BSE Sensex falls on US Fed chief’s comments; ITC slumps
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BSE Sensex and NSE Nifty fell on Monday, tracking weaker regional shares as fears about earlier-than-expected U.S. rate hikes weighed on sentiment, while cigarette maker ITC slumped after posting lower-than-expected earnings.
Federal Reserve Chair Janet Yellen indicated on Friday the U.S. central bank was poised to raise interest rates this year if the world’s top economy improved as expected.
Caution also prevailed ahead of gross domestic product growth data due on Friday. Domestic shares have been on a solid path so far this month, recovering from a volatile April amid continued hopes of an economic recovery.
“The worst is behind us, things should improve. The government is continuing with investment acceleration” said G. Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm.
The benchmark BSE index fell 0.84 percent as of 0719 GMT, while the broader NSE index was down 0.74 percent.
Trading was subdued given U.S. and U.K. markets will be closed on Monday for respective holidays.
Among individual movers ITC fell 2.9 percent after India’s largest cigarette maker reported on Friday lower-than-expected earnings as higher taxes on smokes and a government push to discourage tobacco consumption hurt business.
Tata Motors Ltd fell 0.7 percent due to caution ahead of its January-March earnings due on Tuesday, with traders citing uncertainty about the performance of key unit Jaguar Land Rover in China.
Shares of HCL Technologies Ltd however rose 1.8 percent, heading for a sixth consecutive day of gains as traders cited attractive valuations after falls in March and April.
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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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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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