Global cues, oil prices dent Indian indices; banking stocks fall (Roundup)


Mumbai, Sep 29 | Weak global cues along with profit booking dragged India’s key equity indices into the red for the second consecutive session on Wednesday.

Beside this, higher crude oil prices impacted investors’ sentiments.

Initially, both the key indices had a gap-down opening. They remained rangebound till mid-afternoon after which buying was triggered.

However, after filling the opening down gap they soon ran into selling pressure and dipped back into the negative zone.

Globally, Asian shares lost ground on Wednesday as worries over economic growth in China combined with fears of a global slowdown set in.

Sector wise, power, metals and realty indices gained the most, whereas banks, auto, capital goods and FMCG indices fell the most.

Notably, power stocks lead the gains as global power shortages have led to buying interest in the Indian power stocks.

Consequently, S&P BSE Sensex closed at 59,413.27 points, lower by 254.33 points or 0.43 per cent from its previous close.

Similarly, NSE Nifty50 edged lower. It fell to 17,711.30 points, lower by 37.30 points or 0.21 per cent from its previous close.

“Nifty shows volatility at higher levels. Buy the dip behaviour is observed among market participants as there is no follow through sell-offs,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Advance decline ratio has improved to above 1:1 and broad market indices like smallcap and midcap indices ended in the positive outperforming the Nifty, 17,576-17,802 could be the range for the Nifty over the near term.”

According to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services: “Global cues were weak on concern over rising US Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington.”

“Markets are likely to continue with its consolidation given the sharp run-up in the past few weeks and weak global cues. All eyes would be on US treasury yields, global energy prices and the ongoing debt ceiling debate in US which would provide market direction in near term. Tomorrow, monthly F&O expiry could also keep the market volatile.”

In addition, Vinod Nair, Head of Research at Geojit Financial Services said: “Domestic market started on a very negative trend due to global sell-off and high crude prices.”

“Spiking US treasury yields and slowing economy were impacting growth stocks. During the day, European and Asian markets recovered and crude prices stabilised. Indian growth-oriented sectors like energy, metals and pharma also recovered strongly but selling continued on other sectors like private sector banks and consumption.”

Source: IANS

Next Story

Elon Musk asks hard-hitting AI engineers for job

Elon Musk asks hard-hitting AI engineers for job

Tesla founder and CEO Elon Musk on Monday tweeted that he is hiring Artificial Intelligence (AI) engineers who are passionate about solving day-to-day problems through AI

San Francisco, Dec 6 | Musk hiring engineers to solve problems that affects people’s lives. Tesla founder and CEO Elon Musk on Monday tweeted that he is hiring Artificial Intelligence (AI) engineers who are passionate about solving day-to-day problems through AI.

“As always, Tesla is looking for hardcore AI engineers who care about solving problems that directly affect people’s lives in a major way,” Musk tweeted along with a link to apply for the job.

Interested candidates can apply by filling in fields like name, email, exceptional work done in software, hardware or AI, dropping their resume in the PDF format and hitting the Apply option.

As per the website, Tesla’s AI and Autopilot unit develops and deploys autonomy at scale in vehicles, robots and more.

“We believe that an approach based on advanced for vision and planning, supported by efficient use of inference hardware, is the only way to achieve a general solution for full self-driving and beyond,” the website read.

In a 2014 interview, Musk said he looked for “evidence of exceptional ability” in a potential employee, rather than a degree from a prestigious university.

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“There is no need even to have a college degree at all, or even high school,” Musk said during an interview with the German automotive publication Auto Bild about his hiring preferences more broadly.

“If somebody graduated from a great university, that may be an indication that they will be capable of great things, but it’s not necessarily the case. If you look at, say, people like Bill Gates or Larry Ellison, Steve Jobs, these guys didna¿t graduate from college, but if you had a chance to hire them, of course that would be a good idea.”

Source: IANS


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