Sensex drops below 26,000-mark; down 264 points
.jpg)
In early trade, the benchmark BSE Sensex rebounded over 120 points and the NSE Nifty regained the 8,100-mark in the opening trade today on value-buying in select blue-chips amid a firming trend on other Asian bourses. Besides, covering-up of short positions by speculators supported the recovery. The 30-share index was trading higher by 120.02 points, or 0.45%, at 26,270.45 with sectoral indices led by oil&gas, metal and PSU leading the recovery.
BSE Sensex dropped below the 26,000 mark and was trading down 1% from previous close. It was trading at 25,885.92, down 264.32 points or 1.01% down. NSE Nifty also broke below the 8,000-mark and was trading at 7978.50, down 95.60 or 1.18% from previous close.
However, soon after, the BSE Sensex shed its early gains and dropped over 145 points below the red line, dragged down by cautious investors amid the government's demonetization move.
Sensex was trading at 26,007.82, down 142.42 points or 0.54% from previous day's close.
The gauge had lost 1,367.44 points in the previous five sessions on sustained capital outflows by foreign funds amid lingering worries about the economic impact of demonetisation.
Besides, the NSE Nifty reclaimed the 8,100-mark by recovering 26.35 points or 0.35% to 8,102.45.
Brokers said value-buying in recently beaten-down blue-chips along with covering-up of short positions by speculators influenced trading sentiments.
Furthermore, a moderate recovery at other Asian markets supported the rebound on the domestic market here. Among other Asian markets, Japan's Nikkei, extended a 10-month high by rising 0.49%, while Shanghai Composite index was up 0.91% in their early trade.
Hong Kong's Hang Seng index was also trading 0.42% higher.
The US Dow Jones Industrial Average, however, fell 0.19% in Friday's trade.
Other Latest News
.webp)
The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
.webp)
A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
.webp)
The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
.webp)
The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
.webp)
India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
.webp)
.webp)
.webp)
.webp)
.webp)
