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Sensex sinks over 300 points; metal, auto stocks drag
Posted on 16th August 2019
Domestic equity benchmark BSE Sensex dropped over 300 points in early trade on Friday tracking losses in metal, auto, IT and banking stocks.

The 30-share index pared some opening losses to trade 248.25 points or 0.67 per cent lower at 37,063.28 at 0930 hours; and the broader Nifty too fell 67.45 points or 0.61 per cent to 10,961.95 in morning trade.

In the previous session on Wednesday, the 30-share index settled 353.37 points or 0.96 per cent higher at 37,311.53. The broader NSE Nifty reclaimed the 11,000-mark, jumping 103.55 points or 0.95 % to close at 11,029.40.

The stock market was closed on Thursday on account of Independence Day.

Top losers in the Sensex pack in early trade included Vedanta, HCL Tech, TCS, Bharti Airtel, Tata Steel, Tata Motors, TechM, SBI and Infosys, shedding up to 2.63 per cent.

While, Yes Bank, ONGC, ITC, Bajaj Finance and HUL rose up to 1.37 %.

According to experts, rising concerns of an economic slowdown, weak earnings and global trade volatility has been weighing on investor sentiment.

On Thursday, Prime Minister Narendra Modi comprehensively reviewed the state of the economy with Finance Minister Nirmala Sitharaman as his government scrambled for solutions to tackle a fast-spreading slowdown in various sectors, which is eroding wealth and causing job losses.

India’s economic growth has slowed to 6.8 % in 2018-19 - the slowest pace since 2014-15, consumer confidence is waning and foreign direct investment has plateaued. International trade and currency war is further aggravating the problem.

Meanwhile, foreign portfolio investors bought shares worth a net of ₹ 1,614.63 crore on Wednesday, while domestic institutional investors purchased shares worth ₹ 1,619.82 crore, provisional data showed.

Elsewhere in Asia, Hang Seng, Shanghai Composite Index and Nikkei were trading on a positive note in their respective late morning sessions, while Kospi slipped in the red.

Bourses on Wall Street ended on a mixed note on Thursday.

On the currency front, the rupee depreciated 16 paise versus the dollar against its previous close to trade at 71.43 in early session.

Brent crude futures, the global oil benchmark, rose 0.86 per cent to trade at 58.73 per barrel.

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

Other Latest News
UK launches points-based visa system to attract best talent of the world
Posted on 19th January 2020

Home Secretary Priti Patel on Wednesday announced the launch of the UK's new points-based visa system, aimed at attracting the brightest and the best from the world, including from India, and cutting down numbers of cheap, low-skilled workers coming to the country.

The new system will come into force from January 1 2021 at the end of the transition period after the UK's exit from the European Union (EU) last month, which will formally end free movement of people within the economic bloc for the UK as a non-member.


26/11 would have been dubbed as 'Hindu terror' attack: Maria
Posted on 19th February 2020

Former Mumbai police commissioner Rakesh Maria has claimed that had Pakistani terrorist Mohammed Ajmal Kasab not been caught alive, the 26/11 Mumbai terror attack would have been dubbed as the handiwork of Hindu terrorists.

Kasab's body would have been found with an I-card bearing a fictitious Hindu name, Maria writes in his memoir 'Let Me Say It Now' released recently.


Ayodhya Ram Temple: First meeting of Ram Mandir Trust at Parasaran’s Delhi residence today
Posted on 19th February 2020

The first meeting of the Ram Mandir Trust to oversee construction of a Ram temple at Ayodhya will be held here on Wednesday at the Delhi residence of K Parasaran, the head of the Trust. The Trust has been constituted by the Narendra Modi government.

The trust meeting is likely to finalise the date to start construction of the Ram Temple. Modi had announced the formation of the 15-member trust in Parliament on February 5. The Shri Ram Janmabhoomi Teertha Kshetra Trust has seven members, five nominated members and three trustees.


Hyderabad: UIDAI sends notice to 127 people to prove 'Indian citizenship'
Posted on 19th February 2020

The Unique Identification Authority of India (UIDAI), that issues Aadhar cards, has asked at least 127 people in Hyderabad to prove their 'Indian citizenship'. In a notice, the authority has warned that their Aadhar cards will be cancelled if they don't verifiy their enrolment documents in person.

On Tuesday, a rickshaw driver named Sattar Khan was asked to appear before a UIDAI official on February 20 “with all necessary documents in original to prove all his claims of Indian citizenship”. The letter went viral on social media.


Kotak Mahindra Bank promoters get RBI nod to cap voting rights, pare stake
Posted on 19th February 2020

Private sector lender Kotak Mahindra Bank on Wednesday informed stock exchanges that the Reserve Bank of India (RBI) has given its final approval to the bank’s proposal on stake reduction in the bank and capping the promoters’ voting rights.

Further to our intimation dated 30th January 2020, please note that the Reserve Bank of India has granted its final approval vide its letter dated February 18, 2020 in the matter relating to dilution of promoters' shareholding in the bank, the bank said.


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