BUSINESS
Sensex closes above 66K, Nifty touches new high intraday
IT heavyweights led the rally as the BSE Sensex closed at 66,060, up 502 points. Among IT heavyweights, TCS was up 5.1 per cent, Tech Mahindra was up 4.4 per cent, while Infosys was up 4.4 per cent. HCL Tech was up 3.8 per cent, while Wipro was up 2.6 per cent.
Domestic institutions selloff putting brakes on market rally
Another important trend, hugely significant from the market perspective, is the steady decline in the dollar. Dollar index is now below 100, which is the lowest level since April 21, 2022. This declining dollar is favourable for emerging markets and India being the most-favoured emerging market, the FPI flows are likely to sustain, he added.
Wholesale price index inflation falls to 8-year low of -4.12%
The decline in WPI was due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles. This is the third month in a row when wholesale inflation has stayed in the deflationary zone.
Lower realisations, higher raw material cost to adversely impact steel firms’ margins
Recent correction in Coking coal prices is likely to aid spreads for steel majors from 2QFY24. Metal names have reacted positively to anticipated demand uptick in China, even as demand greenshoots are yet to be seen on the ground, the report said.
Wipro logs higher net and revenue in Q1
In a regulatory filing, the company said it had earned total revenue of Rs 228,310 crore (Q1FY23 Rs 215,286 crore) and a net profit of Rs 28,701 crore (Rs 25,636 crore). According to the company, the attrition rate during the quarter under review was at 14 per cent.
Elon Musk sues 4 unknown people for scraping Twitter data
According to the complaint, the four entities, which are identified only by their IP addresses, unlawfully scraped Twitter user data in violation of the platform’s terms of service. “X Corp identified particular IP addresses -- including those belonging to defendants -- that were flooding Twitter’s sign-up page with automated requests,” said the lawsuit filed in Dallas, Texas.
PM Modi announces finalisation of pact to allow usage of UPI in France
"The agreement for usage of India's UPI in France has been finalised. In coming days, it's usage will begin from Eiffel Tower. Soon Indian tourists with the help of mobile app will be able to make payment in rupee to visit the Eiffel Tower," the Prime Minister Modi said amid huge applause from the diaspora.
Bank stocks selloff drags down Nifty from all-time high
Vikram Kasat, head advisory, Prabhudas Lilladher, said Nifty Index made a higher high in Thursday’s session, whereas the BankNifty Index is still significantly below the previous high, leading to inter-market divergence in the short term.
Nine banks reported double-digit percentage gains in market capitalization led by IDFC First Bank
Nine banks reported double-digit percentage gains in market capitalization, led by IDFC First Bank Ltd. with a 44.53% climb to $6.41 billion. The lender rose to No. 11 from No. 14 in the ranking. Just two lenders -- Bank of India Ltd. and The Federal Bank Ltd. -- posted market cap declines.
100% committed to producing chips, display glass in India: Vedanta Chairman
Agarwal reacted after Taiwanese chip-making giant Foxconn announced it had withdrawn from a joint venture to manufacture chips with India-based industrial giant Vedanta. He said that India is a land of opportunities with huge potential.
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