BUSINESS
Sensex down 400 points; banking, oil & gas stocks fall
Heavy selling pressure was witnessed in banking, finance and oil and gas stocks.
Around 10.25 a.m., Sensex was trading at 48,717.15, lower by 444.66 points or 0.90 per cent from its previous close of 49,161.81. It opened at 49,171.28 and has so far touched an intra-day high of 49,171.28 and a low of 48,712.42 points.
Fuel prices rise for third day, closing on Rs 100/lt in Mumbai
In Mumbai, petrol now comes for Rs 98.36 a litre and diesel for Rs 89.75, according to a price notification from oil marketing companies. Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharastra have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.
UN forecasts India's economy to grow 7.5% in 2021, but warns situation 'fragile'
The mid-year World Economic Situation and Prospects report released on Tuesday said that for a global recovery universal access to Covid-19 vaccine is critical but in India "access to vaccines is unequal and insufficient to meet the massive demand".
UN report predicts stronger world economic growth
In its mid-year update of its World Economic Situation and Prospects 2021, which was released in January 2021, the UN Department of Economic and Social Affairs (DESA) now predicts the world economy will grow 5.4 per cent in 2021 instead of the 4.7 per cent forecast in January 2021, Xinhua reported. DESA revised its forecast for China from 7.2 per cent to 8.2 per cent; and for the US from 3.4 per cent to 6.2 per cent for 2021.
Moody's cuts India growth forecast to 9.3%, warns of severe and prolonged stress
"Policymaking institutions have struggled to tackle and contain these risks, exacerbated by the coronavirus pandemic. Mutually reinforcing risks from deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further pressure on the credit profile," Moody's said.
Government ready for another cut in import duty on steel to tame prices
In budget 2021-22, Finance Minister Nirmala Sitharaman had revoked the anti-dumping duty (ADD) and countervailing duty (CVD) on certain steel products while reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels from 10-12.5 per cent levels earlier. She also brought down import duty to nil on steel scrap to support user industries hit hard by a sharp rise in steel prices.
Solar PLI scheme to benefit incremental demand till FY30: Ind-Ra
"The scheme can facilitate additional 8-12GW annual solar cell or module manufacturing capacity in India. Sales up to 50 per cent of the manufacturing capacity set up by the winning bidder will benefit from PLI. This estimate assumes the base PLI rate of Rs 2.25 per watt power and entirely greenfield expansion."
Equity MFs' net inflows at over Rs 3k cr in April: AMFI
In March, the equity-linked mutual fund schemes' net inflows stood at Rs 9,115.12 crore. Whereas, in February, the equity-linked mutual fund schemes' net outflow stood at Rs 4,534.36 crore. Similarly, there was an outflow in January of Rs 9,253.22 crore and of Rs 10,147.12 crore in December 2020.
Mid-sized EPC segment revenue to grow 15% this fiscal: Crisil
The second wave of the pandemic, slowdown in project execution, and labour migration are expected to curb the performance of these companies in the first quarter of this fiscal sequentially. The slowdown, however, will be less severe on-year because activities had ground to a halt amid a nation-wide lockdown in the first quarter of last fiscal, the ratings agency said.
Sensex falls 500 points; banking, metal stocks in red
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The market has opened with a gap down, but is still maintaining the 14,700 support level. We could work our way through this fall by strategically buying into the index. The risk reward is favorable. If we move up from here, the target should be 15,200 and a close below 14,700 is the stop loss."
Don't Miss
Advertisement