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Sensex ends losing streak, ends 403 points higher

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Sensex Nifty Equity

Mumbai, Feb 20: A slight ease in crude oil prices along with value buying and a strong rupee aided the benchmark Sensex to snap its longest consecutive sessions fall in the last eight years on Wednesday.

Accordingly, the benchmark index closed with handsome gains of over 400 points while the Nifty50 jumped past the 10,700 mark after struggling in the past sessions.

Adding to the positive momentum were the gains made by the rupee and healthy domestic investment which were supported by expectations that the US and China may resolve their trade tensions.

“Positive global markets lifted the domestic market sentiments after 2 weeks of under performance. Dovish minutes from US Fed and resumption of dialogue between US and China added positive vibes to the global market,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Strong inflows from DIIs, appreciation of rupee and value buying in mid and small caps helped the domestic market.”

The S&P BSE Sensex closed 403.65 points or 1.14 per cent higher at 35,756.26 from its previous close of 35,352.61, while the NSE Nifty50 ended 131.10 points or 1.24 per cent higher at 10,735.45.

Among the top gainer were Vedanta, which inched up 4.67 per cent, followed by Tata Steel, up 4.13 per cent. ONGC, NTPC and Yes Bank came next.

Sensex saw only four stocks ending in the red led by Hero Moto Corp, Hindustan Uniliver, Bajaj Auto and IndusInd Bank.

“During the penultimate hour, we saw emergence of strong buying interest, reclaiming 10,700 convincingly by adding more than 130 points to the bulls’ kitty,” said Sameet Chavan, Chief Analyst, Technical and Derivatives, Angel Broking.

Historically, Chavan said it had been observed that whenever index corrects for eight straight sessions without surpassing the previous day’s high, the ninth day becomes a reversal day or a bounce back day.

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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