Connect with us

Business

Bulls drive markets for second day in row; Sensex rallies 1,128 points, Nifty tops 14,845

Published

on

Indian stock markets continued their bullish trend for second day in a row on Tuesday on the back of profits in index majors HDFC twins, Infosys and Reliance Industries amid a positive trend in global markets.

The S&P BSE Sensex ended 1,128.08 points or 2.30 per cent higher at 50,136.58 with HCL Tech being the top gainer as it rose over 4 per cent.

Similarly, Nifty50 surged 337.80 points or 2.33 per cent to 14,845.10.

In the Sensex pack, other gainers included HDFC Bank, Infosys, NTPC, Nestle India, TCS and HUL.

On the other hand, M&M, Bharti Airtel and Axis Bank were the laggards.

Except for today’s depreciation, the INR has remained quite steady even though the dollar index rose. Also when the US 10-year bond yields has spiked sharply India’s 10-year bond yield has remained quite stable.

These two factors could act in India’s favour and help Indian equities outperform its peers in the emerging markets, said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.

The recent correction could be due to rising COVID-19 cases and year-end phenomenon wherein retail and HNI investors would have avoided taking any fresh positions, he said, adding that the start of new settlement for FY22 and forthcoming Q4 earnings seasons could be the reasons for fresh investor interest in stocks.

US markets, especially the Dow Jones and S&P 500 are showing firm uptrend due to the ongoing stimulus and faster vaccination drive which could also be one of the reasons for our markets to inch upwards, Oza noted.

In the broader markets, the BSE MidCap and SmallCap ended marginally higher at 0.98 per cent and 1.3 per cent respectively.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were also trading with significant gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.49 per cent lower at USD 64.60 per barrel.

source: The Statesman

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Consumers spared of hike; petrol, diesel prices unchanged on Thursday

Published

on

Consumers have been spared another increase in auto fuel prices with oil marketing companies (OMCs) deciding to keep petrol and diesel rates unchanged on Thursday.

This is second consecutive day of fuel price pause and follows slight softening in global oil market over demand concerns prime markets in Asia seeing rising cases of coronavirus.

With fuel prices spared of another increase, the price of petrol continues to remain at Wednesday’s level of Rs 92.85 a litre and diesel Rs 83.51 per litre in Delhi.

Across the country as well the petrol and diesel price remained static on Thursday but its actual retail prices varied depending on the level of local levies in respective states.

Before Thursday, OMC was revising fuel prices on every alternate day for last one week rather than undertaking changes on a daily basis as has been practised. Accordingly, Wednesday’s price hold came after there was an increase in prices on Tuesday. There was no price increase on Monday as well.

Also, on Sunday while petrol and diesel prices were raised by 24 and 27 paisa per litre respectively, there was no price revision on Saturday. Similarly, while fuel prices were raised on Friday, they remained unchanged in the previous day.

Under daily price revision, OMCs revise petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. However, in a market where fuel prices need to be increased successively, alternate day price revision seems to be the flavour.

It is worth noting that with 10 price increase in May, the retail price of regular petrol has already reached over Rs 99 a litre in Mumbai. Petrol prices are already over Rs 100 per litre in several cities in Madhya Pradesh, Rajasthan and Maharashtra. Premium petrol has been hovering above that level for some time now.

Petrol prices have increased by Rs 2.30 a litre Delhi in May in the 10 increases so far. Similarly, diesel prices have risen by Rs 2.78 per litre in capital this month.

IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post-state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.

With global crude prices at around $ 67 a barrel mark (lower than $ 70 it touched last week), OMCs may keep a watch and freakin’ from any further increase in fuel prices for some time now.

source: The Statesman

Continue Reading

Business

Sony expands E-mount lens lineup in India

Published

on

Sony India on Thursday unveiled the newest addition to its E-mount lens lineup with the introduction of the FE 14mm F1.8 GM -a compact, large-aperture, ultra-wide-angle lens.

Priced at Rs 162,990, the company said that it allows users to capture the world with new perspectives, especially when shooting landscapes, architecture, starry skies and interiors.

“The latest Sony lens from the G Master series, the FE 14mm F1.8 GM, offers extraordinary resolution, fast and quiet autofocus and is remarkably compact,” Mukesh Srivastava, Digital Imaging Head at Sony India, said in a statement.

“We are constantly innovating and working towards bringing technology that fulfils the needs of our customers so that they can realise their creative vision and deliver what they desire,” Srivastava added.

The new lens features a compact optical design, measuring just 83mm x 99.8mm and weighing just 460g (approx.), with advanced optical technology that delivers superb resolution and stunning contrast.

Users can render light point sources thanks to a maximum aperture of F1.8, making it possible to capture astrophotography or shoot in other low-light environments without having to use extremely slow shutter speeds.

When shooting in challenging lighting conditions, Sony’s original Nano AR Coating II technology maximises clarity by subduing flare and ghosting.

The new lens also features several advanced and versatile control options including, a focus hold button, a focus mode switch and a focus ring to ensure smooth, efficient operation in a wide range of shooting environments, the company said.

source: The Statesman

Continue Reading

Business

NEFT transfers will not be operational on May 23. Here’s why

Published

on

The Reserve Bank of India (RBI) on Monday said that due to NEFT system upgrade, this service will not be available from 00:01 hrs to 14:00 hours on Sunday, May 23, 2021.

“A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period,” the RBI tweeted today.

Member banks may inform their customers to plan their payment operations accordingly.

A similar technical upgrade for RTGS was completed on 18 April 2021.

NEFT is available 24X7 that happens in batches of half an hour. There is no maximum limit on the amount that one can transfer through NEFT, but different banks have various limits on the amount that can be transferred.

source: The Statesman

Continue Reading

Newsletters

Enter your email address to get latest updates

Advertisement

Trending

Copyright © 2018 - 2021 Delhi Wire.