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.
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- Indian Institute of Science in Bangalore retained its ranks for Materials Science (78th) and Chemistry (93rd).
- 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.
- 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.
- 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.
- The Council is expected to meet this month, but a date is yet to be finalized, the first person said.
- 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.
- 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.
- 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
- 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.
- HDFC also outlined that the changes will affect customers who currently have availed home loan benefits from the lender.