Indian equities open higher in early session | WeForNews | Latest News, Blogs Indian equities open higher in early session – WeForNews | Latest News, Blogs
Connect with us

Business

Indian equities open higher in early session

Published

on

Sensex-wefornews

Key Indian stock market indices opened higher on Thursday following global cues, as the suspense over the expected rate hike by the US Federal Reserve was finally broken the day before, with a slight nudge up for the fist time since 2006.

The sensitive index (Sensex) of the Bombay Stock Exchange which had closed on Wednesday at 25,494.37 points, with a gain of 173.93 points or 0.69 percent, opened higher the next day at 25,596.63 points. Minutes after the opening bell, it was ruling at 25,579.77 points, with a gain of 85.40 points or 0.33 percent.

At the National Stock Exchange, against the previous close at 7,750.90 points, which was a gain of exactly 50 points, or 0.65 percent, the index was ruling at 7,778.75 points — higher by 27.85 points, or 0.36 percent.

This was the third consecutive day of gains for the two indices.

“The US markets rallied for the third consecutive session after the Federal Reserve raised its key interest rates and emphasised a gradual path for future rate hikes. The move was highly anticipated and was read as a vote of confidence in the economy,” Angel Broking said in an analysis before the markets opened.

“European shares closed higher holding onto the gains, before the US Federal Reserve’s expected decision to hike interest rates which signals strength of its economy. Indian shares continued their gaining streak for the third day. Positive cues from the Asian markets helped the domestic indices to close in the green.”

Even though there is a fear of a flight away from the global markets, notably those in emerging economies, to the US after the rate hike, Asia-Pacific indices were ruling higher on Thursday. Australia’s S&P ASX 200, Japan’s Nikkei, South Korea’s Kospi, Hong Kong’s Hang Seng Index and Shanghai Composite Index were all up.

Wefornews Bureau

Business

Boycott, ban Chinese products in Goa: State BJP President

The state BJP chief also said that party workers and officials had been directed henceforth to address the media wearing India-made ”swadeshi” clothes only.

Published

on

Sadanand Shet Tanavade

Panaji, June 2 : Chinese products should be boycotted and banned in Goa, state BJP chief Sadanand Shet Tanavade said on Tuesday, urging people to buy and endorse India-made products only to support Prime Minister Narendra Modi’s call for ‘Atmanirbhar Bharat’.

Addressing a press conference here at the Bharatiya Janata Party”s state headquarters, Tanavade also said, that China was indulging in ”masti”, but the Prime Minister has handled the situation adequately.

When asked if the BJP-led government in Goa should take cue and also wean off dependence on foreign, especially Chinese made articles and products, Tanavade said: “Such things cannot be done overnight, but we will succeed in the long run”.

The state BJP chief also said that party workers and officials had been directed henceforth to address the media wearing India-made ”swadeshi” clothes only.

Accusing China of unnecessary provocation, Tanavade said, that anger against India”s eastern neighbour had even irked young children in the country.

“Even children in India are angry with China over Covid. A father recently told me that his son had requested him not to buy Chinese products henceforth”, he added.

Continue Reading

Business

Moody’s has rated Modi’s handling of India’s economy step above junk: Rahul

It also downgraded India”s local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2.

Published

on

By

Rahul Gandhi

New Delhi, June 2 : A day after global credit ratings agency Moody’s Investors Services downgraded India’s sovereign ratings as it sees challenges piled up on the country’s policy making institutions to mitigate the risks of a sustained period of relatively low growth, Congress leader Rahul Gandhi has said the worst is yet to come as the government has not supported the poor and the MSME sector.

Former President of the Congress Rahul Gandhi tweeted: “Moody”s has rated Modi”s handling of India”s economy a step above JUNK.”

“Lack of support to the poor and the MSME sector means the worst is yet to come,” added Rahul Gandhi.

Besides, Moody”s said the Covid-19 pandemic amplifies vulnerabilities in India”s credit profile such as slower growth relative to the country”s potential, rising debt and further weakening of debt affordability and persistent stress in parts of the financial system.

Consequently, Moody”s downgraded India”s foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2.

It also downgraded India”s local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2.

Furthermore, it kept the outlook as negative. Currently, the sovereign rating assigned to India is Baa2 with a negative outlook.

Continue Reading

Business

PM rating remains unaffected despite Covid, economic crisis

Published

on

By

daily wages workers

New Delhi, June 2 : The images of hapless migrant labourers walking long distances to get back to their native places may have given hope to the critics of Prime Minister Narendra Modi that at least now his popularity may wane. Or, the unprecedented economic crisis in the wake of the two-month lockdown might turned the masses against him. However, on the contrary, his nett national approval rating, according to an IANS-C Voter State of the Nation 2020 Survey, is at nearly 66 per cent.

As if that is not enough, the nett rating of Congress leader Rahul Gandhi is 0.58 per cent. The ruling BJP seems to be well aware of this unbridgeable gap, considering the perennial party focus on him.

The highest endorsement rate of the Prime Minister is in Himachal Pradesh with 95.1 per cent.The Prime Minister”s nett approval rating is over 90 per cent in Odisha and Chhattisgarh. Incidentally, the Congress was voted to power in the Chhattisgarh in 2018 after a 15-year rule of the BJP.

Even in Punjab and Rajasthan, both Congress-ruled states, Modi”s popularity stands at 68.84 per cent and 68.43 per cent, respectively. In the southern states of Kerala and Tamil Nadu, where the BJP remains on the margins, Modi”s nett approval rating is 32.89 per cent and 32.15 per cent respectively. Barring these two states, the Prime Minister is going strong all over the country, the chart showing him above 50 per cent in every single state.

Compared to Modi, Rahul Gandhi has only 36.12 per cent nett approval from Kerala, which sent him to the Lok Sabha. Tamil Nadu is the second most favourable state for him, where he has met with a 26.11 per cent.

Modi ranks above the satisfaction ratings of the chief ministers of both the NDA and non-NDA formations. The PM”s nett satisfaction ranking at 65.69 is higher than the combined ranking of 57.36, of all the chief ministers of the UPA-ruled states.

PM Modi has the highest satisfaction rating of 92.73 in Chhattisgarh whereas the states chief minister Bhupesh Baghel, a popular leader, has a rating 81.06. Maharashtra Chief Minister Uddhav Thackeray, who has been in power for over seven months, enjoys a satisfaction rating of 76.52, which is higher than the 71.48-per cent of the Prime Minister. Modi”s satisfaction rating in West Bengal is 64.06, which is higher than 52.06 rating of Mamata Banerjee.

In Uttar Pradesh and Bihar, the two states which have suffered the most due to the migrant crisis, the Prime Minister has an approval rating of 64.06 per cent and 67.01 per cent respectively. Rahul enjoys the maximum rating in Haryana with 31.11 per cent endorsement. In Chhattisgarh, Rahul has 4.55 per cent rating.

Goa, with 9.62 per cent approval, stands out as the worst place for the BJP. Haryana too is a source of worry, with 38.73 per cent endorsement.

May 2009 onwards, the IANS-C Voter Tracker has been carried out each and every week, 52 waves in a calendar year, in 11 national languages, across all States and Union territories with a target sample size of 3,000 samples each wave. The average response rate is 55%. This survey is based on CATI interviews of adult respondents across all segments.

–IANS

Continue Reading
Advertisement

Most Popular