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Muhurat session: Indices gain; auto, capital goods stocks rise

“Markets ended the ‘Muhurat’ session with healthy gains. Nifty (Nifty50) and Sensex closed higher by 0.65 and 0.70 percentage (respectively),” Deepak Jasani, Head of Retail Research with HDFC Securities, told IANS.

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Muhurat trading on Diwali at BSE

Mumbai, Nov 7 : Broadly positive global markets along with lower crude oil prices pushed the key Indian equity indices higher during the special “Muhurat” trade session on Wednesday.

The special hour-long session held every year on Diwali day to mark the start of the Hindu New Year saw the key equity indices — S&P BSE Sensex and NSE Nifty50 — make gains.

According to market observers, the special session to mark Samvat 2075 witnessed healthy buying in automobile, capital goods, oil and gas, banking and IT stocks.

The Nifty50 of the National Stock Exchange (NSE) gained 68.40 points or 0.65 per cent to close at 10,598.40 points.

Similarly, the 30-scrip sensitive index (Sensex) made gains during the trade session.

The S&P BSE Sensex, which opened at 35,301.88 points, closed at 35,237.68 points — up 245.77 points or 0.70 per cent from Tuesday’s close at 34,991.91 points.

“Markets ended the ‘Muhurat’ session with healthy gains. Nifty (Nifty50) and Sensex closed higher by 0.65 and 0.70 percentage (respectively),” Deepak Jasani, Head of Retail Research with HDFC Securities, told IANS.

“Auto stocks like Mahindra and Mahindra, Hero MotorCorp; Tech stocks like Infosys and those of OMC’s (oil marketing company’s) rose as crude prices fell,” Jasani said. “Gains in the markets seem to usher in better times for the coming year.”

In Samvat 2074, the S&P BSE Sensex gained 8 per cent on a year-on-year basis while the NSE Nifty50 rose 3.8 per cent.

The special trading session held every year on Diwali is considered to be auspicious for stock market trading.

It is believed that the “Muhurat” trading on this day brings wealth and prosperity throughout the year.

This ritual has been observed for ages by the trading community.

The Indian equity market will be closed on Thursday, November 8, to mark Diwali Balipratipada.

IANS

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Manufacturing GVA growth in Q2 ‘surprising’: SBI Report

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Manufacturing

New Delhi, Nov 28 : The manufacturing sector played a major role in narrowing down the India’s GDP contraction in Q2 of FY21. An SBI Ecowrap report, however, dubbed the growth in manufacturing GVA as “astonishing” as the IIP manufacturing for the same period declined by 6.7 per cent.

India’s GDP in the July-September period contracted 7.5 per cent, compared with 23.9 per cent in the preceding quarter.

The GVA in Q2 2020-21 from the manufacturing sector grew 0.6 per cent, as compared with a degrowth of 0.6 per cent in the corresponding quarter of the previous fiscal.

The report by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said: “Though the whole press release is full of surprising numbers, the most astonishing number is the positive growth in manufacturing in Q2.”

He noted that despite being the worst affected sector in Q1 (due to lockdown), it is quite puzzling how manufacturing turned itself around.

The IIP manufacturing and manufacturing GVA growth are highly correlated (almost more than 0.90) and this correlation collapsed in Q2 when IIP manufacturing declined by 6.7 per cent (average of July/August/September) while manufacturing GVA grew by 0.6 per cent.

He said that one possible reason for this could be stellar corporate GVA numbers in Q2 on the back of massive purge in costs.

Further, he said that small companies, with turnover of up to Rs 500 crore, are more aggressive in cutting cost, displaying reduction in employee cost by 10-12 per cent.

“This could turn a potential headwind in future in terms of a drag on consumption. Additionally, there is evidence of inventory build-up that could act as a drag on future manufacturing growth,” said the report.

“Interestingly, government consumption expenditure has also nosedived in Q2, that is difficult to explain, as such expenditures are typically pro cyclical.”

During the July-September period, agriculture sector continued to perform well with its growth pegged at 3.4 per cent. Services remained in the negative territory, although the decline was contained as trade, hotels, transport, communication and services related to broadcasting showed recovery.

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Apple patents new MacBook Touch Bar with Force Touch technology

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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San Francisco: Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.

A new patent published by the US Patent And Trademark Office, suggests Force Touch could have an expanded role in the future on the Mac, with the development of a new pressure-sensitive Touch Bar, reports MacRumors.

The patent offers visual examples of how force-sensing technology would be implemented in a MacBook Touch Bar, with Force Touch circuitry surrounding the touch-sensitive OLED strip.

“The secondary display and force-sensing circuitry may be encapsulated between two glass layers that are bonded to one another by a frit. In some embodiments, the force-sensing circuitry is formed from or constitutes part of, the frit,” reads the abstract of the patent application

Force Touch sensors were introduced for the first time with the first-generation Apple Watch and they allow the screen to identify the touch pressure in order to perform different actions based on touch intensity.

This technology was then introduced to the MacBook trackpad in 2015.

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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Black Friday in-store shopping drops amid pandemic

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

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New York: Christina, a 74-year-old woman, only spent about five minutes buying a toaster oven at Macy’s flagship store in New York city on Black Friday morning.

“It was quick, it was a short line. It is not very busy now,” the shopper, who did not give her surname, told Xinhua.

There were a few dozen in-store shoppers at Macy’s flagship store, Saks Fifth Avenue and other retailers’ stores in New York City on Black Friday, a sharp contrast to the crowded scenes in the same time any other year.

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

“This year is scary. You want to get out of the store quicker to protect yourself even though we have masks. We have to prevent socializing and gathering with large crowds. We have to keep a distance,” the 74-year old shopper said.

In the meantime, U.S. consumers’ online spending made a new record high of $5.1 billion on Thanksgiving Day with a year-on-year growth of 21.5 per cent, according to the data issued by Adobe Analytics.

As of Thursday afternoon, coronavirus deaths have added up to 24,241 and confirmed cases to 302,522 in New York City, according to The City, a project that tracks the spread of confirmed COVID-19 infections and fatalities in New York City.

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