WeForNews | Latest News, Breaking News, News Updates Indian equity indices slump tracking global sell-off | WeForNews | Latest News, Blogs
Connect with us

Business

Indian equity indices slump tracking global sell-off

Published

on

sensex

Mumbai, Feb 10: Following a massive global sell-off, the Indian equity markets turned bearish for the second consecutive week — with the BSE Sensex dropping over a 1,000 points and the Nifty50 index over 300 points.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) tanked 1,060.99 points or 3.02 per cent to close trade at 34,005.76 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed the week’s trade at 10,454.95 points — shedding 305.65 points or 2.84 per cent from its previous week’s close.

Since February 1, the BSE Sensex has shed around 1,900 points and the NSE Nifty over 500 points.

“In the week gone by, global stock market witnessed huge sell-off amid the fear of interest rates hike and this too sent the bond yields higher,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.

“Back at home, the Union Budget 2018 verdict played a catalyst role and since then market has been tumbling down. Though market recovered and closed in green on Thursday but on Friday market closed red tracking lower Asian and US markets,” he added.

Aggarwal said in line with expectations, the Reserve Bank of India — in its final bi-monthly monetary policy review of the fiscal on Wednesday — kept key interest rate unchanged at 6 per cent with neutral stance, citing concerns about the inflationary push by rising global crude oil prices.

On the currency front, the rupee weakened by 34 paise to close at 64.40 against the US dollar from its last week’s close at 64.06.

Provisional figures from the stock exchanges showed that foreign institutional investors sold off scrips worth Rs 8,260.96 crore, while domestic institutional investors purchased scrips worth Rs 6,286.58 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors off-loaded equities worth Rs 4,738.66 crore, or $738.24 million, during February 5-9.

“The week gone by saw the Nifty correcting further. The Nifty ended with week-on-week losses of 2.84 per cent,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Sectorally, the top gainers were the pharma, metal and media indices. The top losers were the Bank Nifty, infra, FMCG and auto indices,” he added.

The top weekly Sensex gainers were: Sun Pharma (up 5.72 per cent at Rs 582.65); Dr Reddy’s Lab (up 3.43 per cent at Rs 2,194.80); Coal India (up 2.84 per cent at Rs 300.45); Tata Steel (up 2.08 per cent at Rs 683.65); and Power Grid (up 0.36 per cent at Rs 193.20).

The losers were: Yes Bank (down 6.99 per cent at Rs 325.55); HDFC (down 6.84 per cent at Rs 1,773.20); Larsen and Toubro (down 6.01 per cent at Rs 1,329.35); IndusInd Bank (down 5.94 per cent at Rs 1,651.40); and Tata Consultancy Services (down 5.62 per cent at Rs 2,972.30).

IANS

Business

Mi India’s Republic Day Sale: List of TVs, Smart Bands, and Smartphones available at Huge discounts

Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

Published

on

By

Amazon Flipkart

Mi India has announced the Republic Day offer. The sale offers huge discount offers on a variety of products including smartphones, smart TVs, and Smart Bands.

Mi India’s Republic Days offer sale will start from 12 noon on January 20, 2021, which will continue till 11.59 PM on the night of January 24, 2021.

This offer can be enjoyed on the e-commerce sites Amazon, Flipkart, and Mi.com. Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

Mi Smart Band 4

Selling Price – 2,299

Sale price – 1,899

Mi TV Stick

Selling Price – 2,799

Sale price -2,299

Mi Box 4K

Selling Price – 3,499

Sale price – 3,299

Mi LED TV 4A PRO 108 cm (43)

Selling Price – 24,999

Sale Price – 23,999

Mi LED TV 4X 50

Selling Price – 34,999

Sale Price – 33,999

Mi Watch Revolve Midnight Black & Silver

Selling Price – 10,999

Sale price – 8,999

Earphones (TWS) – Mi True Wireless Earphones 2C

Selling Price – 2,499

Sale Price – 1,999

Earphones (TWS) – Mi True Wireless Earphones 2

Selling Price – 3,999

Sale price – 2,499

Mi Beard Trimmer 1C

Selling Price – 999

Sale Price – 799

Mi Smart Water Purifier (RO+UV)

Selling Price – 12,999

Sale price – 9,999

Redmi Earbuds S

Selling Price – 1,799

Sale price – 1,499

Redmi Smart Band

Selling Price – 1,599

Sale price – 1,299

Redmi 9i (4+ 64GB)

Selling Price – 8,299

Sale price – 7,999

Redmi 9 Prime (4+64GB)

Selling Price – 9,999

Sale price – 9,499

Redmi Note 9 (6+128GB)

Selling Price – 14,999

Sale price – 13,999

Redmi Note 9 Pro (4+128GB)

Selling Price – 15,999

Sale price – 13,999

Redmi Note 9 Pro Max (6+64GB)

Selling Price – 16,999

Sale Price – 14,999

Mi LED TV 4A PRO 80 cm (32)

Selling Price – 14,999

Sale Price – 14,499

Continue Reading

Business

Dogfight: Airlines unleash deep discounts to dominate the sky

IndiGo’s Chief Strategy and Revenue Officer Sanjay Kumar said: “Low fares always helps stimulate the demand for the travel period far out and works as a part of airline strategy.”

Published

on

By

Preparing for Landing

New Delhi, Jan 19 : Fare wars induced deep discounting has reappeared in India’s aviation sector, as airlines seek to augment cash reserves, consolidate market share and bring back more capacity.

The first shot in this war of extremely low prices was fired recently with most airlines commencing their sales offers.

The development comes around a year since Covid-19 lockdown devastated the sector.

Industry insiders, however, now believe that the roll-out of anti-Covid-19 vaccination programme will give a boost to air travel.

Besides, some of the travel period offered under these schemes are beyond the current expiry of the fare cap imposed by the Centre.

IndiGo’s Chief Strategy and Revenue Officer Sanjay Kumar said: “Low fares always helps stimulate the demand for the travel period far out and works as a part of airline strategy.”

“These sales stimulate traffic among extremely price sensitive customers and helps airlines meet overall objectives.”

The latest passenger traffic data from the sector regulator DGCA indicate that the growth in passenger volumes is not yet adequate enough for a revival in the airline sector.

The aggregate passenger traffic in December 2020 at 73.27 lakh was still 43.7 per cent lower on a year-on-year basis.

“Lack of adequate demand in the post festive season along with higher available capacity has therefore, led a drop in passenger load factor for some of the airlines in December 2020 on a sequential basis vis-a-vis Nov 2020,” said Suman Chowdhury, Chief Analytical Officer at Acuite Ratings & Research.

“Such a scenario is possibly leading to a deep discounting strategy from airline companies. This involves sale of seats over the next few months through an attractive discount or add ons to ensure higher PLF over the next 1-2 quarters.”

Nevertheless, deep discounts are expected to hurt the already fragile financial condition of the sector.

“It will have an impact on the profitability of airline operations which has already been under losses in the last few quarters. In our opinion, however, passenger demand will witness a significant improvement in the next few months with the tapering of the Covid infection rate as well as the progress on the vaccination,” Chowdhury said.

Apart from ensuring a minimum PLF in the coming months, experts contend that deep discounts will trigger liquidity enhancement for airlines.

“Low airfares this month indicate the expected dip in travel post holiday season in December. Airfares in Jan across key routes have decreased 15-20 per cent MoM,” said Rajnish Kumar, Co-founder & CTO, ixigo.

“Heavy discounts being rolled out by major domestic and international airlines will definitely woo travellers who are planning vacations this year. With government caps ending on March 31, the discounts will attract flyers to plan their trips in advance and accelerate recovery in bookings to pre-Covid levels this year.”

On the other hand, the government has till now permitted the industry players to operate at 80 per cent of their pre-Covid capacity.

The operational capacity deployment level is expected to reach pre-Covid mark by the end of calendar year’s first quarter.

“In the current scenario of impact on demand due to the pandemic, while some aircraft continue to be grounded, the passenger load factors (PLFs) of airlines have also been impacted despite the lower capacity,” said Kinjal Shah, Vice President, ICRA.

“Thus, airlines have to take a calculated call on fares and its impact on demand.”

(Rohit Vaid can be contacted at [email protected])

Continue Reading

Blog

Azim Premji and Dr Devi Shetty chosen for PCB awards

Besides them 25 senior journalists have been selected for the ‘Press Club Annual Awards’, a release said.

Published

on

By

Azim Premji Wipro

Bengaluru, Jan 19: The chairman of Wipro Limited Azim Premji and the founder chairman of Narayana Health Dr Devi Prasad Shetty are among those who have been selected for the annual awards given by the Press Club of Bangalore.

Premji has been chosen for ‘Press Club Person of the Year’, while Dr Shetty and actor-Director Sudeep Sanjeev have been selected for the ‘Press Club Special Award.’

Besides them 25 senior journalists have been selected for the ‘Press Club Annual Awards’, a release said.

Chief Minister B S Yediyurappa will facilitate the awardees at a function scheduled for the third week of February, it said.

Continue Reading

Most Popular