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Equities propel on broad-based buying, cues from Asian markets

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Sensex

Mumbai, Feb 23: The key Indian equity indices on Friday closed at almost a week’s high levels as positive cues from the Asian markets, along with a strong rupee and value buying, uplifted investors’ sentiments.

According to market observers, easing worries of a rate-hike by the US Federal Reserve in the near term, coupled with healthy buying in almost all the sectors — led by metals, banking and healthcare stocks — added to the upward trajectory of the key indices.

The wider Nifty50 of the National Stock Exchange (NSE) edged higher by 108.35 points, or 1.04 per cent, to close at 10,491.05 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE settled near its day’s high of 34,167.60 points to close at 34,142.15 points — up 322.65 points, or 0.95 per cent, from its previous close.

The BSE market breadth was bullish with 1,899 advances and 831 declines.

The broader market indices outperformed the Sensex, with the S&P BSE mid-cap index closing higher by 1.47 per cent and the small-cap index by 1.54 per cent.

“Markets surged higher on Friday as the Nifty closed just below the 10,500 levels. The gains came on the back of positive Asian equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“It was also the first trading session of the derivatives March near-month series. The Sensex and the Nifty settled at over one-week high on broad-based buying,” Jasani added.

On the currency front, the Indian rupee strengthened by 31 paise to close at 64.73 against the US dollar from its previous close at 65.04.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 486.32 crore, while domestic institutional investors purchased stocks worth Rs 1,514.03 crore.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rebounded amid value buying on beaten down sectors like PSU banks, metal and pharma.”

“Additionally, ease in fears on US Fed rate hike trajectory led the 10-year yield to fall, comforting investors’ sentiment,” Nair added.

All the 19 sub-indices of the BSE closed with gains, led by metals, banking and healthcare sectors.

The S&P BSE metal index rose by 469.96 points, banking index by 356.63 points and healthcare index by 266.85 points.

Major Sensex gainers on Friday were: Tata Steel, up 6.26 per cent at Rs 677.80; Sun Pharma, up 5.17 per cent at Rs 570.20; Yes Bank, up 2.28 per cent at Rs 323.60; Dr Reddy’s Lab, up 2.26 per cent at Rs 2,169.25; and Bharti Airtel, up 2.26 per cent at Rs 425.45.

The Sensex losers were: Asian Paints, down 1.29 per cent at Rs 1,101.90; Coal India, down 0.48 per cent at Rs 310.45; Infosys, down 0.42 per cent at Rs 1,155.65; Mahindra and Mahindra, down 0.22 per cent at Rs 719.30; and Hindustan Unilever, down 0.16 per cent at Rs 1,323.

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Post-2014, India ‘richer’ by 601 new billionaires, Mukesh Ambani on top

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mukesh ambani

Mumbai, Sep 25 : India added a whopping 601 new billionaires since 2014, with Reliance Industries Ltd Chairman Mukesh Ambani topping the ‘Barclays Hurun India Rich List-2018’ for the seventh consecutive year with an estimated wealth of Rs 371,000 crore.

As per the report, in 2014, there were 230 billionaires or multi-billionaires, which shot up to 831 in the 2018 in the BHI Rich List.

Earlier, in 2012, the figure was a modest 59 billionaires, which climbed to 141 in 2013. But after notching 230 billionaires in 2014, the list has grown phenomenally with 296 (2015), 339 (2016), 617 (2017) and now 831 billionaires in 2018.

Similarly, the number of USD billionaires in India in the past seven years at the prevailing exchange rates has shot up from 59 (2012) to 141 (2018) as the USD’s value grew from INR 55.60 to INR 68.40 during the period.

Among women, there was only one self-made billionaire in 2013, which increased to 11 in 2018. Women multi-billionaires shot up from just five in 2013 to 136 this year.

The cumulative wealth of these 831 individuals featured in the latest list stands at USD 719 billion, or one-quarter of the Indian GDP of USD 2,848 billion as per the IMF’s April 2018 estimates.

After Ambani, next comes S.P. Hinduja and family of Hinduja Group with estimated wealth of Rs 159,000 crore, Arcelor-Mittal’s L.N. Mittal and family at Rs 114,500 crore in the top bracket.

Following them are: Wipro’s Azim Premji at Rs 96,100 crore, Sun Pharmaceuticals Ltd’s Dilip Shanghvi at Rs 89,700 crore, Kotak Mahindra Bank’s Uday Kotak at Rs 78,600 crore, Serum Institute of India’s Cyrus Poonawalla at Rs 73,000 crore, Adani Group’s Gautam Adani and family at Rs 71,200 crore, Shapoorji Pallonji Mistry’s Cyrus P. Mistry at Rs 69,400 crore,

Five of the Top 10 belong to Maharashtra, one each from Gujarat and Karnataka, two are London-based and one is in Monaco, as per the rich list.

As expected, the country’s commercial capital Mumbai tops the billionaires’ list with 233 names, followed by New Delhi at 163 and IT capital Bengaluru at 70, said Barclays Private Clients CEO S.N. Bansal.

The annual list is a compilation of the super-richest Indians having a net worth of Rs 1,000 crore or more. This number has increased by a staggering one-third – from 617 in 2017 to 831 in 2018, said Hurun Report India’s Managing Director Rahman Junaid.

While 306 new entrants made it to the list this year, 75 of those featured in 2017 failed to find a place in the super exclusive club this year.

“The Indian edition of the list is the fastest growing rich list in the world, highlighting the optimism of a young, vibrant and ambitious country,” Junaid pointed out.

As far as top wealthy business clans are concerned, more than 50 percent of the businesses listed in the 2018 rich list belong to just 10 Indian families – Ambani, Godrej, Hinduja, Mistry, Shanghvi, Nadar, Adani, Damani, Lohia and Burman.

Four of these family-run businesses are in the first-generation and second generation, one is in third generation and one in fifth generation of operations.

“Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than before,” said Bansal at the report launch.

IANS

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Rupee extends losses, nears 73 against Dollar

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New Delhi, Sep 25: The Indian rupee slipped in the early trade on Tuesday. It weakened by 33 paise to 72.82 against the US dollar. 

The rupee closed at 72.63 against the greenback on Monday.

The key Indian equity indices opened on a negative note today, owing to a weak rupee and rising crude oil prices.

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Key equity indices open in red

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Sensex down

Mumbai, Sep 25: The key Indian equity indices opened on a negative note on Tuesday, owing to a weak rupee and rising crude oil prices.

At 9.30 a.m., the wider Nifty50 of the National Stock Exchange traded at 10,918.85 points, lower by 48.55 points or 0.44 per cent from its previous close.

The BSE Sensex which had opened at 36,350.25 points, traded at 36,183.86 points, lower by 121.16 points or 0.33 per cent from its previous close of 36,305.02 points.

So far, it has touched an intra-day high of 36,454.03 points and a low 36,180.16 points.

IANS

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