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Tensions in Persian Gulf, rise in oil prices dent equities

Accordingly, the S&P BSE Sensex closed 289.29 points or 0.73 per cent lower at 39,452.07, and the NSE Nifty50 was down 90.75 points or 0.76 per cent at 11,823.30.

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Global economic growth entering slowdown (Picture Credit : Chinadaily)

Mumbai, June 14 (IANS) Rising geo-political tensions in the Persian Gulf region along with concerns over a slowdown in global economic growth subdued Indian equity markets on Friday.

Market observers, pointed out that premium valuation and rise in crude oil prices to over $61 per barrel also dented investors’ sentiments.

Sectorally, BSE capital goods index ended in the green, whereas BSE realty, telecom, bankex and auto indices ended in the red.

Accordingly, the S&P BSE Sensex closed 289.29 points or 0.73 per cent lower at 39,452.07, and the NSE Nifty50 was down 90.75 points or 0.76 per cent at 11,823.30.

“World stocks struggled and safe haven bets were back in play on Friday with German bond yields plumbing record lows as Chinese data (May industrial output slowed to a more than 17 year-low) rekindled woes about the health of the global economy and fears of a new US-Iran confrontation intensified,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Gold prices hit a 14-month high.”

According to Geojit Financial Services Head of Research Vinod Nair said: “Ripple effect from a weak global market while premium valuation and slow economy is hurting the market.”

“Continuous exchange of words between US and Tehran regarding the oil tanker attack, progress of US-China trade-war, Fed policy outcome on June 19 and progress of monsoon will be closely watched by the investors. The market is cautious today awaiting these important events while companies highly leveraged are being mostly impacted.”

In terms of investments, while the foreign institutional investors (FIIs) bought stocks worth Rs 172.35 crore, domestic institutional investors (DIIs) sold Rs 444.87 crore stocks.

On the currency front, the Indian rupee weakened 30 paise to 69.81 against the US dollar from its previous close of 69.51.

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Sensex plunges 1,000 points, Nifty below 14,000

Heavy selling pressure was witnessed across sectors, led by banking, finance and oil and gas stocks.

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Mumbai, Jan 27 : The Indian stock market witnessed a freefall on Wednesday afternoon, with the BSE Sensex losing over 1,000 points.

Around 2.45 p.m., Sensex was at 47,310.81, lower by 1,036.78 or 2.14 per cent from its previous close.

The Nifty50 also fell below the psychological 14,000-mark.

It was trading at 13,944.25, lower by 294.65 points or 2.07 per cent from its previous close.

Heavy selling pressure was witnessed across sectors, led by banking, finance and oil and gas stocks.

Weak global cues, selling by FIIs and mixed Q3 earnings lead to the bear run in the market.

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Kia Motors India sells 1 lakh units since July

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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New Delhi: Automobile manufacturer Kia Motors India has sold 1 lakh units since July 2020 in the domestic wholesale market.

Accordingly, the maker of Seltos, Sonet and Carnival, has successfully dispatched 200,000 Kia vehicles to its dealerships across India within seventeen months of sales operations in the country.

The company said the top-end — above GTX variants — for the Seltos, Sonet and the Limousine variant for the Carnival, have accounted for nearly 60 per cent of total cars sold.

As per a statement, Kia sold over 106,000 UVO connected vehicles on the road summing up to a humongous 53 per cent of the brand’s total sales.

Besides, Seltos leads the sales charts for Kia Motors India with 149,428 units, followed by the Sonet with 45,195 units, which was launched in September, 2020 and the Carnival with a total sales of 5,409 units.

“In just over a year of sales operations, Kia has emerged as India’s youngest automobile disruptor and one of the best-selling automobile brands in the country,” said Kookhyun Shim, Managing Director and Chief Executive Officer, Kia Motors India.

The rapid adoption of Kia cars reiterates the evolving customer preference towards a technology-led exceptional driving experience, coupled with great connectivity. Kia’s focus has also been on offering products that are designed to fulfill consumer demands across both urban and rural areas.

Currently, Kia’s manufacturing plant in Anantapur is running on two-shift operations and given the increasing demand for Kia cars, the brand is evaluating operating in three shifts to meet them.

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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Petrol, diesel prices remain unchanged at record high levels

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Retail fuel prices were unchanged on Sunday across the four metros. On Saturday, petrol and diesel touched fresh all-time high levels.

In the national capital, petrol was priced at Rs 85.70 per litre. In Mumbai, Chennai and Kolkata, petrol was sold at Rs 92.28, Rs 88.29 and Rs 87.11 per litre, respectively.

Although the pump prices of fuels were unchanged on Sunday, they have been elevated for long and have been touching new highs of late.

Global oil prices are above $55 per barrel currently. Crude prices have remained firm for the last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in the consumption in all major economies globally.

The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

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