Market Live Updates Today: Trends on SGX Nifty indicate a cautious opening for the index in India with a 19 points gain
The BSE Sensex fell 282.63 points to close at 52,306.08, due to selling pressure in metals, IT, select banking & financials, FMCG and pharma stocks. The Nifty50 dropped 85.80 points to 15,687 and formed bearish candle on the daily charts as closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 15,619.67, followed by 15,552.33. If the index moves up, the key resistance levels to watch out for are 15,808.67 and 15,930.33.
The Nasdaq hovered near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for U.S. factory activity in June.
Asian markets struggled for direction in Thursday morning trade after the S&P 500 on Wall Street snapped its two-day winning streak overnight. Nikkei 225 hovered above the flatline while the Topix index slipped 0.11%. South Korea's Kospi gained 0.35%.
Trends on SGX Nifty indicate a cautious opening for the index in India with a 19 points gain. The Nifty futures were trading at 15,715 on the Singaporean Exchange around 07:30 hours IST.
- 24 Jun 2021 3:35 AM GMT
The U.S. current account deficit increased to a 14-year high in the first quarter as an acceleration in economic growth drew in imports, and the gap could remain wide, with the United States leading the global economic recovery from the COVID-19 pandemic.
The Commerce Department said on Wednesday the current account deficit, which measures the flow of goods, services and investments into and out of the country, rose 11.8% to $195.7 billion last quarter. That was the largest shortfall since the first quarter of 2007.
- 24 Jun 2021 3:35 AM GMT
A measure of U.S. factory activity climbed to a record high in June, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices for both businesses and consumers.
Data firm IHS Markit said on Wednesday its flash U.S. manufacturing PMI rose to a reading of 62.6 this month. That was the highest since the survey was expanded to cover all manufacturing industries in October 2009 and followed a final reading of 62.1 in May.
- 24 Jun 2021 3:34 AM GMT
Telecom Ministry liberalises guidelines for OSPs; no distinction between domestic and international players
Telecom Minister Ravi Shankar Prasad on June 23 announced that guidelines for Other Service Providers (OSPs) have been further liberalised. He added that there would be no distinction between domestic and international OSPs and this has been done to bring in better synergies among businesses.
The new guidelines issued on June 23 are in addition to major measures already announced and implemented in November 2020. The ministry said the guidelines would help the business process outsourcing (BPO) organisations giving voice-based services in India and abroad.
"Today India’s IT-BPM industry stands at $37.6 billion (2019-20) i.e. Rs 2.8 lakh crore approximatly, giving job opportunities to lakhs of youths in the country. Further, it has a potential for double-digit growth reaching up to $55.5 billion i.e. Rs. 3.9 lakh crore by 2025," Prasad said.
- 24 Jun 2021 3:33 AM GMT
Five years after liquor king Vijay Mallya flew to United Kingdom and approximately seven years after Rs 9,000 crore of loans given to his grounded Kingfisher Airlines was tagged NPA (non-performing asset), banks have finally managed to make some meaningful recovery from the elusive baron. That's a major victory for the SBI-led bank consortium against a powerful corporate promoter.
On 23 June, as reported banks recovered Rs 5,800 crore by selling Vijay Mallya's shares in United Breweries to Heineken international. Banks sold 15 percent stake in the company to Heineken. Earlier, banks had sold Rs 1,357 crore worth of shares and are planning to sell Rs 800 crore worth of shares by June 25, according to reports. So far, banks have recovered Rs 7,1 82 crore from Vijay Mallya through the share sales, which is a little over 70 percent of the amount what the liquor King owes to the lenders.