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Erasing gains equity indices end flat; banking stocks fall

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Mumbai, July 13: Shedding all the gains made early in the day, the key Indian equity indices ended flat on Friday weighed down by heavy selling in banking, capital goods and healthcare stocks.

Although the market had opened on a positive note continuing the Thursday’s bull run, with the BSE Sensex touching a fresh all-time high of 36,740 points in the morning session, the indices could not hold on to the gains.

At 3.30 p.m., the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 11,021.65 points — lower by 1.55 points or 0.01 per cent — from its previous close of 11,023.20 points.

The barometer 30-scrip Sensex on the BSE, which had opened at 36,635.14 points, closed at 36,541.63 points (3.30 p.m.) — down 6.78 points or 0.02 per cent — from its previous close of 36,548.412 points.

As mentioned, Sensex touched a record intra-day high of 36,740.07 points and a low of 36,501.61 points. The BSE market breadth was bearish with 1,824 declines and 813 advances.

The top gainers on the Sensex were Infosys, Bajaj Auto, Reliance Industries, Coal India and Asian Paints whereas ITC, Axis Bank, ONGC, State Bank of India (SBI) and ICICI Bank were the top losers.

On the NSE, Titan, BPCL and Bajaj Finance were the highest gainers while Zee Entertainment, UPL and Bharti Infratel lost the most.

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Sensex opens in green, all eyes on Fed

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Sensex Nifty Equity

Mumbai, Dec 19: Amid mixed Asian cues and falling crude oil prices, the domestic indices opened in the green on Wednesday.

The Sensex of the BSE opened at 36,441.46 from its previous close at 36,347.08 on Tuesday as investors were cautious of the ongoing Federal Open Market Committee (FOMC) meeting that was expected to raise interest rates that has kept the sentiments tepid, analysts said.

All sectors, except power and Teck, traded in green.

At 9.20 a.m., the Sensex traded at 36,486.30 higher by 139.22 points or 0.38 per cent.

The Nifty50 of the National Stock Exchange (NSE) opened at 10,930.55 after closing at 10,908.70 on Tuesday.The Nifty traded at 10,954 during the morning trade session, up 45.30 points and 0.42 per cent.

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Don’t want RBI money, but can’t let economy starve: Jaitley

“The main issue was not the economic capital framework. It’s an issue for a medium term. But the immediate issue is we can’t allow our economy to starve (on liquidity),” Jaitley said at a summit hosted by television channel Republic TV here.

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Arun Jaitley

Mumbai, Dec 18 : Admitting using Section 7 of the RBI Act to force a discussion with the central bank on liquidity and credit issues, Finance Minister Arun Jaitley on Tuesday said he could not have let the economy starve for liquidity.

As for the Reserve Bank of India (RBI)’s economic capital, he said it was never the main issue between the government and the RBI and that the government does not want any money from the bank’s reserves to fix its fiscal deficit.

“The main issue was not the economic capital framework. It’s an issue for a medium term. But the immediate issue is we can’t allow our economy to starve (on liquidity),” Jaitley said at a summit hosted by television channel Republic TV here.

Stating that his government had the best fiscal deficit track record, he declared that even in the current year, he will meet the announced fiscal deficit target within the available resources.

“I don’t want any money from the Reserve Bank’s reserves at the moment. The only question which was raised were really two…there were several questions around two important facts — first relating to liquidity in certain sectors of the economy and availability of credit,” he said.

In his tiff with the RBI, which ended with Governor Urjit Patel resigning last week, Jaitley said he always respects the bank’s autonomy, but as a sovereign and accountable government, he had to flag the liquidity issue for which he used all tools available.

“We used every instrument available to our advantage to force a discussion and whatever steps we took — informal plus formal and statutory — were really to flag the issue of liquidity and credit,” he said hinting at the Section 7 of the RBI Act, which was never used earlier.

The section empowers the government to give directions to the central bank on matters of public interest even if the RBI or its Governor holds a different view.

Stating that there was never a breakdown in his relationship with the central banker, Jaitley said he wanted the autonomous and independent RBI to hold stakeholder consultations and resolve the problem, which was related to monetary policy.

“I say I have read some books, some data, some research papers, some statistics and I am forming an opinion. The empirical evidence in the market would be entirely different… All these institutions must be autonomous but must never be isolationist. If they are isolationists, there is a fair chance they will go wrong,” he added.

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Indian small businesses thrive on Amazon special sales day

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Bengaluru, Dec 18 : Indian small businesses and enterprises (SBEs) witnessed a 1.4x spike in the sale of their products on Amazon during its ‘Small Business Day’ sales event, said the world’s leading e-tailer on Tuesday.

“The online sales event held on December 16 had orders coming from 20,400 pin codes across the country, where buyers could find products offered by small and medium businesses,” said the Indian arm of Amazon in a statement here.

Handmade products by weavers and artisans were popular during the sale, and witnessed a sales spike of over 60 per cent compared to average business days, the company said.

Nearly 2,000 sellers witnessed a sales spike more than four times compared to an average business day, and 4,100 sellers saw a two times spike, it added.

Organic skin products, handmade and handloom products were among the top-selling categories during the Small Business Day.

“Few of the small businesses had quit their day jobs to sell on our platform, hired more employees and grew their sales as customers from across the country responded equally well,” said Amazon India Director (Seller Services) Gopal Pillai in the statement.

Tribes India, a handmade products brand under the Tribal Cooperative Marketing Development Federation of India (TRIFED), saw a spike of 4x over average business day during the one-day event, the statement noted.

The online sales event was aimed at promoting small businesses and micro entrepreneurs and encouraging shoppers to discover and buy products directly offered by them.

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