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Profit booking pulls equity indices lower, banking stocks down

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Mumbai, June 1: Profit booking by investors along with fears of a resurgent US-China trade war pulled the key Indian equity indices lower on Friday afternoon.

According to market analysts, heavy selling pressure was witnessed in banking, oil and gas and metal stocks.

The indices, however, had openend on a positive note extending the gains made on Thursday, but could not continue the bullish momentum. Investors booked profits as the indices rose over one per cent in the previous trading session.

At 1.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,704.75 points, down 31.40 points or 0.29 per cent from the previous close of 10,736.15 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,373.98 points, traded at 35,271.72 points (1.32 p.m.) — down 50.66 points or 0.14 per cent — from its previous session’s close of 35,322.38 points.

The Sensex has so far touched a high of 35,438.22 and a low of 35,205.83 points. The BSE market breadth was bearish with 1,872 declines against 635 advances so far.

The major gainers on the BSE were Bajaj Auto, Maruti Auto, Tata Motors, Hero MotoCorp and Tata Motors (DVR) while ONGC, Power Grid, Adani Ports, IndusInd Bank and State Bank of India (SBI) were the major losers.

On the NSE, the top gainers were Bajaj Auto, Vedanta and Maruti Suzuki, while Eicher Motors, Power Grid and Gail lost the most.

IANS

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Economy showing signs of getting back to normalcy: RBI Governor Shaktikanta Das

“Indian economy has started showing signs of going back to normalcy after easing of restrictions,” Governor Das said at the 7th SBI Banking and Economics Conclave.

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Shaktikanta Das

Mumbai, Jul 11 : The Indian economy has started showing signs of normalcy with ease in lockdown restrictions across the country, RBI Governor Shaktikanta Das said on Saturday.

He added that post containment of COVID-19, a very careful trajectory has to be followed in orderly unwinding of countercyclical regulatory measures.

The financial sector should return to normal functioning without relying on regulatory relaxation as the new norm, he added.

“Indian economy has started showing signs of going back to normalcy after easing of restrictions,” Governor Das said at the 7th SBI Banking and Economics Conclave.

While the multi-pronged approach of the Reserve Bank has provided a cushion from the immediate impact of the pandemic on banks, the medium-term outlook is uncertain and depends on the COVID-19 curve, he said.

“Policy action in medium-term would require a careful assessment of how the crisis unfolds,” he said, adding that building buffers and raising capital will be crucial not only to ensure credit flows but also to build resilience in the financial system.

The country’s banking and financial system is capable of rising to the occasion in meeting this challenge, he asserted.

In these challenging times, banks have to improve their governance and sharpen their risk management, he said.

Banks will also have to raise capital in an anticipatory basis instead of waiting for a situation to arise, Das noted.

The economic impact of the pandemic due to the lockdown and anticipated post-lockdown compression in economic growth may result in higher non-performing assets and capital erosion of the banks, Das cautioned.

A recapitalisation plan for public and private sector banks has therefore become absolutely necessary, he said.

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Mukesh Ambani world”s 7th richest, overtakes Warren Buffet

Amazon CEO Jeff Bezos holds the first rank with a net worth of $186.8 billion, followed by Bill Gates in the second position with a net worth of $110.5 billion.

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Mukesh Ambani Picture

New Delhi, July 10 : Reliance Industries (RIL) Chairman Mukesh Ambani has become the seventh richest person in the world overtaking Warren Buffet, one of the most successful investors globally, according to the Forbes Real Time Billionaires Index.

As per the latest Forbes data, Ambani”s net worth rose $2 billion on Friday and currently stands at $70.1 billion.

His rise among the world”s richest individuals has been boosted by the recent continuous surge in the share price of Reliance Industries (RIL).

On Friday, RIL shares on the BSE hit a fresh all-time high of Rs 1,884.40. Following the surge in share prices, the oil-to-telecom major”s market capitalisation crossed Rs 11.90 lakh crore.

The shares have risen largely due to the investments coming into its technology and telecom arm Jio Platforms from global marquee investors. Jio Platforms has raised Rs 1.17 lakh crore so far in just over two months.

The net worth of Warren Buffet, who runs Berkshire Hathaway and is popularly known as the “Oracle of Omaha”, stands at $68.1 billion and is at the eight spot.

Amazon CEO Jeff Bezos holds the first rank with a net worth of $186.8 billion, followed by Bill Gates in the second position with a net worth of $110.5 billion.

Forbes’ Real-Time Billionaires ranking tracks the daily ups and downs of the world”s richest people. Individuals whose fortunes are significantly tied to private companies will have their net worths updated once a day.

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Unholy nexus of BJP govt and MNCs stands exposed: Congress

“If on June 16, hand sanitisers were essential commodities up till 30th December, 2020; what changed in 15 days? Why does the government want the people to be charged high prices? Why no price limit on these essentials to fight Covid-19? Is the war on Covid over?” Surjewala questioned.

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Randeep Surjewala

New Delhi, July 10 : The Congress on Friday criticised the Narendra Modi government over its decision to remove face masks and hand sanitisers from the essential commodities list. It said that an “unholy nexus” between the BJP government and the MNCs stands exposed.

In a series of tweets, Congress national media in-charge Randeep Singh Surjewala said, “Opportunity in Adversity said the Prime Minister (Narendra Modi). The unholy nexus of BJP government with MNCs/Companies of profiteering at the cost of people stands exposed. Government has removed face masks and hand sanitisers as essential commodities. Now, masks/hand sanitisers can be sold at any MRP.”

He further said, “On June 16, the BJP government had said — As lockdown has been relaxed, demand for hand sanitisers may increase & it should continue to be covered under EC Act till Dec 31, 2020.. ”its continued availability is of paramount importance” & “to ensure its availability at affordable rates.” Surjewala also attached a copy of the June 16 order in his tweet.

“If on June 16, hand sanitisers were essential commodities up till 30th December, 2020; what changed in 15 days? Why does the government want the people to be charged high prices? Why no price limit on these essentials to fight Covid-19? Is the war on Covid over?” Surjewala questioned.

His remarks came after the government”s decision to remove hand sanitisers and face masks from the essential commodities list. On Friday, India recorded 26,502 cases of Covid-19 in the last 24 hours taking the total tally to 7,93,802 cases with 21,604 fatalities due to the pandemic.

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