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Lower oil prices lift equities; Sensex up 390 pts

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Mumbai, Sep 26 : Lower crude oil prices and ease in US-China trade tensions, coupled with expectations of a demand revival during the festive season, led to a sharp rise in the Indian equity markets on Thursday.

Both the key indices — the S&P BSE Sensex and the NSE Nifty50 — gained over 1 per cent. On sector-specific basis, the day’s gains were led by auto, banking and metals stocks.

Index-wise, the S&P BSE Sensex closed at 38,989.74, higher by 396.22 points, or 1.03 per cent, from its previous close of 38,593.52 points. It touched an intra-day high of 39,158.07 and a low of 38,676.11 points.

Similarly, the Nifty50 on the National Stock Exchange (NSE) made healthy gains. It ended the day’s trade at 11,571.20, higher by 131 points, or 1.15 per cent, than its previous close.

On the broader market level, the BSE midcap and smallcap indexes underperformed the Sensex and Nifty. However, the market breadth was positive on both the key indices.

“The gains came on the back of easing crude oil prices, positive news on the US-China trade war front and positive domestic economic data,” said Deepak Jasani, Head, Retail Research, at HDFC Securities.

“Technically, with the Nifty rallying after the sell-off seen in the previous session, the underlying trend continues to remain up. Further upsides are likely once the immediate resistance of 11,610 is taken out,” Jasani said, adding that the crucial support to watch for further weakness is at 11,469.

According to Vinod Nair, Head of Research at Geojit Financial Services: “Yesterday’s global selling was based on US political drama which reversed today, while Indian market recovered from profit booking from the sharp gain.”

Momentum was broad based with auto, banks and metals leading the gains on expectations of better demand during the upcoming festive season, and this positive trend is likely to be maintained in combination with ease in trade war and domestic stimulus, Nair said.

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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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