Benchmark indices Sensex and Nifty ended with gains on Wednesday, extending the previous day rally amid lower level of inflation on domestic front and better-than-expected inflation readings from the US. The 30-share BSE Sensex climbed 144.61 points or 0.23 per cent to settle at 62,677.91. During the day, it jumped 301.81 points or 0.48 per cent to 62,835.11.
The first -- and only -- United States vice presidential debate between Mike Pence and Kamala Harris is over. It was a far more civil affair than last week's debacle between US President Donald Trump and former US Vice President Joe Biden. The tone for much of the 90 minutes was a marked contrast to last week's chaotic and bitter slam-fest between their running mates.
Harris cited the accomplishments of President Abraham Lincoln during the Civil War, who "saw a better future and built it with land grant colleges, and the transcontinental railroad."
Harris recounted how she and her team got a call that Biden wanted to talk and then got another call where she was told Biden wanted to do a zoom call. She described how she went in "our little makeshift office" and then when the call started Biden immediately asked her to join the ticket. After referring to her mother, Harris also described how husband Doug Emhoff's ear was on the door outside the room listening in on the call. Eventually Jill Biden and Emhoff joined the call with Biden and Harris.
In a letter to jailed RJD supremo Lalu Prasad, the veteran leader wrote he was quitting the party. "Since the death of Jannayak Karpoori Thakur, I stood behind you for 32 years, but not now," he wrote in his brief one-line resignation letter to Prasad, who is serving sentences in four fodder scam cases in Ranchi.
M&M was the biggest loser in the Sensex pack, declining nearly 3 per cent, followed by TCS, Bajaj Finance, Wipro, Kotak Bank, Tech Mahindra, HCL Tech and Tata Motors. In contrast, Titan, Bharti Airtel, ICICI Bank and L&T were among the gainers, rising up to 0.93 per cent.
With no major domestic market-moving event scheduled this week, stock market investors would largely focus on global trends and foreign fund movement, and may face volatility amid monthly derivatives expiry, analysts said. This week Federal Open Market Committee (FOMC) meeting minutes are due for release which would provide further cues to the market, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said. "With all major events behind us, participants will take cues from global markets, crude and currency market movement.
"Every day, Kamala has been fighting for justice on behalf of the only client she's ever had: the people," said Douglas Emhoff.
Harris, 55, is the first Indian-American to be selected for the second-highest elected office of the United States after that of the president. She is also the first-ever Black and first-ever African American to be nominated as a vice-presidential candidate by a major political party.
Fayyaz Ahmed Bhatt (30) was held on Sunday from Badgam in the northern Union Territory with the help of police there, the VP Road police station official said.
'I would evaluate her on her past policies towards American Hindus and her future approach towards the community'
'Family is everything to me too. And I cannot wait for America to get to know my husband Doug and our amazing kids, Cole and Ella'
He said his biggest takeaway from the Kargil war is that the enemy cannot be trusted even if there is "political show" of friendship.
From the Sensex pack, State Bank of India, Axis Bank, IndusInd Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Maruti Suzuki, Tata Steel and Tata Motors were the major gainers. Power Grid and HDFC Bank were the laggards from the pack.
Trading in the domestic equity market this week will be influenced by quarterly results from TCS and Infosys, besides inflation and industrial production data as well as global trends, analysts said. Movement of the rupee, which has slumped to record lows against the US dollar, will also be tracked by investors, they added. "This week, participants will be eyeing important macroeconomic data viz IIP, CPI and WPI... Besides, the week also marks the beginning of the earnings season with IT majors like TCS, Infosys, HCL Tech and Wipro announcing their numbers along with two other heavyweights Bajaj Auto and HDFC Bank," said Ajit Mishra, VP - Research, Religare Broking Ltd. Performance of the US markets, FIIs' trend, and movement in currency and crude will also remain on their radar, Mishra added.
Seven consecutive sessions of decline in the equity market has eroded the wealth of investors by a whopping Rs 10.42 lakh crore and the benchmark Sensex has tumbled more than 2,000 points during this period. Concerns over more rate hikes by developed economies, weak global equity markets and fresh foreign fund outflows from the domestic market have dented investor sentiments. On Monday, the BSE Sensex dropped 175.58 points or 0.30 per cent to end at 59,288.35 points, marking a decline for seven straight trading sessions.
Equity investors became richer by Rs 5.66 lakh crore as markets bounced back sharply on Tuesday following a recovery in global equities. The 30-share BSE Sensex jumped 1,276.66 points or 2.25 per cent to settle at 58,065.47 points. During the day, it zoomed 1,311.13 points or 2.30 per cent to 58,099.94 points. The market capitalisation of BSE-listed firms climbed Rs 566,318.84 crore to Rs 273,92,739.78 crore.
Pelosi and House Democrats had pressed Pence and the Cabinet to remove Trump from office in the aftermath of the January 6 breach of the US Capitol by thousands of the president's loyalists.
'And a majority will be in the top-end vehicle range.'
Following the order, the Peace and Harmony Committee of the Delhi Assembly deferred its proceedings, and said it would notify the further course of action and the next date of sitting in due course of time.
The joint Opposition including the Congress, the Dravida Munnetra Kazhagam, the Trinamool Congress, the Left, the Telangana Rashtra Samithi and the Aam Aadmi Party did not join the Question Hour of the session when the House reassembled after its first adjournment till noon.
A likely turnaround in profitability margins in the March quarter (Q4FY23) will not be enough to lift the outlook for paint stocks due to volatile crude oil prices and rising competition in the sector, analysts say. Hence, they advise investors to avoid the sector over the short-to-medium term despite the heavy correction in the stocks since last year. Shares of Asian Paints, Berger Paints, Indigo Paints, Nerolac and Pidilite have shed 6-32 per cent over the last 6 months versus a 3 per cent rise in the benchmark Sensex.
From the Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Reliance Industries were among the major laggards. Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains.
Equity market will be guided by global trends, macroeconomic data announcement and foreign fund movement in a holiday-shortened week ahead, analysts said. Movement of the rupee and Brent crude oil will also remain in focus this week, they added. "The bulls need some support from global markets to continue Friday's momentum.
The Act deals with automatic disqualification of MPs and state legislators upon being convicted and sentenced for two years or more in a criminal case.
By the middle of the first half, there were pacey crosses in either direction, with robust challenges also coming into the fray which would result in three yellow cards before the half-time whistle.
A bench of justices S K Kaul, Dinesh Maheshwari and Hrishikesh Roy reserved its verdict after lawyers representing Facebook official, Delhi assembly and the Centre wrapped up submissions on the plea of Mohan challenging summons issued by the Peace and Harmony committee for failing to appear before it as witness in connection with the north-east Delhi riots matter.
With no major domestic market moving triggers this week, equities would continue to look at global factors, foreign fund movement and trend in the rupee for further direction, analysts said. "This week we have the August month F&O expiry where bulls are looking for rest after a gain in the August series," said Santosh Meena, head of research, Swastika Investmart Ltd. "There are not a lot of triggers but global cues, August month F&O expiry, and FIIs' behaviour will be important factors in the direction of the market," he noted.
Equity markets will be driven by the outcome of the US Federal Reserve's interest rate decision this week, analysts said. Moreover, equity benchmarks will also continue to be guided by foreign fund movement and trend in Brent crude oil, they added. "The global markets are looking nervous after the US inflation numbers, which have caused the dollar index to hover around 110," said Santosh Meena, head of research, Swastika Investmart Ltd. Now everyone is eyeing the outcome of the upcoming US Federal Open Market Committee (FOMC) meeting.
Rajya Sabha Chairperson Jagdeep Dhankhar sought views of leaders of various political parties on ways to curb disruptions in the House at a meeting held on Sunday on the eve of the start of the second phase of the Budget session.
In the first address as United States Vice President-elect, Kamala Harris thanked people of the United States "for turning out in record number" and said Americans have ushered in a "new day" for the country.
A series of events were held across the country to mark the day and government officials, security personnel and others took a pledge 'to preserve the unity, integrity and security of the nation and also strive hard to spread this message'.
The visit by an official delegation from Kerala to the Bharatiya Janata Party-ruled Gujarat has come under criticism from opposition Congress and Muslim League in Kerala.
Equity indices staged a pullback on Tuesday after three days of declines as investors scooped up IT, metal and consumption stocks amid a largely positive trend overseas. A recovery in the rupee added to the momentum, traders said. Overcoming a wobbly start, the 30-share BSE Sensex climbed 274.12 points or 0.45 per cent to settle at 61,418.96.
N R Narayana Murthy, co-founder of Infosys, blamed the venture capitalist community for inculcating a culture among entrepreneurs to chase growth at all costs. He said the VC model of investment looked like a ponzi scheme. "I would hold venture capitalists responsible who propounded the theory that only the top-line is important and not the bottom-line. "I think that is completely wrong. In many ways it looks like a ponzi scheme.
The US vice-president-elect received a dose of the Moderna vaccine from clinical nurse Patricia Cummings at United Medical Center, which is located in Southeast Washington, DC.
He did not possess any valid document.
Equity benchmarks shrugged off lacklustre global cues to clock smart gains on Tuesday, buoyed by strong buying interest in index heavyweights Reliance Industries and HDFC twins. However, a depreciating rupee and unabated foreign fund outflows capped the gains, traders said. The 30-share BSE Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72.
Pence, in response to a question from Chambers, who is also the USISPF chairman, said that he truly believes that the relationship between the US and India, because much of the work that the corporate sector have done, and the work of President Donald Trump and Prime Minister Narendra Modi, has never been stronger.
Army chief visits LoC. VP meets his successor. PM meets baddy legend. Kapil Dev breaks another record. CWG Champs come home...It's all about People, folks!
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