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Thursday,27-January-2022

Business

Indices rise on metal, pharma stocks; global cues cap gains

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Healthy buying in metal as well as pharma stocks lifted the equity markets during the mid-afternoon trade session on Friday.

However, global cues capped gains.

Initially, the two key indices opened flat, but soon sold off in the first few minutes of trade.

Among sectors, metals, pharma, capital goods and telecom gained the most.

Consequently at 1.50 p.m., the S&P BSE Sensex rose to 56,137.39, higher by 188.29 points or 0.34 per cent from its previous close.

Similarly, the NSE Nifty50 too traded higher. It rose to 16,701.60, up by 64.70 points or 0.39 per cent from its previous close.

“Nifty opened flat on August 27, but sold off in the first few minutes of trade. After making an intraday low at 0930 Hrs, it began to rise gradually,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Advance decline ratio remains healthy. Among sectors, Capital Goods, Metals and Telecom have gained the most. Asian markets have inched up from morning lows but caution prevails ahead of US Fed’s Jackson Hole convention.”

According to Gaurav Garg, Head Of Research, CapitalVia Global Research:

“Indian indices are trading marginally higher led by metal and pharma. There was some pressure in the bank earlier because of the Fed commentary which is expected later today.”

“This will be a keenly watched event as the market is going to take a clear direction from the same.”

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Israel launches $70.8 mn programme to boost hi-tech in Arab sector

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Israel has launched a 225-million-shekel ($70.8 million) programme to boost high-tech developments in the Arab sector in the country.

The five-year plan, announced by the Israel Innovation Authority (IIA) and the Ministry for Social Equality, on Wednesday, is set to encourage entrepreneurship and hi-tech employment in the Arab communities, Xinhua news agency reported.

The programme includes the setup of entrepreneurship centers, technological accelerators to advance new ideas, angel clubs to recruit investors, and a technological incubator to promote Arab entrepreneurship.

“Incorporating high-tech employees from the Arab sector is a highly important social, financial, and strategic need,” said Orit Farkash-Hacohen, Israel’s minister for innovation, science and technology.

In 2019, only one percent of high-tech employees in Israel were from the Arab society, said a report published by the Bank of Israel.

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Tesla saw a breakthrough 2021 with $5.5 bn net income: Musk

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Elon Musk has said that 2021 was a breakthrough year for Tesla and for electric vehicles in general, as the EV maker ended last year with $5.5 billion in net income, compared to $721 million in 2020.

Tesla produced 305,840 vehicles in the fourth quarter, a 70 per cent increase over the previous year.

For the full year 2021, the company delivered 936,172 vehicles, just short of the promised 1 million vehicles but still an increase of 87 per cent over the previous year.

“While we battled, as everyone did, with supply chain challenges through the year, we managed to grow our volumes by nearly 90 percent last year,” Tesla CEO Elon Musk said in an earnings call late on Wednesday.

Tesla said its first Model Y vehicles to be made at its new Austin, Texas factory were nearing completion.

“If we were to introduce new vehicles, our total vehicle output will decrease; We will not be introducing new vehicle models this year. It wouldn’t make sense,” said Musk.

According to him, 2022 is the year “we will be looking at factory locations to see what makes the most sense with possibly some announcement by the end of this year”.

Tesla also highlighted its controversial Full Self-Driving product as “a primary area of focus.”

“There are several profound improvements to the FSD stack that are coming in the next few months,” he said.

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Equities settle high after crash on Monday; Sensex up over 350 pts

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After a bloodbath in the Indian equity segment on Monday due to continued selling-off pressure by foreign institutional investors, the market on Tuesday recovered its losses, though marginally.

Sensex settled 0.6 per cent or by 366 points higher at 57,858 points, whereas Nifty is 0.8 per cent up or by 128 at 17,277 points.

Barring Nifty IT index, all the others traded in the green during the intra-day trade. Nifty bank, auto, media, PSU bank, and realty indices rose the most, NSE data showed.

On the stocks front, Maruti Suzuki India, Axis Bank, SBI, Indusind Bank, and UPL were the top five gainers, rising 7.4 per cent, 6.5 per cent, 3.9 per cent, 3.6 per cent, and 3.5 per cent, respectively. Wipro, Bajaj Finserv, Titan, Ultratech Cement, Tech Mahindra were the top five losers during the session.

“After a week-long consolidation, domestic indices took a breather supported by low-level buying. Western markets also supported staging recovery following correction in oil markets, and as uncertainties over Fed policy and geopolitical tensions eased,” said Vinod Nair, Head of Research at Geojit Financial Services.

“However, volatility is expected to linger as investors await the Fed’s final policy statement, providing clarity on the timeline of rate hikes. If the statement is as hawkish as anticipated, we cannot ignore a bounce in the market.”

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