Connect with us

Business

Global slide, rupee dent domestic indices; Sensex down by over 800 points

Published

on

Sensex down

Mumbai, Oct 11: A massive slide in global stock markets, along with a weak rupee plunged the key domestic equity indices during the morning trade session on Thursday.

According to market observers, the slide in the US and Asian markets eroded investors’ risk-taking appetite and at one point plunged the barometer S&P BSE Sensex by over 1,000 points.

In addition, the Indian currency plummeted to a new low of 74.48 to a USD on Thursday morning.

Heavy selling pressure was witnessed in banking, metals, automobile, IT and capital goods stocks. All 19 sector based indices of the S&P BSE traded in the red.

At 11.00 a.m., the broader Nifty50 of the National Stock Exchange traded at 10,198.35 points, down 261.75 points or 2.50 per cent from its Wednesday’s close.

The S&P BSE Sensex, which had opened at 34,063.82 points, traded at 33923.45 points, down 837.44 points or 2.41 per cent.

So far, the Sensex has touched an intra-day high of 34,063.82 points and a low of 33,723.53 points.

“We started with a strong selling due to a weak Asian market given sharp fall in the US market yesterday, fearing that rising interest rates and trade tension is going to impact company’s profitability,” Vinod Nair, Head of Research, Geojit Financial Services, told IANS.

On Thursday, Asian indices were showing a negative trend. Japan’s Nikkei 225 was quoting in red, down by 4.37 per cent while Hang Seng was down by 3.95 per cent, South Korea’s Kospi was also down by 3.63 per cent.

China’s Shanghai Composite index was trading in red, down by 4.74 per cent.

Overnight, Nasdaq closed in red, down by 4.26 per cent while FTSE 100 was also down by 1.29 per cent at the closing on Wednesday.

“IT, banks, realty and metal stocks have fallen the most, while Oil and gas and media stocks have fallen the least. Nifty seems to be in a temporary bottom formation stage which could last a few more days,” HDFC Securities Head of Retail Research Deepak Jasani said.

In terms of currency, the Indian rupee slipped to a fresh record low of 74.48 to a US dollar on Thursday morning after it opened at 74.31 to a dollar at the Inter-Bank Foreign Exchange Market from its previous close of 74.22 (74.2175).

IANS

Auto

Hyundai Motor India launches all new Santro

“Our R&D centre in Namyang (S. Korea), Chennai and Hyderabad have put strong efforts for product supremacy and utmost customer delight.”

Published

on

2018 Hyundai Santro launch
New Delhi: Hyundai Motor India Ltd MD and CEO Y K Koo and actor Shah Rukh Khan pose with the newly launched 2018 Hyundai Santro in New Delhi, on Oct 23, 2018. (Photo: Amlan Paliwal/IANS)

New Delhi, Oct 23 : Automobile major Hyundai Motor India (HMIL) on Tuesday launched ‘the all new Santro’ with an introductory price starting at Rs 3.89 lakh.

“The all new Santro is a true example of Hyundai’s Made-in-India philosophy and a shining result of our numerous product clinics and rigorous durability test on various terrains in India,” Y.K. Koo, MD and CEO, HMIL said in a statement.

“Our R&D centre in Namyang (S. Korea), Chennai and Hyderabad have put strong efforts for product supremacy and utmost customer delight.”

According to the company, the new passenger car is equipped with a 4-cylinder 1.1 litre petrol engine which offers 69 ps of power. It is mated with option of MT (manual transmission) and in-house developed ‘Smart Auto’ AMT (automatic manual transmission).

The petrol powered vehicle comes with a fuel mileage of 20.3 km per litre. It also has the option for a factory fitted CNG (60 L water equivalent).

Currently, the company has ten car models across segments – Eon, All New Santro, Grand i10, Elite i20, Active i20, Xcent, Verna, Elantra, Creta and Tucson.

Continue Reading

Business

Q2 results, global cues subdue indices; Sensex sheds 290 points

Published

on

Sensex equity Nifty

Mumbai, Oct 23: Mixed second quarter results, combined with negative global cues and concerns over a liquidity crisis in the NBFC sector, subdued the key domestic indices on Tuesday.

“The weakness in the market is because of the overall negative trends…, domestic as well as global,” Astha Jain, Hem Securities, told IANS.

“The quarterly results are mixed, adding to the negative sentiments among the investors.”

Heavy selling pressure was witnessed in IT, healthcare and TECK (technology, entertainment and media) counters which fell over two per cent.

Besides, the Indian rupee traded flat and the crude oil price was below the $80 mark.

Index-wise, the S&P BSE Sensex provisionally closed at 33,847.23 points down 287.15 points or 0.84 per cent.

The Sensex touched a intra-day high of 34,073.92 points and low of 33,742.75 points.

Similarly, the Nifty50 of the National Stock Exchange (NSE) ended the day’s trade at 10,146.80 points, down 98.45 points or 0.96 per cent.

Continue Reading

Business

Xiaomi leads India smartphone shipments in Q3 2018: Counterpoint

Published

on

New Delhi, Oct 23: With a 27 per cent market share, Chinese handset maker Xiaomi dominated India smartphone shipments in the third quarter of this year, Counterpoint Research said on Tuesday.

Xiaomi Redmi 6 Pro

India smartphone shipments during the July-September period of this year grew 24 per cent sequentially and five per cent year-over-year, the report said.

Xiaomi, which recorded its highest ever shipments in India in a single quarter driven by the new Redmi 6 series and expansion in offline channels, was followed by Samsung (23 per cent), Vivo (10 per cent) Micromax (nine per cent), and OPPO (eight per cent).

“India’s shipments surpassed those of the US during the quarter; the second time this has occurred,” said Karn Chauhan, Research Analyst at Counterpoint.

The top five brands captured 77 per cent share of the total smartphone market during the quarter, the report said, adding that the smartphone segment contributed to half of the total handset market during the July-September period of this year.

“The record shipments happened at a time when the Indian Rupee has hit a record low against the US Dollar,” Counterpoint Research Analyst Anshika Jain noted.

India, which now has over 400 million smartphone users, recently surpassed the US to become the second largest smartphone market in the world after China.

“The $150-$250 segment contributed to almost one third of the volume during the (third) quarter as many new products are launching at this level,” Chauhan said.

The launch of a new sub brand, Pocophone, also helped Xiaomi lead the India smartphone market in terms of shipments, the report said.

Samsung’s shipments were driven by the J series as the demand for J6 and J8 remained strong. Apart from this, the South Korean tech giant also launched the Android Go edition, Galaxy J2 core, giving it a much-needed offering in the sub $100 segment, the report said.

Vivo shipments reached their highest ever as it refreshed its V series with the launch of the V11 and V11 Pro.

Micromax was back among the top five brands for the first time in two years. Micromax, along with Reliance Jio, has won an order from the Chhattisgarh government under which it will be the sole supplier of five million smartphones to be distributed to women and students in the state.

However, shipments are likely to decline following completion of the order, the report added.

OPPO shipments also increased during the quarter driven by refreshed product lines, notably the F9 series.

IANS

Continue Reading
Advertisement

Most Popular