BSE Sensex falls 55 points, NSE Nifty down 0.50 pct
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NSE Nifty fell for a third consecutive session on Friday, heading towards its lowest close in two weeks as IT exporters declined on concerns over fourth-quarter earnings after bellwether Tata Consultancy Services’ results failed to cheer investors.
Money managers worry slowdown seen by India’s largest software services exporter could be an indicator of an industry-wide trend and marks a weak start to the January-March earnings season.
Investment bank UBS reduced its target for India’s broader NSE index to 9,200 from 9,600 saying growth recovery is slower than expected and is playing out in quarterly corporate results.
“Jan-March earnings are already expected to be weak and TCS results have just made case for a reduction in market’s estimates,” said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance.
The 50-shares NSE index fell 0.7 percent, heading towards its lowest close since April 1, while the benchmark BSE index is down 0.4 percent.
Both the indexes are also heading for their first weekly fall in three with the BSE index down 1.1 percent and the NSE index declined 1.6 percent.
Software exporters led the declines. The NSE benchmark for technology stocks, CNX IT index, was down 2 percent, heading towards its biggest daily fall since March 26.
Infosys shares fell 0.8 percent, Wipro lost 2.5 percent, while Tech Mahindra dropped 2.6 percent and HCL Technologies fell 1.5 percent.
Among drug makers, Lupin slumped 5.5 percent, heading towards its biggest daily fall since August 2013, after rival Aurobindo Pharma got U.S. Food and Drug Administration’s approval for generic Suprax, which is Lupin’s flagship anti-infective brand in the U.S.
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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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Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
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The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
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