Saturday, 24 February, 2018

Sensex paints gloomy picture before RBI policy, falls 100 points

Sensex rallies 258 points, Nifty above 10100 in late morning Sensex paints gloomy picture before RBI policy, falls 100 points
Melody Ballard | 08 December, 2017, 01:39

Sensex zoomed 88 points or 0.27% to 32,685.69 while the wider Nifty was up by over 26 Points or 0.26% to 10,070.10. Meanwhile, the Nifty was trading higher by 75.70 points or 0.75% at 10,119.80 with 45 components gaining.

"RBI's neutral stance despite firm inflation expectations, and recent falls rendering stocks attractive, whetted the appetite of buyers", said Anand James, chief market strategist, Geojit Financial Services. "The Nifty would need to cross the previous intermediate high of 10,410 to reverse the current downtrend", he added.

Domestic institutional investors bought shares worth Rs 995.11 crore, while foreign funds sold shares to the tune of Rs 1,217.92 crore on Wednesday, provisional exchange data showed.

Stocks of state-run oil marketing companies such as HPCL, BPCL and International Olympic Committee recorded gains of up to 1.83 per cent after global crude prices dropped by almost three per cent to trade below $63 a barrel.

YouTube on Amazon devices feud escalates
In a retaliatory move sure to upset viewers, Google is halting YouTube Streaming to Echo Show and Fire TV devices. In 2016, YouTube's viewership on TV screens grew 90% compared to 2015, according to the Google-owned company.

Ireland to collect $15B in back taxes from Apple
Jersey is a self-governing dependency of the United Kingdom , and the island does not charge corporate tax for most companies. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

Turtle Creek Mall host event for Autistic children
Breanne Hartfield, a parent, says she found out about the event through Facebook and couldn't pass up the opportunity. Smiles could be seen across children's faces as they passed Santa's Wonderland in Grapevine Mills.

In the broader markets, the S&P BSE mid-cap index closed higher by 1.38 per cent and the small-cap index by 1.29 per cent.

On Wednesday, the Sensex had slumped over 200 points after the RBI monetary policy committee made a decision to hold the policy repo rate and raised the inflation forecast for the rest of the current fiscal year to 4.3-4.7 per cent.

The rupee's weakness against the dollar too dampened the overall mood. Most capital goods shares rose. However, profit selling trimmed some gains off key indices in early afternoon trade.

Losers included Coal India, TCS, Wipro, Cipla, Sun Pharma, Dr Reddy's and IndusInd Bank. Among the Asian bourses, Hong Kong's Hang Seng was down 1.12 per cent while Japan's Nikkei shed 0.90 per cent.

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