The broader Nifty was down 0.89 percent at 10,684.55 as of 0646 GMT, while the benchmark Sensex was 0.79 percent lower at 35,742(REUTERS)
The broader Nifty was down 0.89 percent at 10,684.55 as of 0646 GMT, while the benchmark Sensex was 0.79 percent lower at 35,742(REUTERS)

Sensex, Nifty drop as losses in financials weigh

Indian shares dropped on Monday, dented by financials such as ICICI Bank Ltd and State Bank of India as the IL&FS exposure still weighed, but losses were curbed by gains in Zee Entertainment Enterprises Ltd.
By Reuters | Mumbai
UPDATED ON JAN 28, 2019 02:12 PM IST

Indian shares dropped on Monday, dented by financials such as ICICI Bank Ltd and State Bank of India as the IL&FS exposure still weighed, but losses were curbed by gains in Zee Entertainment Enterprises Ltd.

ICICI Bank Ltd, the top laggard on the broader NSE index, fell nearly four percent ahead of its December-quarter results, while SBI traded 2.47 percent lower.

Dewan Housing Finance Ltd fell as much as 7.6 percent after reporting a drop in net profit last week, while housing finance company Indiabulls Housing Finance slipped 5.5 percent.

“The issue with Infrastructure Leasing and Financial Service Ltd (IL&FS) is not over, contrary to earlier beliefs and that is why we see housing finance companies in the red today,” said AK Prabhakar, head of research, IDBI Capital - Mumbai.

A string of defaults at the major Indian infrastructure financing and building company had triggered sharp falls in the stock and debt markets last year amid fears of contagion within the rest of the country’s financial sector.

On Friday, IL&FS Transportation Networks Ltd unit Elsamex said it would initiate insolvency proceedings in Spain.

Earlier last week, CRISIL downgraded debenture rating of IL&FS Transportation network’s unit.

However, gains in Zee Entertainment capped further declines in NSE index, as the media company’s stock jumped nearly 15 percent after it denied any involvement in demonetisation-linked transactions.

“There is a wait-and-watch sentiment because of the budget,” said Vinod Nair, head of research, Geojit Financial Services, adding, “Earnings this quarter hasn’t been great so far, and I don’t think we will witness earnings growth of even 7 percent-8 percent this year.”

The broader Nifty was down 0.89 percent at 10,684.55 as of 0646 GMT, while the benchmark Sensex was 0.79 percent lower at 35,742.

Asian shares edged higher after U.S. President Donald Trump agreed on Friday to end a 35-day old partial shutdown of the government shutdown. Engineering firm, Larsen & Toubro Ltd gained over 4 percent after reporting a 37-percent surge in December-quarter net profit after market hours on Friday.

Canara Bank Ltd, down 1.7 percent, and Tata Power Co Ltd, which slipped 2.7 percent, are expected to report results later in the day.

SHARE THIS ARTICLE ON
Close
The Texas court has twice ruled against Apple in the past, demanding it pay hundreds of millions of dollars to VirnetX -- another company specializing in patent litigation.(Reuters file photo)
The Texas court has twice ruled against Apple in the past, demanding it pay hundreds of millions of dollars to VirnetX -- another company specializing in patent litigation.(Reuters file photo)

US SC to look into system that lets corporations like Apple kill patent lawsuits

Bloomberg
UPDATED ON FEB 27, 2021 08:52 PM IST
  • In an argument at the intersection of intellectual property and the separation of powers, the justices on Monday will consider a challenge to a congressionally-created board that critics have dubbed a “death squad” because of its tendency to toss out patents.
Close
Warren Buffett, Chairman and CEO of Berkshire Hathaway(AP)
Warren Buffett, Chairman and CEO of Berkshire Hathaway(AP)

Warren Buffett says 'never bet against America' in annual letter to shareholders

AP
PUBLISHED ON FEB 27, 2021 08:39 PM IST
“In its brief 232 years of existence, however, there has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country’s economic progress has been breathtaking,” Buffett wrote.
Close
Digital payments in India could rise to $135.2 billion in 2023, according to an Assocham-PWC India study in 2019.(Bloomberg)
Digital payments in India could rise to $135.2 billion in 2023, according to an Assocham-PWC India study in 2019.(Bloomberg)

Reliance partners with Google, Facebook for digital payment network bid

Reuters, New Delhi
PUBLISHED ON FEB 27, 2021 05:12 PM IST
  • Facebook and Google are already partnered with Reliance and own stakes in Jio Platforms
Close
Its education arm, known as Dali, meaning “big force” in English, was established last year and offers everything from pre-school programs to adult education and smart learning devices.(AP)
Its education arm, known as Dali, meaning “big force” in English, was established last year and offers everything from pre-school programs to adult education and smart learning devices.(AP)

ByteDance to hire 13k new employees, explore China's education technology

Bloomberg
PUBLISHED ON FEB 27, 2021 04:40 PM IST
ByteDance, the owner of the short video app TikTok, said that it will hire 10,000 educational professionals, including tutors and course designers, in China over the next four months,
Close
A neighborhood experiencing a power outage after winter weather caused electricity blackouts in San Marcos, Texas, US on February 16, 2021.(Reuters Photo )
A neighborhood experiencing a power outage after winter weather caused electricity blackouts in San Marcos, Texas, US on February 16, 2021.(Reuters Photo )

Texas’s power market is $1.3 billion short after energy crisis

Bloomberg
PUBLISHED ON FEB 27, 2021 02:31 PM IST
On Friday, the grid operator announced it would cover part of the shortfall with $800 million in congestion revenues, money generated from trading bottlenecks on the grid that is supposed to be returned to consumers.
Close
Following the acquisition of Dynamic Yield, McDonald’s executives called it a central part of the company’s evolving digital strategy.(Reuters)
Following the acquisition of Dynamic Yield, McDonald’s executives called it a central part of the company’s evolving digital strategy.(Reuters)

McDonald's to sell part of its artificial intelligence start-up

Bloomberg
PUBLISHED ON FEB 27, 2021 12:06 PM IST
The company works with other clients besides McDonald’s, and that business has grown since the acquisition and now works with 300 other brands globally.
Close
Mukesh Ambani, chairman and managing director of Reliance Industries. (Reuters File Photo)
Mukesh Ambani, chairman and managing director of Reliance Industries. (Reuters File Photo)

Mukesh Ambani is again richest Asian as China’s Zhong loses $22 billion

Bloomberg
PUBLISHED ON FEB 27, 2021 09:45 AM IST
Ambani spent most of the past two years leading the ranking of Asia’s richest people, taking over from Alibaba Group Holding Ltd.’s Jack Ma.
Close
The fall in gold prices led to buying and a surge of demand across the country.(Reuters)
The fall in gold prices led to buying and a surge of demand across the country.(Reuters)

Weekly wrap: After early surge, gold prices fall for last 3 days

By hindustantimes.com, Hindustan Times, New Delhi
UPDATED ON FEB 27, 2021 09:33 AM IST
  • Gold set off to a brighter start at the beginning of the week as the price of the precious metal went up by 278 to 46,013 per 10 grams on Monday.
Close
The RBI report also suggested changes in the inflation targeting framework for better transparency, accountability and operational efficiency.(REUTERS)
The RBI report also suggested changes in the inflation targeting framework for better transparency, accountability and operational efficiency.(REUTERS)

RBI in favour of retaining inflation target for 5 years

By Gopika Gopakumar, Livemint, Mumbai
PUBLISHED ON FEB 27, 2021 04:47 AM IST
Under India’s flexible inflation targeting (FIT) approach, the central bank is expected to work to maintain retail inflation at 4%, with an upper tolerance limit of 6% and a lower limit of 2%.
Close
The agencies also made the recommendation based on “the nature of China Telecom’s US operations,” which they said allow Chinese government actors “to engage in malicious cyber activity.(Mint)
The agencies also made the recommendation based on “the nature of China Telecom’s US operations,” which they said allow Chinese government actors “to engage in malicious cyber activity.(Mint)

Telecom sector revenues back at pre-Jio levels

By Ishita Guha, Livemint, New Delhi
PUBLISHED ON FEB 27, 2021 04:43 AM IST
According to data released by the Telecom Regulatory Authority of India (Trai), net mobile revenues rose 4.5% sequentially to $25 billion in the December quarter. The last time the sector had earned $25 billion was in April-June of calendar year 2016.
Close
Indian shares fell in line with Thursday’s rout in the US after Treasury yields rose to their highest level in a year.(REUTERS)
Indian shares fell in line with Thursday’s rout in the US after Treasury yields rose to their highest level in a year.(REUTERS)

Indian shares crash as panic grips bond, global markets

By Nasrin Sultana, Livemint, Mumbai
PUBLISHED ON FEB 27, 2021 04:36 AM IST
On Friday, the benchmark Sensex fell 1,939 points, or 3.78%, to 49,099.99, the biggest daily drop since 4 May 2020. The 50-share Nifty index declined 3.78% to 14,529, led by banks and financial services stocks.
Close
To be sure, the Indian economy will still face its largest ever contraction in the current fiscal year.(AP file photo. Representative image)
To be sure, the Indian economy will still face its largest ever contraction in the current fiscal year.(AP file photo. Representative image)

India out of recession as GDP expands 0.4% in Q3

By Roshan Kishore, New Delhi
PUBLISHED ON FEB 27, 2021 02:43 AM IST
India’s gross domestic product (GDP) grew at 0.4% on a year-on-year basis in the quarter ending December 2020, according to data released by the National Statistical Office (NSO) on February 26.
Close
Congress chief spokesperson Randeep Singh Surjewala(PTI)
Congress chief spokesperson Randeep Singh Surjewala(PTI)

'Hit by double whammy of low growth, high inflation': Cong on economy's state 

Edited by Prashasti Singh, Hindustan Times, New Delhi
PUBLISHED ON FEB 26, 2021 10:21 PM IST
The Congress responded to the data and said the government spent a lot less than what was needed to revive the Indian economy.
Close
India's largest stock exchange, NSE announced on Wednesday it shut at 11:40am local time because of a telecoms problem.(MINT_PRINT)
India's largest stock exchange, NSE announced on Wednesday it shut at 11:40am local time because of a telecoms problem.(MINT_PRINT)

India's NSE defends reopening market after exchange's shutdown

Posted by Kunal Gaurav | Reuters, Mumbai
PUBLISHED ON FEB 26, 2021 09:08 PM IST
Brokers had criticised the NSE over the lack of information after the four-hour shutdown on Wednesday.
Close
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(REUTERS)
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(REUTERS)

Oil slumps with wider markets, denting record start to 2021

Bloomberg
UPDATED ON FEB 26, 2021 06:52 PM IST
The demand outlook has improved, with traders and investment banks this week making a series of bullish calls and upward price revisions.
Close
SHARE
Story Saved
OPEN APP