Sensex ends lower for ninth consecutive day; IT finish 2% lower | WeForNews | Latest News, Blogs Sensex ends lower for ninth consecutive day; IT finish 2% lower – WeForNews | Latest News, Blogs
Connect with us

Business

Sensex ends lower for ninth consecutive day; IT finish 2% lower

Published

on

Sensex equity Nifty

Mumbai, Feb 19: Major indices Sensex and Nifty fell for the ninth consecutive trade session on Tuesday after heavy selling in the final hour of the trade on account of profit booking.

Initially investor sentiments were upbeat owing to the transfer of interim dividend from the RBI to the government and a possibility of easing trade tension as a new round of trade talks between the US and China are set to begin.

However, other factors like high crude oil prices in the range of $66-67 per barrel, weak rupee and continued tensions between India and Pakistan capped the gains.

“Though the amount is not huge but it is a breather for the government keeping in mind the fiscal deficit. Markets rejoiced as the RBI dividend will make way in the markets through welfare spending which will in turn boost rural consumption,” Saurabh Jain, AVP, SMC Global, told IANS.

Also, a sharp decline in IT stocks, closing over 2 per cent lower, dragged the markets which analysts said was the result of profit booking.

“Market opened on a positive note as transfer of interim dividend from RBI helped the indices to rebound after days of correction. However, the reversal was short-lived due to mixed global market and investor strategy to book profit on every rally,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Albeit, rate sensitive sectors stand positive due to the stimulus measures from RBI and reforms by the government.”

The BSE Sensex closed 145.83 points or 0.41 per cent lower at 35,352.61 from its previous close of 35,498.44 while the Nifty settled at 36.60 points lower at 10,604.35.

Top Sensex gainers was led by Vedanta which jumped over 3 per cent followed by ICICI Bank, ONGC, Mahindra and Mahindra and Larsen and Toubro.

TCS declined by 3.39 per cent, the most on Sensex, followed by NTPC, IndusInd Bank, IndusInd Bank, Infosys and HeroMoto Corp.

IANS

Business

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.

Published

on

By

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

Continue Reading

Business

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.

Published

on

By

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.

Continue Reading

Business

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.

Published

on

By

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.

Continue Reading
Advertisement

Most Popular