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Sensex drops over 100 points, bank stocks drag
Posted on 23rd July 2019
Domestic equity benchmark BSE Sensex fell below the 38,000 mark, shedding nearly 100 points in early trade, on July 23 amid heavy foreign fund outflow and weak domestic cues.

The 30-share index was trading 103.50 points or 0.27% lower at 37,927.63 at 0930 hours; and the broader Nifty also fell 28.50 points or 1.25 per cent to 11,317.70.

In the previous session, the 30-share index cracked 305.88 points or 0.80% to settle at 38,031.13, and the broader NSE Nifty sank 82.10 points 0.72% to close at over two-month low of 11,337.15.

In early trade, Yes Bank and HDFC duo were the top losers, slipping up to 2.47%.

Bajaj Auto, Tata Motors, SBI, L&T, IndusInd Bank, M&M, ICICI Bank and RIL too fell up to 1.56%.

On the other hand, Kotak Bank, Infosys, Bharti Airtel, PowerGrid, Axis Bank, Hero MotoCorp, Bajaj Finance and NTPC rose up to 1.75%.

According to experts, market has entered a bearish phase amid concerns over an economic slowdown and weak corporate earnings.

Heavy foreign fund outflow and weak monsoon is also hurting investor sentiment here, they said.

On a net basis, foreign institutional investors sold equities worth ₹1,916.91 crore, while domestic institutional investors purchased shares to the tune of ₹1,829.90 crore, provisional data available with stock exchanges showed on July 22.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the green in their respective early sessions.

Equities on Wall Street too ended on a positive note on July 22.

Meanwhile, the Indian Rupee depreciated 10 paise (intra-day) to 69.03 against the U.S. Dollar.

The global oil benchmark Brent crude futures were trading marginally higher at 63.33 per barrel.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

Other Latest News
Saibaba birthplace row uncalled for; CM Uddhav can't be blamed: Sena
Posted on 21st January 2020

The Shiv Sena on Tuesday said Maharashtra Chief Minister Uddhav Thackeray should not be blamed for the uncalled for controversy over the birthplace of Saibaba as nobody can tell whether the 19th century saint was actually born in Shirdi.

Noting that the Saibaba Sansthan's assets are worth over Rs 2,600 crore out of which social works are done, an editorial in Sena mouthpiece Saamana said Shirdi became rich because of the saint, and none can snatch away the richness of the town where he died.


Info Edge gains over 3% as Zomato acquires Uber Eats' India business
Posted on 21st January 2020

Shares of Info Edge (India) climbed as much as 3.36 per cent to hit a high of Rs 2,676 apiece on the BSE in the intra-day trade on Tuesday after food aggregator Zomato signed a definitive agreement to acquire Uber Eats, Uber's food delivery business in India, in an all-stock transaction.

Info Edge has a stake in Zomato, which upon closing of the said acquisition, will reduce to about 22.71 per cent on fully converted and diluted basis, it said in a regulatory filing.


SC says pleas by telcos on statutory dues will be heard next week
Posted on 21st January 2020

The Supreme Court on Tuesday agreed to list next week the fresh pleas of telecom firms, including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a fresh schedule of payment of statutory dues to the tune of Rs 1.47 lakh crore to the Department of Telecommunications.

A bench headed by Chief Justice S A Bobde took note of submissions by a battery of senior lawyers including A M Singhvi and C A Sundaram and said it will list the fresh pleas "sometime in next week" before the same bench which had heard the earlier petition in the high-stake matter.


Century Textiles hits fresh 52-week high, surges 40% in 3 months
Posted on 21st January 2020

Shares of Century Textiles & Industries gained 3 per cent to hit a fresh 52-week high of Rs 553 on the BSE on Tuesday amid expectations of improved financial performance in the second half of the current financial year (H2FY20). The company is scheduled to announce Q3FY20 results on January 28, 2020.

The stock of the BK Birla Group company has zoomed 40 per cent in the past three months, after it turned ex-date on October 11, 2019 for the demerger of cement division and its merger into UltraTech Cement.


Gold prices jump over Rs 150 on Tuesday as IMF cuts growth outlook for India
Posted on 21st January 2020

Gold prices jumped in the future markets on MCX as a new strain of pneumonia in China could hamper economic growth. Also, theInternational Monetary Fund (IMF) has trimmed its 2019 growth forecast for India to 4.8 per cent from its October projection of 6.1 per cent.

MCX gold rose Tuesday morning due to flight to safe-haven by the international trade community.


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