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Sensex ends 6-day gaining streak, sheds 107 points 

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Sensex Nifty Equity

Mumbai, Dec 4: The benchmark S&P BSE Sensex snapped its six-day-long gaining streak, closing 107 points lower on Tuesday as investors turned cautious ahead of major events.

“The markets are on a back foot due to major events like the OPEC meeting this week, RBI monetary policy review meeting commencing on Wednesday and the ongoing poll processes in five states.

“Investors are waiting on the sidelines of these potential market drivers and will take positions after these major events,” Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.

Finance and banking stocks traded over 0.50 per cent lower, while selling pressure was witnessed in telecom, auto and FMCG stocks.

In contrast, buying was seen in IT, which gained over 1 per cent. Oil and gas also ended higher.

The Sensex settled lower 0.29 per cent, or 106.69 points, at 36,134.31, from its previous close of 36,241. It touched an intra-day high of 36,295.84 and a low of 36,036.39.

The Nifty50 lost 14.25 points or 0.13 per cent to close the session at 10,869.50.

However, in broader markets, smallcaps closed in the green, as it gained 0.14 per cent, while midcap traded lower by 0.07 per cent.

Ahead of the OPEC meeting, the crude oil prices surged on Tuesday on expectations of supply cuts by the oil cartel which could drive the prices up. The benchmark Brent Crude was trading higher at $63.19 a barrel when the markets closed.

The rupee, after losing 88 paise on Monday, traded at Rs 70.60 to a US dollar. It had closed at Rs 70.45.

Top gainers on Sensex were dominated by IT stocks as Wipro and Infosys gained over 2 per cent, while TCS advanced by 1.37 per cent. Other major gainers were ONGC and Vedanta.

The laggards were led by SunPharma which lost 2.75 per cent, reflecting the concerns among the investors over the probe by the market regulator SEBI on charges of insider trading. It had lost over 7 per cent on Monday.

Other top losers included Mahindra and Mahindra, HDFC and State Bank of India.

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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