After yesterday’s heavy losses, the Sensex and Nifty opened the day with a positive outlook.
Join us as you follow the top business news through the day.
10:30 am
Retail inflation 5.52%
According to data released on Monday by the Office of National Statistics, India’s industrial production fell for the second consecutive month in February in February 2021, while retail inflation touched a four-month high of 5.52% in March, with contracts at 3.6% in the year. .
According to the Industrial Production Index (IIP), electricity generation was the only sector to register a positive growth of 0.1%, while manufacturing output slipped 3.7% and mining slipped 5.5%.
IIP contracted 0.87% in January, according to revised figures, compared to an earlier estimated 1.6% dip. The final figures for November 2020 were also revised upward, with industrial production shrinking 1.6% in the month, compared to an estimated 1.9% in the first month.
10:00 am
Indian stocks rise after a decline due to the fast virus; Pharmaceutical companies jump
Bounce back after yesterday’s steep decline.
Reuters Report: “Indian stocks surged on Tuesday after a severe coronovirus-led decline in the previous session, as beaten-down banking stocks rose and drug companies climbed due to vaccine approval.
The NSE Nifty 50 index was up 0.36% at 14,363.20, while the S&P BSE Sensex was up 0.35% at 48,052.45. Each index fell more than 3% on Monday, making it its second-worst day in 2021.
Indian regulatory approval for Russia’s Sputnik V COVID-19 vaccine raised shares in local partner Dr Reddy’s Labs by 3%. Cipla and Sun Pharma, which sell COPID-19 drugs, continued to accelerate domestic infections.
State-run banks grew by 2.4% and were among the top sectoral gainers. The index had dropped 9% in the previous session.
IT services consultancy TCS fell more than 3% following analysts’ estimates of profit for the March quarter.
Meanwhile, India’s retail inflation on high food and transport costs reached a four-month high in March, data showed on Monday. “
9:30 am
Adani Ports removed from S&P index due to links with Myanmar Army
S&P Dow Jones Indis said it had removed India’s Adani Ports and Special Economic Zone Limited from its sustainability index because of its trade ties with Myanmar’s military, which has been accused of human rights abuses following the coup this year.
India’s largest private multi-port operator is building a $ 290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
It will be removed from the index before it opens in the open on Thursday 15 April.
More than 700 people have died after the February 1 military coup, which was thrown out by an elected government led by Aung San Suu Kyi.
.
Leave a Reply