Equities end flat amid volatility, rising covid cases (Lead)

10

Mumbai, June 25 | Amidst a largely volatile trade session, the Indian stock market settled on a flat-to-negative note on Thursday.

Decline in the global markets also weighed on the domestic investor sentiments. Surging numbers of coronavirus cases across the globe, and in India, have dampened hopes of an early recovery of the global economy.

Stocks were also weighed down after the International Monetary Fund (IMF) revised the global and Indian economic outlook on Wednesday.

Covid-19 battered India’s economy is projected to contract by 4.5 per cent this fiscal, said the IMF and the global output is projected to decline by 4.9 per cent in 2020, 1.9 percentage points below the IMF’s April forecast.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said: “Given the sharp rally over the last few days, the market seems to be taking pause at this juncture. As the concerns continue to linger over the fast rising coronavirus cases globally along with the geo-political tensions, we would advise investors to stay cautious and focus more on stock specific action.”

Global sentiments were negative as a surge in US coronavirus cases intensified fears of another round of government lockdowns and worsening economic damage, he said, adding that on the domestic front, the monthly F&O expiry contracts fuelled further volatility in the market.

The BSE Sensex closed at 34,842.10, lower by 26.88 or 0.08 per cent from its previous close of 34,868.98.A

It had opened at 34,525.39 and touched an intra-day high of 35,081.61 and a low of 34,499.78 points.

The Nifty50 on the National Stock Exchange was trading at 10,288.90, lower by 16.40 points or 0.16 per cent from its previous close.

Among the stocks, the top gainers were ITC, Kotak Mahindra Bank and Hero MotoCorp, while the major losers were Asian Paints, Infosys and HCL Technologies.

Source: IANS

Sponsors Posts

Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Drummi Bhatt has successfully donned many hats including that of a global strategy professional, mentor, and investor to early-stage startups encouraging women entrepreneurship, and a philanthropist.

Drummi currently leads Market Intelligence and Strategy team at Mitsubishi Power, USA building corporate-level strategies for global markets. Drummi is also the founder of KarmaKonnect, a Woman and Rural Empowerment Non-Profit Organisation which works for projects in remote rural, tribal, and conflict areas.

Her philanthropy work has taken her to various corners of India, including, far end corners of Leh, Ladakh, Telangana, and remote areas of Chambal. During these visits, she got mesmerized by culturally rich, vernacular, and diverse, the true “Bharat”.

During her interaction across the country, she got enchanted by the whirlwind of talent residing across Bharat, which is not restricted to a language, city, or just tier-1 cities but is found in abundance all across tier-2, tier-3 cities, and rural-tribal clusters.

With OTT platforms ruling the world in 2020, Drummi decided to bring her strategic insights and data analytics strength to this field by joining hands with seasoned entrepreneurs, Rahul Narvekar and Narendra Firodia, to launch its kind, vernacular OTT platform, Letsflix.

In 2019, Drummi, Rahul, and Narendra have successfully launched India’s first vernacular infotainment app, LetsUp, which now caters to 1.5 million users and in 7 vernacular languages, a feat achieved by none. The trio has now been passionately working towards creating and delivering vernacular content for every viewer in India with Letsflix.

LEAVE A REPLY

Please enter your comment!
Please enter your name here