82 during the day.
Jhunjhunwala passed away early on Sunday morning due to a cardiac arrest, a source in his newly set up airline said.
'If the third wave of Covid infections is as bad as the second one, the market may get very polarised with a preference for blue-chips with low volatility.'
'The norm will be even less public accountability, even less transparency, tweets instead of press conferences, TV lectures rather than parliamentary debate, and greater political authoritarianism,' predicts Sunanda K Datta-Ray.
Nivedita Mookerji explains why a timely rollout of 5G may not be easy in India.
UltraTech Cement was the top loser in the Sensex pack, shedding around 3 per cent, followed by M&M, HDFC Bank, IndusInd Bank, Axis Bank and Reliance Industries. NSE Nifty fell 50.80 points or 0.38 per cent to 13,478.30.
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