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Sensex, Nifty end flat over weak rupee, macro data

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Sensex equity Nifty

Mumbai, Dec 3: The key equity indices managed to register their sixth straight session of gain on Monday as the S&P BSE Sensex and Nifty50 closed marginally up.

After opening over 200 points higher over signs of easing US-China trade tensions, rise in global crude oil prices and domestic factors including disappointing macro-economic data and uncertainty over state election outcome weighed investor sentiments.

Also, ahead of the OPEC meeting this week, the crude oil prices surged on expectations of supply cuts by the oil cartel. The benchmark Brent Crude traded higher at $62.05 a barrel when the domestic markets closed.

The domestic currency weakened over 50 paise against the US dollar, trading at Rs 70.16 from its previous close of 69.59.

Utilities, metal and realty gained over 2 per cent on the BSE while healthcare, energy and auto where the only stocks ending in red.

The Sensex settled 46.70 points up or 0.13 per cent at 36,241, from its previous close of 36,194.30. It touched an intra-day high of 36,446.16 and a low of 36,099.68.

The Nifty50 gained 7 points or 0.06 per cent to finish the trade session at 10,883.75.

Top gainers on the Sensex were Yes Bank, which rose close to 5 per cent closely followed by Hindustan Uniliver. Vedanta, NTPC and Bharti Airtel gained in the range of 2 to 3.5 per cent.

Sun Pharma lost 7.52 per cent — the most on the Sensex — followed by Mahindra and Mahindra. Other major losers were ITC, Relinace Industries and Hero MotoCorp.

The markets had opened on a positive note in line with global markets on signs of easing US-China trade tension who agreed to halt additional tariffs in the G20 meeting in Buenos Aires.

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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