Brief by Shorts91 Newsdesk / 07:04am on 05 Aug 2024,Monday Business
The Sensex and Nifty indices crashed by over 3% each, wiping out Rs 18 lakh crore in investor wealth. The Sensex fell by 2,345 points to 78,636.37, while the Nifty50 dropped 698.70 points to 24,019 amid fears of a potential US recession. Experts attribute the sharp decline to weak US job data, geopolitical tensions in the Middle East, and the unwinding of the Yen carry trade affecting the Japanese market. Investors are advised to trade cautiously and monitor global trends.
Brief by Shorts91 Newsdesk / 05:43am on 05 Aug 2024,Monday Business
The S&P BSE Sensex plunged by 1,672.88 points to 79,309.07, and the NSE Nifty50 fell by 414.85 points to 24,302.85 due to weak global cues. Rising US recession risks and Middle East tensions drove the decline, with smallcap and midcap stocks also suffering. Major sectoral indices like realty, IT, and financial services saw significant losses. Experts suggest a cautious approach, highlighting overvaluations and global uncertainties. Top gainers included Britannia and Sun Pharma, while Tata Motors and Hindalco led the losers.
Brief by Shorts91 Newsdesk / 04:01am on 01 Aug 2024,Thursday Business
India's benchmark stock indices, BSE Sensex and Nifty50, achieved new highs on Thursday, driven by consistent foreign investor buying and a growth-oriented budget. The Sensex crossed the 82,000 mark for the first time, trading at 82,023, up 199 points, while Nifty50 surpassed 25,000, reaching 25,027.45, a gain of 76 points. The Nifty index rose 3% in July, with no signs of a market reversal in sight. Technical analysis suggests a decisive move above 25,100 could lead to a sharp upside, with immediate support at 24,750.
Brief by Shorts91 Newsdesk / 05:25am on 31 Jul 2024,Wednesday Business
McDonald's reported a 1% drop in global sales for the April-June quarter, the first decline since 2020. Sales in licensed markets fell 1.3%, driven by weak demand in China and Middle East boycotts. CEO Chris Kempczinski cited cautious consumer spending habits as a key factor. System-wide sales totaled $23.2 billion, with same-store sales down 1.2%. The company faces challenges in key markets, including changing consumer behavior and geopolitical tensions. McDonald's will need to adjust its strategy to regain sales momentum and drive growth.
Brief by Shorts91 Newsdesk / 05:36pm on 29 Jul 2024,Monday Business
India's cement industry is witnessing fierce competition as Gautam Adani's aggressive expansion challenges Kumar Mangalam Birla's UltraTech Cement Ltd. Both tycoons aim to dominate the cement supply critical for India's infrastructure boom. Adani’s recent acquisitions have intensified the race, prompting UltraTech to make strategic moves. With significant deals completed and more in sight, the competition is set to escalate. Adani plans to double its production capacity by 2028, while UltraTech targets 200 million tons by 2027. This battle marks a significant phase in India's cement sector, driven by massive infrastructure investments.
Brief by Shorts91 Newsdesk / 05:46am on 28 Jul 2024,Sunday Business
Apple has announced significant price reductions across its iPhone models in India following a basic custom duty cut from 20% to 15% in the Union Budget 2024. The iPhone 15 Pro models have seen price drops up to ₹6,000, with the 128 GB version now priced at ₹1,29,800. The iPhone 15 Pro Max 256 GB variant now costs ₹1,54,000, down from ₹1,59,900. The iPhone 15 Plus and iPhone 15 base models also saw minor reductions of ₹300. These adjustments make high-end Apple devices slightly more affordable for Indian consumers.
Brief by Shorts91 Newsdesk / 03:13am on 27 Jul 2024,Saturday Business
Apple has reduced prices of its iPhone models in India, following the government's decision to cut duties on mobile phones and components. The price cut ranges from 0.5% to 4.5%, with the iPhone SE seeing the steepest drop from Rs 49,900 to Rs 47,600. However, popular models like iPhones 13-15, which are assembled in India, saw only a marginal 0.5% price reduction. The move is seen as a result of the government's efforts to boost local manufacturing and make smartphones more affordable for Indian consumers.
Brief by Shorts91 Newsdesk / 10:40am on 26 Jul 2024,Friday Business
India's gold prices have fallen 7% or Rs 5,000 per 10 grams after the government reduced the basic custom duty on gold. The duty cut aims to curb gold smuggling and boost the organized jewelry sector. With gold imports now cheaper, retail investors can expect more attractive pricing. The move may initially weaken market sentiments but is expected to drive growth in the gold market. The reduction makes gold a more viable investment option, benefiting both commodity and financial asset investors. The change is likely to increase demand and trade in the yellow metal.
Brief by Shorts91 Newsdesk / 08:59am on 23 Jul 2024,Tuesday Business
The Indian rupee fell to a new low of 83.69 against the US dollar, down from 83.6275 before the Budget announcement. The decline came after the government proposed increasing capital gains tax, leading to a stock market drop. The exemption limit for certain financial assets will be raised to ₹1.25 lakh per year for middle and upper-middle-class individuals. The rupee's slide continues amidst global economic uncertainty. The previous low of 83.6775 was breached, marking a new record. The government's Budget moves aim to balance revenue and growth, but their impact on markets is being closely watched.
Brief by Shorts91 Newsdesk / 07:48am on 23 Jul 2024,Tuesday Business
Following Finance Minister Nirmala Sitharaman's Budget announcement, which included an increase in the Securities Transaction Tax (STT) on Futures and Options (F&O) and a raise in capital gains exemption limits, the Sensex fell dramatically. The index dropped 1,266.17 points to 79,235.91, while the Nifty fell 435.05 points to 24,074.20. The drop was exacerbated by the market's reaction to increased taxes on F&O securities. Despite the decline, the finance minister noted India's economic growth, with inflation stabilizing at 4% and core inflation at 3.1%.