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Sensex ends Samvat 2074 on a timid note; banking stocks fall

Index-wise, the S&P BSE Sensex rose 40.99 points to 34,991.91 points. It had opened at 35,076.24 points from its previous close of 34,950.92 points.

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Sensex equity Nifty

Mumbai, Nov 6 : The key equity indices closed Samvat 2074 on a timid note, as the S&P BSE Sensex and NSE Nifty50 ended flat on Tuesday.

Accordingly, the just concluded Samvat, which marks the closure of yearly account books, saw the benchmark Sensex gain eight per cent on a year-on-year basis, while the Nifty50 rose 3.8 per cent.

In the day’s trade, the domestic equity market, which had opened on a positive note, failed to hold on to its gains, as selling pressure in index pivotals like banking and finance sectors subdued investors’ sentiments.

On a sector-specific basis IT, TECK (technology, entertainment and media) and consumers durables stocks made gains on the BSE by over one per cent each, while the banking and finance counters slipped.

Index-wise, the S&P BSE Sensex rose 40.99 points to 34,991.91 points. It had opened at 35,076.24 points from its previous close of 34,950.92 points.

It touched an intra-day high of 35,196.03 points and a low of 34,889.72 points.

Similarly, the NSE Nifty50 closed flat at 10,530 points.

Apart from the main indices, the broader markets like the S&P BSE MidCap index declined by 0.62 per cent, while the S&P BSE SmallCap index was also down 0.06 per cent. The market breadth was flat with 1,271 advances and 1,292 declines.

“Overseas, Asian stocks were mixed as investors looked to the US midterm elections set for later in the day,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“The PSU banking, FMCG and metals indices traded with sharp losses while the media and IT indices notched up marginal gains.”

According to HDFC Securities’ Retail Research Head Deepak Jasani: “Technically, while the Nifty has ended flat, the underlying short term trend remains up. Further upsides are likely once the immediate resistance of 10,600 is taken out.”

“Crucial supports to watch for any weakness are at 10,492.”

In terms of currency, the rupee closed at 73 to a US dollar from its previous close of 73.12.

Investment wise, the provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 499.71 crore, while the domestic institutional investors bought scrip worth Rs 118.69 crore.

The equity market indices on Monday had reacted positivily to SBI’s first profit in the previous four quartes but investors turned bearish on Tuesday “taking note of the grey areas in the results”. The bank’s scrip declined 3.39 per cent to Rs 285.30 a share.

“The results appeared to be positive on the first instance since the lending major logged gains after three straight losses, but investors realised the results had some grey areas like SME slippage,” Deepak Jasani, Head of HDFC Securities told IANS.

The other top Sensex laggards were: Axis Bank down 2.98 per cent at Rs 286.50; Maruti Suzuki down 1.31 per cent at Rs 7,073.25; IndusInd Bank, down 1.09 per cent at Rs 1,475.50; Adani Ports down 1 per cent at Rs 325.75 per share.

On the other hand, top gainers were: Tata Consultancy Services (TCS), up 2.22 per cent at Rs 1,931.95; Tata Motors(DVR), up 2.11 per cent at Rs 104.15; Yes Bank, up 1.95 per cent at Rs 214.45; Reliance Industries, up 1.37 per cent at Rs 1,103.45 a share.

The two key stock exchanges — BSE and NSE — will conduct a special ‘Muhurat’ trading session on Wednesday, November 7 between 5.30 p.m. and 6.30 p.m.

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.

The trading community has observed this ritual for ages.

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India’s WPI inflation rises to 5.28% in Oct

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Inflation

New Delhi, Nov 14: India’s annual rate of inflation based on wholesale prices increased to 5.28 per cent in October from 5.13 per cent in September, according to official data. 

Even, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry was higher than 3.68 per cent reported for the corresponding period of 2017.

“The annual rate of inflation, based on monthly WPI, stood at 5.28 per cent (provisional) for the month of October (over October, 2017) as compared to 5.13 per cent (provisional) for the previous month and 3.68 per cent during the corresponding month of the previous year,” the data showed.

“Build up inflation rate in the financial year so far was 4.64 per cent compared to a build up rate of 2.12 per cent in the corresponding period of the previous year,” the Commerce Ministry official statement said.

On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage eased to 1.79 per cent, from a rise of 2.97 per cent in September.

Similarly, the prices of food articles declined. The category has a weightage of 15.26 per cent in the WPI index.

However, the cost of fuel and power segment, which commands a 13.15 per cent weightage, edged higher by 18.44 per cent from a growth of 16.65 per cent.

The expenses on manufactured products registered a rise of 4.49 per cent from 4.22 per cent.

On a YoY basis, onion prices declined by 31.69 per cent, whereas potatoes became dearer by 93.65 per cent.

In contrast, the overall vegetable prices in the month under review declined by 18.65 per cent, against a rise of 36.67 per cent in the same month a year ago.

Among the non-food items, the price of high-speed diesel rose by 19.85 per cent on a YoY basis, petrol by 31.39 per cent and LPG by 18.44 per cent.

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Chinese investors to invest $30 Million in 8 Indian start-ups

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India China

New Delhi, Nov 13 :Chinese venture capital (VC) funds are likely to invest around $30 million in eight Indian start-ups, the Ministry of Commerce and Industry said after the 2nd Startup India Investment Seminar held in Beijing on Tuesday.

“In the 1st Startup India Investment seminar, 12 Indian start-ups participated, of which 4 secured a funding of $15 million from Chinese VCs. In the current round, 8 start-ups out of 20 participants are set to get commitment of around $30 million,” it said.

The Ministry said the seminar was organised by the Embassy of India in China in partnership with Startup India Association and Venture Gurukool to foster innovation and entrepreneurship among the Indian youth. The first seminar was held in November 2017.

“The event was planned to expose Chinese VCs and investors to the promising Indian start-ups and also help Indian start-ups to reach out to the large Chinese investors for receiving investment for their companies,” the Ministry said in a statement.

42 Indian entrepreneurs representing 20 Indian start-ups participated in the event and pitched before Chinese investors. More than 350 Chinese VC funds and angel investors participated in the day-long seminar, it said.

Industrial and Commercial Bank of China (ICBC) CEO Zheng Bin shared ICBC’s experience in India and gave an overview of the Indian start-up ecosystem and explained the process of investment.

ICBC India has established a $200 million fund for investing in promising Indian MSMEs and ventures, he said.

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Swiggy to engage 2,000 women for food delivery

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Bengaluru, Nov 13: Leading food ordering and delivery start-up Swiggy on Tuesday said it would engage about 2,000 women as delivery personnel by March 2019.

“About 2,000 women will join our delivery team by March next year. Over the last few months, we have been working on training women for opportunities in this growing food delivery sector,” the city-based online food delivery platform said in a statement here.

By deploying more women as delivery personnel across the country, the company said it aimed to create an inclusive workforce.

The company engages around a lakh personnel daily to deliver food across 45 Indian cities it operates in.

Currently, about 60 women are tied up with Swiggy across 10 cities, including Ahmedabad, Kochi, Kolkata, Mumbai, Nagpur and Pune, to deliver food.

World over, the employment of women as delivery personnel has been meagre.

“We are creating a women-friendly work environment with a dedicated helpline for any concern, as well as appointing more women in managerial roles,” the company said.

Swiggy is identifying ‘safe zones’ for women delivery personnel to operate in and will allow them to complete their deliveries by 6 p.m., it added.

“Since inception, we have seen the potential in investing in logistical prowess, which has helped us in having end-to-end control over the food delivery experience,” Swiggy Vice President (Operations) Sachin Kotangale said in the statement.

Set up in 2014, the food delivery platform claims to receive about 20 million orders a month across 45,000 restaurants in 45 cities, including New Delhi, Hyderabad, Mumbai, Bengaluru, Chennai, Kolkata, Gurugram and Pune.

It raised $210 million (around Rs 1,500 crore) from multiple investment firms, and has so far raised over $460 million (around Rs 3,350 crore).

The company, which has over 4,000 employees, reported an operating revenue of Rs 442-crore for the fiscal 2017-18.

IANS

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