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Lower oil prices, strong rupee buoy equity indices

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SENSEX NIFTY MARKET

Mumbai, Dec 18: Lower crude prices and a strong rupee aided key the equity indices to trim their early losses to end Tuesday’s trade session in the green.

Initially, the S&P BSE Sensex and NSE Nifty50 had a gap-down opening and traded in the red as investors choose to book profits.

However, lower crude prices and a resurgent rupee triggered buying which pared losses and buoyed the market.

The Brent crude traded at $57.80 a barrel around the time when markets closed.

In terms of currency, the Indian rupee traded at 70.76 (at 3.30 p.m) per US dollar from its previous close of 71.55, gaining close to 80 paise.

Sector-wise, financial stocks rose, whereas export-oriented IT and Tech shares ended over 1 per cent lower.

Index-wise, the Sensex settled 77.01 points or 0.21 per cent higher at 36,347.08 points and the Nifty50 gained 20.35 points or 0.19 per cent to close at 10,908.70 points.

“Crude oil prices fell over 2 per cent providing support to the rupee. In addition, investment has improved in India after weakness in the major global economies,” Anuj Gupta, Deputy Vice President – Research, Commodities and Forex, Angel Broking, told IANS.

In addition to profit booking, global markets were subdued as investors traded with caution ahead of the US Federal Open Market Committee’s (FOMC) two-day meet starting on Tuesday.

The committee is expected to raise interest rates which has kept the sentiments tepid, analysts said.

IANS

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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Google to invest Rs 75,000 crore to boost digitisation in India

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

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Sundar Pichai

New Delhi, July 13 : Google CEO Sundar Pichai on Monday announced a Google for India digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital.

“We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy,” Pichai said during the Google for India virtual conference.

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

“Second, building new products and services that are deeply relevant to India”s unique needs. Third, empowering businesses to continue or embark on digital transformation. And fourth, leveraging technology and Artificial Intelligence for social good in areas like health, agriculture and education,” the Google CEO said.

India’s Union IT Minister Ravi Shankar Prasad were also present during the conference.

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Business partner of Rajasthan CM’s son under ED scanner

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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Ashok Gehlot

New Delhi, July 13 : Amid political crisis in Rajasthan, the Enforcement Directorate (ED) on Monday conducted raids at Hotel Fairmont in Jaipur.

Investor Ratan Kant Sharma, close aide of Chief Minister Ashok Gehlot’s son, is under the agency’s scanner.

Sharma had allegedly received around Rs 96.7 crore from Mauritius and has stakes in Hotel Fairmont. Sharma and Vaibhav Gehlot, son of Chief Minister Ashok Gehlot, are business partners.

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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