In a very volatile week that concluded October 7 amid mixed global cues and a falling rupee, the market rallied with a more than 1% gain, snapping a three-week losing skid. The Sensex added 764.37 points, or 1.33 percent, to 58,191.29, while the Nifty50 gained 220.3 points, or 1.28 percent, to 17,314.65 at the close…
The Reserve Bank of India (RBI) on September 30 announced a 50 basis points hike in the repo rate stepping up its fight against persistently high inflation. Repo is the rate at which the central bank lends short-term funds to banks. One bps is one-hundredth of a percentage point. With the latest rate hike, the…
Sensex and the Nifty gained 1.68% during the week, boost by falling crude prices and a decline in domestic bond yields. Autos were top losers while banks, capital goods, and healthcare were top gainers. In the last couple of sessions, the oversold U.S. market rebounded, which provided much-needed support for Nifty to come out of…
To control the spike in future prices, the central government has extended concessional duties on edible oil imports by six months to March 31, 2023. At present, crude palm, soybean, and sunflower oils imports attract only the 5% agri infra cess and a 10% education cess upon it, meaning a total tax incidence of 5.5%. Basic…
In a highly volatile week, the Indian benchmark indices lost 1 percent each and also broke the five-week gaining streak, amid mixed global cues, rising dollar, and crude oil prices. Buying by foreign investors, however, provided some support on the downside. For the week, the BSE Sensex fell 812.28 points (1.32%) to end at 58,833.87, while…
India’s government is analyzing a slower retirement of maturing coal-fired power plants as it also adds newer sites, a move that would keep fossil fuel capacity higher for years and potentially stall efforts to hit climate goals. Officials are considering a proposal to shutter less than 5GW of existing capacity by the end of the…
Indian rupee appreciated 44 paise to 79.30 against the American dollar in the opening trade on Wednesday, mainly on account of foreign fund inflows. Besides, a positive opening in the domestic equities amid moderating inflationary pressures helped investor sentiments, according to forex dealers. At the interbank foreign exchange, the Indian rupee opened sharply up at…
The wholesale price-based inflation soften to a five-month low of 13.93% in July on easing prices of food articles and manufactured products. The WPI-based inflation softened for the second consecutive month in July, developing hopes of further decline in wholesale prices in the months to come. The Wholesale Price Index-based inflation, after scaling a record…
The market closed higher for the fourth straight week as global markets cheered better U.S. inflation data, commodity prices softened and foreign investors kept on buying Indian equities. Strong earnings and a better monsoon fuelled the rally on the home lawn. In the last week, the BSE Sensex gained 1,074.85 points (1.84%) to closed at 59,462, while the Nifty 50…
The Central government is aiming at reducing import dependence on palm oil by 25 to 30% through the production of 2.8 million tonne (MT) of oil by 2030 under the National Edible Oil Mission. Currently, around 0.35 million hectare (MH) is under palm plantation. Under the mission launched last year, an additional area of 0.65…
