Sensex, Nifty log fourth straight weekly gain; technology shares jump
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The benchmark indices logged their fourth straight weekly gain but ended weak on Friday amid weakening of the rupee and a surge in government bond yields.
Release of the minutes of the Monetary Policy Committee meeting after market hours on Thursday indicated that the Reserve Bank of India (RBI) might shift to a hawkish monetary stance in June, which dented investors’ sentiment.
The Sensex fell 11.71 per cent to close at 34,415.6, while the Nifty50 index declined 1.25 points to finish the day at 10,564. Both indices, however, have gained nearly 6 per cent in the past four weeks.
“Release of the minutes revive the risk of an earlier-than-expected rate hike,” Morgan Stanley said in a note.
Tech shares zoomed after IT major TCS on Thursday reported a 4.4 per cent growth in its consolidated net profit at Rs 69.04 billion for the March quarter and guided towards a better show in FY19.
Banking shares fell sharply after the RBI policy panel minutes suggested a hawkish tone. Shares of Yes Bank fell 3 per cent, ICICI Bank declined 2.5 per cent and State Bank of India declined 2 per cent.
“It seems the RBI is preparing investors for a rate increase, though it is too early to panic,” said G Chokkalingam, managing director, Equinomics Research & Advisory. “Though oil prices have surged, a good monsoon and slower private investment may lead the central bank to keep rates unchanged for a couple of quarters.”
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Dr. Reddy’s announced the launch of Toripalimab in India on Thursday, for patients diagnosed with nasopharyngeal carcinoma (NPC), a rare form of head and neck cancer.
Toripalimab, a New Biological Entity (NBE), is the only immuno-oncology drug approved by regulatory authorities like the USFDA, EMA, and MHRA for treating adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC). It is globally recognised for its efficacy in this indication, the Hyderabad-based company said in a statement.
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A significant chapter in Indian politics unfolded today as Congress leader Priyanka Gandhi Vadra took oath as a member of Parliament, marking her electoral debut. This event also saw the oath-taking of party leader Ravindra Vasantrao Chavan, strengthening Congress’s presence in the Lok Sabha.
For the first time in decades, all three members of the Nehru-Gandhi family — Sonia, Rahul, and Priyanka — are now officially members of Parliament. Priyanka Gandhi, accompanied by her mother Sonia Gandhi, was joined by her brother, Rahul Gandhi, the Leader of Opposition, and her husband, Robert Vadra, for the special occasion.
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For Samsung Group, this has been a year of milestones. First, a rare public apology from its flagship Samsung Electronics Co., followed by a bumper share buyback. And now, South Korea’s biggest conglomerate has named a woman that’s not member of its founding family as chief executive officer of a group company for the first time in its 86 years.
In a country where women business leaders have long struggled to make inroads into corporate boards and C-suites, the appointment of Kim Kyung-Ah as president and CEO of Samsung Bioepis Co. is a story likely to inspire the next generation of executives.
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As cyclone 'Fengal' approaches Tamil Nadu, several parts of the capital Chennai will face a five-our power cut on Wednesday and Thursday, i.e., November 27 and 28 due to the maintenance work.
The power cut in Chennai will take place between 9 a.m. to 2 p.m., said a report by dtnext.in, adding that it may be restored if the maintenance work is completed.
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Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
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