Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
Union minister Ram Vilas Paswan appealed to people to boycott products from China and also directed officials of his ministry not to procure any Chinese products for day-to-day office use while his ministerial colleague Ramdas Athawale said all restaurants and hotels that sell Chinese food in India should be closed down.
'Hackers from China and UK were involved in the October 12 power outage,' Maharashtra power minister tells Rediff.com.
'Have you met anyone who said "I will not boycott Chinese products"?'
The Central Bureau of Investigation (CBI) had told the finance ministry some "well-known" companies in the power, oil, and telecommunications sectors were involved in round-trip trading by indulging in third-party transfers in violation of law.
'There will be a series of rate hikes, but the pace and quantum will depend on how the economy in the US and the rest of the world behave.'
'The telecom companies are our lifeline now, despite having nearly collapsed under debt because of ill-advised policies.' 'Perhaps our obvious dependence on telecom services will spark well-conceived policies for this sector,' says Shyam Ponappa.
Indian businesses' weak ability to compete overseas says much about the infirmities imposed by the intensity of government dominance of economic policy and the nature of this dominance, observes Kanika Datta.
Global telecom industry body the GSM Association on Thursday said it has decided to cancel the 2020 edition of the sector's largest event Mobile World Congress due to health safety concerns around novel coronavirus outbreak.
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
Together with the firm's partly-paid shares that were issued in the recent rights issue and are traded separately, the company had a combined m-cap of Rs 13.5 lakh crore or over $181 billion.
To young professionals I would say, work hard, play hard and not be constrained by fads like WLB, says Sudhir Bisht.
Dhirubhai may or may not have owned the government; it would seem his son wants to own the market, notes T N Ninan.
The US has been, historically, a sleeping partner in India-China relations. Today, any attempt by the Modi government to make a bilateral move to improve relations with Beijing could upset Biden's apple cart, notes Ambassador M K Bhadrakumar.
Chinese equipment contracts had been given by many public sector undertakings and government companies for their networks, even in sensitive places such as the north east.
This is the highest any Indian company has been ranked on the Fortune Global 500 list.
The ministry of home affairs has received more than 20 proposals for foreign direct investment (FDI), including from China and Hong Kong, requiring security clearance between April and May. 'We are vetting some of these proposals which have come from various sectors. One of the applications is from a well known start-up,' an official said. 'We await inputs from Research and Analysis Wing, intelligence agencies, external affairs ministry, and embassies.'
TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by L&T, Bharti AIrtel, HCL Tech, Tata Steel, Bajaj Auto and Reliance Industries. NSE Nifty rallied 164.70 points to its fresh closing peak of 16,529.10.
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.
Huawei willing to place its software code with government.
China Development Bank takes Reliance Communications to NCLT over loan default
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
The biggest gainers in the Sensex pack in Friday's session were Yes Bank, Bharti Airtel, Tata Motors, Vedanta, SBI and Axis Bank, spurting up to 3.05 per cent. The losers included HCL Tech, TCS, Infosys, Hero MotoCorp, IndusInd Bank and Sun Pharma, falling up to 1.55 per cent.
Stock market barometers Sensex and Nifty ended marginally higher on Monday as rise in wholesale inflation capped early gains despite a positive trend in global markets. The 30-share index settled 32.02 points or 0.05 per cent higher at 60,718.71 with half of its constituents ending in green. The broad based Nifty edged up 6.70 points or 0.04 per cent to close at 18,109.45.
Bharti Airtel was the top gainer in the Sensex pack, rallying over 7.20 per cent, followed by Tata Steel 4.99 per cent, IndusInd Bank 3.49 per cent, Axis Bank 3.26 per cent and HDFC 2.57 per cent.
'Markets are not prepared for a slowdown as the current expectation is of the continuation in earnings momentum.'
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
Edward Snowden, a former private contractor with the Central Intelligence Agencywho leaked the controversial United States secret surveillance programme, on Sunday made fresh claims about America's cyber espionage against China, including intensive hacking attacks on a top university in Beijing.
The freebies are now over, but Jio will need to notch up subscriber numbers and margins to prove its sceptics wrong.
'The world does not care about the tension on our border.' 'India has to emerge as a strong economic power.' 'Respect comes when the world sees a country with a direction and leadership that has a vision,' points out Ramesh Menon.
ICICI Bank was the top laggard in the Sensex pack, sinking over 10 per cent, followed by Bajaj Finance, HDFC, IndusInd Bank, Axis Bank and Maruti. Bharti Airtel and Sun Pharma were the gainers in the BSE index. NSE Nifty suffered a heavy loss of 566.40 points, or 5.74 per cent, to settle at 9,293.50.
The latest deal would give Facebook deeper access to India, the second largest internet market after China.
The auto ancillary industry - one of the worst hit due to the labour exodus - will need at least three months to get its factories up and running.
After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced recalibration of a proposed $15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco, saying the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm's new energy forays. The stake sale talks, which were first officially revealed in August 2019, are being reset in light of Reliance making forays into new energy business in recent months by investing $10 billion in alternative energy over three years. To pivot to green energy, it has already bought a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolysers in India.
Sectorally, bankex suffered the most by dropping 2.62 per cent, followed by finance 2.44 per cent and realty 1.63 per cent. On the other hand, telecom was among the top sectoral gainers, rising 4.60 per cent. IT index rose 2.62 per cent.
The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday. Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added.
Chinese mobile brands are deeply entrenched in the Indian market. A move to bar them may send a bold diplomatic message. But its cost for the local industry is anybody's guess. In the event that Chinese brands face curbs, two handset makers - Samsung and Apple - squarely stand to gain.
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
The Indian market is highly competitive, and tariffs here are amongst the lowest in the world.
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