Extending early gains, BSE Sensex was trading over 276 points higher in the afternoon trade today on positive cues from Asian as well European markets following reports that Russia has recalled troops after a snap drill.
Russian President Vladimir Putin today told troops to return to their permanent bases after calling a snap drill to check their battle-readiness last week.
The rupee trimmed initial losses but was still trading lower by 4 paise to 62.08 against the US dollar in late morning deals today on bouts of demand for the American currency from banks and importers.
The domestic currency resumed lower at 62.12 per dollar as against the previous close of 62.04 at the Interbank Foreign Exchange (Forex) and weakened further to 62.15 on sustained dollar demand from importers.
The rupee was quoting at 62.08 per dollar at 1040 hours. It hovered in a range of 62.15-62.075 per dollar during late morning deals.
The benchmark BSE Sensex fell over 54 points in early trade today as funds and retail investors booked profits after five-sessions of gains amid a subdued economic growth data for the December quarter.
Besides, a weakening trend in the Asian region also weighed on the trading sentiments here.
Snapping its five-day long winning streak, the 30-share barometer fell by 54.16 points, or 0.26 per cent, to 21,065.96, mainly due to weakness in PSUs, banking, realty capital goods, auto and metal sector stocks.
The crisis-hit United Bank of India, which has run into losses amid suspiciously high bad loans, now faces fresh probes for possible lapses related to auditing and corporate governance norms.
Capital market regulator Sebi has received complaints about possible violations to its corporate governance norms at the bank, while it may also look into potential lapses with regard to its other regulations including those about related party transactions and insider trading, sources said.
The Indian Angel Network (IAN) has reportedly made its first investment in UK startup SwiftShift. With over 250 investors spread across 10 countries, the IAN is Asia’s largest angel network.
India’s economy expanded at a sluggish 4.7 percent in the third quarter of the current financial year from 4.8 percent in the previous quarter, dragged down by contraction in the manufacturing and mining sectors, government data showed Friday.
According to data released by the Central Statistics Office (CSO), manufacturing output shrunk by 1.9 percent, while mining production contracted by 1.6 percent in October-December quarter of the current fiscal.
The services sector grew at 7 percent and the farm sector expanded by 3.6 percent during the quarter under review.
The benchmark Sensex today jumped over 133 points to reclaim the 21,000 mark buoyed by gains in bluechips like TCS, Tata Motors and Hindalco, to log the best weekly rise since November 2013.
Brokers said sentiment was strong as foreign investors have remained net buyers of Indian stocks in past ten days. Firm global cues also helped after US Fed Chairperson Janet Yellen yesterday reiterated the Fed is likely to continue tapering asset purchases at a “measured” pace.
The government has approved 10 per cent stake sale in Indian Oil Corporation (IOC) to state run ONGC and OIL at a discount of 10 per cent, which will fetch about Rs 5,300 crore to the exchequer.
“Yes, 10 per cent,” Oil Minister Veerappa Moily said when asked if the IOC share sale will happen at a discount to market price.
The sale of 10 per cent stake or 24.27 crore shares will be through an off-market transaction, with ONGC and Oil India Ltd (OIL) buying 5 per cent stake each.
Despite Telangana issue, the Housing Sentiment Index (HSI) for Hyderabad increased by 22 per cent to 101 points during the October-December quarter, breaking a largely negative streak to end close to neutral, according to an assessment by IIM Bangalore and Magicbricks.
The IIMB MB HSI is a sentiment index of the Indian real estate market that aims to capture buyer ‘mood’ and indicates residential real estate market performance.
The BSE benchmark index Sensex rose for the fourth day on Wednesday ending 134.52 points higher at 20,986.99 on buying in bluechips led by GAIL, ITC and Infosys.
Buying by investors to cover their pending positions on settlement in the derivatives segment helped the barometer touch 21,000 level in day trade after a gap of over one month.
The index gained 316 points in the previous three sessions.
The broad-based National Stock Exchange index Nifty rose by 38.75 poins, or 0.62 per cent, to 6,238.80 led by FMCG and capital goods stocks.
The benchmark BSE Sensex today breached the 21,000-mark after a month, but settled the day a tad lower at 20,986.99, a gain of 135 points, amid mixed trends from global markets.
India’s largest gas distributor GAIL rose 2.97 per cent to end the day as the biggest Sensex gainer. Cigarette major ITC recorded a smart gain of 2.07 per cent.
IT stocks continued its winning streak for the second day. Wipro rose 1.38 per cent to trade at its 52-week high level. Infosys was up 0.56 per cent.
The benchmark BSE Sensex rose nearly 97 points in early trade today on sustained buying by funds and retail investors amid a firming trend in Asian markets.
Continuing its rising streak for the third straight session, the 30-share index rose by 96.90 points, or 0.47 per cent, to 20,908.34. The index had gained nearly 275 points in the previous two sessions.
All the sectoral indices led by banking and consumer durables were trading in positive zone with gains up to 0.63 per cent.
Verizon Communicatons is now owner of its mobile business after the acquisition of Vodafone Group”s stake in Verizon Wireless has completed.
The company shelled out 130 billion dollars in cash and stock for the 45 percent minority stake in Vodafone, giving it 100 percent ownership of the largest US mobile operator.
Persistent capital inflows from foreign funds coupled with firm global cues pushed the S&P BSE Sensex up by 162 points in late morning trade today.
Shares of banking, auto, FMCG, metal, capital goods and IT sectors were in good demand from operators.
Foreign institutional investors (FIIs) bought shares worth a net Rs 206.46 crore yesterday, as per provisional data from the stock exchanges.
The Sensex resumed higher at 20,600.58 points and firmed up further to a high of 20,705.02 before quoting at 20,698.15 points at 1030 hours.
Social networking giant Facebook has reportedly acquired messaging application WhatsApp for a deal priced at a whopping 19 billion dollars.
Mayfield Fund has reportedly announced the closure of its second India-focused fund with108 million dollars raised to invest in startups in the country.
A benchmark index of the Indian equities market was trading flat in Wednesday’s late afternoon trade session as metal and automobile stocks declined.
The 30-scrip sensitive (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,643.85 points, was trading at 20,696.39 points around 2.00 p.m., up 62.18 points or 0.30 percent from its previous day’s close of 20,634.21 points.
The Sensex touched a high of 20,701.16 points and a low of 20,629.56 points in the day’s trade so far.
The benchmark S&P BSE Sensex trimmed initial gains but was quoted higher by 18 points in late morning trade today due to buying in healthcare, IT and tech counters, mainly on the back of overnight gains in the US market and sustained capital inflows from foreign funds.
The Sensex resumed higher at 20,643.85 and firmed up to 20,694.42 on initial buying. However, it declined afterwards to 20,629.56 before quoting at 20,652.37 at 1030 hrs, a gain of 18.16 points or 0.09 per cent, from its last close.
A benchmark index of Indian equities markets was trading 177 points up Tuesday, as bank, capital goods and automobile stocks rallied.
The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,457.56 points, was trading at 20,641.46 points in afternoon trade, up 177.40 points or 0.87 percent from the previous day’s close at 20,464.06 points.
The Sensex touched a high of 20,676.94 points and a low of 20,436.48 points in the trade so far.
Erasing initial losses, the S&P BSE benchmark Sensex recovered sharply by 125 points in the late morning trade today on fresh buying mainly in banking, metal and auto counters.
Good capital inflows from foreign funds boosted the market sentiment as they bought shares worth Rs 522.82 crore yesterday as per the provisional figures issued by the stock exchanges.
The Sensex resumed lower at 20,457.56 on initial selling, but recovered immediately to a high of 20,613.79 before quoting at 20,607.98 at 1030hrs, showing a sharp gain of 143.92 points of 0.70 per cent from its last close.
Union Finance Minister P. Chidambaram on Monday said the fiscal deficit for the current financial year will be contained at 4.6% of GDP.
Presenting the interim budget in the Parliament, Chidambaram said: “Let me begin with the good news. Fiscal deficit for 2013-14 will be contained at 4.6% of GDP, well below the red line that I had drawn last year.”
He further said: “We shall not, we shall never do anything to damage the economy.”
Talking about the foreign exchange reserves, Chidambaram said, “Expect to add $ 15 billion to foreign exchange reserve in this fiscal.” (ANI)
Union Finance Minister P. Chidambaram Monday said his mother and Harvard University have taught him the values of hard work.
Chidambaram, presenting the interim budget for the year 2014-15, was trying to answer BJP prime ministerial candidate Narendra Modi’s jibe at him recently.
Addressing a public rally near here, Modi mocked the Harvard University educated Chidambaram as “recounting minister” and said the nation could be led by hard work and not by Harvard degrees.
(IANS) The government will infuse Rs.11,200 crore capital in public sector banks in the financial year 2014-15, Finance Minister P. Chidambaram said Monday.
The finance minister made this announcement while presenting the interim budget for the fiscal 2014-15 in the Lok Sabha.
Chidambaram said the public sector banks have “opened 5,207 branches so far and nearing the goal of installing an ATM at every branch.”
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
Presenting the Interim Budget for 2014-15, he also provided service tax exemption for storage and warehousing of rice like it was done in case of paddy last year. Also, blood banks have been exempted from its purview.
The BSE benchmark Sensex rose nearly 103 points in early trade today ahead of the interim Budget for 2014-15 amid easing inflation and a firming global trend.
The 30-share barometer gained 102.92 points, or 0.50 per cent, to 20,469.74. The index had gained 173.47 points in the previous session on Friday.
All the sectoral indices, led by consumer durables and auto, were trading in the positive zone with gains up to 0.95 per cent.
Similarly, the National Stock Exchange Nifty moved up by 23.60 points, or 0.39 per cent, to 6,071.95.