Sensex drops over 500 points; Nifty tests 8,150
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The markets have spiralled down this morning, with both the Sensex and Nifty touching their lowest in almost four months, amid geo-political concerns in the Middle-East with index heavyweights leading the decline.
At 10.30am, the BSE Sensex had plunged over 500 points to break below its crucial psychological level of 27,000 and the Nifty has also came under pressure to break below its crucial support 200-DMA. The Sensex was at 26,897, lower by 542 points and the Nifty is at 8,151, dowen 168 points.
The broader markets were also having a rough ride, with the BSE midcap and small cap index shedding around 2% each at 10386 and 10943 respectively.
The market participants would be keeping an eye on the developments in Parliament, especially with regard to the GST bill. The rupee has opened higher at 63.34 a dollar, up 10 paise compared to previous day's closing value of 63.44 per dollar.
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K Krithivasan, chief executive officer (CEO) and managing director of Tata Consultancy Services (TCS), took home a salary of Rs 25.4 crore from India’s largest information technology services firm in financial year 2023-24 (FY24).
Krithivasan took charge of the company on June 1, 2023. The FY24 remuneration includes compensation for the full year, with his service as the company’s global head for banking, financial services and insurance (BFSI) from April 1, 2023 to May 31, 2023, and as CEO and managing director from June 1, 2023 to March 31, 2024, according to TCS's FY24 annual report.
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Shares of gold financing companies -- Muthoot Finance, and Manappuram Finance -- came under heavy selling pressure on Thursday, May 9, after the Reserve Bank of India (RBI) cautioned them against breaching the Rs 20,000-cap on cash loan disbursal.
Muthoot Finance tumbled 8.8 per cent (Rs 1510), while Manappuram Finance shed 8.3 per cent (Rs 165.15) on the BSE in the intraday trade. By comparison, the benchmark S&P BSE Sensex was down 488 points (0.66 per cent) at 10:25 AM.
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The Reserve Bank of India (RBI) has cautioned the non-banking finance companies (NBFCs) extending gold loans against breaching the Rs 20,000 cap on cash loan disbursal.
While issuing the advisory, the central bank referred to the provisions of the Section 269 SS of Income Tax Act, 1961, that stipulates no individual can receive more than Rs 20,000 as loan amount in cash.
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Online food delivery platform Zomato co-founder and CEO Deepinder Goyal on Wednesday unveiled India’s first crowd-supported weather infrastructure, which would provide localised, real-time information on key weather parameters such as temperature, humidity, wind speed, rainfall, and more.
Called weatherunion.com, it is a proprietary network of over 650 on-ground weather stations.
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After around 91 flights were cancelled since Tuesday, as over 100 cabin crew members did not report for duty as a form of protest, Air India Express reportedly issued termination letters on Wednesday to several of the agitating employees.
The protesting cabin crew members had reported being sick, leading to the cancellation and delay of flights and leaving hundreds of passengers stranded across various airports since Tuesday night.
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