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Equities recoup on value buying after 3 weeks of losses

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Mumbai, Feb 24: After three weeks of consecutive losses, the key Indian equity indices bounced back from their lows to close this week with humble gains on value buying by investors.

Market observers said futures and options (F&O) expiry infused volatility in the domestic markets, amid global cues and a slew of domestic developments like the $1.8 billion fraud reported by the Punjab National Bank (PNB) and a weakening rupee due to the continuous outflow of foreign funds.

However, losses were trimmed as bargain-hunting by investors on the last trading day of the week lifted the benchmark indices.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) edged higher by 131.39 points or 0.39 per cent to close at 34,142.15 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,491.05 points — up 38.75 points or 0.37 per cent from its previous week’s close.

“The week gone by saw the Nifty bouncing back from a low of 10,302 to finally end with a modest gain. This week’s gains came after three weeks of losses,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, markets across the globe fluctuated wildly — highlighting the market’s fragility — as investors continued to assess the quickening pace of economic growth and the prospects of the US Federal Reserve’s tightening efforts.

“Back home, the sentiment of market participants have been dented by factors such as surging US bond yields, a multi-crore fraud in India’s second-largest public sector lender PNB and the return of long-term capital gains (LTCG) tax on equities, which put a break on the record-setting market rally,” he added.

During the eight trading sessions following the detection of a $1.8 billion fraud in one of the branches of the PNB, the bank’s shares on the BSE have plunged almost 30 per cent to Rs 113.40 per share.

Gitanjali Gems, the other listed entity involved in the fraud case, also witnessed an eight-day fall in its shares, nosediving 60.54 per cent to Rs 24.80 per share.

“The consolidation in the domestic market continued due to the NPA (non-performing assets) issue in public-sector banks, trade deficit, conflict between NSE and SGX, rise in bond yield and depreciation in rupee due to selling by FIIs (foreign institutional investors),” said Vinod Nair, Head of Research, Geojit Financial Services.

On the currency front, the rupee weakened by 51-52 paise to close at 64.73 against the US dollar from last week’s close of 64.21-22.

Provisional figures from the stock exchanges showed that FIIs sold-off scrips worth Rs 5,781.98 crore, while domestic institutional investors (DIIs) purchased scrips worth Rs 5,972.69 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors off-loaded equities worth Rs 3,054.94 crore, or $468.06 million, during February 20-23.

Sectorwise, Jasani said: “The top sectoral gainers were IT, metal and Bank Nifty indices. The top losers were auto, realty and pharma indices.”

The top weekly Sensex gainers were: Tata Consultancy Services (up 4.76 per cent at Rs 3,076.90); Yes Bank (up 3.75 per cent at Rs 323.60); Infosys (up 2.74 per cent at Rs 1,155.65); Kotak Bank (up 2.67 per cent at Rs 1,079.85); and Coal India (up 2.49 per cent at Rs 310.55).

The losers were: Bajaj Auto (down 3.70 per cent at Rs 2,988); Asian Paints (down 3.65 per cent at Rs 1,101.90); Mahindra and Mahindra (down 3.29 per cent at Rs 719.30); Tata Motors (down 2.73 per cent at Rs 360.45); and Tata Motors (DVR) (down 2.32 per cent at Rs 203.85).

IANS

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2018 Ducati Multistrada 1260 launched in India at Rs 15.99 Lakh

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2018 Ducati Multistrada 1260

New Delhi, June 18: Ducati India has just launched the 2018 Multistrada 1260 in the country at Rs 15.99 lakh (ex-showroom), while the Multistrada 1260 S has been priced at Rs 18.06 lakh (ex-showroom). Ducati India announced the launch through its social media on Tuesday.

The 1260 is the company’s flagship adventure-tourer and comes with a number of changes over the model it replaces. These updates include additional power, a revised chassis and new equipment.

The Multistrada gets a new 1,262cc, liquid-cooled, L-Twin motor. It produces 158hp at 9,500rpm, a 6hp increment over the 2017 Multistrada. Torque, too, has gone up by 1.5Nm, bringing the total up to 129.5Nm, which is delivered at 7,500rpm. The new engine features what Ducati calls Desmodromic Variable Timing (DVT), which, combined with Desmo valve actuation, results in good low-end torque. This tech also helps make the engine Euro-IV emission norms compliant.

The DVT on the Ducati Multistrada 1260 combines variable timing with desmo valve actuation which delivers an ideal combination of horsepower, low-rpm torque as well as meets Euro-4 emission norms. The Multistrada 1260 DVT engine is now capable of 160 PS at 9,500 rpm and 129.4 Nm at 7,500 rpm. However, it now gets a very flat torque curve, delivering 85 percent of peak torque from as low as 3,500 rpm, something ADV riders will greatly appreciate.

Internationally, the Multistrada 1260 is available in four variants, the 1260, 1260 S, the S D|air and the Pikes Peak – the last two will only come to India later, if at all.

To make the most of the new engine, the chassis has been retuned as well. The steering rake has been increased from 24 to 25 degrees, adding 5 mm of trail, and the swingarm is 48 mm longer.

This takes the wheelbase to 1,585 mm from 1,530 mm on the earlier model. The longer wheelbase should be able to facilitate more comfortable riding and better stability. The Multistrada 1260 has 48 mm inverted forks up front and a rear shock by Sachs, both fully adjustable.

The 1260 S also receives a new high-definition colour TFT display, navigation, semi-active Ducati Skyhook Suspension (DSS), as well as barrage of rider assist options including a vehicle hold control, as well as four riding modes – sport, touring, urban, and enduro.

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Weak global cues subdue equity indices; Sensex down over 200 points

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Mumbai, June 19: Weak global markets suppressed the key Indian equity indices on Tuesday afternoon with the benchmark 30-scrip Sensex of the BSE losing over 200 points so far.

Benchmark global markets were weighed down by signs of a resurgent trade war after US President Donald Trump on Monday reportedly threatened to impose tariffs on additional $200 billion worth of Chinese goods.

According market analysts, heavy selling pressure was witnessed in auto, metal and consumer durable stocks.

At 1.16 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,719.10 points, down 80.75 points or 0.75 per cent from the previous close of 10,799.85 points.

Similarly, the BSE Sensex, which had opened at 35,552.47 points, traded at 35,312.50 points (1.17 p.m.) — down 235.76 points or 0.66 per cent — from its previous session’s close of 35,548.26 points.

The Sensex has so far touched a high of 35,552.47 points and a low of 35,290.96. The BSE market breadth was bearish with 1,859 declines and 598 advances so far.

The top gainers on the Sensex were ONGC, HDFC Bank, Bharti Airtel, Asian Paints and ITC whereas Vedanta, Tata Motors (DVR) and Bajaj Auto, Adani Ports and State Bank of India were the major losers.

On the NSE, Gail, Bajaj Finance and HDFC Bank were the highest gainers while Vedanta, Hindalco Industries and Indian Oil Corp lost the most.

IANS
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Chanda Kochhar goes on leave, ICICI names Sandeep Bakhshi as COO

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New Delhi, June 19:ICICI Bank appointed Sandeep Bakhshi, who heads the bank’s life insurance arm, as chief operating officer.

The board of directors of ICICI Bank allowed its CEO Chanda Kochhar to go on leave until a probe into her role in an alleged conflict of interest in sanctioning loans to the Videocon Group was completed.

Bakhshi, who was the deputy MD of ICICI Bank before he was made the group’s insurance head, would run the bank during the absence of Kochhar.

All executive directors on the board of ICICI Bank and the executive management will report to him, the bank said.

Monday’s statement said Kocchar will remain in her role as MD and CEO of ICICI Bank and Bakhshi will report to her.

Earlier in the day, shares of ICICI Bank rose as much as 4 per cent, amid reports of reshuffle of top management. The stock gained 3.61 per cent to settle at Rs 292.50 on BSE. In intra-day trade, it surged 4.10 per cent to Rs 293.90.

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