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Sensex ends 240 points lower ahead of inflation data release

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Sensex Nifty Equity

Mumbai, Feb 12: The BSE Sensex closed 240 points lower on Tuesday, ahead of the release of retail inflation and industrial production data.

After trading on a flat-to-negative note for most part of the session, the key indices slumped in the last hour of trade with heavy selling pressure on telecom, IT and finance stocks.

Markets anticipate a rise in the Consumer Price Index (CPI), the retail infation data in the month of January, analysts said. The government is scheduled to release the January data later in the day.

The Sensex closed at 36,153.62, lower by 241.41 points or 0.66 per cent than the previous close of 36,395.03 points.

It had opened at 36,405.72 points and touched an intra-day high of 36,465.40 points and a low of 36,113.91 points.

The Nifty50 on the National Stock Exchange settled 57.40 points or 0.53 per cent lower at 10,831.40 points.

In December, India’s retail inflation in December eased to 2.19 per cent from 2.33 per cent in November due to lower fuel prices.

Geojit Financial Services’ Head of Research Vinod Nair said: “Lack of positive triggers is impacting the sentiment of domestic equity market. India is underperforming in spite of improvement in the global market and appreciation in INR.”

“Inflows have reduced this month due to muted Q3 results and outcome of general election. Expectation is that market momentum will reverse as economy stabilize post-election and borrowing cost reduce,” he added.

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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