
Sensex sheds 123 points in late morning trade
After a two-day rally, the stock market on Friday turned negative, in line with weak global cues, with the benchmark Sensex shedding 123 points in late morning trade, amid continued short-covering in derivative segment.
Global markets turned negative due to continued unfolding of subprime mortgage crisis.
The Swiss banking giant and Europe's worst-hit bank by the US subprime mortgage crisis, UBS AG, offered a bleak outlook for 2008 as it confirmed more than 18 billion dollars write-downs.
Concerns about the US economy and the widening impact of credit crunch took a toll on Wall Street yesterday after Federal Reserve Chairman Ben Bernanke said the economy will continue to grow, although at a slower pace than in recent years.
The Bombay Stock Exchange 30-share index was quoted at 17,643.46 at 10.30 am, down 123.17 points from previous close of 17,766.63. It touched a low of 17,445.05 in early trade.
The National Stock Exchange's S&P CNX Nifty also dropped by 12.65 points to 5,189.25 at 10.35 am from last close of 5,202.

Disney to shut 60 North American stores, 20% of global total

25 courses by Indian varsities in top 100
- Indian Institute of Science in Bangalore retained its ranks for Materials Science (78th) and Chemistry (93rd).

Infy, Accenture to cover jab cost for Indian staff
- India’s vaccination campaign ramped up on Monday, with people above the age of 60, and individuals 45 or older suffering from certain medical conditions, now eligible for shots.

Google looks to test interest-based user tracking
- The company, which relies heavily on digital advertising using user data, said it will not track individual-level data such as personally identifiable information (PII) graphs based on people’s email addresses.

Services expand at fastest rate in a year in Feb
- In comparison, PMI for the manufacturing sector had fallen marginally to 57.5 in February from 57.7 a month ago, data released on Monday showed.

GST Council to fix inverted duty anomaly soon
- The Council is expected to meet this month, but a date is yet to be finalized, the first person said.

Jet owner must apply for fresh airport slots, say authorities
- Lawyers representing the consortium had earlier insisted that DGCA and the aviation ministry must follow the principle of historicity and grant slots to the revived Jet Airways.

Maruti targets record production
- The Suzuki Motor Corp. unit has told its suppliers about its strategies, asking them to ramp up production, the people cited above said on condition of anonymity.

Stocks soar over 2% on global rally amid growing optimism
- The BSE Sensex gained 1,147.76 points or 2.28% to end at 51,444.65, while the Nifty surged 326.50 points or 2.19% to close at 15,245.60

Salaried class shrank in FY20
- For those filing returns for FY20 in form ITR-1—people with income from salaries, one house property and farm income up to ₹5,000—the last date for filing was January 10, 2021.

Bank of America says US economy is hurt by a lack of workforce diversity

HDFC reduces interest rates on home loans
- HDFC also outlined that the changes will affect customers who currently have availed home loan benefits from the lender.

Pulkit Vij of Kamal Associates carries forward father’s ‘budget housing' dream

Bitcoin jumps above $50,000 in recovery from last week’s rout
